Yi Huiman issued a large number of new shares during his tenure, issued more than 1,800 new shares, IPO total financing amount of 21,793 trillion, the issuance of new shares almost exceeded the sum of the predecessors, the issuance of more than 1,800 new shares, many of them are high-priced issuance, over-offering issuance, high price-earnings ratio issuance, after these new shares are listed, either broken or cut in half, resulting in heavy losses for shareholders!
Among them, there is such a new stock, listed in 2022, the issue price is as high as 173.98 yuan, the price-earnings ratio is 63.05 times, and the funds raised are as high as more than 5 billion.
So which stock is this?What does the company do?Who is the sponsor?What is the sponsor fee?Let's take a look!
This stock is 301219 Tengyuan Cobalt!
Tengyuan Cobalt is a subdivision leader in the cobalt salt industry. The company is mainly engaged in the research and development, production and sales of cobalt and copper products, and is one of the leading cobalt salt production enterprises in China.
After the listing, the performance changed dramatically
Through the financial data of Tengyuan Cobalt, it can be seen that from 2020 to the first half of 2023, the company's revenue will be 1.787 billion yuan, 4.16 billion yuan, 4.801 billion yuan and 3.971 billion yuan respectively, and the net profit will be 513.2 million yuan, 1.15 billion yuan, 274.5 million yuan and 241.1 million yuan respectively!
Tengyuan Cobalt was listed in 2022, before the listing, the revenue and net profit soared, and the financial data was too beautiful, but after the listing, the performance began to change dramatically, and the net profit in 2022 fell directly by 76.14% year-on-year.
The sponsor is Dongxing Securities!
The sponsor of Tengyuan Cobalt is Dongxing Securities, which originally planned to raise 2.198 billion yuan, which will be used for the annual output of 20,000 tons of cobalt and 10,000 tons of nickel metal series products for off-site intelligent technological transformation and upgrading, as well as supporting production projects of raw and auxiliary materials (phase II) and supplementary working capital!
The sponsorship fee is 245 million
After the inquiry, Dongxing Securities discussed with Tengyuan Cobalt, set the price at 173.98 yuan, issued 31.48 million shares, and actually raised 5.478 billion yuan, over-raised 3.28 billion, and Dongxing Securities took 245 million sponsor fees!
Originally, 2.2 billion was enough, but after the operation of Dongxing Securities, it directly raised nearly 5.5 billion, which was really exciting, trembling hands, so much more money at once, I don't know how to spend it, Dongxing Securities took 245 million sponsorship fees and patted my ass and left, regardless of whether the shareholders live or die, it is really full of gain!
The listing was the peak, and the stock price fell from 230 to 34
Let's take a look at the share price of Tengyuan Cobalt, Tengyuan Cobalt was listed on March 18, 2022, with an issue price of 173.98 yuan, up 6.81% on the day of listing, and the highest rose to 230 yuan, and then began to fall all the way, and now it has fallen to 34 yuan.
Over-raised money buys wealth management
For Tengyuan Cobalt, over-raising 3.2 billion, so much more money at once, there is no land to spend, only to buy financial products, Tengyuan Cobalt said on the investor interactive platform on May 26, 2022 that the company has used part of the over-raised funds to permanently replenish liquidity and bank wealth management, and the use of other over-raised funds is detailed in the follow-up announcement!
Let's see what investors are saying!
Strictly investigate stock fraud and securities regulatory agencies
The key is to over-raise funds to manage money, the people put the money deposited in the bank to buy funds, the funds to place high-priced stocks, listed companies to over-raise money to manage money, and securities companies to get commissions. It is a partnership fraud.
If it is issued at a high price, and then its performance declines and breaks, it will be verified by the inspection team. Give an explanation to shareholders!
There is a strong demand for the implementation of T+0 trading rules, and T+1 trading and price limit limits are tools designed for institutions and market makers to harvest retail leeks!!
Stock issuance is becoming more and more unreasonable, there is no bottom line to make money, and the issuance of stocks with ultra-high price-earnings ratio was absolutely not allowed before!
It can be seen that investors are all kinds of complaints, over-raising is the biggest waste, Yi Huiman issued so many new shares during his tenure, there must be problem stocks, if you check back, it is estimated that a large number of problem stocks can be found, Tengyuan Cobalt is listed on the rich Dongxing Securities, the company's major shareholders have bulging pockets, and the retail investors are miserable, just see how much Tengyuan Cobalt will fall to!