Aolian Electronics was fined 7.5 million yuan for resume fraud , saying that it was sued by a small

After a year, Aolian Electronics (300585SZ) "resume falsification door" or usher in the final chapter.

Recently, Aolian Electronics received the "Prior Notice of Administrative Punishment" issued by the China Securities Regulatory Commission, and was fined a total of 7.5 million yuan for misleading statements and exaggerating the resume of the company's perovskite technology "experts".

This case is the first case after the formal implementation of the comprehensive registration system, and has attracted much attention from the market. Now that the penalty has been implemented, how investors can claim compensation in the future has become the focus. On February 19, Aolian Electronics told the reporter of Nandu Bay Finance Society that if investors are indeed damaged by this matter or related factors, they can protect their rights through judicial procedures according to their personal circumstances. At present, the actual number of lawsuits received by the company is very small, various production and operation activities are carried out normally, and the perovskite project has not been affected and is progressing in an orderly manner.

Relying on the cross-border Aolian electronics stock price to take off,Perovskite "experts" have been "cracked down".

On December 9, 2022, Aolian Electronics announced that its wholly-owned subsidiary, Hainan Aolian Investment, and natural person Xu Mingjun jointly funded the establishment of Nanjing Aolian Solar Technology Co., Ltd., hereinafter referred to as "Aolian Solar"), and signed an investment cooperation agreement to engage in the research and development, production and sales of perovskite solar cells and preparation equipment. Xu Mingjun invested 2.5 million yuan and held 5% of the shares of Aolian Solar.

The main business of Aolian Electronics is the R&D, production and sales of automotive power electronic control parts, and its perovskite business is highly dependent on Xu Mingjun from personnel, technology to management.

At that time, Aolian Electronics introduced Xu Mingjun as follows: he has been engaged in the operation and management of military and technology-based enterprises for a long time, focusing on the research and localization of perovskite solar cell technology and preparation process equipment, and has a unique understanding and practical ability of the research and development process and industrialization process of perovskite cells.

Taking advantage of the east wind of perovskite concept stocks, in the next two months, the share price of Aolian Electronics took off, with a maximum increase of more than 200%, and the market value also soared from more than 2 billion yuan to more than 7 billion yuan.

This wave of ** has also attracted the attention of the Shenzhen Stock Exchange. On February 10, 2023, the Shenzhen Stock Exchange issued a "Letter of Concern", requiring Aolian Electronics to explain in detail the ways, methods and feasibility of Aolian's engagement in related businesses based on relevant technologies, funds, qualifications, Xu Mingjun's resume, background, and previous work and research results.

In the reply announcement, Aolian Electronics added that Xu Mingjun was born in 1975, has a bachelor's degree, and served as a consultant, deputy general manager and production director in Hangzhou Zhongneng, Wuxi Zhongneng and Zhejiang Zhongneng from May 2020 to September 2022 respectively. At the same time, Xu Mingjun's main achievements in the perovskite industry were disclosed in detail, and he said that he had "guided" some projects of Huaneng Clean Energy Research Institute.

It is understood that Huaneng Clean Energy Research Institute is a clean energy technology research and development institution directly under the central enterprise Huaneng Group, mainly engaged in technology research and development in the fields of coal-based clean power generation and conversion, renewable energy power generation, pollutant and greenhouse gas emission reduction.

Unexpectedly, Xu Mingjun's "technical expert" character was "cracked down" one after another. On February 21, 2023, Huaneng Clean Energy Research Institute issued a clarification statement saying that the description of the institute in Xu Mingjun's resume was seriously untrue. The two sides have no business dealings, and there is no fact that Xu Mingjun "guided" some of the hospital's projects.

The next day, Xu Mingjun's former employer, Hangzhou Zhongneng, also issued a clarification statement, refuting Xu Mingjun's resume one by one, saying that Xu Mingjun had been in the company for a total of 11 months, during which he only participated in the discussion of related projects.

The letter was fined 7.5 million yuan for violating the law, and how investors made claims became the focus of follow-up

The China Securities Regulatory Commission pointed out that after investigation, Xu Mingjun did not play a leading or leading role in the development of relevant projects. There are misleading statements about Xu Mingjun's performance in the field of perovskite in the electronic announcement of Aolian, which exaggerates Xu Mingjun's industry influence.

At the same time, there are misleading statements about the core competitiveness of Xu Mingjun and his team. Xu Mingjun's professional background is actually military guidance automation, and before joining Hangzhou Zhongneng in May 2020, Xu Mingjun had never been exposed to perovskite projects. Xu Mingjun is not a core technical personnel in Hangzhou Zhongneng, Zhejiang Zhongneng and Wuxi Zhongneng, and his work content is mainly based on operation management.

Among them, "independent research and development to complete multi-type perovskite process equipment", "to achieve adaptation with perovskite cell preparation process", "to complete and deliver a number of experimental lines, pilot line equipment" and other work performance, is actually a project completed by Hangzhou Zhongneng and its partners, Xu Mingjun and his team members only participate in part of the management of the project.

The China Securities Regulatory Commission believes that the above-mentioned behavior of Aolian Electronics is suspected of violating the relevant provisions of the "** Law" and constitutes an illegal act of information disclosure. The China Securities Regulatory Commission intends to decide to order Aolian Electronics to make corrections, give a warning, and impose a fine of 3 million yuan; Chen Guangshui, the chairman of the board at the time, and other major company leaders, as well as Xu Mingjun, an exaggerated perovskite "expert", were given warnings and fines respectively, with a total fine of 7.5 million yuan.

At present, the punishment of Aolian Electronics has been implemented, and many investors are concerned about the follow-up claims. Zhang Xiangbing, a lawyer at Jiangsu Boaixing Law Firm, said that according to the judicial interpretation, if the information disclosure obligor violates the provisions of laws, administrative regulations, rules formulated by regulatory authorities and normative documents on information disclosure, which constitutes a false statement, the injured investor can sue for compensation for the actual losses incurred in accordance with the law, including the loss of the investment difference, the commission and stamp duty of the part of the investment difference loss.

Industry insiders believe that according to the provisions of the ** law, misleading statements are false statements. The method of filing a lawsuit for misrepresentation is to file a false statement infringement lawsuit against the information disclosure obligor with the Intermediate People's Court of the provincial people's court where the issuer is domiciled.

Li Jian, a lawyer at Zhejiang Yufeng Law Firm, added that the conditions of the claim can still be determined by the court. At present, the injured investors who are ** Aolian Electronics ** before ** from December 9, 2022 to the morning of February 21, 2023**, and still hold the ** ** on the morning of February 21, 2023, can claim compensation.

In this regard, February 19,Aolian Electronics told the reporter of Nandu Bay Finance Society that if investors are indeed damaged by this matter or related factors, they can protect their rights through judicial procedures according to their personal circumstances. At present, the actual number of lawsuits received by the company is very small, various production and operation activities are carried out normally, and the perovskite project has not been affected and is progressing in an orderly manner.

What are the chances of Aolian's cross-border victory? Last year, the perovskite business lost more than 10 million yuan

According to public information, perovskite cells (PSCS) are new compound thin-film photovoltaic cells that use perovskite materials as a light-absorbing layer, which belong to the third generation of photovoltaic cells and are still on the eve of mass production. Compared with crystalline silicon cells using N-type technologies such as TOPCon and HJT, perovskite cells have lower power generation costs, larger absorbance coefficients, and higher conversion efficiency.

Fang Wenzheng, a photovoltaic analyst at Longzhong Consulting, pointed out that perovskite cells have a wide range of downstream applications and are competitive in the distributed photovoltaic market, which can be widely used in BIPV curtain walls and roofs, and are also excellent materials for photovoltaic roofs.

Although the maturity, industrialization and commercialization of perovskite technology are insufficient, its high conversion efficiency and broad application prospects still attract many enterprises to participate. According to incomplete statistics, there are more than 14 domestic enterprises that have substantially deployed perovskite technology, and most of them have carried out pilot line research, with a scale of 100MW to 200MW. Among them, the relevant production lines of GCL Optoelectronics, Jidian Solar Energy, Micro Nano Optoelectronics and other enterprises have been completed.

According to the previous announcement, Aolian Solar plans to develop perovskite cell pilot line and mass production line equipment, as well as its supporting functional layer, perovskite film, passivation layer, transparent electrode, packaging layer and other preparation processes.

According to the plan, in 2023, Aolian Solar will realize the commissioning of a 50MW perovskite pilot line; In 2024, 600MW perovskite equipment and 120MW perovskite cell module production lines will be put into operation; Within 5 years, 8GW of perovskite equipment and 2GW of perovskite cell module production capacity will be formed.

This output target, for cross-border players, Aolian's appetite is not small. In November last year, Aolian Electronics disclosed that in April last year, its perovskite solar cell laboratory was completed and put into use, and the relevant battery R&D trial production and efficiency certification are ongoing; In the same month, the 50MW perovskite solar cell pilot line completed the stand-alone commissioning of the core process equipment, and basically completed the construction of the whole line of the core process equipment. At present, the whole line process is being debugged, and the relevant battery R&D trial production and efficiency certification are being carried out simultaneously.

Some people in the industry believe that if perovskite technology wants to move from the laboratory to industrialization, it needs to have deep experience in R&D and industrialization, as well as continuous and stable financial support. For example, the investment in the 50MW pilot line of perovskite cells is 100 million to 1500 million yuan, and the investment amount of 1GW line needs to be at least 500 million to 600 million yuan.

However, according to the latest performance forecast, Aolian Electronics expects the net profit attributable to the parent company in 2023 to be 5.5 million to 8.23 million yuan, a year-on-year decrease of 5837% to 7218%。Among them, the perovskite business is in the investment period, and the loss is expected to be about 10.79 million yuan during the reporting period.

Aolian's 2023 performance forecast.

In terms of technology, Aolian Solar cooperated with Wuhan University of Technology to acquire 3 invention patents and 2 patents held by the latter for 20 million yuan in the field of perovskite solar cells, and the exclusive license for 5 years for 2 years. At the same time, the two sides set up a school-enterprise joint innovation center to carry out technical cooperation.

Funds are facing challenges, the technology is not self-developed, and large fines have been encountered, and the stock price in the secondary market has hit a new low in recent days (7$85 shares). Will Aolian's cross-border perovskite be a new story, or an accident? Nandu Bay Finance Society will continue to pay attention.

Written by: Nandu Bay Finance Society reporter Fang Shiqi.