The continuous debt turmoil caused by Zotye’s arrears of BAK Power’s payment is still continuing to ferment, and the two listed companies on the Science and Technology Board are punished by the regulatory authorities.

On April 12, Rongbai Technology (688005) and Hangke Technology (688006) issued an announcement saying that the company received the China Securities Regulatory Commission on April 10. Take a decision not to accept the issuer ’s regulatory measures to publicly issue securities-related documents within 1 year.

In the decision, the CSRC stated that the investigation found that Rongbai Technology and Hangke Technology had violated the information disclosure of the prospectus during the application for the Science and Technology Board IPO . Surging news reporters found that the violations were related to the two companies’ customers, BAK Power.

It is worth mentioning that Rongbai Technology and Hangco Technology are among the first listed companies that landed on the Science and Technology Board on July 22, 2019. Rongbai Technology’s share price fell to “break” once the arrears broke out. As of the close of the afternoon of April 10, Rongbai Technology’s share price was reported at RMB 30.19, a cumulative increase of 13.41% compared to the issue price of RMB 26.62. Hang Ke Technology’s share price was reported at RMB 36.37, a cumulative increase of 32.59% compared to the issue price of RMB 27.43.


The two companies have two violations each, which are related to BAK Power.

Rongbai Technology has two violations.

First, the substantial increase in BAK Power ’s credit risk has not been fully disclosed. The company adjusted the BAK Power credit limit to 0 from July 1, 2019, but the matter was not disclosed in the prospectus (the signing date is July 16) and the risk was fully indicated.

The second is that the essence of BAK Power ’s “repayment” is to repay the overdue receivables with its own commercial acceptance bills. It was disclosed in the prospectus that “As of June 25, 2019, BAK Power ’s total refunded amount through bank acceptance bills, commercial acceptance bills, and wire transfers was RMB 105,162,600, with a return ratio of approximately 49%.” Among the above repayments, the commercial acceptance bills issued by BAK Power amounted to 70.84 million yuan, accounting for 66.30% of the total repayments. However, the company did not disclose that the recovery is mainly based on commercial acceptance bills issued by itself.

There are also two violations by Hangzhou Key Technology.

First, the disclosure of the suspension of contract execution and the risk of inventory depreciation reserves and related prepayment disclosures that have not been disclosed are incorrect. In December 2018, BAK Power suspended the fourth-phase project contract, the prospectus was not disclosed, and the Bike Power fourth-phase contract prepayments totaled 16 million yuan, accounting for 15% of the contract value, and the prospectus disclosed the prepayment of the contract 30% of the payment is inconsistent.

Second, the situation that BAK Power ’s bills receivables cannot be accepted upon expiration is not disclosed. From October 2018 to June 2019, BAK Power has a total of 12 commercial acceptance bills, a total of 11.6927 million yuan due and failed to accept, of which 44.6 million yuan has been paid by wire transfer, etc., the remaining 72.327 million yuan has not been paid, the above situation Inconsistent with disclosure of prospectus.

Both companies said in the announcement that the company attaches great importance to the relevant issues pointed out in the regulatory letter, and the company and related personnel will strengthen the study of relevant rules and improve company information Disclosure quality and safeguard the legal rights and interests of the company and all shareholders.


Results dragged down, Rongbai Technology’s net profit shrank significantly last year

Bike Power is one of Rongbai Technology and Hangco Technology ’s major customers The company claimed that its customer Zotye Automobile (000980) was in arrears in payment, resulting in inability to pay the accounts to Rongbai Technology and Hangke Technology, which led to this serial debt dispute.

According to the previous announcement of Rongbai Technology, the company ’s receivables from Bickey Battery were 19947 million yuan, and the bank ’s acceptance bill was 8.1 million yuan. Signed vouchers for 3.5 million yuan, no commercial acceptance bills.

Starting from November 6, 2019, Rongbai Technology has accrued bad debt losses for the receivables of gram batteries three times, and the accumulated single provision for bad debts has reached 8188.83 Ten thousand yuan.

In addition, due to the problem of insufficient provision for bad debts of accounts receivable and other issues, Rongbai Technology also received the “About “Decision to take corrective measures against Ningbo Rongbai New Energy Technology Co., Ltd.” This is the first administrative supervision letter appearing on the Science and Technology Board.

On December 15, 2019, Rongbai Technology released the “About Account ReceivableAnnouncement on Litigation Matters, filed a lawsuit on the receivables of BAK Battery.

According to the latest announcement on March 16, BAK Battery should repay 175 million yuan to Rongbai Technology in five installments before March 15, and actually received The wire transfer was RMB 160,100, the bank acceptance draft was RMB 8.2 million, and the credit certificate was RMB 3.5 million. Among them, because the issuer of 3.5 million Rongxin vouchers did not promise or guarantee the due redemption, the company did not process this voucher as a refund.

The large amount of arrears has seriously affected the 2019 performance data of the two companies.

Rongbai Technology Performance Report shows that in 2019, it achieved operating income of 4.196 billion yuan, an increase of 37.98% compared with the same period last year.

However, due to the decline of China ’s new energy vehicle subsidy policy and the continued poor overall sales of the automotive industry from the second half of 2019, some vehicle and power battery manufacturers ’ There was pressure on capital turnover, and the company withdrew a large amount of bad debt provision for some customer accounts receivable balances, which had a significant adverse impact on the company’s current operating performance. As a result, after preliminary accounting by the company, the net profit attributable to the owner of the parent company was 94.842 million yuan, a decrease of 55.46% compared with the same period of last year; , Compared with the same period last year, a decrease of 65.81%.

Hangke Technology ’s net profit after deduction is relatively small. The performance report shows that the company achieved operating income of 1.314 billion yuan in 2019, an increase of 18.44% year-on-year; The net profit attributable to the owner of the parent company was 288 million yuan, an increase of 0.78% year-on-year; the net profit attributable to the owner of the parent company after deducting non-recurring gains was 244 million yuan, a year-on-year decrease of 11.55%.

Hangke Technology reminded in the performance announcement that as of December 31, 2019, BAK ’s solvency has not been substantially improved, and the company ’s receivables from BAK The account still has a large risk of payment recovery. According to the principle of prudence, the company has made a corresponding bad debt provision for the single bad debt provision of the company’s receivables. However, if the operating conditions of BAK Power subsequently change further, before the official disclosure of the 2019 annual report, the company has the risk of further adjusting the amount of bad debt provision for accounts receivable, which will have a certain impact on the company’s operating performance.