Source of this article: Times Finance Author: Yuchen
Image source: Picture Worm
In the past, the lithium battery bull stock Baoli Xin (now known as *ST Baoli) has not gotten rid of the delisting after all.
On the evening of May 16, *ST Baoli announced that as of May 16, the company's stock price was lower than 1 yuan for 20 consecutive trading days, and it has touched the mandatory delisting of the trading class, and the company's shares will be terminated by the Shenzhen Stock Exchange, and trading will be suspended from May 17.
Prior to this, *ST Baoli had gained 9 consecutive down limits. On May 16, the last trading day before the delisting, *ST Baoli unexpectedly rose by 22.22%, and the stock price was fixed at 0.11 yuan per share.
Looking back on the secondary market performance of *ST Baoli since its listing, the company's share price fluctuated upward from 2012 to 2016, and reached a maximum of 13.52 yuan per share on July 4, 2016, with a market value of about 13.5 billion yuan. After 2017, the company's stock price "plummeted", and it did not improve slightly until 2020 after bankruptcy and reorganization, but it still maintained a volatile downward trend since then.
The reporter noted that in addition to the stock price, *ST Baoli's performance has been losing money year after year, and there has only been a one-year performance highlight after the acquisition of Shenzhen Waters Battery Co., Ltd. (hereinafter referred to as "Waterma"), from 2016 to the present, the cumulative non-net loss is 13.147 billion yuan.
Image source: wind
12 10,000 shareholders are covered There are still "retail investors" who are betting to buyOn May 17, *ST Baoli has been officially suspended and faces delisting.
Wind data shows that *ST Baoli's total outstanding share capital reached 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, and the total number of shareholders reached 118,900.
The reporter noted that it also included two brokerages, Shanghai Securities and Guosen Securities. According to data from Oriental Wealth Choice, Shanghai Securities bought 40 million shares in the second quarter of 2023, becoming the tenth largest shareholder of *ST Baoli, and in the third quarter of the same year, Shanghai Securities continued to buy 40 million shares, when *ST Baoli's share price hovered in the range of 1.12 yuan to 1.96 yuan. As of the end of the first quarter of this year, there was no change in the position status of Shanghai Securities.
Guosen Securities bought 108 million shares from the fourth quarter of 2020, becoming the fifth largest shareholder of *ST Baoli, and will become the second largest shareholder of *ST Baoli in 2024. The reporter learned from the data of Oriental Wealth Choice that in the fourth quarter of that year, the share price of ST Baoli was as high as 5.53 yuan / share, and the lowest was 2 yuan / share.
On May 16, *ST Baoli's share price was fixed at 1 cent, and trading was officially suspended on May 17, and it is unknown whether Shanghai Securities and Guosen Securities had "escaped" in time before this, but "loss" is a high probability situation.
Times Finance called *ST Baoli Securities Department as an investor, and the other party said, "Today (May 16) is the last trading day, and trading will be officially suspended tomorrow." After that, the stock will be traded on the third board (market), but the liquidity will be lower, and the trading transaction will not be so active. ”
Bai Wenxi, vice chairman of the China Enterprise Capital Alliance, told Times Finance that the main board market has high trading requirements, with certain requirements for investors and trading volume, while the trading requirements of the third board market are relatively low, mainly in non-bidding methods such as agreement transfer.
Bai Wenxi said: "If the stock has been suspended, shareholders need to wait patiently until the official delisting of the stock is completed before going to the third board market for trading. If the stock cannot be sold in time after delisting, shareholders can consider selling partially, selling in batches, etc. to reduce losses. At the same time, shareholders can also pay attention to information such as policy changes and corporate restructuring to increase the chances of recovering losses. ”
Unlike the shareholders who have been hedged before, a few days before the delisting, there is still a large amount of money to buy *ST Baoli. On May 16, *ST Baoli rose by 22.22%, and capital trading was more active.
The reporter noticed that there are more retail investors who see the excitement in the *ST Baoli stock bar, some shareholders said "buy a few hundred shares to commemorate it", and some shareholders said "spend 7 yuan to see what the situation is", and there are shareholders who are interested in the three-board trading authority.
Of course, in addition to these retail investors, the "Lhasa Tiantuan", which is known as the base camp of retail investors, is a heavy investment. According to the statistics of the Oriental Fortune Choice Dragon and Tiger List, on May 14 and 15, the "Lhasa Tiantuan" bought a total of 5.6521 million yuan and sold 3.7959 million yuan.
Why did the delisting originate from Waterma? near 8 Non-net loss deducted annually 131 hundred millionAccording to public information, *ST Baoli was formerly known as Shaanxi Jianrui Fire Protection Co., Ltd. (hereinafter referred to as "Jianrui Fire Protection"), which was established in 2005 and landed on the Shenzhen Stock Exchange in 2010.
In 2016, *ST Baoli (then known as Jianrui Fire Protection) acquired Waterma, shifted its main business from fire protection projects to new energy lithium batteries, and changed its name to "Jianrui Woneng". That is, in 2016, *ST Baoli ushered in a turning point in its fate, and its performance began to lose money year after year.
Back in July 2016, *ST Baoli acquired Waters at a price of 5.2 billion yuan, and the assets of Waters at that time were 860 million, which means that *ST Baoli was acquired at a premium of more than 6 times. After the acquisition of Waterma, *ST Baoli's performance ushered in a brief highlight moment. In 2016, *ST Baoli achieved revenue of 3.82 billion yuan, a year-on-year increase of 5.57 times, and deducted non-net profit of 382 million yuan, a year-on-year increase of 14.6 times.
However, the good times did not last long, and since 2017, Waters has experienced a series of changes such as declining sales, suspension of production, and freezing of a large number of bank accounts, and was forced to go bankrupt and liquidate in 2019. *ST Baoli's performance has also been greatly affected by this, according to data from Oriental Wealth Choice, from 2017 to 2019, *ST Baoli's non-net profit was -3.706 billion yuan, -5.006 billion yuan and -4.116 billion yuan respectively.
In 2019, *ST Baoli entered bankruptcy reorganization, tried to save itself through debt restructuring, and completed the reorganization in the first half of 2020, introducing the Changde Xinzhongzhe Enterprise Management Center (Limited Partnership) (hereinafter referred to as "Changde Xinzhongzhe"), and the business has gradually expanded to the fields of new energy ships and energy storage, and Gao Baoqing, the actual controller of Changde Xinzhongzhe, also served as the chairman of *ST Baoli (called Baoli Xin at that time) in June 2020.
However, after the introduction of war investment, *ST Baoli's performance has not improved, and Oriental Wealth Choice data shows that from 2020 to 2023, *ST Baoli's non-net profit will be -207 million yuan, -134 million yuan, -177 million yuan, and -183 million yuan respectively. In other words, since the acquisition of Waterma, *ST Baoli's non-net loss has accumulated to 13.147 billion yuan.
After many years of large losses, *ST Baoli received an inquiry letter for the annual report of the Shenzhen Stock Exchange on April 29, 2024. On the afternoon of May 16, Times Finance called *ST Baoli Securities Department and asked whether the company's production and operation would be affected in the future? *The staff of ST Baoli Securities Department said, "The current production and operation are still normal. ”
After the introduction of the above-mentioned war investment, it also involved an equity dispute, and *ST Baoli was "in court" with Changde Xinzhongzhe in the later stage, which made the stock price of *ST Baoli, which was not very optimistic, continue to fall.
In January 2023, *ST Baoli disclosed that it had received two temporary proposals from shareholder Guo Hongbao (former chairman), one of which was to propose the removal of Gao Baoqing as a director, citing the reasons given that "first, it failed to effectively resolve the company's operating difficulties and risks, and second, it had a conflict of interest with *ST Baoli when the company sought compensation for performance commitments from Changde Xinzhongzhe in the future".
According to the *ST Baoli announcement, on December 25, 2019, Changde Xinzhongzhe signed an agreement with the company, and the other party promised that the company would deduct a total of no less than 300 million yuan of non-net profit from January 1, 2020 to December 31, 2022. 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 audited financial reports of *ST Baoli in 2020, 2021 and 2022, the company's net profit attributable to the parent company after deducting non-recurring gains and losses is about -517 million yuan, according to which *ST Baoli believes that the performance compensation amount of Changde Xinzhongzhe, the performance promiser, is about 817 million yuan.
At present, in this matter, *ST Baoli has sued Changde Xinzhongzhe in court. On May 13, *ST Baoli said in the announcement that in view of the expiration of the performance compensation period of Changde Xinzhongzhe, the performance pledgee, and at the same time, the company's board of directors has repeatedly sent letters to urge and entrust a lawyer to send a lawyer's letter requesting the performance pledgee to complete the payment of the remaining amount as soon as possible, and 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.
Therefore, the company decided to require Changde Xinzhongzhe to strictly perform the performance compensation agreement through litigation.