On the evening of February 2, ST Furun (600070) issued the "Suggestive Announcement on the Proposal of the Company's Actual Controller, General Manager and Chairman to Repurchase the Company's Shares". Less than a month later, on the evening of March 1, ST Furun announced the termination of the company's share repurchase proposal. Behind the repurchase of "a false shot", what is the "unspeakable hidden" of ST Furun?
Inquiry letter for performance pre-loss
On the evening of January 26, ST Furun disclosed the 2023 annual performance pre-loss announcement, and the loss performance made the company's stock price go all the way. According to the announcement, the company expects that the annual operating income in 2023 after deducting business income unrelated to the main business and income without commercial substance will be about 12.2 billion yuan, with a loss of 400 million yuan to 4600 million yuan.
The company received an inquiry letter from the Shanghai Stock Exchange that night. According to the inquiry letter, the company's financial data in 2023 has a significant impact, and the exchange requires the company to explain whether there is any material uncertainty in the ability to continue operations, and fully warn of the relevant risks.
The reporter of "Dazhong ** Daily" noticed that due to the negative opinion issued in the 2022 internal control audit report of ST Furun, the company will be subject to other risk warnings from May 4, 2023, and the abbreviation will also be changed from "Zhejiang Furun" to "ST Furun". After the above-mentioned earnings announcement was issued, the successive losses again made investors lose confidence. From January 26 to February 7, the company's stock price fell by 3462%。
Repo "a false shot".
In the face of a large ** stock price, ST Furun urgently proposed a buyback plan. On the evening of February 2, the company issued an announcement saying that Zhao Linzhong, the actual controller and general manager, and Chen Liwei, chairman of the board, proposed that the company repurchase the company with its own funds through centralized bidding transactions, with a total repurchase fund of not less than 10 million yuan and no more than 20 million yuan.
After the repurchase news was released, the company's share price began to bottom out on February 8**, and from February 8 to February 26, the company's stock price rose by 3595%。
It's a pity that "the good times don't last long", and ST Furun's repurchase plan is just a "false shot". On the evening of March 1, ST Furun issued an announcement stating that after the company's multi-party consideration and comprehensive consideration, the conditions for the implementation of share repurchase are not mature for the time being, and the company decided to terminate the company's share repurchase proposal.
What is "unspeakable".
Less than a month after the official announcement, ST Furun's buyback plan was terminated. Does that mean that the company did not meet the relevant conditions when proposing the buyback, but only to save the stock price? The announcement did not specify the decision to terminate the buyback, is this in line with the compliance of the information disclosure? Is there any information that should have been disclosed but was not disclosed?
With the above questions, the reporter called and sent an email to ST Furun, but did not receive a reply. According to the data, as of September 30, 2023, the balance of cash and cash equivalents at the end of the period of ST Furun was only 373340,000 yuan.
In addition, ST Furun announced that the company attaches great importance to the matters involved in the implementation of other risk warnings and has taken relevant solutions, but as of now, the collection of accounts receivable by the subsidiary Taiyi is extremely unsatisfactory, and the non-operating occupied funds of related parties have not been returned, and there is significant uncertainty whether the company's ** implementation of other risk warnings can be eliminated.
In addition, there are also uncertainties in the transfer of the agreement of ST Furun's controlling shareholder. According to the announcement, the company has recently paid attention to the information published on the Jingdong auction platform about the auction of 40% of the shares of Zhejiang Guoxin Chengzhi Information Technology *** (hereinafter referred to as "Guoxin Chengzhi") held by Guoxin Huaxia Information System Group. If the auction is completed, it may lead to the change of the actual controller of Guoxin Chengzhi, which will affect the transfer of the company's controlling shareholder agreement. Previously, ST Furun Holding Group, the controlling shareholder of ST Furun, planned to transfer 46.98 million shares of the company's unrestricted tradable shares (accounting for 9% of the company's total share capital) to Guoxin Chengzhi.
Reporter Chen Hui Intern Reporter Sun Weize.