After the announcement of the 2023 performance pre-loss,Hanma Technology Co., Ltd. (600375.)sh）Came to the brink of delisting of net assets. On January 29, Silver Persimmon Finance learned from Hanma TechnologyThe company has voluntarily filed a reorganization application with the court to resolve the debt crisis, and the company has not yet known whether Geely New Energy, the company's controlling shareholder, has other plans.
According to the announcement on the evening of January 26, Hanma Technology will have a pre-loss of up to more than 1 billion yuan in 2023 and is insolvent, "the company has the possibility of obviously losing solvency, but it has reorganization value".
Lost money for three consecutive years
According to the announcement disclosed by Hanma Technology, the company's audited financial reports from 2020 to 2022 show that the net profit of the company's parent company in the past three years has been negative. In addition, according to the company's 2023 annual performance pre-loss announcement, it is expected that the company's net profit attributable to the parent company in 2023 will be -107 billion to -87 billion yuan, with an estimated net asset of -92.8 billion to -7$2.8 billion.
The performance loss was attributed to the fact that during the reporting period, the company's product sales did not meet expectations, and the scale effect did not appear, resulting in a low gross profit margin and weak profitability of the company's products. At the same time, due to the impact of receivables litigation cases, the Company carefully considered impairment losses and further made provision for credit impairment losses. In addition, due to factors such as insufficient capacity utilization, the company further made provision for asset impairment losses.
Hanma Technology also made it clear in the announcementIf the company's audited net assets at the end of 2023 are negative, according to Article 9 of the Listing Rules of the Shanghai **Stock Exchange**3.According to the relevant provisions of Article 2, the company** will be subject to a delisting risk alert (*ST) after the disclosure of the annual report
Hanma Technology said that at present, the company has obviously lost its solvency, but considering that the company has reorganization value, according to the provisions of the "Opinions on Further Improving the Quality of Listed Companies" on supporting listed companies to clear their risks through reorganization, in order to avoid further deterioration of the company's debt riskThe company intends to take the initiative to apply to the court for the reorganization of the company and apply for the initiation of the pre-reorganization procedure first.
It is worth mentioning that, according to the data of the China Automobile Association, in 2023, China's commercial vehicle market will come out of the trough and stabilize and rebound, with many indicators such as new energy and overseas exports hitting a record high, and the cumulative sales of heavy trucks in China last year were 91110,000 units, up 36% y/y. The sales of Hanma Technology have also improved. According to Hanma Technology's production and sales report in December 2023, the company's cumulative sales of medium and heavy trucks (including incomplete vehicles) in 2023 will be 7,876 units, a year-on-year increase of 3273%。Among them, the sales volume of electric medium and heavy trucks was 3,276, a year-on-year increase of 537%。The recovery of the industry is in sight, which may be one of the basis for the value judgment of Hanma Technology to take the initiative to reorganize.
Now, the fate of the future will be left to the court. In accordance with the relevant regulations,Even if the court rules to accept the company's reorganization, reconciliation and bankruptcy liquidation applications in accordance with the law, the company** will still be subject to a delisting risk alert (*ST). If the court ultimately decides that the reorganization of the company is unsuccessful, the company will be at risk of being declared bankrupt by the court. According to the relevant regulations, the company** will face the risk of being terminated from listing.
This performance pre-loss announcement also directly gave investors a slap in the face, the secondary market funds trampled on each other, the opening of the 29th, the share price of Hanma Technology fell to the limit, as of **, there are still more than 95.3 million yuan of funds sealed in the fall limit.
Will Geely come to the rescue?
Hanma Technology, formerly known as Valin Xingma, is mainly engaged in the production, R&D and sales of heavy-duty trucks, heavy-duty special vehicles and core components. The company was originally a local state-owned enterprise in Ma'anshan City, Anhui Province, and was listed in 2003, but the company's performance continued to decline after listing.
In July 2020, Zhejiang Geely New Energy Commercial Vehicle Group *** 514 yuan shares, a total of 43.5 billion yuan into Valin Xingma, became the controlling shareholder of the listed company, Geely Automobile head Li Shufu became the actual controller of Valin Xingma, in December of that year, Valin Xingma changed its name to Hanma Technology. From 2020 to 2022, Hanma Technology has lost money for three consecutive years, and the losses have increased year by year, and the company's net profit is -49.1 billion yuan, -133.6 billion yuan, -146.6 billion yuan.
On May 17, 2023, Hanma Technology disclosed the "Plan for Issuing Shares to Purchase Assets and Raising Supporting Funds and Related Party Transactions", and intends to issue shares to Geely Sichuan Commercial Vehicle *** hereinafter referred to as "Geely Sichuan") to acquire 100% of the equity of Nanchong Geely New Energy Commercial Vehicle Development *** (hereinafter referred to as "Nanchong Geely Development"). According to the company's investigation data, after the equity penetration, the actual controller of Geely Sichuan is Li Shufu (100% of the voting rights, 99% of the beneficiary shares9461%）。
Just one month before the implementation of the restructuring, Geely Sichuan injected capital into Nanchong Geely Development and adjusted its business structure, and the net assets of Nanchong Geely Development increased from -1213150,000 yuan jumped to 105.7 billion yuan. This situation has attracted the attention of the exchange, and the Shenzhen Stock Exchange issued a letter of inquiry, requiring the company to fully demonstrate the composition of the relevant underlying assets, the business operation, the independence of the underlying assets, and the core competitiveness of the underlying assets.
On September 16, 2023, Hanma Technology said that it would terminate the purchase of 100% of the equity of Nanchong Development due to difficulties in obtaining bus qualifications. Three days later, Hanma Technology explained at the investor briefing that the restructuring was originally intended to integrate Geely's bus business in Sichuan and provide synergy for the company's bus business. To carry out the manufacture of new energy vehicles, it is necessary to obtain the relevant qualifications approved by the competent authorities, but it is difficult to obtain the relevant qualifications in the short term after communication. So far, Hanma Technology's first restructuring and self-help ended in failure.
On January 29, 2024, Silver Persimmon Finance learned from Hanma TechnologyAt present, the company has taken the initiative to file a reorganization application with the court, and the top priority is to solve the debt crisis. "As expected, the company's net assets are expected to be negative in 2023, and the company will be delisted if the debt problem has not been resolved in the 2024 annual report. The staff of the ** Department of Hanma Technology said, "At present, the reorganization matters still need to be submitted to the general meeting of shareholders for review." ”
As for what the controlling shareholder Geely has plans for Hanma Technology, what is its attitude towards the reorganization, and whether there is a new asset restructuring, the staff member said that it is not yet clear.