Shenzhen Business Daily Reading Client Reporter Liang Jiatong
On the evening of July 5, in the last few hours of the expiration of the two-month suspension period, Tunghsu Blue Sky (000040) released its 2023 annual report. On the same day, due to the non-operating occupation of 7.796 billion yuan by the controlling shareholder Dongxu Group and its affiliates, Dongxu Blue Sky also received a letter of concern from the Shenzhen Stock Exchange.
The Shenzhen Stock Exchange pointed out that the non-operating capital balance of Dongxu Group and its affiliates accounted for 70.2% of the company's latest audited net assets. The Shenzhen Securities Regulatory Bureau of the China Securities Regulatory Commission decided to take administrative supervision measures against the company to order corrections, and all occupied funds should be returned within 6 months, and if the rectification is not completed within two months, our firm will decide to terminate the listing and trading of the company's shares.
According to public information, Dongxu Blue Sky New Energy Co., Ltd. was established in 1982 and is located in Shenzhen, Guangdong Province, and its main business is new energy business and ecological and environmental protection business.
▎There are a number of risk matters, and the net profit in the first quarter "plummeted" by 200%
According to financial data, Tunghsu Blue Sky will achieve operating income of 1.489 billion yuan in 2023, a year-on-year decrease of 50.94%; The net profit attributable to the parent company was -176 million yuan, and the loss decreased by 42.94%. In the first quarter of 2024, the operating income was 231 million yuan, a year-on-year decrease of 60.38%; The net profit attributable to the parent company was -16.2008 million yuan, a year-on-year decrease of 199.87%.
According to statistics, Dongxu Blue Sky has suffered a cumulative loss of 3.053 billion yuan in the past five years. From 2019 to 2022, the net profit attributable to the parent company of Tunghsu Blue Sky was -957 million yuan, -1.021 billion yuan, -590 million yuan and -309 million yuan respectively.
Screenshot of Baidu Stock Market
It is worth mentioning that the 2023 audit report also disclosed a number of risk matters existing in Tunghsu Blue Sky, and the audit institution issued a qualified opinion.
Specifically, as of December 31, 2023, Tunghsu Blue Sky has contract disputes such as loan default and construction projects. The amount of related litigation amounted to more than 140 million yuan, and the above-mentioned litigation is still in the stage of waiting for trial or trial; the subsidiary Dongxu New Energy Investment Co., Ltd. is jointly and severally liable for the repayment of the loan of 746 million yuan; the book balance of the company's financial interest-bearing liabilities is 7.962 billion yuan, of which the total amount of debt principal and interest that cannot be repaid on time is 2.795 billion yuan, but the monetary funds that are not restricted on the book are only 223 million yuan.
Due to the occupation of the controlling shareholder's funds, Tunghsu Blue Sky was issued with a negative internal control audit report, stating that "the company's capital management system was not effectively implemented, and there were major deficiencies in internal control in capital management and other aspects." ”
▎Dongxu Group occupies a total of nearly 17.4 billion yuan of the two companies of the "Dongxu system".
Another "Dongxu system" company, Dongxu Optoelectronics (000413), which also released its annual report, was also occupied by its major shareholder Dongxu Group for non-operating purposes, and Dongxu Optoelectronics occupied 9.595 billion yuan. According to statistics, Dongxu Group occupies a total of 17.391 billion yuan from the two companies.
According to the annual report, Dongxu Optoelectronics has a deposit balance of 7.589 billion yuan in Dongxu Group Finance Company, and Dongxu Blue Sky has a deposit balance of 2.892 billion yuan in Dongxu Group Finance Company. It is reported that these deposits have not been able to be withdrawn from 2019 to the present.
Screenshot of Tunghsu Blue Sky annual report
Screenshot of Dongxu Optoelectronics' annual report
Tunghsu Bluesky's audit report mentions that due to the liquidity problems of Tunghsu Group Finance Co., Ltd., Tunghsu Bluesky's deposits in Tunghsu Group Finance Co., Ltd. are restricted. There is uncertainty about the recoverability of Tunghsu Bluesky's deposits in Tunghsu Group Finance Co., Ltd.
In this regard, some shareholders called it "the largest incident of occupying the funds of listed companies in the history of A-shares", and some people questioned the recent remarks related to Li Zhaoting, chairman of Dongxu Group, "the persistence of industry to serve the country".
Shareholder commentary. Screenshot of Snowball