No buyers advance payment received, golden hair technology terminated $1 billion mask big order

category:Finance
 No buyers advance payment received, golden hair technology terminated $1 billion mask big order


On the evening of August 9, Jinfa technology announced that the company had signed an order for kn95 mask with an order amount of US $975 million with a company in the United States for a period of three months. So far, the company has not received a valid reply from the other party, and the order is terminated.

The three-month performance period of the purchase order for this transaction is about to expire, and the company has not received 40% of the advance payment due from the buyer according to the order. After the seller contacted and wrote many times, the buyer did not give effective reply on whether the contract and order should be continued or delayed. The contract has lasted three months since the conclusion of the contract. Due to the changes of global epidemic situation and other factors, the supply and demand of goods market and the market price have also changed. On the afternoon of August 9, the relevant person in charge of Jinfa technology said that the order was carried out in strict accordance with the contract, because the other party did not pay the down payment, the order has not yet started production.

There are traces to follow

Golden hair technology has not been producing masks for a long time.

The main business of Jinfa technology is the R & D, production and sales of new chemical materials. Its main products include modified plastics, fully biodegradable plastics, high-performance carbon fiber and composite materials, special engineering plastics, light hydrocarbon and hydrogen energy, environmental protection and high-performance recycled plastics. It is widely used in automobile, household appliances, aerospace, high-end equipment, new energy and other industries. In March this year, Guangdong Jinfa Technology Co., Ltd., a subsidiary of Jinfa science and Technology Co., Ltd., began to produce masks, planning to build 56 full-automatic mask production lines, which were already under construction at that time. At the same time, Guangdong Jinfa science and technology has also put into production the raw material of mask melt blown cloth, and the daily output can reach 15 tons after putting into production.

Shortly after switching to face masks, Goldilocks received a large order of nearly one billion dollars. On the evening of May 17, Jinfa technology announced that its subsidiary Guangdong Jinfa Technology Co., Ltd. signed a kn95 mask sales contract with a company in the United States, with an amount of US $975 million. The net profit expected to be generated will account for more than 50% of the net profit of Jinfa technology in 2019. The next day, the companys stock price recorded T-board. However, about the buyer of a company in the United States, the announcement did not elaborate.

According to the contract performance risk analysis disclosed at that time, the U.S. company, the counterpart of this contract, did not conduct business with Jinfa technology before, and the counterpart of the contract did not disclose its detailed financial data based on business secrets and other factors, and did not provide performance guarantee measures for domestic entities. At present, many places in the world are in the period of epidemic, so it is difficult for the company to send personnel to the United States and possible countries or regions of destination to conduct on-site investigation, and it is difficult to make a complete, detailed and accurate judgment on the performance ability of the contracting parties.

Risk warning is a prophecy. As a matter of fact, there are also traces to follow for the termination of golden hair technology, a big US single. According to the contract between the two parties at that time, the purchase order stipulates that the buyer shall pay 40% of the order amount to the seller within 3 working days after the buyer receives the proforma invoice provided by the seller. However, on May 23 and June 11, Jinfa technology announced the above contract progress twice, and the company did not receive the payment from the buyer. Before that, Jinfa technology did not receive the advance payment, and the buyer had feedback. According to the announcement on June 11, according to the buyers feedback, the transaction is planned to be paid through the trust fund. There are many authorization procedures and legal compliance reviews involved in fund collection and large amount payment, which has affected the progress of payment. The buyer said that its professional team is still accelerating the payment process. Today, although Goldilocks has contacted many times recently, this mysterious American company has no response.

Risk warning is a prophecy. As a matter of fact, there are also traces to follow for the termination of golden hair technology, a big US single. According to the contract between the two parties at that time, the purchase order stipulates that the buyer shall pay 40% of the order amount to the seller within 3 working days after the buyer receives the proforma invoice provided by the seller. However, on May 23 and June 11, Jinfa technology announced the above contract progress twice, and the company did not receive the payment from the buyer.

Before that, Jinfa technology did not receive the advance payment, and the buyer had feedback. According to the announcement on June 11, according to the buyers feedback, the transaction is planned to be paid through the trust fund. There are many authorization procedures and legal compliance reviews involved in fund collection and large amount payment, which has affected the progress of payment. The buyer said that its professional team is still accelerating the payment process. Today, although Goldilocks has contacted many times recently, this mysterious American company has no response.