The internal contradictions of the hashrate bull stocks continue to escalate! Key figures have been dismissed

On the evening of April 19, Hongbo Co., Ltd. (002229), a "big bull stock in computing power", officially "broke up" with Zhou Weiwei, deputy general manager of the company.

(For details, see the previous report: Suddenly! Computing power bull stocks, internal disputes escalate!)

According to the announcement, Hongbo shares said that the company held the 26th meeting of the sixth board of directors on April 19, and deliberated and passed the "Proposal on the Dismissal of the Company's Deputy General Manager" with 6 votes in favor, 0 votes against and 0 abstentions.

After the review of the nomination committee of the board of directors, the board of directors of Hongbo Co., Ltd. agreed to dismiss Ms. Zhou Weiwei as deputy general manager, effective from the date of deliberation and approval of the board of directors. After the dismissal, Ms. Zhou Weiwei no longer holds any position in the company, and the dismissal will not have a significant impact on the company's daily production and operation activities.

In addition to the deputy general manager of Hongbo Co., Ltd., Zhou Weiwei's other well-known position is the CEO of InBev Digital, an important subsidiary of Hongbo Co., Ltd. On April 16, it was suddenly reported on social media that InBev Digital Technology had dismissed some employees, including CEO Zhou Weiwei, which attracted great attention from the market. Because in the impression of many investors, Zhou Weiwei was once "exclusively favored".

For example, Hongbo said in the dismissal announcement that as of the disclosure date of this announcement, Ms. Zhou Weiwei held 850,000 shares of the company, accounting for 0.17% of the company's total shares. In November 2022, Hongbo Co., Ltd. disclosed the list of incentive recipients of the restricted stock incentive plan, and there was only Zhou Weiwei on the list, and the number of restricted shares granted was 850,000 shares.

In this regard, the Shenzhen Stock Exchange issued a special letter of concern, requiring Hongbo to explain in detail the specific position, responsibilities, tenure, work performance, contribution to the company's operation and other matters of the incentive object, explain the method of selecting the incentive object and its rationality, and whether there is a situation of benefit transfer.

Hongbo's reply also has the meaning of "domineering president", saying that InBev Digital is the sole operating body of the company's Beijing AI Innovation Empowerment Center, and Zhou Weiwei, as the general manager of InBev Digital, comprehensively leads the daily operation and business decision-making of InBev Digital, and is also the key person for the smooth implementation of the project. The Company has comprehensively considered the content and importance of Ms. Zhou Weiwei's work, salary costs and other factors, and the number of rights and interests to be granted to the incentive recipient this time matches the degree of her contribution to the Company.

Not only that, Zhou Weiwei was soon promoted in April 2023 and was hired as the deputy general manager of Hongbo Co., Ltd., responsible for the company's business in the artificial intelligence and AI sector. Just two months later, in June 2023, Hongbo disclosed the list of incentive recipients granted for the first time in the 2023 restricted stock incentive plan, and Zhou Weiwei was granted another 1 million restricted shares.

At that time, it was the time when the stock price of Hongbo shares was "soaring", under the matchmaking of Zhou Weiwei, Hongbo shares were connected with NVIDIA with the help of InBev Digital's business, and the company's stock price also closed at 45.29 yuan per share on August 22, 2023, a record high. Throughout 2023, the maximum increase in Hongbo shares will be close to 600%, and the market attention is extremely high.

First, Hongbo Co., Ltd. urgently terminated the 2023 restricted stock incentive plan, and said in the relevant announcement that it was affected by multiple factors such as changes in the macro environment and increased uncertainty in global development.

After that, it is the "change of face" of the 2023 annual performance forecast that has attracted more attention.

On the evening of April 12, Hongbo Co., Ltd. disclosed the announcement of the revision of the 2023 annual performance forecast, adjusting the expected profit of 37.4 million yuan ~ 56.1 million yuan to a loss of 50 million yuan ~ 58 million yuan, and the estimated operating income from 850 million yuan ~ 998 million yuan to 590 million yuan ~ 650 million yuan.

Hongbo Co., Ltd. said that InBev Digital Technology will carry out cooperation with Beijing Jingneng International Holdings Co., Ltd. (hereinafter referred to as "Beijing Jingneng") on the procurement of equipment for the construction of intelligent computing centers in 2023, and as of December 31, 2023, the company has received the first contract payment of 499.84 million yuan from Beijing Jingneng for the above cooperation projects, and the company has delivered some equipment and obtained a phased equipment acceptance confirmation. Shanghui Accounting Firm (Special General Partnership) believes that the company should recognize revenue only after all equipment for the project is delivered and the final deployment is completed, and the relevant income will be deducted from the operating income. As a result, the company has made corrections to the financial indicators in the earnings forecast.

After the performance forecast "changed face", the Fujian Securities Regulatory Bureau soon took administrative supervision measures to issue a warning letter to Ni Hui, chairman of Hongbo Co., Ltd., and Pu Wei, chief financial officer, and the Shenzhen Stock Exchange also issued a letter of concern, and the company and related parties will be subject to disciplinary proceedings in the future.

In a previous interview with a reporter from Securities Times E Company, Zhou Weiwei had different opinions on the adjustment of revenue recognition, but he also expressed his respect for the opinions of audit institutions.

Zhou Weiwei believes that Beijing Jingneng has paid the first contract payment, and the equipment involved is entrusted to InBev Digital Technology in a quasi-operational state, and the revenue should be recognized. She also told the reporter of Securities Times E Company that the listed company asked InBev Digital to coordinate with Beijing Jingneng to sign the "Escrow Agreement", on the grounds that these equipment are still in the GLP data center leased by InBev Digital, and no transfer and delivery of goods has occurred. She replied that Beijing Jingneng's self-built computer room currently does not have the operating conditions, and they are also talking about the acquisition of GLP computer room, and the equipment has been put on the shelves to run the test task, not "custody", but to meet customer needs.

Zhou Weiwei also provided the reporter of Securities Times E Company with the "Support Letter on Ensuring the Security of Computing Server Assets" issued by Beijing Jingneng to GLP China, which was signed on April 16. According to the content of the letter, Beijing Jingneng clarified to GLP China that the batch of computing power servers is the company's assets that InBev Digital Technology needs to ensure the final and complete delivery, and the ownership belongs to Beijing Jingneng, and the assets must be safeguarded and cannot be transferred without consent.

At the same time as the dispute with the key person, the controlling stake of Hongbo shares has also been changed.

Less than two months ago, on February 28, 2024, Hongbo Co., Ltd. announced that due to contract disputes, the company's shareholders Yutai Holdings and Huiyi Trading held shares of the company were judicially deducted, and the total proportion of shares held by Yutai Holdings and Huiyi Trading, acting in concert, was reduced from 3.36% to 0.65%.

After being judicially deducted this time, the controlling shareholders of the company were changed from Yutai Holdings and Huiyi Trade to no controlling shareholders, and the actual controllers were changed from Li Xiaolin, Yang Kai and Mao Wei to no actual controllers.