Real Estate Songdu shares cross -border lithium batteries flashed waist

Radar finance produce | Li Yihui edited | Deep Sea

On August 19, the Housing Enterprise Songdu shares fell in the opening limit because the company's cross -border lithium battery project may be "yellow".

On the morning of the 19th, Songdu announced that it was just learned that the subsidiary Zhejiang Songdu Lithium Industry Technology Co., Ltd. (hereinafter referred to as the "Songdu Lithium") received the "Research Letter Letter" sent by Mount Everest Tibet the night before , Tibet Mount Everest Unilaterally announced the termination of the cooperation agreement and announced it.

Earlier on March 13 this year, Songdu shares disclosed 1.6 billion yuan in capital, and co -participated in Tibet Mount Everest with Qidi Qingyuan (Shanghai) New Material Technology Co., Ltd. (hereinafter referred to as "Qidi Qingyuan"). Argentina's salt lake lithium -lifting project, the stock price has since increased its daily limit in 16 trading days.

However, the cross -border "lithium" operation of Songdu shares continued from the beginning. At first, the company's three independent directors had all voted for the project, causing the "lightning" inquiry of the Shanghai Stock Exchange. As the stock price skyrocketed, the employee holding plan of the Songdu shares reducing its holdings at a high level. After the hot question of the market and continuous issuance of the Shanghai Stock Exchange, the director of the director was forced to give up the income.

On the evening of August 18, the project cooperation of Party A Tibet Mount Everest suddenly announced that since the agreement was delivered by the agreement, the Songdu Lithium had no sincerity and no rectification performance. Continue to cooperate with another listed company, Hangzhong Shares.

Tibet Mount Everest Unilateral Lift Cooperation Agreement

The project partner was the first to announce the unilateral termination of the contract, and Songdu shares seemed to have unexpectedly unexpected.

On the evening of August 18, Everest, Tibet issued an announcement on the lifting of major contracts in daily operations, stating that due to the partner Song Du Du Lithium and Qidi Qingyuan did not fulfill the responsibility and obligations of the contract according to the contract, Recently, the company has unilaterally lifted the related cooperation agreement with it.

Songdu Lithium is the subsidiary of Songdu shares in March this year. Service Cooperation Agreement (hereinafter referred to as the "Cooperation Agreement") signed Fang Qidi Qingyuan's units.

Tibet Mount Everest mentioned in the announcement that the company actively fulfilled its own obligations and considered the impact of the prevention and control factors of the epidemic on the normal operation of the relevant parties. Responsibilities and obligations of related contracts.

"Later, a formal letter was formally sent to the two units to urge and required rectification. Qidi Qingyuan's replies extended partial performance of the supply obligations. According to the relevant provisions of the Cooperation Agreement, the company went to the two consortiums to immediately terminate the cooperation agreement on August 18, and reserved the right to investigate all losses caused by their breach of contract.

However, the cancellation of the contract also affects the implementation process of the project. Tibet Mount Everest said that the company has launched an emergency alternative plan and chose new partners to continue to promote the cooperation agreement.

According to the announcement, the new partner is the listed company's Langzhong shares. The Tibet Mount Everest and the Langzhongzhong shares and Qidi Qingyuan will promote the development of the cooperation project in accordance with the newly signed "Cooperation Framework Agreement".

Obviously, in this three -party cooperation, Qiudi Qingyuan still retained the cooperative relationship after a termination of the contract, while Songdu shares were replaced by Lizhong shares.

In the announcement on August 19th, Songdu acknowledged that the subsidiary received the "Reminder letter" on August 9, and the Tibet Mount Everest urged all parties to perform contract matters in the letter. In this regard, Song Du Lithium has responded to the questions involved in the letter, and at the same time urged the Tibet Mount Everest to implement and fulfill the commitment and obligations under the contract item in a timely manner.

In addition, Songdu shares said that as of the date of receiving the "Unlike the Removal Notice", the company had made various preparations for cooperation, including hiring a team of lawyers to do their best to the project, and sent an email to Tibet Mount Everest to assist in applying for a visa. Essence The company will verify the specific reasons for the termination of the agreement with the Tibet Mount Everest.

Songdu also believes that Qidi Qingyuan unilaterally violates the consortium agreement. Without notifying the company and failing to terminate the original contract with the company, the same project has signed a cooperation agreement with a third party. Essence

According to the announcement disclosed by the Songdu shares on March 13 this year, in the cooperation matters, the Capital Lithium Department of the Song Dynasty was responsible for providing 1.6 billion yuan of capital, supply, and operation of the capital, and receiving punishment, negotiating with the owner, related economic negotiations, etc.; Qidi Qingqing The source is mainly responsible for the technical guarantee, design recruitment, core equipment supply and related technical services of the contract.

At that time, the Songdu announcement showed that the company's participation in this business cooperation aims to cooperate with professional teams to seek and cultivate new profit growth points, which is conducive to improving the company's overall performance capabilities in the middle and long -term long -term.

Borrowing the stock price soaring precision reduction of holdings and punishment

Before being unilaterally canceled, the cross -border lithium industry in Songdu was not smooth, the market questioned a lot, and there were differences in the company.

As a real estate revenue of more than 90%of real estate revenue, Songdu shares did not have professional knowledge reserves, technology and personnel related to the Huti Lithium Construction Project, and it is difficult to accurately judge what kind of returns to obtain 1.6 billion yuan in investment.

According to the disclosed business model, Songdu Lithium has a capital capital of 1.6 billion yuan for the purchase amount involved in the cooperation. Tibet Mount Everest will be paid in three phases, but Songdu Lithium has the right to collect interest rates with an annual interest rate of 8%.

After that, Songdu shares and Qidi Xinyuan will receive a 15 -year cooperation period of the salt lake lithium lifting project. During the period, Tibet Mount Everest calculates the product processing fee and operating award according to the agreed product processing fee and operation award. The unit price of product processing is tentatively RMB 19,800/ton lithium chloride products; the operating reward is determined twice a year, and it is not disclosed how to calculate. When the board of directors discussed this matter, three independent directors of Songdu shares believed that the risk was too high and all voted for abstaining. The reason is that the company should conduct detailed due diligence based on the company's own cash flow, and consider the current international situation and future trends, economic risks and industry surveys to make careful decisions.

Obviously, the independent director believes that the company is not ready to enter the strange field.

Later, in the inquiry of the Shanghai Stock Exchange, the company required the company to further disclose the measures that had been taken with the proposed to be taken to clarify whether the necessary diligence procedures were carried out, and the reasons for the promotion of related projects when the board of directors was relatively large; and the company and Qidi Qingyuanyuan Interest distribution mechanisms in terms of cost settlement and expenses allocation, income distribution and other aspects.

In addition, whether the Songdu shares can pay 1.6 billion funds have also been followed by the exchange. According to the financial report, as of the end of September 2021, the balance of currency funds in Songdu shares was 7.723 billion yuan, of which the limited funds were 3.941 billion yuan. The short -term borrowing and non -current liabilities expired within one year were 2.041 billion yuan.

Based on this calculation, as of the end of the third quarter of last year, after deducting short -term debt, the cash that could be used in Songdu shares was only 1.741 billion yuan. In February of this year, Songdu shares failed to complete the minimum of 130 million yuan of share repurchase commitments due to "centralized capital guarantee project operation and main business turnover".

Judging from the subsequent reply, Songdu held that the overall risk of the project was controllable, and the company fulfilled the necessary due diligence procedures at the current time when the affected impact was impossible to investigate. Regarding the source of funds, according to the calculation of the de -product value of 65.88%, the company expects that the disposable funds in 2022 will be about 2.2 billion yuan, which can cope with 1.6 billion yuan.

However, the story of this cross -border lithium mine has not yet ended.

Due to the concept of the hot "salt lake lithium", from March 1, the stock price of Songdu shares rose 12 times in 16 consecutive trading days, with a maximum increase of 1.4 times. During this period, the company "shipped" and quietly reduced the employee's shareholding plan.

Specifically, on March 8th, Songdu shares in 2018 The Employee Stock Planning Committee decided to sell the shares of the employee holding plan. On March 13, the company disclosed the cooperation with Tibet Mount Everest.

From March 14th to March 22nd, the company's stock price rose for 7 consecutive days. On March 22 and March 23, its 2018 Employee Stable Planning Committee will sell all 33.0287 million shares.

In fact, the exchange has been inquiry during this period. As early as March 13, the Shanghai Stock Exchange asked the company to self -check the follow -up reduction arrangement of the relevant party and announced within 5 trading days. Due to the announcement of the post -postponed reply announcement on March 18, Songdu shares did not respond to this issue positively.

In the first three changes and risks of the stock price change, Songdu shares did not mention the reduction plan. On the second day of the third disclosure of the announcement, the company's employee holding plan suddenly carried out a clearance reduction, which caused an uproar in the market.

On March 28, under the extensive questioning and supervisory torture, seven people, such as the current director of Song Du, the current director of Song Du, voluntarily abandoned the actual capital of the shareholding plan to correspond to the total income of 27.2 million yuan, and give the income unpaid to the company.

On April 22, due to the inadequate and incomplete information disclosure, the Shanghai Stock Exchange issued a disciplinary decision to disciplinary sanctions on the capital of Songdu and relevant responsible responsibles.

The main business is weak and increasing the income without gaining profit

According to the data, Songdu was established in 1999 and is one of the well -known real estate development companies in Hangzhou's "Eighteen Eighteen". The company logged in to the capital market through backdoor in 2011.

From the perspective of business, the performance of Songdu shares has fluctuated in recent years. According to Flush iFind data, from 2016 to 2020, the company's revenue was 7.764 billion yuan, 2.749 billion yuan, 4.592 billion yuan, 4.167 billion yuan, and 7.161 billion yuan. 411 million yuan, 588 million yuan, and 352 million yuan.

In 2021, Songdu Co., Ltd. achieved operating income of 7.498 billion yuan throughout the year, an increase of only 4.70%year-on-year; the net profit attributable to the mother was-3.94 million yuan, a year-on-year decrease of 211.90%.

Regarding the great change of performance, Songdu shares have attributed it to the two major reasons for "self -holding projects for impairment of asset impairment" and "new delivery project gross margin decline". The impairment announcement disclosed with the annual report shows that the company will prepare 231 million yuan in the three self -held projects of Ruyi Chunjiang, Luzhangfu, and Xiangxianfu, accounting for 59% of the net profit of the mother in this issue Essence

In addition, Songdu shares fell into a "retreat" last year. Due to the cancellation of cooperation with joint development, the company gave up a house that won 1.783 billion yuan in the first batch of concentrated land in Hangzhou and lost 50 million margins.

Compared with the loss in 2021, the overall performance of Songdu shares in the first half of this year has recovered. However, in the first half of the year, the expected 7.5 million to 11 million yuan was returned to the mother's net profit, which was far from the net profit of 110 million yuan in the 2021 report. At the same time, compared with 8 new plots in the whole year, Songdu has rarely won land in the open market since this year.

It is worth noting that the Songdu shares of the 2021 annual report were issued by the auditing agency Tian Jian, which issued an audit report with unreserved opinions on matters.

As early as May 2020, Song Du shares responded to the Shanghai Stock Exchange that the company's controlling shareholder Song Du Holdings and actual controller Yu Jiannu strived to completely solve the issue of deposit guarantees provided by the listed company for the controlling shareholder within one year.

But in May 2021, the problem was still not resolved. In addition, on December 23, 2021, due to the suspected insider trading stocks, Yu Jianwu received the "Administrative Penalty Decision" issued by the CSRC.

Tian Jian said that considering the importance of the above matters, adding strong adjustment issues in the audit report and reminding the financial statements to pay attention.

In the announcement of the stock price on August 18, the company stated that the deposit guarantee guarantee balance provided by Songdu Holdings was not resolved. At the same time, the company's controlling shareholder and its unanimous actors hold 50.15%of the company's shares, and the cumulative pledge accounts for 79.15%of its shares, and the share pledge ratio is high.

After the limit of the limit on August 19, the stock price of Songdu shares was 3.78 yuan/share, with a total market value of 5066 billion yuan.

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