0.11 yuan, the cheapest delisted stock in the history of A shares! Investors enter the market in a gambling style, and *ST Baoli has a daily limit on the last trading day

Times Finance

2024-05-16 17:17Posted on the official account of Guangdong Times Finance

Source of this article: Times Finance Author: Liang Yi

Image source: Picture Worm

Although *ST Baoli rose 22.22% on May 16, it still could not avoid becoming the cheapest delisted stock in the history of A-shares at a price of 0.11 yuan per share! It is worth noting that on May 15, it also set a record of 0.09 yuan per share as the cheapest A-share stock.

Choice data shows that the cheapest stocks in A-shares were Shengyun Hui (300090.SZ) and Shenwu Hui (300156.SZ), which were delisted on August 25, 020, with a share price of 0.12 yuan per share.

After entering the capital market for nearly 15 years, after a change in performance after listing, cross-border acquisitions, bankruptcy reorganization, and continuous losses, *ST Baoli has had a bad fate. Due to the stock trading price below 1 yuan for 20 consecutive trading days, *ST Baoli was delisted at a price of 0.11 yuan per share.

From May 14th to 15th, *ST Baoli Capital was actively traded, and the "Lhasa Tiantuan", which is known as the base camp of retail investors, bought a large amount.

In the *ST Baoli stock bar, some shareholders said that they would buy hundreds of shares to commemorate it, and more shareholders were "gambling", betting on "relisting", and betting on "three board rises".

Some market participants pointed out that from past experience, there is no shortage of unrealistic speculators in A-shares, believing that when the stock price is extremely low, there is always the possibility of a violent rebound in some way, especially stocks with the so-called lithium battery concept like *ST Baoli, which is likely to expand the imagination.

On issues related to delisting, a reporter from Times Weekly called *ST Baoli Securities Department, and the other party insisted on sending the interview content to the company's mailbox. The reporter sent relevant questions to the company's mailbox, but as of press time, the company did not reply.

Ill-fated

*ST Baoli, formerly known as Jianrui Fire Protection, is mainly engaged in the production and sales of fire engineering and fire extinguishing equipment and fire warning equipment, the company was listed on the Growth Enterprise Market of the Shenzhen Stock Exchange in September 2010, and the stock price was as high as 55 yuan per share that year.

In the second year of listing, the company's performance changed. In 2011, the revenue was 109 million yuan, a year-on-year decrease of 8.46%; The net profit was 11.58 million yuan, a year-on-year decrease of 51.23%. In 2012, the company lost 13 million yuan.

In 2016, Jianrui Fire acquired the equity of Waters at a price of 5.2 billion yuan to enter the field of power batteries and new energy vehicles. However, the acquisition generated a huge goodwill of about 4.6 billion yuan. In October of that year, the company changed its name to Shaanxi Jianrui Woneng Co., Ltd. (hereinafter referred to as "Jianrui Woneng").

It is reported that Waters is one of the earliest enterprises in China to carry out research and development of new energy vehicle power batteries, and to achieve large-scale production and batch application. In 2016, with the development of new energy vehicles, the listed company achieved revenue of 3.82 billion yuan and attributable net profit of 426 million yuan, a year-on-year increase of 11.03 times. In that year, the company's stock price continued to rise, to July 2016 when the highest point was 13.51 yuan / share, its share price compared with the high point a year ago, an increase of more than 100%.

However, the high growth did not last long. In 2017, Jianrui Woneng's revenue was as high as 9.66 billion yuan, but the company suffered a huge loss of 3.684 billion yuan, and continued to lose 3.925 billion yuan in 2018.

In this regard, the listed company explained that the main reason for the performance loss in 2017 was the impact of comprehensive factors such as the rapid growth of the business expansion of the subsidiary Waterma, the slow collection of accounts receivable, and the tight capital chain; At the same time, based on the principle of prudence, it has made full provision for the goodwill formed by the acquisition of Waterma.

In 2019, Shaanxi Kairuida Industrial Co., Ltd. applied to the court for the reorganization of Jianruiwo on the grounds that it could not repay its due debts and obviously lacked solvency.

According to the reorganization plan, at the beginning of 2020, Changde Zhongxing [later renamed as Changde Xinzhongzhe Enterprise Management Center (Limited Partnership)] and its designated financial investors (hereinafter referred to as all investors) participated in the reorganization of Jianrui Wo Neng as reorganization investors and assisted Jin Rui Wo Neng to complete the reorganization goal. All investors conditionally acquired 1.734 billion shares formed by the conversion of capital reserve into share capital through the equity adjustment procedure of the investors of Jianruiwooneng, and acquired 610 million yuan of debt assets of Jianruiwooneng, and provided a total of 710 million yuan of funds to Jianruiwooneng.

Among them, Changde ZTE will pay 330 million yuan of its own funds, and accordingly obtain no more than 1.192 billion shares of Jianrui Woneng shares and 46.48% of the 610 million yuan of Jianrui Wooneng's creditor's rights assets.

In May 2020, the implementation of the reorganization plan was completed. Gao Baoqing, the major shareholder of Changde Zhongxing, became the actual controller of Jianrui Wooneng.

After taking over the listed company, Changde Zhongxing was responsible for the production, operation and management of Jianrui Wooneng after the reorganization, and subsequently, the company changed its name to Baoli Xin.

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

According to the company's audited three-year financial report from 2020 to 2022, the company's net profit attributable to the parent company after deducting non-recurring gains and losses is about -517 million yuan, and according to this calculation, the company believes that the performance compensation amount of Changde Zhongxing, the performance promiser, is about 817 million yuan.

On May 13, 2024, *ST Baoli announced that the performance compensation actually paid by the performance pledgee to the company totaled 82 million yuan, which is quite different from the amount of performance compensation 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 the 2023 annual report, Changde Xinzhongzhe Enterprise Management Center (Limited Partnership) under the control of Gao Baoqing holds 600 million shares of *ST Baoli shares, accounting for 13.56% of the company's total share capital. Gao Baoqing holds 40462440 shares of the company, accounting for 0.91% of the company's total share capital.

Investors in the flow of water

Currently, *ST Baoli's total outstanding share capital reaches 4.1 billion shares. As of the end of the first quarter of this year, the company's top ten outstanding shares accounted for 24.91% of the total outstanding share capital, with a total of 118,900 shareholders and an average of 34,500 shares.

It is worth noting that Shanghai Securities Co., Ltd., in the second quarter of 2023, Shanghai Securities bought 40 million shares of *ST Baoli, and continued to increase its position to 80 million shares in the third quarter, when the company's stock price hovered in the range of 1.5 yuan, and as of the end of the first quarter of this year, the position status has not changed.

It is unknown whether Shanghai Securities can be cleared in time, but "loss" is a high probability situation.

As a delisted stock, *ST Baoli's capital trading activity in the last few trading days is not low.

On May 14, *ST Baoli's turnover rate was 16.99%, with a turnover of 80.2114 million yuan. According to the data of the Dragon and Tiger List on the same day, the "Lhasa Tiantuan" bought collectively and occupied four buying seats. On May 15, *ST Baoli's turnover rate was 10.01%, with a turnover of 39.6743 million yuan, and the aforementioned "Lhasa Tiantuan" was on the list again.

Image source: Oriental Fortune

Image source: Oriental Fortune

In addition, Xiaosan is also crazy. In the view of Zhang Yang (pseudonym), who made three-board tickets, buying some on May 14 and buying some on the 16th is mainly to bet on the company's return to the physical market, which is the company's serious return to product and technology research and development after delisting, and can return to the secondary market in 2-3 years. ”

An industry insider pointed out that the liquidity and valuation fluctuations of the three boards are general, which may affect the exit of existing shareholders.

The joys and sorrows of human beings are always different. Compared with the current shareholders who want to "give it a go", the shareholders who entered the market as early as the first quarter ago were completely "buried", after all, their position price became 0.11 yuan per share.

In April this year, the China Securities Regulatory Commission (CSRC) issued the "Opinions on the Strict Implementation of the Delisting System", requiring greater efforts to implement investor compensation relief.

Regarding the compensation relief for investors, Liang Jingbo, a lawyer from Beijing Jingshi Law Firm, told the Times Weekly reporter that due to the general liquidity of the three-board market, it is difficult for shareholders to trade at an ideal price. If the company eventually goes bankrupt, the investment funds of the shareholders will be compensated in the bankruptcy liquidation. However, according to the order of compensation for bankruptcy liquidation, combined with the operation of the enterprise, the amount of money that shareholders can get is still unknown.

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