On October 20, China Net Finance (reporter Ye Qian Shan Shengqun) on August 10, Salt Lake Shares (000792.SZ), which was suspended due to bankruptcy, resumed listing. As a domestic salt lake lithium extraction leader, Salt Lake shares have been attracting market attention since the resumption of listing. However, salt lake shares, which have only been back on the market for two months, are in constant "trouble".
According to the website of the Central Commission for Discipline Inspection and the State Supervision Commission on October 14, according to the Qinghai Provincial Discipline Inspection Commission, Xie Kangmin, deputy secretary of the Party Committee of Salt Lake Co., Ltd., secretary of the Party Committee and chairman of the board of directors of Qinghai Huixin Asset Management Co., Ltd., is suspected of serious violations of discipline and law, and is currently under disciplinary review and supervision and investigation by the Provincial Discipline Inspection Commission.
The recent turmoil in Salt Lake shares is far more than one, the subsidiary Salt Lake Energy is suspected of illegal mining crimes, and must return about 357 million yuan of illegal mining income; the listed company was fined 1.6 million yuan for significantly raising the sales price and violating the price law. In addition, due to the failure to timely perform the review procedures and disclosure obligations of the advance matters, Salt Lake Shares also received a regulatory letter from the Shenzhen Stock Exchange.
The subsidiary is suspected of illegal mining
On October 12, Salt Lake Co., Ltd. announced that its wholly-owned subsidiary, Qinghai Salt Lake Energy Co., Ltd. (hereinafter referred to as "Salt Lake Energy"), has never obtained a prospecting certificate or mining certificate in the past ten years.
According to the announcement, On October 11, Salt Lake Energy received the "Notification Letter on the Suspected Illegal Mining Crime of Qinghai Salt Lake Energy Co., Ltd." issued by the Public Security Bureau of Haixi Mongol and Tibetan Autonomous Prefecture, and Salt Lake Energy has historically been suspected of illegal mining for the coal resources of No. 7 Well in the Juhu Mining Area of Muli Coalfield in Tianjun County, Qinghai Province, without obtaining a prospecting certificate or mining certificate, and Salt Lake Energy must voluntarily return the illegal income and income generated by illegal mining to the public security organs.
According to preliminary calculations, the income and income from illegal mining in 2013-2014 that Salt Lake Energy should be refunded is 357 million yuan, which is expected to reduce the profit of Salt Lake Shares in 2021 by 357 million yuan, and the specific amount is subject to the determination of the relevant institutions.
According to public information, Salt Lake shares were listed on the Shenzhen Stock Exchange in 1997, and its main business includes the production and sales of potassium chloride and the comprehensive utilization of salt lake resources, which is known as the "king of potash fertilizers". The subsidiary Salt Lake Energy was established in 2012 and initially provided coal for the Salt Lake Metal Magnesium Integration Project.
The metal magnesium integration project is positioned with magnesium metal as the core and coal as the support. However, coal, which provides important support, has been unable to support Salt Lake's magnesium-to-metal integration project.
Salt Lake Co., Ltd.'s 2018 annual report mentioned that the No. 7 wellfield in the Juhu Mining Area of the Muli Coalfield invested by the company is a supporting resource for the metal and magnesium integration project, and the mining activities have been stopped due to the comprehensive improvement of the ecological environment in the mining area, and the coal used in the project cannot be guaranteed. At that time, the metal magnesium integration project had entered the linkage test stage, and in desperation, Salt Lake shares chose to purchase supplies from Xinjiang and other places during the trial production period, resulting in excessively high raw material procurement prices. This also indirectly led to the delay in the commissioning of the magnesium metal integration project, which eventually led to the embarrassing situation of bankruptcy reorganization of Salt Lake shares.
Administrative penalties and regulatory letters followed
In fact, in addition to being punished for illegal mining many years ago, Salt Lake shares have also been in trouble recently.
On September 27, Salt Lake disclosed that it had recently received the Administrative Penalty Notice issued by the State Administration for Market Regulation and was fined 1.6 million yuan for violating the relevant provisions of the Price Law of the People's Republic of China.
It has been found that since January 1, 2021, Salt Lake Shares has adopted a uniform price for the sale of potassium chloride for all customers, and sold at a relatively large markup without a significant increase in production costs, and there is price gouging. In the first half of the year, the price of potassium chloride sold by Salt Lake shares (including the railway freight package price) gradually increased from 2050 yuan / ton to 2450 yuan / ton; the sales price of potassium chloride on July 1 and July 16 rose to 2770 yuan / ton and 3270 yuan / ton, respectively, an increase of 59.5% compared with the beginning of 2021.
In addition to receiving an administrative fine issued by the State Administration for Market Regulation, on October 11, Salt Lake also received a regulatory letter from the Shenzhen Stock Exchange for a long period of undisclosed related party transactions. The regulatory letter pointed out that during the reorganization of the atomic company Qinghai Salt Lake Magnesium Industry Co., Ltd. (hereinafter referred to as "Salt Lake Magnesium Industry") and Qinghai Salt Lake Haina Chemical Co., Ltd. (hereinafter referred to as "Haina Chemical"), Salt Lake Co., Ltd. paid part of the wages, social security, natural gas and other expenses for Qinghai Huixin Asset Management Co., Ltd. and the above two subsidiaries.
The above-mentioned advance matters of Salt Lake Co., Ltd. constitute financial assistance and related party transactions, and the relevant review procedures and disclosure obligations were not fulfilled in a timely manner.
It was not until September 24 that Salt Lake held the eighth (provisional) meeting of the eighth board of directors to consider and disclose the above matters. As of the disclosure date, the balance of other receivables of Salt Lake Shares to Salt Lake Magnesium Industry and Haina Chemical due to the above matters totaled 314 million yuan.
Due to the failure to disclose the above matters in a timely manner and the violation of the provisions of the rules for the listing of stocks on the exchange and the relevant normative operation guidelines, the Shenzhen Stock Exchange issued a regulatory letter to Salt Lake shares and required the company to make corrections in a timely manner.
(Editor-in-Charge: Chu Dye Xi)
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