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Editor| Mao Shiyang
The "broker chief" is suspected of insider trading
On January 17, the news that the chief of a securities company, the manager of a public fund and the core employees of a large state-owned factory were jointly involved in insider trading and joint speculation was widely circulated. According to rumors, chen long, former chief strategist of Zhongtai Securities Research Institute, and more than 20 other people were investigated, or suspected of manipulating securities and insider trading, and the company involved was alleged to be Xiaokang shares of an A-share listed company.
For the rumors, on January 18, Zhongtai Securities replied to the media that Chen Long had left the company on November 12 last year, and Zhongtai Securities was unaware of the information related to Chen Long on the Internet. At present, the head of strategy of Zhongtai Research Institute has been taken over by Xu Chi. However, a person close to Zhongtai Securities revealed that before Chen Long left, investigators went to the office of Zhongtai Securities to find him and then resigned.
In addition, the weekly magazine "Finance and Economics" inquired about the website of the Securities Association of China, and the information on the number of Chen Long's practice certificate in Zhongtai Securities no longer existed.
According to public information, Chen Long graduated from Peking University, has 9 years of experience in the securities industry, joined Zhongtai Securities in March 2019, and left at the end of 2021, Chen Long worked in Zhongtai Securities for nearly three years. On the official website of Zhongtai Securities, the last time Chen Long concentrated on public speaking out was around April 2021.
An analyst in the securities industry told Caijing Tianxia weekly that Chen Long is not well-known in the industry, and even the research report has not been seen. In his view, some analysts and researchers do not do research, but in the name of research, they have started insider trading business. "By default, the industry will pull some funds to do commission income, which is already the main source of income for seller research. The new wealth ranking, for example, is based on voting, not on portfolio yields. ”
It is worth noting that after the "Ye Fei report incident" last year, in the name of "market value management", the behavior of manipulating the stock prices of listed companies through vests has always been the type of illegal that the CSRC has focused on cracking down on. In addition, since July 2021, regulators have begun to increase law enforcement efforts to implement the requirement of "zero tolerance" for securities illegal activities such as insider trading.
After the news came out, Xiaokang shares issued a clarification announcement on January 18, saying: "Xiaokang shares are not aware of the above matters and have not participated in relevant violations of laws and regulations. Xiaokang also said that the cooperation with Huawei is normal.
In this regard, the "Finance and Economics" weekly also asked Dongfeng Xiaokang and Xiaokang shares insiders for the first time, and the other party said that they were not aware of it, "I did not know the news, and I had not heard of it before, and everything is subject to the company's official announcement." ”
Among the A-share Huawei car concept stocks, the vehicle companies that cooperate closely with Huawei include Xiaokang Shares, Beiqi Blue Valley and Changan Automobile, and the stock prices of the three companies have risen rapidly after taking the Huawei concept.
Among them, the big rise of Beiqi Blue Valley began in October 2020, the stock price rose from near 6 yuan to 19.87 yuan in May 2021, up 2.3 times, and Changan Automobile's stock price rose from 10 yuan per share in April 2021 to the highest price of 23.66 yuan per share in August 2021, which also more than doubled.
But the most concerned is Xiaokang shares, the company's stock price from November 2020, from 9 yuan per share up and down to the highest in June 2021 83.83 yuan per share, up nearly 9 times.
In addition, in cooperation with Huawei, Xiaokang is considered to be the one with the deepest "binding" to Huawei. The company's products were once the only models to enter Huawei's channel sales, and Huawei led the release of the new car AITO Q&I M5 at the end of December 2021, which was also launched in cooperation with Xiaokang Shares.
In this context, although Xiaokang shares denied knowing, the company fell into rumors, and it was not out of thin air.
In just over a year of "holding hands" with Huawei, Xiaokang shares have changed from an unknown southwest car company to a market value star, and its market value has surpassed many old car companies in A-share listed companies, although its revenue has been declining for 4 years at that time, and its performance has continued to lose.
After hugging Huawei's thigh, the capital action of Xiaokang shares began to become more intensive. In the announcement of Xiaokang shares, there are both government subsidies and non-public issuance of shares, and even land, building storage and sale of overseas factories, etc., all kinds of news have poured in, Xiaokang's stock price has appeared bizarre fluctuations, and some investors even call it a "demon stock" in the automobile sector.
And such ups and downs also lay hidden dangers for "hype".
As early as January and April 2021, Xiaokang Shares, whose stock price rose rapidly, received administrative penalties and written warnings from the CSRC one after another because of illegal information disclosure and insider trading. Prior to this, Xiaokang had received no less than 5 inquiry letters and letters of concern from the Shanghai Stock Exchange and the Chongqing Securities Regulatory Bureau due to related party transactions, asset disposal, suspicious strategic cooperation agreements and other issues.
Huawei's car manufacturing is full of the greatest imagination in the field of new energy car manufacturing, and the well-off shares that carry huawei symbols have also followed the fire. However, after stripping away Huawei's aura, what will Xiaokang take as business support? This transformation and breakthrough journey has a long way to go.
Letter Phi violations, insider trading, Xiaokang has been warned by the CSRC many times
In a panic mood, on the morning of January 18, Xiaokang shares opened down 3.09%, diving nearly 5% intraday, but then quickly turned red. As of the close, Xiaokang shares have risen and fallen, the stock price is reported at 51.93 yuan per share, the market value has returned to more than 70 billion yuan, and the transaction amount has exceeded 1.644 billion yuan.
In fact, although he denied knowing, in the past year, Xiaokang has indeed been exposed many times for suspected insider trading.
Before the market value of Xiaokang climbed, in November 2020, Xiaokang invited Yu Haikun, vice president of the research and development department of the former CITIC Construction Investment Securities, to join, and was fully responsible for the research, production, supply and marketing of the Xilis brand, which was regarded by many as the operation of Xiaokang at the capital level and was about to have more new operations.
The time point when Yu Haikun joined coincided with the time when the rapid rise in the stock price of Xiaokang shares began. In the whole round of rising market, the inquiries and penalties of the regulatory authorities are also in the shadows.
On April 12, 2021, Xiaokang received a penalty notice from the CSRC. The notice said that Chongqing Xiaokang Holdings Co., Ltd. (hereinafter referred to as Xiaokang Holdings), as the controlling shareholder of Xiaokang shares, did not inform it of the situation of cooperating with Sino-Singapore Sunac to buy Xiaokang shares, resulting in a defect in the letter of Xiaokang shares.
The penalty originated in June 2017, when Xiaokang Holdings and Sino-Singapore Sunac reached an agreement. In the agreement, Xiaokang Holdings provided a deposit of 20 million yuan, and Sino-Singapore Sunac invested about 630 million yuan to establish 6 trust plans for the purchase of shares of Xiaokang shares. According to the agreement, Xiaokang Holdings enjoys the right to return on the shares and bears the risk of loss, and needs to give Zhongxin Sunac an annualized benchmark return of 11%. The method, price and time of stock purchase are determined by Sino-Singapore Sunac at its own discretion.
Part of the source of the shares was xiaokang holdings coordinating the transfer of Huarong Yufu to Zhongxin Sunac through a block transaction, and Huarong Yufu held 37.5 million shares of Xiaokang shares at that time, with a shareholding ratio of about 4.2%; the other part was directly purchased by Zhongxin Sunac in the secondary market.
On September 24, 2019, the two sides signed a supplementary agreement, in which Xiaokang Holdings invested 168 million yuan and Zhongxin Rongze (a subordinate investment platform of Sino-Singapore Rongchuang) allocated 1:1 funds to it. As the actual holder of the shares purchased, Xiaokang Holdings enjoys the right to income and bears the risk, and Zhongxin Rongze enjoys the right to sell, vote and vote.
It is worth noting that at that time, the chairman of Xiaokang Shares and Xiaokang Holdings was the same person, that is, Zhang Xingming, who was responsible for the approval of funds for the matters involved in the case, and Meng Gang, as the secretary of the board of directors of Xiaokang Shares at the time, was responsible for the negotiation and contract signing of the matters involved in the case. As a result, the relevant controlling shareholders deliberately concealed these transaction information, and even publicly claimed that they were not aware of the funds.
Obviously, Xiaokang Holdings and its relevant personnel violated the provisions of the Securities Law and the Measures for the Administration of Information Disclosure of Listed Companies on the disclosure of information by listed companies. Therefore, the CSRC gave a warning and imposed a fine of 300,000 yuan on Xiaokang Holdings, and a warning and a fine of 50,000 yuan and 30,000 yuan on Zhang Xingming and Meng Gang and others respectively.
At the beginning of last year, Xiaokang Holdings received another penalty message from the CSRC. The CSRC said that Yi Jing, a person associated with Xiaokang Holdings, had operated 14 accounts and insider trading in Xiaokang shares, and finally the relevant personnel were fined up to 1.9 million yuan and confiscated 636,000 yuan of illegal gains.
The information about Yi Jing's insider trading is actually about the equity and acquisition of Dongfeng Motor Group and Dongfeng Xiaokang.
In September 2018, in order to solve the problem of xiaokang shares, the chairman of Xiaokang Holdings at that time prepared to conduct a transaction with Dongfeng Motor Group to carry out capital operations around the equity of Dongfeng Xiaokang, a joint venture between the two companies. The specific plan is that Dongfeng will give 50% of the equity of Dongfeng Xiaokang to Xiaokang shares, and at the same time, Xiaokang shares will give the equity of listed companies to Dongfeng. At this point, Dongfeng Group's shareholding in Xiaokang shares will increase from about 7% to more than 30%.
The information was made public on November 19, 2018, but on the afternoon of October 13, Yi Jing was waiting in the living room when she overheard the discussion in the conference room. Subsequently, Yi Jing obtained insider information and began to control the use of 14 securities accounts such as "Chen Mouzhu" with Cai Moubo to insider trade Xiaokang shares, before the disclosure of insider information, the two jointly controlled 14 securities accounts to buy more than 5.61 million shares of Xiaokang shares, the purchase amount exceeded 90 million yuan, and sold in batches before and after the disclosure of insider information, with a total sales amount of more than 91.65 million yuan and a total profit of 522,000 yuan.
It should be noted that there is an inextricable relationship between Yi Jing, the core person involved in insider trading, and Xiaokang shares.
According to the disclosure of the CSRC, Yi Jing herself and the then secretary of the board of directors Meng had working contacts, and during the sensitive period of inside information, Yi Jing and Meng had many communication contacts. In addition, one of the shareholders of Chongqing Tonghe Equity Investment Fund Management Co., Ltd., where Yi Jing belongs, is Chongqing Xiaokang Industrial Co., Ltd., accounting for about 31% of the equity, and Chongqing Xiaokang Industry is a wholly-owned subsidiary of Xiaokang Holdings.
In addition to being fined for suspected insider trading, Xiaokang Holdings also received inquiries from the Shanghai Stock Exchange for selling loss-making assets to listed companies through related party transactions to obtain funds.
In March 2018, Xiaokang Power acquired Luzhou Rongda Vehicle Transmission Co., Ltd., which it held from its controlling shareholder Xiaokang Holdings, for 640 million yuan, and promised that the net profit of Luzhou Rongta from 2018 to 2020 would not be less than 20 million yuan, 90 million yuan and 150 million yuan, and if it failed to materialize, Xiaokang Holdings would compensate the transferee.
In fact, the performance commitment of Luzhou Rongda in the past three years has not only not been completed, but also gradually increased its losses. Xiaokang shares did not compensate for net profits as promised, but instead extended the performance commitment period to 2021.
Therefore, on March 13, 2018, the SSE asked on this matter, "Is it reasonable for the target company to lose money in the past three years and turn from loss to profit in the next three years?" Second, if a listed company acquires the loss-making assets of the controlling shareholder, is there any other purpose of the transaction and the relevant funding arrangements? ”
How long can Huawei's car concept stocks be "fragrant"?
For the news of Chen Long's arrest, many shareholders expressed anger, among which the shareholders of Xiaokang shares were the most active.
In fact, the three stocks that currently catch up with Huawei's car-making concept have all fallen from highs, of which Xiaokang shares have fallen the most, falling by nearly 40% since June 23, 2021.
Before being deeply tied to Huawei, whether it was sales or performance, the performance of Xiaokang had been unremarkable.
Since 2018, the operating income and net profit attributable to Xiaokang shares have declined continuously. From 2018 to 2020, Xiaokang achieved operating income of 20.240 billion yuan, 18.132 billion yuan and 14.302 billion yuan, respectively, down 7.72%, 10.41% and 21.12% year-on-year. The net profit attributable to the mother was 95.4036 million yuan, 66.7215 million yuan and -1.728 billion yuan respectively, down 86.84%, 30.06% and 2690.76% respectively year-on-year.
Last year, Xiaokang's new energy vehicle sales were 41,000 units, an increase of 104.39% year-on-year, and sales of other models were 225,200 units, down 11.11% year-on-year. In the first three quarters of 2021, Xiaokang achieved operating income of 11.450 billion yuan, an increase of 24.11% year-on-year; net profit attributable to the mother loss was 1.083 billion yuan, a decrease of 49.34% over the same period of the previous year.
In 2021, the net profit loss attributable to Xiaokang Holdings was significantly reduced compared with the previous year, mainly due to Huawei's "intelligent manufacturing". In January last year, Huawei and Xiaokang reached a cooperation, and at the subsequent Shanghai Auto Show, they jointly launched the Xilis SF5, and within a week, the order exceeded 6,000 vehicles. Yu Chengdong, Huawei's rotating president, not only appeared at the flagship store for the station platform, but also Huawei personally went down to sell cars for Xiaokang.
Against the aura of Huawei's concept, Xiaokang's stock price has soared, but its sales have not increased significantly.
After the unveiling of the auto show, the Cyrus SF5 began to be delivered at the end of May, but Xiaokang has been silent about its specific sales data. According to the data of the Association, from April to December 2021, the sales volume of the SF5 of Xilix was 129, 204, 1097, 507, 715, 1117, 1926, 1385 and 1089, respectively, totaling 8169 vehicles. This is obviously seriously inconsistent with Huawei's expected sales.
As a result, Huawei began to fully "remove" the Cyris SF5 and turned to the AITO Q&A M5. Yu Chengdong revealed that the AITO brand will also launch a medium and large SUV, and the M5 will also launch a pure electric version, based on the three models under AITO, "In 2022, Huawei will challenge the sales target of 300,000 vehicles, so that the annual sales of cooperative car companies can reach 100 billion yuan."
In his 2022 New Year's Day speech, Zhang Xinghai, chairman of Xiaokang Group, said that the top priority in 2022 is to use the strength of the whole Xilis and the strength of the group to ensure the high-quality and massive delivery of the M5.
Recently, Yu Chengdong, CEO of Huawei's consumer business and CEO of Smart Vehicle Solution BU, told the media that Huawei plans to use 1,000 stores to sell cars by the end of this year, and this year Huawei will challenge the sales target of 300,000 units. "I'm going to say this first and let everyone see if we can deliver."
At the same time, Yu Chengdong once again reiterated that Huawei does not build cars.
At present, BAIC Jihu, Changan's electric high-end brand and GAC are all cooperating with Huawei to launch new models, which will weaken the aura of "Huawei concept stocks" of Xiaokang shares to a certain extent. Therefore, some insiders believe that for car companies that lack enough strength to digest the halo effect brought by Huawei, it is difficult to support the market value by Huawei alone.
This article is originally produced by AI Finance and Economics, an account of Caijing Tianxia Weekly, without permission, please do not reprint it on any channel or platform. Violators will be prosecuted.