From the public to the return of the king Han energy in the end did?
Release Time：
2018-04-10
Introduction: The overall strength that comes out, once they resume trading, will set off a wave of changes in the capital market. It is not an exaggeration to call the king return. It is worth noting that whether the “short sellers” three years ago would be affected by the wind and give Hanergy thin films a head-on blow?
In recent days, the capital market has been very lively. The lightning flashes of the “Super Unicorn” Ningde era will attract the attention of a large number of people. The trade war between China and the U.S. made national stock markets unpredictable. However, people in the photovoltaic industry may be more concerned about the progress of the resumption of the film industry, Unicorn Hanergy.
Recently, Hanergy released the “Latest Announcement on the Progress of Resumption Cards.” The announcement indicated that Hanergy Film has submitted a disclosure document to the Hong Kong Securities Regulatory Commission and reached the second requisition condition for the resumption of the card submitted by the Securities and Futures Commission (ie, issuing a disclosure document. Detailed disclosure of the company's activities, businesses, assets, liabilities, financial performance and prospects, etc.). In connection with the first resumption condition reached by Hanergy Films in September 2017, the condition of Hanergy submitted by the SFC has been fully met. Resumption has been formally put on the agenda.
Reaching a condition does not mean that you will resume trading immediately
According to the announcement, at present, the disclosure document of Hanergy Film has engaged financial consultants to conduct due diligence, with a view to considering the company's resumption application in accordance with relevant rules.
If everything goes smoothly, Hanergy who has been suspended for three years will soon be resumed. Of course, it is the case that everything is going well, because the two conditions that are achieved are only necessary conditions, and are not necessary and sufficient conditions; and the second condition is still under examination and approval, and there is also the possibility of accidents. In any case, the resumption of Hanergy Films seems to have become an inevitable event, and the only question is when to resume the game.
According to the reason why Hanergy Films was ordered to suspend business, the SFC was most concerned about the related transactions of Hanergy Films and the high-level “non-action” issues. The “disclosure documents” focused on related party transactions and liabilities.
As a listed company with a high degree of concern, Hanneng Films has been widely criticized for related party transactions in previous years. As the parent company of Hanergy Films, Hanergy Holding Group has long been a major customer of Hanergy Films, and it is doubtful that Hanergy Films will transfer interest to Hanergy Group through related transactions. In the heavy reliance on related party transactions with major shareholders, it was an inflated revenue and profit. Since then, the Hanneng Thin Film Corps has broken its wrist and began to terminate related transactions in 2015, resulting in a significant decline in performance. However, due to the frequent arrears of the revenue accounts brought by related transactions, Hanneng’s debt issues such as accounts receivable have become the focus of attention of outsiders.
In this case, after Hanergy experienced the stock price and was suspended by the Securities and Futures Commission, it was necessary to resolve the two issues of the related transaction and the large amount of trade receivables owed by Hanergy Holding Group and its subsidiaries before. . This is also the focus of the "disclosure document" required by the Securities Regulatory Commission.
The reason why Hanneng’s resumption of trading of thin films is only a matter of time is because they have not only clearly addressed these two issues but also made clear changes. In the latest 2017 financial data released by Hanergy, it was specifically mentioned that the non-related transactions of HK$6.147 billion last year reached HK$5,084 million, accounting for more than 82%. Once again, it broke the suspicion that some of Hanergy's thin films could not be profitable without related transactions, and it also clearly conveyed a signal that Hanergy is no longer dependent on related party transactions.
In addition, Hanergy Holdings, which was widely questioned by the public, has also solved the problem of arrears to listed companies in advance. According to the decree promulgated by the China Securities Regulatory Commission, Hanergy Holdings and its affiliates need to have 24 years after September 4, 2017. Repay all remaining guaranteed debt within the month. This task was reached in March of this year (a year and a half earlier), which allowed people including the China Securities Regulatory Commission and investors to see the determination and sincerity of Hanergy to resume trading.
As mentioned in this announcement, the termination of the appointment of four independent non-executive directors and the fade-out of former richest man Li Hejun are also one of the conditions for Hanergy Films to achieve resumption.
It can be seen that Hanergy Films is well-versed in the resumption of trading after numerous conditions have been fulfilled. In fact, this is indeed the case. No matter what the blemishes of Hanergy's previous film, after the heavy price and years of hard work, the current Hanergy has also washed away the mud and become a company in terms of technology, strategic direction and other aspects. More mature businesses. These can not help but look forward to its future, and if everything is as optimistic as we see, resumption of the game has become something sooner or later.
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