On July 27, according to the website of the Shanghai Municipal Commission for discipline Inspection and the Shanghai Supervisory Commission, Zheng Jianhua, secretary of the party committee and chairman of the Shanghai Electric (Group) Corporation and chairman of the board of directors of Shanghai Electric Group Co., Ltd., is currently under disciplinary examination and supervision investigation by the Supervisory Commission of the Shanghai discipline Inspection Commission.
Shanghai Electric (601727.SH) made a quick response.
On the evening of July 27, the company issued an announcement saying, "at present, the company has made proper arrangements for the relevant work, and the above matters will not have a significant impact on the normal production and operation of the company." The company will closely monitor the progress of the above matters and fulfill its information disclosure obligations in a timely manner. "
On July 29, Shanghai Electric issued the announcement of the Board of Directors on the appointment and removal of Directors, saying that the board of directors of the company agreed to remove Mr. Zheng Jianhua as chairman of the board of directors, chairman and member of the strategy committee and chief executive officer of the company.
At the same time, the board of directors of Shanghai Electric agreed to nominate Ms. Leng Weiqing as a candidate for the fifth board of directors of the company, and Ms. Leng Weiqing became the chairman of the fifth board of directors after becoming a director of the company.
Shanghai Electric's personnel adjustment also needs to be submitted to the shareholders' meeting for consideration, and its interim shareholders' meeting will be held on August 23.
As early as April 7, Lu Yachen, former vice president of Shanghai Electric, was suspected of serious violations of discipline and law and was subject to disciplinary examination and supervision investigation by the Supervisory Commission of the Shanghai Municipal Commission for discipline Inspection.
As Lu Yachen retired in May 2020, Shanghai Electric did not issue an announcement about the incident.
But it can be said that Zheng Jianhua is the second senior executive of Shanghai Electric to "fall from the horse" recently.
This is the "thunder" of Shanghai Electric personnel. Not only that, the company also has operational "thunder".
On May 30, Shanghai Electric issued a "reminder notice on the Company's significant risks". The accounts receivable of Shanghai Electric Communication Technology Co., Ltd., the controlling subsidiary within the scope of the company's consolidated statements, were generally overdue, and there was a risk that large amounts of accounts receivable could not be recovered.
The announcement shows that the balance of accounts receivable of the communication company is 8.672 billion yuan, the balance of the book inventory is 2.23 billion yuan, the loan balance of the communication company in the commercial bank is 1.252 billion yuan, and the total amount of loans provided by the company to the shareholders of the communication company is 7.766 billion yuan, all of which are at risk of major losses.
In extreme cases, it may eventually cause a loss of 8.3 billion yuan to the company's homing net profit (that is, the loss of shareholders' rights and interests and the loss of shareholders' borrowing). In addition, there is also a risk that the communications company will not be able to repay the loan of 1.252 billion yuan in commercial banks.
Shanghai Electric's previous financial data showed that the company made a net profit of 3.501 billion yuan in 2019 and 3.758 billion yuan in 2020, a loss that far exceeded the combined net profit of two years.
Shanghai Electric made it clear that the risks disclosed in the announcement may lead to substantial impairment losses in assets of Shanghai Electric Communications, which may lead to operational difficulties of the communications company, and may also lead to significant losses on the borrowing of shareholders of the communications company. as a result, the company's net profit will be greatly reduced, which will have a significant adverse impact on the company's current or later profits.
From June 1 to 3, a few days after the announcement of the risk warning, Shanghai Electric still provided three loans to Shanghai Electric Communications, totaling 25.7 million yuan, according to media reports.
It is understood that the three loans were approved by Zheng Jianhua, with Shanghai Electric's official seal and Zheng Jianhua's own seal at the end of the contract, and all the loans were used for "supplementary working capital".
About Shanghai Electric
According to the public data of the market, Shanghai Electric Group Co., Ltd. is one of the largest enterprise groups in China's equipment manufacturing industry, with the advantages of complete sets of equipment, general contracting of projects and the provision of comprehensive services for modern equipment.
Since the 1990s, Shanghai Electric has always ranked first in the national equipment manufacturing industry in terms of sales revenue. Efficient clean energy and new energy equipment are the core business of Shanghai Electric Group, and energy equipment accounts for about 70% of the sales revenue.
In the field of new energy, energy storage is one of the key businesses of Shanghai Electric. In 2017, Shanghai Electric and 002074.SZ jointly established Shanghai Electric Guoxuan, aiming at the field of energy storage batteries. The joint venture has a registered capital of 300 million yuan, Shanghai Electric holds 47.4%, and Guoxuan Hi-Tech holds a 45.4% stake.
In September 2019, the new Nantong factory of Shanghai Electric Guoxuan held a production ceremony. The construction of the plant was started in 2018, and the annual production capacity of the plant is planned to be 10GWh. At present, the annual production capacity of the first phase of the project is 5GWhh, with an investment of 1.5 billion yuan.
In addition to Nantong, Shanghai Electric Guoxuan has a lithium battery energy storage system production base with an annual capacity of 300 MWh in Kunshan, Jiangsu Province.
Lithium power equipment is another key business of Shanghai Electric's key layout. In November 2019, the real controller of 300457.SZ, a leading lithium power equipment enterprise, signed the share transfer Agreement on Yonghe Technology.
According to the agreement, Wang Weidong and Xu Xiaoju, controlling shareholders of Yinghe Technology, will transfer their 9.73% shares in the company to Shanghai Electric at a price of 959 million yuan. After the completion of the share transfer, the board of directors of Yinghe Technology was reshuffled, while Wang Weidong and Xu Xiaoju gave up their voting rights to hold all the shares in the company. until Shanghai Electric's shareholding in the company exceeds that of Wang Weidong and Xu Xiaoju by no less than 10%.
After the completion of the transaction, Shanghai Electric became the controlling shareholder of Yinghe Technology. Yinghe Technology also raised 2 billion yuan from Shanghai Electric's non-public offering shares to replenish working capital.
It is worth noting that in January 2021, Wang Weidong, shareholder, chairman and CEO of Yinghe Technology, has been criminally detained by the public security organs on suspicion of manipulating the securities and futures markets.
In the secondary market, Shanghai Electric's highest price so far this year reached 6.08 yuan per share, but the lowest price fell to 3.63 yuan per share on July 29, the biggest drop of 40.30% (new energy stocks rose sharply over the same period).
In the last two trading days, Shanghai Electric has rebounded, but the market believes that the late trend of the stock is not optimistic. At the close of trading on Aug. 2, the stock closed at 4.33 yuan, with a current total market capitalization of 68.01 billion yuan.
