After the hot speculation, it is inevitable that the stock price will fall, why did the star computing power stocks high-tech development and Hongbo shares "overturn"?

Interface News Reporter | Feng Yuchen

Since April, star computing power concept stocks have been "full of conditions". Anel (002875. SZ), high-tech development (000628. SZ), Henglin shares (603661. SH) self-proclaimed that the acquisition of the computing power target "failed", and Hongbo shares (002229. SZ) performance pre-profit "backtracking", Zhongbei Communication (603220. SH), Sugon (603019. SH) has also successively "overturned".

Subsequently, the stock prices of these computing star concept stocks all pulled back after chasing and fighting. Such as high-tech development and Anel, the stock price has been cut in half in the past month.

Market analysts said that the speculation of concept stocks will fall without exception, and many times speculating stocks is not the real value of the company, but speculating on volatility, and there will be fluctuations that attract people to speculate.

The acquisition of computing power failed and the stock price plummeted

The stock prices of many big bull stocks are "rising from the ground" through the acquisition of computing power targets.

High-tech Development has borne the brunt of the acquisition of 70% of the shares of Sichuan Huakun Zhenyu Intelligent Technology Co., Ltd. (hereinafter referred to as "Huakun Zhenyu") since September last year, and after the resumption of trading, from October 19 to November 2, 2023, High-tech Development has won 11 consecutive daily limits. After the beginning of February this year, as the concept of computing power continued to be hyped, from February 19 to March 19, 2024, high-tech development ushered in another wave of skyrocketing, with a cumulative increase of 127.56%.

Without warning, in the early morning of April 18, High-tech Development suddenly announced that it had not reached an agreement with some counterparties on the transaction price, and the acquisition "fell through". Since April 18, high-tech development has won three consecutive fall limits.

On April 20, High-tech Development held an investor briefing on this matter, saying that the company would promote the acquisition of relevant shares, continue to negotiate with other shareholders under the principle of not violating its own commitments, and continue to promote the acquisition of follow-up assets.

Investors may also get some "comfort", on April 23, the stock price of high-tech development obviously stopped falling, and on April 24, it hit the daily limit. As of the close of trading on April 24, the share price of high-tech development was 44 yuan / share, compared with the highest point of 95.70 yuan / share a month ago. But even so, the current market value of high-tech development is still 14 billion yuan, and the stock price is not the same as the 10 yuan level before the hype of computing power.

Anel and Henglin's acquisition of computing power targets also brought a storm to the secondary market, leaving the next "unfinished" ending.

On December 15, 2023, Anel, which was originally mainly engaged in children's clothing, announced that it planned to acquire 22% of the equity of Shenzhen Innovation Technology Co., Ltd. (hereinafter referred to as "Innovation Branch") from Shenzhen Zhuoyun Zhichuang Technology Co., Ltd. at a premium of 1167.45% and 440 million yuan in cash.

In conjunction with the acquisition, Shenzhen Anel Technology Co., Ltd. (hereinafter referred to as "Anel Technology"), a wholly-owned subsidiary of Anel, reached a tripartite cooperation with Henan Radio and Television Media Holding Group Digital Industry Investment Co., Ltd. and Innovation Branch, and Anel Technology assumed the role of equipment and software procurement agent for the computing platform project, and paid tens of millions of dollars in this cooperation.

This time, with computing power to meet market expectations, Anel's stock price will soar all the way, with a cumulative increase of 169.11% from February 8 to March 7, 2024. Until March this year, the matter was not seen for a long time, and whether other shareholders of Innovation Technology gave up their preemptive rights became the focus of market attention, during which Anel's share price went out, and it fell more than 32% from March 21 to March 29.

On April 7, Anel announced the termination of the acquisition plan due to the fact that it could not confirm whether the other shareholders of Innovation Technology would implement the pre-emptive rights. In addition, Innovation Branch has not provided a description of the collection of accounts receivable, and Innovation Branch owes 16.4515 million yuan in taxes.

Since then, Anel stock has fallen for two consecutive days. As of April 24, Anel closed at 10.31 yuan / share, down by half from the high of 22.55 yuan / share in March.

The acquisition of Henglin shares was questioned as "Anel 2.0 version".

On February 27, Henglin Co., Ltd. announced that it plans to carry out computing service-related business, cultivate new growth business of the company across borders, and plan to acquire 100% of the shares of Xinjiang Hengsheng Intelligent Computing Communication Technology Co., Ltd. (hereinafter referred to as "Hengsheng Intelligent Computing"), a related party, in cash. On February 28, Henglin shares rose to the limit as scheduled.

According to the data, Hengsheng Zhisu is a company controlled by Wang Jianglin, chairman of Henglin Co., Ltd., and the announcement said at the time that Hengsheng Zhisu and the supplier Nanjing Kunqian Computer Technology Co., Ltd. signed a total amount of 398 million yuan of computing power server procurement contract, Wang Jianglin's sister Wang Aiqin has paid the advance payment for the purchase of computing power servers on behalf of Hengsheng Zhisuan, with a total amount of 154 million yuan. Henglin shares also need to pay Hengsheng Zhishu equity value of 1 million and pay the purchase balance of 244 million yuan to the above-mentioned computing power server suppliers, all of which total nearly 400 million yuan.

However, in less than two months, Henglin shares "regretted". On April 16, Henglin announced that it would terminate the purchase of 100% of the shares of Hengsheng Zhisuan, a related party. For the reason, Henglin said that the delivery progress of the server is less than expected, and after taking into account the company's core main business oriented by foreign trade exports and the long-term coordinated development of the company's business, it is believed that the implementation conditions of the equity acquisition have changed greatly.

A market analyst said that the speculation of concept stocks will fall without exception, and many times speculating on a stock is not because the company has a real value, but about volatility, and if there is volatility, it will attract people to speculate.

At present, the listed companies that have crossed over the acquisition of computing power targets include Anoqi (300067. SZ) is waiting for the final "dawn of victory".

Anoqi's main business is the R&D, production and sales of mid-to-high-end differentiated dyes. In February 2024, Anoqi announced that it intends to acquire 100% of the shares of Shanghai Gencong Information Technology Co., Ltd. (hereinafter referred to as "Shanghai Gencong"), so as to expand its business field and enter the computing power industry. The "cross-border" acquisition of computing power enterprises was questioned by the Shenzhen Stock Exchange. Anoqi once revealed that the target company currently has its own products and generates a certain amount of revenue.

Now, according to Anoqi's latest statement, the industrial and commercial change related work for the acquisition of Shanghai Gencong is being promoted.

It is difficult to increase the performance of the computing power business

"Without the concept of performance support, it is often difficult for the stock price to rise back after it falls. If there is performance, it is difficult to return to a high position if it is a speculation concept. The above-mentioned analysts said.

It is not uncommon for listed companies such as Anel to enter computing power across borders, but there are not many computing power businesses that have added performance.

Recently, the most popular market is Hongbo shares, the company is mainly engaged in security printing, lottery new channel services, book printing and high-end packaging printing and other businesses. Because of "hand-in-hand" NVIDIA cross-border AI, Hongbo shares once became a computing power demon stock in the market, with the highest stock price of 45.29 yuan per share in August 2023, an increase of more than 500% from the stock price at the beginning of 2023.

On October 19, 2023, InBev Digital Technology and Beijing Jingneng International Holdings Co., Ltd. (hereinafter referred to as "Beijing Jingneng") reached a cooperation on the preparation of the construction of an intelligent computing center, and Beijing Jingneng entrusted InBev Digital to carry out the construction planning and other services of the intelligent computing center, the overall scale of the intelligent computing center is expected to be no less than 2000PFLOPS computing power, and the total transaction amount is about 1 billion yuan.

Hongbo's 2023 performance forecast originally released on January 11 shows that the net profit in 2023 is expected to be 37.4 million yuan to 56.1 million yuan. However, on April 13, Hongbo announced that it revised its 2023 annual performance forecast, from the previous expected annual profit of 37.4 million yuan to 56.1 million yuan, to an expected loss of 50 million yuan to 58 million yuan. From profit to loss.

The reason for the big change in performance, the company explained that it was due to the early recognition of the income of its computing power leasing business.

As of December 31, 2023, Hongbo Co., Ltd. has received the first contract payment of about 500 million yuan from Beijing Jingneng for the construction of the intelligent computing center, and the company has delivered some equipment and obtained a phased equipment acceptance confirmation. However, the auditor believes that revenue should not be recognized until all equipment for the project has been delivered and the final deployment has been completed, and the relevant revenue will be deducted from the operating income. Therefore, Hongbo shares corrected the financial indicators in the performance forecast.

At the same time as the performance "reversed", the core figure of Hongbo Co., Ltd.'s computing power "East Window Incident", and "insiders" said that Zhou Weiwei, CEO of InBev Digital, a subsidiary of Hongbo Co., Ltd., and others were dismissed from their positions, on the grounds that Zhou Weiwei and others were seriously derelict in their duties and engaged in personal fraud. Subsequently, Hongbo officially announced the dismissal of Zhou Weiwei.

Zhou Weiwei is the main initiator and person in charge of Hongbo's AI innovation business, and is also the key person who facilitates the cooperation between InBev Digital Technology and NVIDIA. Under the double test of performance change and personnel turmoil, Hongbo shares' "computing power future" has made the market a little more worried. In the two trading days after the performance revision, Hongbo shares continued to fall to the limit. On April 24, Hongbo shares closed at 17.69 yuan per share.

In contrast, Lotus Health (600186. SH) is in the embarrassing situation of having computing power income but having a "pitiful" income.

On June 30, 2023, Lotus Health established Hangzhou Lotus Technology Innovation Co., Ltd., a wholly-owned subsidiary of computing power leasing business, to look for a second performance growth point. In September of the same year, Lotus Health announced the signing of the NVIDIA H800 series server procurement contract. From August to mid-October 2023, Lotus Health's share price rose all the way, from an average price of less than 3 yuan per share to a maximum of 8.24 yuan per share, an increase of 175%.

Due to the big cross-border step, Lotus Health was required by the Henan Securities Regulatory Bureau to announce the progress of the transformation of the computing power business every month. In December 2023 and January 2024, Lotus Health's computing power business earned millions of yuan for two consecutive months, and in February and March, Lotus Health clearly mentioned that the revenue was 21,000 yuan and 51,400 yuan respectively.

In addition, Lotus Health is still worried about the server, according to the announcement, in December last year, Lotus Health ordered 330 GPU servers from Xinhua 3C Information, so far only 12 have arrived, and the remaining 318 servers have not yet been delivered, and the delivery deadline is uncertain. There are also two GPU graphics card purchases and GPU servers that have not yet been delivered.

The stock price hits the "speculative red line" at the high point

At the same time, the stock prices of the hash bull stocks are out of the very attractive curve, and the executives are planting on the "speculative red line".

Sugon, a leading domestic server manufacturer, announced on April 19 that the China Securities Regulatory Commission decided to file a case against Chairman Li Guojie on suspicion of short-term trading of the company's stocks.

Earlier, on April 12, Sugon disclosed that Li Guojie's spouse Zhang Dihua bought and sold 3.34 million shares of the company through centralized bidding from March 3, 2023 to March 14, 2024, with a turnover of more than 150 million yuan, constituting a short-term transaction. Zhang Dihua's income after deducting taxes and fees was 589,800 yuan, which has been handed over to the company in full.

It is not difficult to find that Sugon's share price maintained a significant upward momentum from early February to early March, and in the 19 trading days from February 6 to March 11, Sugon has risen by 83.12% cumulatively, up to 56.8 yuan / share.

Hengrun Co., Ltd. (603985. SH) "overturned" earlier.

Hengrun Co., Ltd., which is mainly engaged in rolling ring forgings and forging flanges, will have cross-border computing power in mid-2023, and from September 11 to October 16, 2023, it will frequently reply to hot spots such as computing power leasing, computing power, and computing power chips on the investor interactive platform.

From October 23 to October 26 last year, Hengrun shares had 4 consecutive daily limits. In the long run, the share price of Hengrun shares will rise from a low of 18.66 yuan/share in June of the year to a high of 54.92 yuan/share in November 2023, an increase of more than 190%.

Just after the dazzling operation of Hengrun shares, the news of the chairman being criminally detained poured a basin of cold water.

On December 5, 2023, Hengrun Co., Ltd. announced that it received a notice from the family of Chairman Cheng Lixin, who was criminally detained by the branch directly under the Changzhou Municipal Public Security Bureau on suspicion of insider trading. At the same time, Zhang Yaya, general manager of Shanghai Runliuchi Technology Co., Ltd. (hereinafter referred to as "Runliuchi Technology"), the main subsidiary of Hengrun Co., Ltd.'s computing power leasing business, is assisting the investigation of the branch directly under the Changzhou Municipal Public Security Bureau.

According to the disclosure of Hengrun shares, its computing power-related business is still in the early stage of start-up. With the criminal detention of the chairman and the investigation of the core personnel of the main subsidiaries, the share price of Hengrun shares has been shaken, and from December 5 to 7, 2023, Hengrun shares have fallen for three consecutive days, and the stock price has fallen to the level of 30 yuan.

On the other hand, in 2023, when computing power is in full swing, Hengrun shares will lose money for the first time since listing. Its performance forecast shows that it is expected to have a net loss of 24 million yuan to 36 million yuan in 2023, and the original main business bearing and computing power business have failed to provide performance support for Hengrun shares.

In addition to touching the "speculative red line", there are also hash bull stocks that are frequently "named" by regulators because of their imprudent disclosure.

According to the announcement statistics, the total contract amount signed by Zhongbei Communication in 2023 will exceed 3 billion yuan. In November 2023, the share price of Zhongbei Communication once peaked at 50.63 yuan per share.

On April 9, Zhongbei Communications added another contract, but it was "slapped in the face" by the official. Zhongbei Communication announced that it signed a computing service contract with Jinan Supercomputing Center Co., Ltd. with a contract amount of about 730 million yuan, and referred to Jinan Supercomputing Center Co., Ltd. as Jinan Supercomputing Center. Subsequently, on the evening of April 11, the National Supercomputing Center Jinan clarified that the Jinan Supercomputing Center Co., Ltd. and related computing service contracts mentioned in the contract of Zhongbei Communications had nothing to do with it.

On April 12, Zhongbei Communication received a regulatory letter from the Shanghai Stock Exchange, and Zhongbei Communication urgently issued a supplementary explanation on the signing of the computing power service contract, indicating that the company's contracted partner Jinan Supercomputing Center Co., Ltd. has no direct or indirect equity relationship with the National Supercomputing Jinan Center, for "easy reading", Jinan Supercomputing Center Co., Ltd. was referred to as Jinan Supercomputing Center in the previous announcement, and sincerely apologized for the misunderstanding that may be caused by the repetition of some words between the abbreviation and the National Supercomputing Jinan Center.

However, Zhongbei Communication has violated information disclosure regulations more than once.

On March 28, the Hubei Securities Regulatory Bureau issued a warning letter to Zhongbei Communication, showing that on August 14 and August 20, 2023, Zhongbei Communication successively published articles on the company's official WeChat, disclosing the company's investment in computing power construction, including the investment scale of the Hefei Intelligent Computing Center project, computing power planning, construction progress and other information, until August 28, the company reviewed and disclosed the above information on the website of the stock exchange.

In addition, on September 22, 2023, Zhongbei Communication negotiated with the Management Committee of Hefei Shushan Economic Development Zone on the investment of the company's East China base project and reached a preliminary intention. It was not until October 11, 2021 that Zhongbei Communications announced the cooperation.

The share price of Zhongbei Communication is currently closed at 28.53 yuan per share after a swing correction, down more than 40% from the high point in November last year.