On October 20, 2020, the company received the notice of investigation issued by the CSRC. The CSRC decided to file an investigation on the company for suspected illegal information disclosure. During the filing and investigation period, the company did not meet the conditions for issuing shares and paying cash to purchase assets, so this major asset restructuring was terminated. Through the application of the company to Shenzhen Stock Exchange, the trading of the companys shares will resume from the opening of the market on October 21, 2020 (Wednesday).
In addition, on October 9, the company announced that due to the failure to reach an agreement on the main commercial terms, after careful consideration and friendly negotiation, the company terminated its intention to purchase shares of Hefei Datang Storage Technology Co., Ltd. (Datang storage). The sudden termination of the acquisition has attracted the high attention of the regulatory authorities on the shares of China submarine. On October 13, the Shenzhen Stock Exchange issued a letter of concern to the company, asking the company to explain whether there were exaggerated propaganda and misleading investors in the previous disclosure contents, and whether there were matters such as cooperating with stock price speculation through information disclosure.
After two delayed replies, the company finally explained the situation on the evening of October 20: on March 12, 2020, the company signed a letter of intent for equity acquisition with Hefei high tech Datang Industrial investment partnership (limited partnership), Hefei Yichao Electronic Technology Co., Ltd. and Hefei Ruihan Electronic Technology Co., Ltd. through this transaction, the company is expected to hold shares directly and indirectly Way to hold 84.116% equity of Hefei Datang Storage Technology Co., Ltd. After the signing of the agreement, the company actively communicated and negotiated with the trading party and the target company through telephone, wechat, letter, on-site meeting and other ways, so as to promote the online and offline due diligence work of intermediary agencies. Affected by the epidemic, the on-site communication of all parties decreased, and the communication efficiency decreased, which affected the project progress to a certain extent.
After self-examination, the company does not exist through information disclosure with stock price speculation.
Cross border dream breaking, stock bar frying pan
According to the public data, China submersible is a domestic supplier specializing in the production of diving equipment products and providing diving services. It is mainly engaged in the research and development, production and sales of protective equipment suitable for all kinds of people, diving, fishing and hunting activities. However, since last year, it has planned cross-border acquisitions for many times, and all of them have been terminated or there are significant uncertainties. Nevertheless, the companys share price has soared from about 10 yuan in early May 2019 to the highest price of 182.78 yuan in April this year, which has risen 17 times in less than a year, and the market value has increased from more than 2 billion yuan to more than 36 billion yuan.
In March this year, the companys acquisition of shares in the semiconductor industry was planned. As an acquisition of the companys cross-border layout in 5g, big data and cloud computing fields, the market has been enthusiastic about the acquisition of Datang storage by China submarine. The companys share price has increased by 130% from March 13 to April 2, 2020.
As of October 20, the total market value of the company was 19.96 billion yuan, down from the highest market value this year. However, the static P / E ratio is still as high as 700 times, and the rolling P / E ratio is 1000 times. According to the semi annual report of Zhongqian shares, in the first six months of 2020, the main business income was only 105 million yuan, the net profit was 497200 yuan, and the cash and cash equivalents at the end of the period were 44.7672 million yuan, including the increase of cash flow brought by the sale of Shenzhen Zhongqian, Shanghai Zhaoxin and the cancellation of Sanya Zhongqian in the first six months of 2020. Of course, as the main manufacturer of diving equipment, the first half of the year was greatly impacted by the epidemic. However, in the whole year of 2019, its revenue was 528 million yuan, the net profit was 27.6663 million yuan, and the cash at the end of the period was only 28.0232 million yuan, and its non net profit had declined for three consecutive years.
Many attempts to acquire technology enterprises have been questioned and hyped
In April this year, the company sold Shanghai Zhaoxin and announced the acquisition of Huanya semiconductor (Hong Kong) Co., Ltd., which can be described as keen on cross-border acquisition of chip related technology enterprises. However, it is worth noting that the cross-border target enterprises have no assets, no liabilities, no revenue, or are insolvent, and its high-profile and high-priced acquisition of joint venture is also unsatisfactory, and it is only a chip product distributor. And the various actions of China submarine shares have also caused regulatory authorities to send letters repeatedly asking whether there is speculation on the stock price through acquisition.
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