20percent limit! Is this bull stock completely cool after being filed for investigation by the Securities Regulatory Commission?

category:Finance
 20percent limit! Is this bull stock completely cool after being filed for investigation by the Securities Regulatory Commission?


According to the announcement issued by the China submersible on the evening of October 20, the company received the notice of investigation from the CSRC on October 20. The CSRC decided to file an investigation into the company for suspected illegal information disclosure.

The company announced on the same day that the company originally planned to purchase 100% shares of Lianhe ChuangTai Technology Co., Ltd. and raise matching funds by issuing shares and paying cash. 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.

The announcement also showed that the companys shares will resume trading from the opening of the market on October 21, 2020 (Wednesday).

On October 9, the company announced that due to the failure to reach an agreement on the main commercial terms, the company terminated its intention to purchase shares of Hefei Datang Storage Technology Co., Ltd. after careful consideration and friendly negotiation. As a cross-border acquisition of 5g, big data and cloud computing, the market reacted warmly to the acquisition of Datang storage by Zhongqian. From March 13 to April 2, 2020, the companys stock price has risen by 130%.

Cross border acquisitions have been planned for many times and are terminated or subject to significant uncertainty. However, the stock price has risen nearly 8 times since early May 2019. With the recent information disclosure of a series of restructuring matters of China submersible, there are more and more voices of questioning the companys speculation with the concept of stock price.

So far, the business of Beihai Zhongqian has stagnated, and the equity of Shanghai Zhaoxin has been sold. But at the same time, the companys share price has risen nearly eight times since early May 2019.

The basic level of the stock price has been soaring all the way

According to the data, the company is a professional provider of diving equipment products and diving services in China. It is mainly engaged in the research and development, production and sales of protective equipment suitable for all kinds of people involved in water activities, including but not limited to the development, production and sales of diving suits and their supporting equipment.

From May 9, 2019 to April 2, this year, the cumulative increase of 1692.1% in China submersible shares, with the highest share price reaching 219.48 yuan per share, becoming a real bull stock.

Before being investigated, it has been paid attention to by supervision for many times

In April this year, the company was repeatedly questioned by the Shenzhen Stock Exchange, involving the reasons for the companys transfer of the equity of its subsidiary blue sports, the acquisition of Beihai Huiyu, the acquisition of Suzhou senruite and the acquisition of loss making company Datang storage.

In July this year, due to the failure to disclose the related relationship and other reasons, the company received a decision on administrative supervision measures issued by Guangdong securities regulatory bureau. The securities regulatory bureau pointed out at that time that Shenzhen Zhongtian diving equipment Co., Ltd. and Huizhou Yayan Beauty Service Co., Ltd. were the enterprises actually controlled by Zhang Shun, the actual controller of the company, and were related parties of the company. The company did not disclose the associated relationship with these companies, and these companies and listed companies and their subsidiaries have a number of continuous large amount of capital transactions. In 2019, the company and its subsidiaries directly transferred funds to the above-mentioned related parties totaling 89.7571 million yuan, and the above-mentioned related parties directly transferred funds to the company and its subsidiaries totaling 73.354 million yuan. The above-mentioned capital transactions constitute connected transactions, but the company fails to perform the examination and approval procedures and information disclosure obligations for the above-mentioned related transactions, which violates the relevant provisions of articles 2 and 48 of the administrative measures for information disclosure of listed companies.

In addition, the companys acquisition of Datang storage has aroused great concern of the regulatory authorities. On March 12, 2020, Zhongqian shares disclosed the letter of intent to purchase shares related to the acquisition of Datang storage.

According to the announcement at that time, Zhongqian and Hefei Datang investment, Hefei Yichao electronics and Hefei Ruihan electronics signed a letter of intent on equity acquisition, intending to purchase 100% equity of Hefei Xinpeng through cash, and asked the above three parties to help facilitate the acquisition of 9.051% equity of Datang storage held by gongqingchenghaixinxin. Through the above-mentioned transaction, Zhongqian shares will hold 84.116% of Datang storage.

Data shows that Datang storage focuses on the design and development of memory control chips, mainly engaged in integrated circuit design, research and development and sales of integrated circuits, electronic components and related products, as well as research and development of electronic communication products and network equipment. After that, the companys stock price rose by 130% from March 13 to April 2.

However, 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.

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.

Source of this article: Yang Bin, editor in charge of CFA_ NF4368