In the past, the stock price of the star was only 9 points, and the listed loss was nearly 7.5 billion, and the rich woman who took over was asked for 730 million in compensation

National Business Daily

2024-05-15 17:03Published on the official account of Sichuan Daily Economic News

On May 14, *ST Baoli, which had a continuous 20cm "flash crash", fell sharply again, with a cumulative drop of nearly 83% in the past 8 trading days, and its stock price was only 0.11 yuan.

On the 15th, as of the close, *ST Baoli's share price fell 18.18% to 0.09 yuan, which is the lowest stock price in the current A-share market.

Some shareholders said: bought 14,800 shares

Winning the bet turned a bicycle into a motorcycle

*ST Baoli stock trading has been implemented since April 29 "delisting risk warning" and "other risk warning", the stock abbreviation from "Baoli Xin" to "*ST Baoli", the company's stock trading was suspended for one day on April 29, and resumed trading from the opening of the market on April 30.

On April 29, the company's 2023 annual audit report disclosed showed that for the whole year of 2023, the company achieved an operating income of 136 million yuan and a net loss attributable to the owners of the parent company of 188 million yuan.

After the release of the financial report, on April 29, the Shenzhen Stock Exchange issued an annual report inquiry letter to the company, asking it to explain whether there were fictitious transactions and fictitious income.

On May 14, Baoli New Energy Technology Co., Ltd. (hereinafter referred to as "*ST Baoli" or "Baoli Xin") issued an announcement showing that as of that day, the closing price of the company's shares was lower than 1 yuan for 18 consecutive trading days, even if the next 2 trading days (excluding the company's stock all-day suspension days) continued to rise and fall, it will also hit the trading delisting index because the stock price was lower than 1 yuan for 20 consecutive trading days.

Although it has been locked in for delisting in advance, it is worth noting that on May 14, *ST Baoli's capital trading activity was not low, with a full-day turnover of nearly 80 million yuan, significantly higher than the average level of the month (18 million yuan). Judging from the data of its dragon and tiger list on the day, "Lhasa Tiantuan" has become the main force in the market, and four of the top five seats on the buy list are the Lhasa-related business departments of Oriental Wealth Securities, with a total net purchase amount of nearly 1.86 million yuan. Among the top five seats on the selling list, an institutional seat sold nearly 9.05 million yuan, and Shenzhen-Hong Kong Stock Connect seats also sold nearly 1.33 million yuan.

Baoli new May 14 dragon and tiger list data

In *ST Baoli's stock bar, there is a flood of small scattered messages. An investor posted, "Buy 10,000 yuan, fight to re-list, once listed at least 10 yuan, 100 times the income." Grow big with a small amount. After all, this is new energy"; Another investor said, "I bought 14,800 shares, spent more than 1,700 yuan, won the bet to turn a bicycle into a motorcycle, and lost the bet to feed the fish."

The voice of reason has not been drowned out. Some people said, "Can the GEM resume listing after delisting?" ”； Others say, "Don't fantasize, it's still 0.09 tomorrow."

On the 15th, some shareholders said that they hoped to receive another 10,000 hands in 7 points tomorrow.

There are also shareholders who "watch the excitement" said: "It is only 10 yuan to buy 100 shares, and you can feel the pleasure of 50% if you fall." ”

The performance commitment of the female billionaire who took over expired

He was asked for $730 million in compensation

According to the data, *ST Baoli's predecessor was Jianrui Fire Protection, and the company was listed on the GEM of the Shenzhen Stock Exchange in 2010. In 2016, Jianrui Fire Protection, which is dedicated to transformation, acquired the equity of Waterma to enter the field of power batteries and new energy vehicles at an ultra-high premium of 5.2 billion yuan at a valuation of 6 times. At that time, Waters was also a domestic new energy battery giant, and was one of the first enterprises in China to carry out research and development of new energy vehicle power batteries, and to achieve large-scale production and batch application.

For a period of time after the acquisition of Waterma, taking advantage of the east wind of the new energy vehicle industry, *ST Baoli achieved a sharp increase in performance. In 2016, the company achieved a profit of 425 million yuan, a year-on-year increase of 11.03 times, and in the first three quarters of 2017, the company achieved a net profit of 755 million yuan, a year-on-year increase of 8.03 times. However, in the fourth quarter of 2017, especially after 2018, *ST Baoli continued to suffer losses, and the company's net profit in 2017 and 2018 exceeded 3.6 billion yuan.

Not long after this massive reorganization, Waterma gradually fell from the altar. On November 13, 2019, the Intermediate People's Court of Shenzhen, Guangdong Province issued the Announcement on the Selection of Administrators for the Bankruptcy Liquidation Case of Shenzhen Waters Battery Co., Ltd., marking the entry of Waters into bankruptcy liquidation procedures. In the evening, Waterma's parent company, Jianrui Woneng (300116), issued an announcement confirming the above information.

In 2020, Waters was spun off from the listed company system, and the company was renamed Baolixin. However, the company's operating performance has not improved since then, and the company's net profit has been in the red for four consecutive years from 2020 to 2023. From April 29, 2024, the company's shares will be subject to "delisting risk warning" and "other risk warning", and the stock abbreviation will be changed from "Baoli Xin" to "*ST Baoli".

According to the statistics of the Securities Times, in 2016, when the company's net profit hit a new high, the stock price of *ST Baoli also hit a record high that year, and the market value of the A-share market once exceeded 13.5 billion yuan. As of the close of trading on May 14, the stock closed 96.89% retraced from its all-time high.

Wind data shows that *ST Baoli has accumulated direct equity financing of about 7.2 billion yuan. Since its listing, it has lost nearly 7.5 billion yuan, and the cumulative cash dividend is less than 20 million yuan.

According to public information, the founder of Baoli Xinyuan is Guo Hongbao, in the early years, Guo Hongbao's personal experience was quite inspirational - in order to start a business, he left the system, gave up the job of an engineer, founded Jianrui Fire Protection, and landed on the GEM in 2010.

However, as described above, after a few years of listing, Jianrui Fire will transform into the new energy vehicle industry. In 2017, due to the impact of many new energy vehicle companies cheating and subsidy, policy subsidies and other factors, coupled with the company's full impairment of the goodwill formed during the acquisition of Waterma, Jianrui Wooneng suffered a huge loss of 3.734 billion yuan that year.

But this time, Guo Hongbao did not choose to find the next outlet. Wind data shows that from September 2017 to September 2018, Guo Hongbao and other shareholders frequently reduced their holdings and cashed out hundreds of millions of yuan.

On April 29, 2020, the implementation of the reorganization plan was completed, and Changde Zhongxing [later renamed Changde Xinzhongzhe Enterprise Management Center (Limited Partnership)] became the largest shareholder, and the actual controller Gao Baoqing also became the actual controller of the listed company, and the company was renamed Baoli Xin. As the founder, Guo Hongbao resigned from all positions in the listed company in May of the same year.

According to the Beijing News, Gao Baoqing, who was born in December 1956, is a native of Suide County, Shaanxi Province, and began working in 1973. She has served as a member of the Chinese People's Political Consultative Conference (CPPCC) of Baiyin District, Baiyin City, Gansu Province, vice president of the Federation of Industry and Commerce, deputy to the People's Congress of Huaihua City, Hunan Province, and vice president of the Changde Federation of Industry and Commerce. In an interview with the media, Gao Baoqing told the public that she began to trade in 1988 and became the owner of Hunan Zhongli, and she also "heard that there is a promising new energy project here", only to find out later that the company had less than 50,000 yuan on its books, and the employees had not paid wages for 7 consecutive months. In order to raise money, she mortgaged her villa in Changsha, and when the bank failed to borrow money, she obtained 5 million yuan through Caixin Financial Holdings.

The former boss Guo Hongbao reduced his holdings many times in January 2020, April ~ July 2021, May ~ August 2022 and other time periods. As of the end of 2022, Guo Hongbao's shareholding in listed companies reached 2.65%.

It is worth noting that when Jianruiwo was reorganized, Changde ZTE promised that the total net profit of the issuer after deducting non-recurring gains and losses from January 1, 2020 to December 31, 2022 would not be less than 300 million yuan. If the above commitments are not fulfilled due to Changde ZTE's reasons, Changde ZTE shall make up for it in cash within three months after the disclosure of the 2022 annual report of Jianrui Wooneng.

But Gao Baoqing did not "win" this time. *ST Baoli announced on May 13 this year that according to the company's audited financial reports for 2020, 2021 and 2022, the company's net profit attributable to the parent company after deducting non-recurring profits and losses is about -517 million yuan.

According to the announcement, the performance compensation actually paid by the performance pledgee to the company totals 82 million yuan, which is quite different from the amount of performance compensation that it should bear to the company. The company decided to require Changde Xinzhongzhe to strictly perform the performance compensation agreement in the "Shaanxi Jianrui Woneng Co., Ltd. Reorganization Investment Supplement Agreement II" through litigation.

At present, the company has entrusted a lawyer to submit the "Civil Complaint", "Application for Property Preservation" and other relevant litigation materials to the Xi'an Intermediate People's Court, requesting the Xi'an Intermediate People's Court to order the performance promiser to pay the company performance compensation of 734,867,341.04 yuan and interest losses.

According to *ST Baoli's 2023 annual report, Changde Xinzhongzhe Enterprise Management Center (Limited Partnership) under the control of Gao Baoqing holds 600000000 shares of the company, accounting for 13.56% of the company's total share capital. Gao Baoqing is the legal representative and chairman of the board of directors of the company, and holds 40462440 shares of the company, accounting for 0.91% of the company's total share capital.

According to the enterprise investigation, Changde Xinzhongzhe Enterprise Management Center (Limited Partnership) is 95% owned by Gao Baoqing and 5% held by Xiang Jing. The *ST Baoli annual report shows that Xiang Jing is a relative of Gao Baoqing.

Now, *ST Baoli locks in the delisting in advance, if God gives another chance to choose, will Gao Baoqing still choose to take over? The answer, I'm afraid, is only known to the rich woman herself.

Disclaimer: The content and data of the article are for reference only and do not constitute investment advice. Investors act accordingly at their own risk.

Editor|Sun Zhicheng, Du Hengfeng, Gai Yuanyuan

Proofreading|He Xiaotao

The daily economic news is synthesized from the announcements of listed companies, wind, securities times, etc

National Business Daily

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