The cheapest stock *ST Baoli locked in delisting: it rose 22% on the last trading day, with a loss of more than 7.5 billion yuan in 14 years of listing

Interface News

2024-05-17 10:19Posted on the official account of Anhui Jiemian News

Interface News Reporter | Guo Jingjing

May 16 may be the last trading day of *ST Baoli (300116.SZ) A shares.

On the same day, the stock rose 22.22% rarely, and the daily limit was not opened to the close of the day, and the final stock price closed at 0.11 yuan per share, and the market value was finally locked at 490 million yuan. The day before (May 15), *ST Baoli closed at 0.09 yuan per share, becoming the first stock in the history of A-shares to close below 0.1 yuan.

On the evening of May 16, *ST Baoli announced that from April 16 to May 16, 2024, the closing price of the stock was lower than 1 yuan for 20 consecutive trading days, which has touched the mandatory delisting of the trading category stipulated in Article 10.2.1 of the Rules for the Listing of Stocks on the Growth Enterprise Market of the Shenzhen Stock Exchange (2024 Revision), and the company's shares will be terminated from listing and trading on the Shenzhen Stock Exchange.

Trading in the stock will be suspended from the market open on Friday, May 17, 2024. The Shenzhen Stock Exchange will issue a prior notice to *ST Baoli of its intention to terminate the listing of its shares within five trading days from the date of suspension of the company's shares.

is destined to be delisted, but retail investors are crazy to rush in

Paradoxically, *ST Baoli, which is destined to be delisted, has seen a surge in trading volume in the last three trading days. Jiemian News learned that on May 14, May 15 and May 16, the turnover of *ST Baoli suddenly doubled several times to 697 million shares, 410 million shares and 441 million shares, with a turnover of 80 million yuan, 40 million yuan and 47 million yuan, and the daily turnover rate was 16.99%, 10.01% and 10.75% respectively.

*ST Baoli has recently been on the list of dragons and tigers. According to the official website of the Shenzhen Stock Exchange, from May 9 to May 14, the stock closed price decline deviation of -58.26%, during which the stock had a cumulative trading volume of 797 million shares and a turnover of 97.2605 million yuan, and on May 14 alone, its trading volume reached 697 million shares and a turnover of 80 million yuan.

According to the *ST Baoli Dragon and Tiger List, from May 9 to May 14, natural person investors bought a total of 97.2194 million yuan, accounting for 99.96% of the market; The cumulative selling amount was 77.8422 million yuan, accounting for 80.03% of the market. Relatively speaking, institutional investors and Shenzhen-Hong Kong Stock Connect are mainly selling, with institutional investors buying a total of 41,100 yuan and selling a total of 18.0851 million yuan, and Shenzhen-Hong Kong Stock Connect net selling 1.3333 million yuan.

*ST Baoli's Dragon and Tiger List on May 14 shows that the "Lhasa Gang" of Oriental Wealth Securities, which is known as the base camp of retail investors, is actively trading and occupies the top five buying business department list. Among them, buy one and sell four, Oriental Wealth Securities Lhasa East Ring Road No. 2 Securities Business Department bought 1.1941 million yuan and sold 685,300 yuan.

On May 15, the "Lhasa Gang" of Oriental Wealth Securities continued to occupy the list of the top five buying business departments of *ST Baoli. Among them, the first and third sellers are the second securities business department of Oriental Wealth Securities Lhasa Tuanjie Road, which bought 620,000 yuan and sold 383,700 yuan, with a net purchase of 236,300 yuan. Buy two and sell one are the second securities business department of Oriental Wealth Securities Lhasa East Ring Road, which bought 498,400 yuan and sold 570,300 yuan, with a net sale of 72,000 yuan. Buy 3 and sell 4 are the first securities business department of Oriental Wealth Securities Lhasa Tuanjie Road, which bought 352,700 yuan and sold 376,300 yuan, with a net sale of 23,600 yuan.

Obviously, retail investors are the main force to buy *ST Baoli. Jiemian News noticed that some investors posted in the stock bar, saying, "Buy 10,000 yuan, Bo will be relisted, once it is listed, at least 10 yuan, 100 times the income." Grow big with a small amount. Another market investor told Jiemian News that "some retail investors who buy this stock may have a stupid mentality."

Some investors may be looking forward to the trading opportunities of these stocks to enter the old third board after they are delisted. However, Jiemian News found that among the 198 delisted stocks as of May 16, 2024, nearly 14 stock prices have risen since 2024, and 148 stock prices have declined, accounting for 74.75%. At the same time, since the withdrawal to the New Third Board, about 60 of the 198 delisted stocks have risen in stock prices, and the other 138 delisted stocks have fallen since they were listed on the New Third Board, accounting for nearly seventy percent.

It can be seen that even if it is delisted from A-shares and transferred to the New Third Board, the stock price performance of the delisted stocks is not ideal.

Jiemian News learned that as of March 31, 2024, there are still 118,900 shareholders of *ST Baoli.

Raising 7.6 billion yuan, *ST Baoli has accumulated losses of more than 7.5 billion yuan since its listing 14 years ago

*ST Baoli, formerly known as Jianrui Fire Protection, was listed on the Growth Enterprise Market of the Shenzhen Stock Exchange on September 2, 2010.

Overall, *ST Baoli received about 7.6 billion yuan of direct financing through the A-share market, of which about 400 million yuan was raised in the initial IPO and about 7.2 billion yuan was raised in the private placement. However, in the nearly 14 years since its listing, *ST Baoli has only paid dividends three times, with a cumulative cash dividend of 19.7655 million yuan, and a dividend rate of -0.26% since listing.

In 2016, Jianrui Fire acquired 100% of the equity of Waters Battery, a power lithium battery company, for 5.2 billion yuan and raised no more than 2.5 billion yuan, with an appraised value-added rate of 469.62%. Founded in 2002, Waters was one of the first companies in China to successfully develop lithium iron phosphate new energy vehicle power batteries, automotive starting power supplies, and energy storage system solutions, and took the lead in realizing large-scale production and batch application. After the acquisition, the listed company entered new fields such as power lithium battery and new energy vehicle leasing, sales, operation and maintenance, and changed its name to Jianrui Woneng on October 31, 2016.

After the acquisition of Waterma, *ST Baoli's performance increased significantly. In 2016, the company achieved operating income of 3.82 billion yuan, an increase of 557.03% over the same period of the previous year, and the net profit attributable to the parent company was 425 million yuan, an increase of 1102.98% over the same period of the previous year.

With the surge in performance, *ST Baoli's performance in the capital market ushered in a "highlight moment" and became a new energy bull stock at that time. From the perspective of stock price per share, according to the calculation of the previous weighting, the company's stock price once reached 13.52 yuan per share.

However, in the second year after the restructuring (2017), the listed company entered a trough. In 2017, the company achieved operating income of 9.66 billion yuan, an increase of 152.88% over the same period of the previous year; The huge loss was 3.684 billion yuan. Affected by the adjustment of national new energy industry policy subsidies, the rapid growth rate of the business expansion of the subsidiary Waterma, the slow collection of accounts receivable, and the tight capital chain, the net profit realized by the subsidiary Waterma in 2017 did not reach the profit forecast, and the subsequent future profit estimate will be quite different from the expectation, and the company will make a full impairment provision for the goodwill formed when acquiring Waterma. In total, the company made a total of 5.191 billion yuan of asset impairment provisions in 2017.

In 2018, *ST began to fall into a debt spiral. In April 2018, the listed company said that the company has overdue debts, when the company's overall debt was 22.138 billion yuan, of which the company's overdue debt was 1.998 billion yuan, mainly for notes payable and bank loans, facing creditors' claims, the company faced debt repayment risks, which affected daily operations.

Subsequently, on April 9, *ST Baoli announced that as of March 2018, the book balance of notes payable by the company and its subsidiary Waters was 10.009 billion yuan, of which 1.558 billion yuan of notes payable were overdue, and the amount of accounts payable due by Waters was 2.179 billion yuan. After communication and coordination between the company and the supplier, it was decided to deduct the debts payable by the above-mentioned companies to the supplier through inventory sales and fixed asset sales, involving a total amount of 1.848 billion yuan.

In December 2019, *ST Baoli entered into bankruptcy reorganization and completed bankruptcy reorganization in April 2020. Waters was spun off from the listed company system, and the company was renamed Baolixin.

However, the listed company still cannot get out of the quagmire of losses. In 2018, *ST Baoli continued to lose 3.925 billion yuan. In 2019, the company turned losses into profits, making a profit of 295 million yuan that year. But from 2020 to 2023, the company began to lose money again, with losses of 171 million yuan, 133 million yuan, 187 million yuan, and 188 million yuan respectively. In the first quarter of 2024, the company continued to lose 24.5063 million yuan. According to statistics, the company's cumulative net profit since listing is -7.521 billion yuan.

With the weakening of performance, *ST Baoli's share price has also fallen sharply, and has fallen by more than 99% from a high level so far.

In 2023, *ST Baoli will achieve an operating income of 136 million yuan, of which the operating income after deduction will only be 92 million yuan, and the net profit loss attributable to the parent company will be 188 million yuan, and it has suffered large losses for many consecutive years. After the disclosure of the 2023 annual report, on April 29, the Shenzhen Stock Exchange issued an annual report inquiry letter to *ST Baoli, asking it to explain whether there are fictitious transactions, fictitious income, etc.

According to the annual report, according to the "Reorganization Investment Supplement II" signed by the company, the company's bankruptcy administrator and Changde Xinzhongzhe Investment Management Center (hereinafter referred to as "Changde Xinzhongzhe") on December 25, 2019 on reorganization investment matters, as well as the company's audited financial reports for 2020, 2021 and 2022, Changde Xinzhongzhe should pay the company's performance compensation of 828 million yuan, but as of the date of issuance of the annual report, Changde Xinzhongzhe only paid the company a total of 82 million yuan, which is quite different from the amount of commitment.

On May 16, *ST Baoli replied to the inquiry letter of the annual report, stating that the book value of the main assets held by Changde Xinzhongzhe and Gao Baoqing could no longer cover the remaining performance compensation amount, and they no longer had the actual ability to perform the contract. The company has submitted a civil complaint to the Xi'an Intermediate People's Court, requesting the court to order Changde Xinzhongzhe and Gao Baoqing to pay performance compensation of 735 million yuan and interest losses, but in view of the fact that the court has not yet formally accepted it, there is a risk of inadmissibility, and there is also an uncertainty about the outcome of the subsequent judgment, and the risk that the performance promiser will still be unable to perform the contract after the court judgment takes effect.

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