Zhongxin Jingwei, May 16 -- On the 16th, the 20cm continuous "flash crash" of the former star stock Baoli Xin (stock abbreviation: *ST Baoli) rose to a limit, as of press time of 0.11 yuan per share, with a total market value of 490 million yuan and more than 240,000 orders.
Wind screenshot
Lock-in delisting
May 16 is the last trading day of *ST Baoli, even if the limit closes, the stock will hit the trading delisting indicator because the stock price is below 1 yuan for 20 consecutive trading days, and the delisting is almost a foregone conclusion.
*ST Baoli was once a star stock in the field of new energy, company introduction, *ST Baoli was established in 2005, is a domestic new energy listed company, focusing on the innovative research and development and production of lithium iron phosphate battery technology, mainly producing lithium iron phosphate series lithium batteries, battery management system (BMS), power batteries and energy storage battery packs. The products are used in various types of electric vehicles and hybrid vehicles, as well as new energy ships, energy storage and other fields.
In 2010, *ST Baoli was listed on the Growth Enterprise Market (GEM). In July 2016, *ST Baoli's share price reached an all-time high of about 13.5 yuan per share. Since its listing, *ST Baoli's share price has fallen by nearly 98%. Among them, since the end of April, the stock has fallen by about 83% in only 11 trading days, and is currently the cheapest stock in the A-share market.
When the stock price reaches an all-time high, it is also the highlight of *ST Baoli's net profit. 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's net profit was 755 million yuan, a year-on-year increase of 8.03 times. After entering the fourth quarter of 2017, *ST Baoli suffered continuous losses, and the company's net profit in 2017 and 2018 both lost more than 3.6 billion yuan.
On April 29, the company's 2023 annual audit report showed that it would achieve revenue of 136 million yuan and a net loss of 188 million yuan in 2023. After the release of the financial report, the Shenzhen Stock Exchange issued an annual report inquiry letter to the company, requiring it to explain whether there were fictitious transactions and fictitious income.
Wind screenshot
Wind shows that *ST Baoli has lost more than 7.5 billion yuan since its listing, and the cumulative cash dividend is less than 20 million yuan.
Funds are actively traded
Delisting is imminent, and there are still funds willing to "play stupid".
On May 14, *ST Baoli Capital was actively traded, 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.
15th*ST Baoli Dragon and Tiger List Wind screenshot
On May 15, *ST Baoli Dragon and Tiger List data showed that the seats of the business department on the list traded 5.2446 million yuan throughout the day, of which the buying amount was 2.4072 million yuan and the selling amount was 2.8374 million yuan, with a total net sale of 430,200 yuan. Specifically, the Second Securities Business Department of Oriental Wealth Securities Lhasa East Ring Road and the Shanghai Wuding Road Securities Business Department of Huatai Securities sold 570,300 yuan and 462,800 yuan respectively; Oriental Wealth Securities Lhasa Tuanjie Road Second Securities Business Department and Oriental Wealth Securities Lhasa East Ring Road Second Securities Business Department bought 620,000 yuan and 498,400 yuan respectively.
Screenshot of the stock bar
There is no shortage of signs of capital gambling in the stock bar. Some shareholders can say, "Just buy it", "It's cheaper than pork, buy buy buy", "Ready to buy 100 shares". There are also rational voices saying, "This should have been delisted a long time ago, fortunately I didn't start this time" "Delisting and rushing in?" What logic to ask me about".
Liu Chunsheng, an associate professor at the Central University of Finance and Economics, told China News Jingwei that the value of penny stocks is actually given by the market, and in this case, buying the bottom faces a very huge risk.
"It's a bit like using the capital markets for gambling." Liu Chunsheng said that the reason why the price of penny stocks and ST shares is low is often because of fundamental problems, and sometimes these stocks will rebound because of market sentiment or short-term good news, but in the long run, if there is no substantial improvement, it is difficult for these stocks to have sustained upward momentum, or to pay attention to risk control, when buying penny stocks or ST shares, we should fully understand the company's fundamentals and future development prospects, and judge whether it has investment value.
The issue of performance compensation is pending
On the 15th, *ST Baoli announced that as of May 15, the closing price of the company's shares was lower than 1 yuan for 19 consecutive trading days, and it is expected to hit the trading delisting indicator after the close of trading on May 16, and the company's shares are expected to be suspended continuously from May 17, so investors should pay attention to the risk.
*ST Baoli said that in view of the fact that the current performance pledgee, Changde Xinzhongzhe Enterprise Management Center (Limited Partnership) (hereinafter referred to as "Changde Xinzhongzhe"), has only fulfilled its cash compensation obligation of 82 million yuan to the company, there is still a big gap between the amount of performance compensation to be fulfilled in the Reorganization Investment Supplement II. At the same time, the company's stock price has fallen continuously recently, on the one hand, the shares pledged by the company's controlling shareholder Changde Xinzhongzhe may be at risk of being liquidated; On the other hand, combined with the asset details previously provided by Changde Xinzhongzhe, the book value of the main assets held by it can no longer cover the remaining amount of performance compensation to be performed, and the company has taken judicial relief measures.
Previously, Changde Xinzhongzhe made a performance commitment that *ST Baoli needs to achieve a non-net profit of no less than 300 million yuan from 2020 to 2022, otherwise it needs to make up for it in cash to the listed company. According to *ST Baoli's 2023 annual report, the company believes that the performance compensation amount of Changde Xinzhongzhe is 828 million yuan.
Changde Xinzhongzhe proposed that during the performance commitment period, the relevant policies and economic environment of the industry affected by the external environment have undergone major adverse changes, and the starting point of the calculated period and the loss of the shutdown due to environmental factors should be considered to make necessary deductions. At the same time, the impact on the performance realization caused by reasons not attributable to Changde Xinzhongzhe should be deducted. According to Changde Xinzhongzhe's proposal, the performance compensation amount is roughly calculated to be about 650 million yuan, but the specific performance compensation scope has not yet been finalized.
At the end of April this year, *ST Baoli responded to investors that according to the reply of the company's controlling shareholder and actual controller, it has recently stepped up its efforts to raise money through asset realization, stock realization, stock pledge, other investment income, etc., but the company has not yet received the latest performance compensation from the controlling shareholder.
Wind shows that as of March 31, *ST Baoli had 118,900 shareholders. (Sino-Singapore Jingwei APP)