Text: Flying Snow
Source: Bowang Finance
As early as March this year, "Bowang Finance" issued an article "A-share companies have repeatedly received "letters of concern" for cross-border computing power, "rubbing hot spots" or "dry goods"? pointed out that "for enterprises with traditional industries as their main business, it is very risky to choose to 'play' computing power across borders under the conditions of no technology, no talents, no supply chain and no customer resources."
Less than 3 months after the article was issued, it was called "Hongbo Shares" (002229. SZ), because of the cross-border "play" computing power and "planted a heel".
On June 8 this year, Hongbo Co., Ltd. issued the "Announcement on the Reply to the Inquiry Letter of the 2023 Annual Report". Among them, the company admitted in response to relevant inquiries from the Shenzhen Stock Exchange that it was difficult to continue to perform smoothly in the three important contracts it signed with Nvidia in the early stage.
As a leading printing enterprise in 1999, Hongbo shares were established in 1999 on its official website: "the company to security printing as the main business, is identified by the State Secrets Bureau of the secret carrier copy license unit, has a wealth of experience in the production and management of confidential products, is one of the leading enterprises in China's lottery printing industry, in May 2008 in the Shenzhen Stock Exchange SME board listed...... Since its listing, the company's business layout has developed from a single security printing service to a variety of business coordinated development, and has completed the strategic pattern of nationwide layout. ”
Source: Hongbo official website
It also further stated on its official website that the company is a designated printing enterprise for many units such as China Sports Lottery, China Welfare Lottery, China Construction Bank, and Agricultural Bank of China. From this point of view, as a company that could contract these "high-end" printing business at that time, its "printing leader" was indeed not in vain.
Source: Hongbo official website
In the context of the advent of digitalization, it is understandable that Hongbo Co., Ltd., whose traditional main business is declining, has made a decision on the transformation and layout of the cross-border popular theme "AI computing power".
However, being able to hug NVIDIA's "thighs" was halfway "released by the creator of the global market capitalization myth", and it was difficult to continue to perform many important contracts, which was ...... the 170,000 shareholders of Hongbo shares, not only the "East Window Incident"?
As the so-called "one stone stirs up a thousand waves", under the "unity is strength" of 170,000 shareholders, they really "pumped" the "silk" of Hongbo shares, and also "peeled" out the "cocoon" that was enough to shake the capital market before and after, and "lurked" behind the "scenes" of Hongbo shares.
The "multi-dimensional impact" brought by Hongbo shares has far exceeded the "default" of NVIDIA. So, what kind of little-known "family scandal" and "insider" did the 170,000 shareholders uncover the former printing industry leader Hongbo shares?
01
In the past, the printing leader changed from "You" to "Mao", and the huge cash-out of the "You family" was picked up by the post-80s "capital believers"?
Ten days after the announcement on June 8, the "Phoenix Net Finance (Eye of the Storm)" report revealed the problem of Hongbo shares.
Source: Screenshot of Weibo hot search topic
Perhaps, the You family of 7, who cashed out a huge amount of money and "ran out", did not expect that Hongbo shares on the capital side had already caused a wave of "turmoil" and even "earthquake".
On June 25, a report published by the "China Times" pointed out that "last year, Hongbo shares, as a 'computing power concept stock', soared due to Nvidia's cooperation, and the highest price rose to 45.29 yuan, an increase of nearly 7 times." But in 2024, its share price will continue to decline."
"Tencent self-selected stock WeChat version | micro securities" shows that as of June 26, the share price of Hongbo shares has fallen to 11.06 yuan. It has become an indisputable fact that its stock price fell by nearly 70% during the year.
Source: Tencent self-selected stock WeChat version|micro securities
So, why is it that in less than a year, the plan can't catch up with the changes, so that it is difficult to continue to perform many important contracts, and then form an "all-round" and "large-scale" "blow" to Hongbo shares?
The stock price is on a "roller coaster", and the market value has evaporated by nearly 60%, including its 170,000 shareholders, authoritative media, industry experts, relevant lawyers and even "melon-eating people", etc., all of whom feel that the "strange" is the "key" to the "strangeness" of the computing power contracts signed by Hongbo shares and NVIDIA.
Among them, all walks of life are particularly puzzled by the lottery and other high-end, high-margin printing business, as a leader in the printing industry, why did it quietly change its surname from "You" to "Mao"?
When you open the official website of Hongbo shares, you will see its "brilliant" history and development plan. But can "learn from others' strengths, dare to fight and win" to win the market, win the future, and win the re-boost of the confidence of 170,000 shareholders in the capital market?
Source: Hongbo official website
What is ironic is that after staying on its homepage for a few seconds, another "picture" that automatically slides out is actually a "warm reminder" of Hongbo shares to investors to protect their rights and interests and prevent risks.
Source: Hongbo official website
What makes the 170,000 shareholders of Hongbo shares and the industry "confused" is that the "You family" could have made new development with a solid "family background" and "connections", but why did it stage a "big drama" of cashing out 2 billion (data quoted from "Yangtze River Business Daily") to leave the market? Even, according to "Phoenix Net Finance (Eye of the Storm)", "more complete statistics, in fact, the You family has cashed out at least 3.1 billion yuan".
The suspicion of the "big drama" is not the routine action of changing a legal person, which is also commonplace according to common sense, but the huge amount of cash "accompanied" behind its "name change", how is it "realized"? How can you "go unimpeded" and "go in style"?
Here, for the time being, the reason for NVIDIA's "no-show" is a foreshadowing. First of all, behind the huge amount of cashing out of the "You family", how was it "picked up" by Mao Wei, a post-80s "capital believer", so that the You family "succeeded" and took the money to "leave".
The "version" reported by "Phoenix Net Finance (Eye of the Storm)" is that around 2020, Mao Wei, who was born in the 80s, won 22.33% of the Hongbo shares held by the "You family" at a cumulative price of 1.113 billion through Yutai Holdings and Huiyi Trading.
Source: "Phoenix Net Finance"
From this point of view, the "change of surname" of Hongbo shares is equivalent to the "You family" directly "bright code collection" of 1.113 billion "real money". Prior to this, "You Family" had already cashed out a total of 1.43 billion.
The former printing leader, through little-known capital operation, changed from "You" to "Mao" and "changed its name and surname", and "easily" completed Hongbo shares from the founder "You family" to be considered by Mao Wei, a post-80s "capital believer", to "pick up leaks", and then became the actual controller, completing the "gorgeous transformation" of this traditional listed company.
And this is just the beginning of the "story" of Hongbo Co., Ltd.'s cross-border "playing" of AI computing power, and the stock price even soared nearly 10 times last year.
02
The "miscalculation" of cross-border computing power is expected to be among them, and "You's" is understandable for money, but "Mao's" is really "picking up the leak"?
Behind NVIDIA's "pigeon of Hongbo shares", in fact, "there must be a demon when things go wrong".
Because, although Hongbo shares are the former printing leader, and are also regarded as the "upstart" of computing power by investors, its "how can he" even be one step ahead of some domestic Internet giants or "big players" of car companies that are "not bad for money", etc., can take the lead in signing multiple contracts with NVIDIA?
By carefully studying the content of the original document of this announcement issued by Hongbo shares, the truth may have been roughly revealed.
Source: Screenshot of the original document of Hongbo's announcement
On page 5 of the original document of the announcement, that is, the third part of the Shenzhen Stock Exchange's questioning - "The annual report shows that at the end of the reporting period, your company signed major sales contracts with Beijing Jingneng International Holdings Co., Ltd. and Beijing Baichuan Intelligent Technology Co., Ltd. on the procurement of equipment for the construction of intelligent computing centers and AI cloud services, with a total amount of 999.682 million yuan and 1382.4 million yuan respectively. ”
"As of the end of the reporting period, Beijing Baichuan Intelligent Technology Co., Ltd. still has 138,240,000 yuan of contract payment unfulfilled, and the performance progress is 0%. At the same time, your company signed a major procurement contract with Unisplendour Xiaotong Technology Co., Ltd. for some of the equipment required by the AI Innovation Empowerment Center, with a total contract amount of 494.0594 million yuan, and the contract has not yet been fulfilled. Ask the accountant to check and give a clear opinion. ”
After Hongbo Co., Ltd. made a detailed explanation of the cooperation with Beijing Jingneng, Baichuan Intelligent and Ziguang Xiaotong, combined with the contract signing time, contract performance arrangements and the latest performance progress, the focus is on the "risk warning" that follows.
Source: Screenshot of the original document of Hongbo's announcement
The original text of the "Risk Warning" in the original document of the announcement reads, "The actual performance of the above-mentioned contract has failed to reach the contract agreement or the original planned schedule. In the process of contract performance, there are uncertainties or risks in laws, regulations, policies, performance capabilities, technology, market, etc., and may also face major changes in the external macro environment and risks caused by other force majeure factors, which may cause the risk that the contract cannot be performed normally, so investors should pay attention to investment risks. ”
So far, the 170,000 shareholders of Hongbo Co., Ltd. have begun to conduct heated discussions and various investigations on major social platforms and financial communities on the leading position of Hongbo Co., Ltd., which once had a "diamond diamond" party to "win" the high-end printing business.
In fact, in the article published by Bowang Finance 3 months ago, there are two paragraphs or the "substantive internal factors" behind the "predicament" of Hongbo shares.
"In the long run, will computing power still be a super outlet for the growth of AI? What is certain is that AI will continue to gain momentum and take root and flourish in almost all industries. However, computing power, as an infrastructure, will become a 'traditional industry' in the new era after the contradiction between supply and demand of chips and computing power is resolved. At that time, how will these A-share companies with cross-border computing power go forward? GO CHASE THE NEXT HOT SPOT, OR IS ALL IN THE MIDDLE OF THIS CROSSOVER? ”
In the article, "Bowang Finance" also tried to remind listed companies that "rubbed" the theme of computing power but did not have "real guns": "While chasing the wind and crossing hot spots, can we simultaneously realize the rapid advancement and specific implementation of AI computing power layout?" If the major strategic decision of cross-border layout cannot be implemented in depth, then ......, can laymen really eat this computing power 'sweet and sweet' that is inseparable from the support of core technology and strong resources of the supply chain? ”
Looking at the present, Hongbo shares, which have failed to eat the "sweet and sweet" of AI computing power, are difficult to perform behind many important contracts with NVIDIA, or it is precisely because they have the ambition to "rub" computing power, but they do not have the strength to "play" with AI technology services.
In addition, there is an interesting "one scene". Combing through the reports of many authoritative media such as "Yangtze River Business Daily", "China Times", and "Phoenix Net Finance", it can be seen that the "trapping" or "falling" of Hongbo shares is not just because of the lack of AI technical capabilities.
03
The main business is sluggish, the increment is difficult to find, betting on full-stack AI, can you "save" Hongbo or let shareholders pay less "a few taels of broken silver"?
It is not surprising that the main business of printing is sluggish. However, Mao Wei, the new actual controller of the post-80s, after taking over Hongbo shares from the "You family", had many "publicity reports" on him as a young "entrepreneur", or made him really feel that he had "picked up a leak".
As a WeChat public account related to the printing industry, "Packaging Zone" released on March 1, 2022 in a "tweet" entitled "Post-80s self-made business, now actually controlling the "first share of Fujian printing"", said that the 37-year-old Hongbo Co., Ltd., an A-share listed company, served as the chairman and general manager, and Mao Wei "became the first classic case of private enterprises merging A-share listed companies in the Kaifeng area of Kaifeng Free Trade Zone, Henan Province".
In fact, before and after Hongbo shares changed from "You" to "Mao", similar "tweets" about Mao Wei flooded the Internet. As the new actual controller, this post-80s "entrepreneur" is indeed thinking about seeking various "new increments" and "new curves" of Hongbo shares.
And the reason why it was able to get a big order from Nvidia last year, making "Mao's" "unmatched" for a while, and Hongbo's stock price soaring, is just because of the "help of nobles".
Source: Per Jingwang
According to a relevant report by "Daily Economic News" on April 20, 2024, it was pointed out that "Hongbo shares can stand on the cusp of computing power, precisely because of the business of InBev Digital, Zhou Weiwei is the key person in the company's ability to connect with NVIDIA." ”
The report revealed,"Hongbo shares is one of the leading enterprises in China's lottery printing industry,The main business has nothing to do with computing power." In August 2022, Hongbo Co., Ltd. established a wholly-owned subsidiary, InBev Digital, and appointed Zhou Weiwei as the general manager of InBev Digital, fully responsible for the preparation, technology research and development, team building, business development and other work of InBev Digital. In April 2023, Hongbo Co., Ltd. announced that Zhou Weiwei was appointed as the vice president of Hongbo Co., Ltd., responsible for the company's business in the artificial intelligence AI sector. ”
"Daily Economic News" also said in the report, "Zhou Weiwei also publicly stated that she was the first to contact NVIDIA." It is the three words 'NVIDIA' that have opened the road of Hongbo's computing power 'big bull stock'. ”
Source: Shenzhen Stock Exchange official website
However, the original document of the "Announcement of Hongbo Shares on the Dismissal of the Company's Deputy General Manager" issued by Hongbo Shares on April 20, 2024, which the author downloaded from the Shenzhen Stock Exchange, shows that "after the review of the nomination committee of the board of directors, the board of directors of the company agreed to dismiss Ms. Zhou Weiwei from the position of deputy general manager, which will take effect from the date of deliberation and approval of the board of directors." After the dismissal, Ms. Zhou Weiwei no longer holds any position in the company, and the dismissal will not have a significant impact on the company's daily production and operation activities. As of the disclosure date of this announcement, Ms. Zhou Weiwei held 850,000 shares of the company, accounting for 0.17% of the company's total shares. ”
Source: Screenshot of the original document of the relevant announcement of Hongbo shares
In the end, there are many versions in the industry and the market for why the "noble" will be "dismissed" with a single announcement. But for the "embattled" Hongbo shares, in fact, the more serious challenge is that the early printing leader, last year's computing power bull stocks, has long been in a state of no actual controller.
According to the "China Times" article published on June 25, on February 28 this year, Hongbo shares issued a low-key announcement that the company changed to no controlling shareholder and no actual controller. In other words, Mao Wei, who was born in the 80s, as a "capital believer" in the eyes of insiders, can either "stick to" or "withdraw" at any time.
On June 21, after the "East Window Incident", on the interactive platform of Hongbo Co., Ltd., its secretary of the board of directors emphasized that artificial intelligence-related business is the company's future strategic development direction, and the company will continue to focus on the market positioning of general artificial intelligence full-stack service providers to concentrate resources and efforts. "However, companies may need more time and resources to develop and publish specific plans for the current situation and future specific plans."
In this regard, investors who have gone from complaining to calming down and restoring rational judgment took the opportunity to ask about the 24 technicians and R&D expenses of 5.8227 million yuan in 2023. "Assuming that all 24 people are R&D personnel, then the per capita R&D expenses are only 242,600 yuan, deducting R&D expenses such as materials and equipment, and the annual salary of R&D personnel is expected to be less than 150,000 yuan, why is it so low?"
In fact, in terms of R&D investment and team size of full-stack self-development of artificial intelligence, whether it is a major Internet company or an enterprise that is busy with intelligent driving or chip self-development and other related fields, it can be called a "big witch" in terms of investment and team building.
From an interview with Liu Chunsheng, an associate professor at the Central University of Finance and Economics, it can be seen from Huaxia Daily that, on the one hand, the absence of an actual controller may make a company's strategic direction and business decisions lack clear guidance, which in turn affects the company's main business. In the absence of effective management, the company's main business may be in trouble, and the new business of cross-border layout may not bring the expected benefits.
On the other hand, the professor bluntly said, "Hongbo shares are currently facing greater risks and uncertainties. Factors such as the absence of the actual controller and the predicament of the main business make the company's future development full of uncertainties. For investors, this uncertainty may bring greater investment risks. ”
To sum up, the main business is down, the increment is difficult to find, the "nobleman" is dismissed, and the "leaker" is also "leaving" like the founding family...... In such a situation, but to ALL in full-stack AI self-developed Hongbo shares, which capital institution will "transfuse" for it, or introduce "upstarts" for it?
Therefore, the future development strategy of Hongbo shares and its subsidiary InBev Digital Technology in the mouth of the secretary of the board of directors can "save" Hongbo shares, or will the 170,000 shareholders lose "a few taels of broken silver"? The answer may be self-explanatory.