The Beijing Winter Olympics drive a trillion ice and snow industry chain, and the Winter Olympics involve snowmaking equipment, ski equipment, sportswear, event venues, tourist hotels, sponsors, licensed commodity production and retail, hydrogen energy transportation and other specific industries.
Since the end of last year, these related concept stocks have risen to varying degrees, such as Snowman shares, iceberg hot and cold, Jingcheng shares, Yuanlong Yatu, etc. are the big demon stocks that appeared before and after the opening of the Winter Olympics, of which the hydrogen energy concept stock Beijing shares, which rose 4 times from the end of November to the end of December last year, are the demon stocks in the demon stocks.
At that time, the background of the hype hydrogen energy was that the Beijing Winter Olympics were about to open, and the major bus companies in the competition area were accelerating the layout of hydrogen energy buses in various competition areas.
However, in this favorable form, as the first hydrogen energy engine company listed in A-shares, Yihuatong (688339.sh), known as the "first share of hydrogen energy", plummeted by 50% in the same period, and recently came out of 10 consecutive yin markets, and began to seek Hong Kong stock listing after the A-share stock price plummeted.
Hydrogen energy first Hong Kong stock table
Yihuatong is a company that mainly does hydrogen fuel cell engine system research and development and industrialization, according to the financial report, has now realized the mass production of hydrogen fuel cell engine system, the main products for hydrogen fuel cell engine system and related technology development, technical services.
At present, the company's main customers include Yutong Bus, Beiqi Foton, Zhongtong Bus, Geely Commercial Vehicle, etc. According to the company's prospectus submitted to the Hong Kong Stock Exchange on January 27, yihuatong's market share in China's fuel cell system market has reached 34.8%, ranking first, and has been installed in the Ministry of Industry and Information Technology's new energy vehicle catalog 67 fuel cell vehicles!
(Screenshot of Yihuatong Hong Kong Stock Prospectus)
On August 10, 2020, Yihuatong officially landed on the A-share Science and Technology Innovation Board as the "first share of hydrogen energy", and the company lost 23.5236 million yuan in the year of listing, and its stock price also fell by more than 43% in that year, and rose 1.4 times from the end of 2020 to the beginning of last year, with the highest market value reaching 23.447 billion.
In fact, at the same time as the IPO of the Science and Technology Innovation Board in August 2020, the company had already launched a Hong Kong stock listing plan, but it was not until January 26 this year that the company's Hong Kong stock listing application materials were accepted by the CSRC, and on January 27, the company officially submitted the listing application materials to the Hong Kong Stock Exchange.
(Screenshot of Yihuatong announcement)
If Yihuatong successfully realizes the listing of Hong Kong stocks, it will mean that Yihuatong, as the leader of domestic hydrogen fuel cell engines, has successfully achieved a triple jump from the new third board to A+H.
According to the data, Yihuatong was first listed on the New Third Board in January 2016 to delisted in June 2020, with a cumulative fundraising of 790 million yuan during the listing period of the New Third Board, and after landing on the Science and Technology Innovation Board in 2020, the IPO raised 1.351 billion yuan, the additional issuance raised 200 million, and the cumulative fundraising was 1.551 billion, and the scale of the proposed fundraising for the listing of Hong Kong stocks has not yet been made public.
Stock price slashed at the Concept Stock of the Winter Olympics
According to the Hydrogen Energy Branch of the China Industry Development Promotion Association reported on January 12 this year, the 2022 winter and Paralympic service guarantee vehicles equipped with Yihuatong fuel cell engines went to Beijing for inspection in a series of test matches, of which 212 units in Yanqing and 515 units in Chongli Division.
The main routes during the event include Prince Edward High Speed Rail Station to Genting Ski Park Station, Winter Olympic Village to Ski Jumping Station, Ski Jumping Center to Cross-Country Ski Center and other routes.
In its semi-annual report last year, Yihuatong also disclosed the research projects involving the Winter Olympics, including the fuel cell engine project for the Winter Olympics and the technical adaptability evaluation study of the fuel cell vehicle demonstration operation for the environment of the competition area.
The fuel cell engine project for the Winter Olympics is mainly based on the Beiqi Foton bus, which is equipped with the company's fuel cell engine system, Toyota fuel cell stack and auxiliary parts, and develops two fuel cell buses of 9 meters and 12 meters for the Winter Olympics.
(Screenshot of Yihuatong's 2021 semi-annual report)
Therefore, this is enough to prove that Yihuatong is also a genuine Concept Stock of the Winter Olympics, but its stock price performance is much worse than that of other Concept Stocks of the Winter Olympics.
Since February 19, 2021, Yihuatong's stock price has been in a wide range of about 40% high shock state, until August 16, 2021 hit an all-time high of 348.55 yuan, but then fell into an adjustment of more than 35%, and then rose to about 328 yuan at the end of last year, and then it has plummeted, and has been cut so far!
(Screenshot of Yihuatong's stock price trend)
It can be seen that when the stock price recently fell below the bottom of the previous high shock range, the stock price began to accelerate its decline, and there was a negative decline for 10 consecutive trading days. Today's close fell again by 7.6%, closing at 165.03 yuan, down more than 50% from the high point of 328.14 yuan at the end of last year, and the market value has evaporated by 11.647 billion yuan compared with 23.447 billion.
The loss of 200 million yuan in 2 years of listing, shareholders cashed out 460 million yuan in 2 months
The reason why Yihuatong's stock price suddenly plummeted after soaring 1.4 times and falling into a high shock of nearly a year is actually twofold, one is that the current A-share overall market has killed the valuation of the new energy concept stocks that have soared before, and the other is that the company's major shareholders who have been losing money for many years have begun to gradually cash out after a year of listing.
According to the 2021 performance forecast released by the company on January 29, it is expected to achieve revenue of 610 million to 650 million yuan in 2021, an increase of 6.59% to 13.58% year-on-year, a net profit loss attributable to the mother of 140 million to 190 million, a year-on-year decline of 521.57% -743.56%, and a non-net profit loss of 150 million to 205 million, a year-on-year decline of 271.6% - 407.85%.
(Screenshot of Yihuatong's 2021 performance forecast)
Based on the net profit attributable to the mother disclosed in the company's performance forecast, Yihuatong has lost 163 million to 213 million yuan in less than 2 years since its listing in August 2020.
However, the company's second, fifth and ninth largest shareholders cashed out more than 460 million in just two months from the end of September to the beginning of December last year, and all three shareholders belonged to the same beneficiary.
On September 3 last year, the company released its first shareholder reduction plan since its listing, and the shareholders who have a concerted action relationship, Mizuki Yangfan, Mizuki Changfeng and Mizuki Vision, intend to reduce their holdings by no more than 3.183 million shares of the company, accounting for 4.46% of the company's total share capital.
According to the announcement of the progress of the reduction disclosed by the company in December last year, mizuki Yangfan reduced its holdings by 732,600 shares to cash out 211 million during the period from September 2 to December 9, 2021, and from September 29 to December 1, 2021, Mizuki Changfeng reduced its holdings by 537,200 shares to cash out 150 million, Mizuki Vision reduced its holdings by 365,200 shares and cashed out 100 million, accumulating 1.635 million shares to cash out 461 million!
(Screenshot of Yihuatong's announcement of reduction)
Does this mean that the company's major shareholders have no confidence in the company's future development at all, the company has not achieved profitability in just one year after listing, and the three major shareholders of the same actor have cashed out more than 460 million yuan in just two months, and the amount of shareholders cashing out in 2 months is more than 2 times the amount of the company's loss in two years!
How does this situation make the market believe that the company is a company based on long-term development and will help the rapid development of China's hydrogen energy market in the future? The market has lost confidence in the company coupled with the current market valuation of the new energy concept stock killing, the company's stock price may only be the beginning.
In general, the company was first listed on the New Third Board, then listed on the Science and Technology Innovation Board, and now it wants to IPO hong Kong stocks, which is a step-by-step rush to the major capital markets, but it shows that the company has the suspicion of using the capital market to "circle money"!