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Source: Changjiang Business Daily
Shen Yourong, reporter of Changjiang Business Daily.
Hu Yidong? Hu Hadong? Hu what Dong? Or Hu Xidong?
Xizang Qomolangma (600338Spincasinonodepositbonus.sh) disclosureSpincasinonodepositbonusA regulatory announcement attracted a high degree of attention in the A-share market, so the company was regulated again.
On the evening of April 18, Xizang issued an announcement on Mount Qomolangma, in which the name of the company's secretary appeared in four versions.
The announcement of a listed company is a window for investors to observe the company. Such a serious announcement is full of typos. Previously, the company was regulated because of the letter dress problem, but now, because of the "children's play announcement", the company and related responsible persons have been supervised and warned.
In 2023, Xizang's business performance of Mount Qomolangma is also declining. According to the forecast, the company will lose about 100 million yuan for the whole year, which will be the company's first loss since 2012. The company explained that sales and prices of major products fell.
Xizang returns less from shareholders on Mount Everest. Since its listing in 2000, the company has paid cash dividends for only five years, totaling 1.097 billion yuan. From 2020 to 2022, the company made profits without dividends for three consecutive years.
On the secondary market, the share price of Xizang Everest continued to fall, closing at less than 9 yuan per share on April 26, down about 80 per cent from its peak of nearly 51 yuan per share in 2021.
Be warned by supervision because of careless announcement.
An announcement made Mount Everest of Xizang fall into a whirlpool of public opinion.
On the evening of April 25th, Xizang issued a number of announcements, including a warning letter issued by the Securities Regulatory Commission and Xizang Regulatory Bureau (hereinafter referred to as "Xizang Securities Regulatory Bureau"), the company's apologies and corrections, and so on.
The announcements came from an announcement on the evening of April 18. At that time, Xizang Qomolangma issued an announcement that the company received a "decision on taking regulatory measures against Wang Xibing and Hu Yidong" issued by Xizang Securities Regulatory Bureau. In this announcement, the name of the secretary of the company appears four times, but there are four versions, including Hu Xidong, Hu Hadong, Hu Shedong and Hu Yidong. In addition, "responsibility" is mistaken for "high-ranking", "responsibility" for "high-ranking", and so on.
In the eyes of market participants, in Xizang's Everest, Dong's name went wrong one after another, which is by no means a simple clerical error, but regarded the serious regulatory announcement as a "child's play" and did not carefully proofread it.
The main content of the above announcement is that Tacheng International's 38.25% stake in Xizang Everest was frozen by the Tacheng area Taxation Bureau Inspection Bureau of the State Administration of Taxation on July 13, 2021, and that Xizang did not fulfill his information disclosure obligation in time. Supplementary disclosure was not made until January 13 this year.
Based on the violation of the above letter, Xizang Securities Supervision Bureau took measures to supervise and talk to Wang Xibing, then president, and Hu Yidong, then secretary of Dong.
Also because of this violation, Xizang Securities Supervision Bureau issued a warning letter to Xizang Everest and Huang Jianrong, the then chairman of the board of directors. The statement of the warning letter also mentioned that Huang Jianrong, as chairman of Xizang's Everest, failed to perform his duties faithfully and diligently, hindering listed companies from fulfilling their information disclosure obligations, and was primarily responsible for the above actions.
Because of the careless announcement, Xizang Securities Regulatory Bureau issued warning letters to Xizang, Huang Jianrong and Hu Yidong. Xizang Securities Regulatory Bureau mentioned in the warning letter that there are many wrong words in the announcement, and the company announcement failed to accurately disclose Xizang Securities Regulatory Bureau documents, reflecting that the internal control of the company's information disclosure is a mere formality.
According to public data, Hu Jiedong, born in November 1972, served as vice president and secretary of the western mining industry from December 2009 to April 2014, and has been secretary and vice president of Xizang Everest since January 2016.
Changjiang Business Daily reporter combed and found that Xizang Everest has been regulated many times because of problems with the letter.
In June 2023, Tazhong Mining, a subsidiary of Xizang's Mount Qomolangma, adjusted the depreciation life of some buildings from 15 years to 3 years, failing to fulfill the review procedure and information disclosure obligations. At the same time, failed to disclose its Argentine Salt Lake project to suspend the review of EIA applications, daily related transactions were not reviewed and disclosed, the company's then president Wang Xibing and others were supervised and warned.
In December last year, the company failed to review and disclose some related party transactions that occurred in 2016, as well as inaccurate financial data disclosed in the 2017 annual report, 2018 semi-annual report, 2018 annual report on fixed assets, construction-in-progress and other subjects. The Shanghai Stock Exchange gave supervision and warning to Huang Jianrong, then chairman of the company, and others.
The risk that the shares of major shareholders are frozen and deposited.
There is a risk of changing ownership of Mount Xizang, which is frequently regulated.
The controlling shareholder of Xizang Everest is Xinjiang Tacheng International Resources Co., Ltd. (hereinafter referred to as "Tacheng International"), which held a 16.06 per cent stake in Xizang Everest as of the end of September 2023. Huang Jianrong and Huang Ying together own 100% of Tacheng International. China Global New Technology Import and Export Co., Ltd. is a concerted actor of Tacheng International, which holds a 4.91% stake in Xizang's Everest.
On March 15 this year, Xizang Qomolangma disclosed that part of the company held by Tacheng International was transferred by non-transaction, judicial disposal and auction, and the proportion of its shares in the company was reduced to 3.54%, and all these shares were frozen by justice. Therefore, the controlling shareholder and actual controller of the company also have the risk of change.
Xizang's own operation of Mount Qomolangma is also difficult. Xizang Qomolangma is mainly engaged in mining and mineral processing of non-ferrous metal mines. in recent years, with the rapid rise of new energy in the world, the lithium industry has become the tuyere of the times. industry giants such as Ganfeng lithium industry and Ningde era are snapping up lithium ore resources. Xizang Everest is also unwilling to be left behind, joining the strong "snatch" of salt lake resources.
According to previous announcements, Xizang Qomolangma invested US $200m in controlling two lithium salt lake projects in Argentina in 2018.
Data show that this is a large-scale project, with a planned production capacity of 50, 000 tons of lithium carbonate equivalent per year, with a total investment of 4.5 billion yuan. If progress goes smoothly, it is estimated that Argentina's lithium salt lake will be able to produce 3500 tons of lithium carbonate equivalent in 2022, will be fully put into production in the first quarter of 2023, and reach the annual capacity target of 150000 tons of lithium carbonate equivalent in 2025.
Xizang Qomolangma has also actively promoted the operation of the above projects. For example, in September 2021, Xizang Qomolangma proposed to raise no more than 8 billion yuan for the Argentine Lithium potassium Co., Ltd. to produce 50, 000 tons of lithium carbonate to extract lithium from the salt lake. But now the fundraising program has been terminated.
In addition, the company also tried to carry out external financing and invited Qingyuan, Song du Like, Zhe Zhong shares and China Power Construction International to join the partnership to jointly build the Argentine Salt Lake lithium extraction project.
Judging from the public information, the progress of the above-mentioned project is not satisfactory. In response to investor inquiries on the investor interactive platform on March 20 this year, Xizang said that the development of lithium salt lake in Argentina has been fully launched since the second half of 2021. Has been trying and seeking the company's development characteristics and market-oriented standards of cooperation model, did encounter some problems and twists and turns in the process.
There has been no significant substantial progress in the project, and the lithium industry has changed dramatically. The price of lithium carbonate once rose from 40, 000 yuan / ton to a maximum of more than 600, 000 yuan / ton. since March 1 this year, the spot price of battery-grade lithium carbonate fluctuated in the range of 100000-130000 yuan / ton.
At present, Xizang Everest has not yet disclosed the 2023 annual report. According to the previous performance forecast, the company lost about 149 million yuan to 99.14 million yuan in 2023, down 124.07% from the same period last year. 136.10%. The company explained that the subsidiary Tazhong Mining has implemented the adjustment of mine management mode and completely replaced the mining engineering contractor, which has a certain impact on the mining capacity. In addition, the output of concentrate products produced and sold by Tazhong Mining decreased compared with the same period last year, and the market prices of some products decreased compared with the same period last year.
A reporter from the Changjiang Business Daily found that the annual loss would be the first time since 2012 for Xizang's Mount Qomolangma.
