Per reporter: Qiu Dekun Per editor: Wen Duo
Since the beginning of the year, when the performance of 2018 is expected to be huge, Dongfang Seiko (002611, sz) has pointed the reason for the loss to the subsidiary, Beijing Pride New Energy Battery Technology Co., Ltd. (hereinafter referred to as Pride), in 2018.
But Pride management doesn't want to "back the pot." On May 6, Pride held a conference with the theme of "Performance is 'lost', how to manage the pot?" At the media briefing, the meeting said that in the 2018 annual report and other reports, Orient Seiko involved Pride's performance last year, goodwill impairment and other related content, and the management of Pride Company solemnly expressed its disapproval.
On the same day, Zhu Hongyu, the representative of oriental seiko, told the "Daily Economic News" reporter that the listed company did not recognize Pride's above remarks and related materials.
Pride gave an explanatory meeting of his own. Image source: Photo by reporter Su Jiede
Pride is a third-party leading enterprise of power battery system pack, in 2017, Dongfang Seiko acquired 100% of Pride for 4.75 billion yuan, thus forming a goodwill of about 4.142 billion yuan.
However, Orient Precision believes that Pride makes listed companies lose huge losses in 2018. On April 17, Orient Precision mentioned in its 2018 annual report that the net profit attributable to the shareholders of the listed company was about negative 3.876 billion yuan, mainly based on Pride's failure to complete the performance commitment for the year, and the listed company made a large impairment of the corresponding goodwill.
But Pride management did not endorse the above claims. On May 6, Pride management said that Fong's accounting firm (special general partnership) (hereinafter referred to as Fong's) and Orient Seiko's adjustment of Pride's 2018 financial data lacked factual basis and contradicted the accounting treatment of previous years.
Pride management further said that Pride management has repeatedly requested communication with Fong's and Orient Seiko's management, and put forward the hope of actively communicating with management and relevant parties to resolve existing differences, but Revenco and Orient Seiko have been avoiding communication.
In this regard, Orient Seiko said that Pride management did not cooperate. Zhu Hongyu said that Pride did not cooperate with the annual audit work of Orient Precision, especially the management appointed by the original shareholders of Pride and the original shareholders, and did not cooperate with the annual review work of Orient Precision, and they have always refused to provide pride annual audit statements signed by Pride management.
Zhu Hongyu said that the above information he mentioned was based on facts, and he also believed that Pride was a subsidiary of Orient Precision, and without reporting to Orient Precision in advance and obtaining approval, Orient Precision did not recognize the above information mentioned by Pride to the outside world.
At present, the dispute between the original shareholders of Pride and Orient Seiko almost extends to the shareholders' meeting.
The original shareholders of Pride include: Beijing Automotive Group Industrial Investment Co., Ltd. (hereinafter referred to as BAIC Production and Investment), Peking University Pioneer Science and Technology Industry Co., Ltd. (hereinafter referred to as Peking University Pioneer) and so on. In 2017, after Orient Precision completed the acquisition of Pride in the form of a fixed increase, the original shareholders of Pride became the shareholders of Orient Precision.
On May 6, Dongfang Seiko announced that on April 29, the company received relevant documents from BAIC Production and Investment and Peking University Pioneer, requesting to add an interim proposal for the 2018 annual shareholders' meeting.
Among them, the provisional proposal of Peking University requires that the shareholders' general meeting be submitted for approval, and within 2 months from the date of approval by the shareholders' general meeting, the remaining raised funds of the "Pride Liyang Base New Energy Vehicle Battery Research and Development and Industrialization Project" will be about 938 million yuan, and the relevant fund-raising projects will continue to be built in the form of capital increase pride.
The "Daily Economic News" reporter noted that the board of directors of Orient Precision decided not to submit it to the company's 2018 annual general meeting of shareholders for consideration on the grounds that it did not comply with relevant regulations.
Luzhou Industrial Investment Group Co., Ltd. (hereinafter referred to as Luzhou Industrial Investment Group Co., Ltd.) is a shareholder of Orient Precision and participated in the fixed increase of Orient Precision in 2017. On May 6, Li Hongpan, executive director and deputy general manager of Luzhou Industrial Investment Innovation Investment Co., Ltd., a subsidiary of Luzhou Industrial Investment, said that they would participate in Pride's fixed increase, which was not only optimistic about the new energy automobile industry, but also saw that Pride's original shareholders were strong, industrial resources were rich, and the industrial chain formed between shareholders was very perfect. As for the current situation in which the two sides have their own opinions, Li Hongpan believes that small and medium-sized shareholders are subject to the restrictions of access to information channels and information, and it is difficult to judge the operation of Pride. He called on the original shareholders of Orient Precision and Pride to increase information transparency and protect the right of small and medium-sized shareholders to know.
(Cover image source: Photo Network)
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