Reporters Jiang Muyun and Zhang Rongwang reported in Shanghai and Beijing
Recently, GEM AMC service provider Ji Ai Technology (300309.SZ) received an inquiry letter, which asked it to explain the specific circumstances of the impairment provision for debt investment in the 2021 semi-annual report. As its net profit in 2019, 2020 and June 2021 was negative, and its net assets as of June 30, 2021 were negative, the regulator requires Jiai Technology to combine the company's ability to continue to operate, etc., to explain the company's future operating risks, and whether there is a situation in which the stock has been delisted risk warning.
It is worth noting that Jiai Technology has also recently changed the actual controller. When the company's business is facing great challenges, will the new actual controller bring new changes to the company? Will the company's development strategy change? In this regard, the reporter of China Business Daily sent an interview letter to Jiai Technology, but as of press time, he had not received a reply.
Provision for large amounts of bad debts
Specifically looking at the content of the inquiry, Jiai Technology said through the 2021 semi-annual report that the company's debt investment book balance was 2.646 billion yuan, and 590 million yuan of impairment provisions had been made, of which 111 million yuan was made for impairment in the current period, and no corresponding impairment provisions were made in 2020.
It is worth noting that in the previous 2020 annual report inquiry response, Jiai Technology said that it intends to sell the debt and the mortgage assets under the debt to Guohui Holdings Co., Ltd. (hereinafter referred to as the sale of the debt), and has signed the Asset Acquisition Agreement and the Supplementary Agreement to the Asset Acquisition Agreement with Guohui Holdings, etc. The above agreement is expected to be completed within one year, so no provision for impairment of the debt investment was made in 2020. In this regard, the regulator required it to explain whether there had been any changes in the sale of creditor's rights and the reasons for the non-provision for impairment in 2020.
In addition, as of the end of June 2021, the balance of accounts receivable of Jiai Technology with a single significant amount and a separate provision for bad debts was 139 million yuan, an increase of 29% over the beginning of the period, and the provision for bad debts was fully provided. In this regard, the regulator also requires Jiai Technology to list the details of the receivables, the collection situation as of now, as well as the collection measures taken by the company, whether it is currently trading, etc., to explain the reasonableness of the provision for bad debts.
A large provision for bad debts is bound to affect the company's net profit. According to the 2012 semi-annual report of Jiai Technology, the company's operating income in the first half of the year was 39.16 million yuan. It increased by 437.56% year-on-year; but the net profit was a loss of 383 million yuan, an increase of 8.33% over the same period of the previous year. Regarding the reasons for the further expansion of losses, Jiai Technology said through its annual report that it was mainly due to the large impairment provision for self-owned assets in the AMC sector of the company in the first half of the year.
It is worth noting that the net profit of Jiai Technology has been a loss for two consecutive years, with net profit losses of 1.19 billion yuan and 574 million yuan in 2019 and 2020, respectively. Therefore, in the inquiry letter, the regulator also requires Jiai Technology to fully explain the risks that may be faced in the future operation in combination with the company's ability to continue to operate, funds and debt, the revenue in the first half of 2021 is far less than 100 million yuan, and the net assets are negative, and especially to indicate whether there is a risk warning or other warning situation in which the company's stock is delisted. As of press time, Jiai Technology has not announced the response to the inquiry.
Regarding the company's current specific measures to boost performance, Jiai Technology has not responded. However, through the investor interaction platform, the company is currently making every effort to promote the progress of project disposal, accelerate the promotion of equity financing, and take various measures to improve the company's operating performance as soon as possible.
The new actual controller involves a number of listed companies
According to public information, Jiai Technology was listed on April 10, 2012, the original main business is the research and development, production, sales, etc. of oil logging instruments, and then entered the AMC industry in 2016 due to profitability and other considerations, and in recent years, it has divested the oil service sector and fully focused on the AMC business.
According to the official information of Jiai Technology, it belongs to the unlicensed AMC service provider, and its business is mainly the management, evaluation, acquisition, disposal and restructuring of distressed enterprises and debt-to-equity swap services for special opportunity assets. Jiai Technology has said through its 2020 annual report that the reason for its recent decline in performance is due to the impact of the epidemic. Mainly reflected in the reorganization and disposal of the underlying assets of the debt assets held by the company, which were limited by various epidemic prevention measures in various places, they were basically in a state of stagnation in the first half of the year.
In the "White Paper on China's Local Asset Management Industry (2019)" released in August 2020, it was also mentioned that due to the impact of the new crown epidemic, the purchasing power of final customers of non-performing assets weakened in 2020, mainly reflected in the downward trend of the price of non-performing assets; the number of potential bidding customers decreased, and the market activity decreased; due to the long-term operating ability of non-performing assets, it is difficult for the market to undertake large-scale non-performing assets.
So, is the impact of the epidemic still continuing, and is it currently in a recovery period? In this regard, some AMC industry insiders told reporters that the epidemic has indeed brought a certain negative impact on the entire industry, but it has entered a recovery period since the second half of 2020, and the overall situation of the industry is currently improving. The above-mentioned industry insiders also speculated that combined with the large amount of impairment provision of Jiai Technology. In the industry recovery period still maintain a large loss, perhaps there is also the idea of using this to carry out a "financial bath".
In the performance dilemma, Jiai Technology has also ushered in the change of actual controller.
Specifically, the signs of changes in the controller were first revealed in May 2020, when Gao Huaixue, the former controlling shareholder and actual controller of Jiai Technology, signed an Equity Transfer Agreement with Qingkechuang Industrial Group Co., Ltd. (hereinafter referred to as "Qingkechuang"), intending to transfer 174.2 million shares of the listed company's unlimited sale conditional circulation shares held by him to Shanghai Kunzhan Industry (a wholly-owned subsidiary of Qingkechuang), accounting for 19.6586% of the total share capital of the listed company. If the change of rights and interests is completed, Liu Jun, a legal person of QingkeChuang, will become the actual controller of Jiai Technology. According to the announcement of Jiai Technology, the above-mentioned equity changes were completed in June 2021 not long ago.
In addition, in May 2021, Jiai Technology also announced a fixed increase announcement, and the number of shares to be issued to Shanghai Guxu Industrial Partnership (Limited Partnership) is 186.8 million shares at a price of 2.10 yuan per share. After the completion of the offering, the company's largest shareholder will become Shanghai Guxu Industrial Partnership (Limited Partnership), with a shareholding ratio of 18.26%, the company's second largest shareholder is Shanghai Kunzhan Industrial Co., Ltd., its shareholding ratio is 11.54%, its joint actual controller is Liu Jun, after the completion of this offering, Liu Jun's total control of the company's voting rights is 29.80%.
Will experiencing the change of the actual controller at this time have an impact on the business development of Jiai Technology? Can the new actual controller bring certain high-quality resources or competitive advantages to the company's business? Jiai Technology has not responded to this.
The reporter learned through public information that the figure of the newly promoted actual controller Liu Jun has appeared in several listed companies many times. In 2018, Liu Jun was lightning on the two shareholders of Busen Shares (now ST Busen, 002569.SZ) and made it clear that he sought control of Busen shares. In December 2015, Liu Jun also joined Northeast Electric (now ST Dongdian, 000585.SZ) and transferred 81.4949 million unlimited A-share shares of Northeast Electric at a price of 9.82 yuan per share. In January 2017, Liu Jun cleared his shares at a price of 15.95 yuan per share.
Looking back at the current stock price of Jiai Technology, as of October 15, the close of trading at 2.74 yuan / share, throughout its listing, the highest stock price reached a record high of 15.48 yuan / share in 2015, and then the stock price hovered between 11 yuan and 14 yuan for a long time, until the second half of 2018 began to fall all the way. This time Liu Jun's entry into JiAi Technology at a low price is it to bring new life to the company, or is it another capital game?
![What lolitas are in the game? Seemingly weak but actually output explosion, popularity strength double full[fig]](data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=)