① Small market capitalization PV stocks announced last night that the largest shareholder, actual controller and chairman of the board has been suspended. The company and its holding subsidiaries previously announced a total of 38 lawsuits and arbitration matters over 12 consecutive months, with a total amount of about 655.428 million yuan. ② The company's performance last year fell into a loss due to Evergrande debt. The biggest cumulative decline in stock prices since the January high was 63.6%.
Finance Association, April 20 (Editor Ruo Yu) Ruihe Co., Ltd., a photovoltaic concept stock with a total market capitalization of over 1.1 billion yuan, announced last night that it recently received a “Notice of Retention” issued by the Shenzhen Municipal Supervisory Commission. Li Jieping, the actual controller and chairman of the company, was placed on hold. According to the notice of detention, the lien was a measure taken against Lee Kai-ping personally, and the notice was delivered to the unit where the detained person was located. At present, the company's board of directors and supervisors operate effectively in accordance with the law, the production and operation order of the company and subsidiaries is normal, and all businesses are progressing in a steady and orderly manner. This matter will not have a significant impact on the company's daily production and operation.
As of September 30, 2023, Li Jieping held 20.21% of Ruihe shares and is the company's largest shareholder.
It is worth mentioning that Ruihe Co., Ltd. and the company's chairman Li Jieping, general manager Li Dongyang, and financial director Lin Wangchun received a decision on administrative supervision measures from the Shenzhen Securities Regulatory Bureau on November 20 last year. According to the “Decision”, on April 18, 2023, the company disclosed the “2022 Performance Forecast Amendment Notice”, which drastically revised the 2022 performance forecast. According to the revised announcement, Ruihe Co., Ltd. anticipated a profit range of 4.5 million yuan to 6.5 million yuan in 2022, and a loss of 388.293 million yuan to 408.293 million yuan after deduction. The company's adjusted performance forecast for 2022 is: net profit due to mother in 2022 is estimated to be profit of 8.5 million yuan to 12 million yuan, and net profit after deduction in 2022 is expected to be a loss of 99.703 million yuan to 103.203 million yuan.
The Shenzhen Securities Regulatory Bureau stated that the main reason for the revision was the irregular accounting of non-recurring profit and loss, which led to inaccurate disclosure of 2022 performance forecast information, in violation of the relevant provisions of the “Administrative Measures on Information Disclosure of Listed Companies”.
Furthermore, on April 7, Ruihe Co., Ltd. disclosed the cumulative lawsuits and arbitration circumstances. As of the disclosure date of the announcement, in addition to the litigation/arbitration cases that have been specifically disclosed, the company and its holding subsidiaries have accumulated 38 lawsuits and arbitration cases over 12 consecutive months. The total amount involved is approximately RMB 65.5428 million, accounting for about 10.64% of the absolute value of the company's most recent audited net assets. Among them, there was one single case involving more than RMB 10 million, and the cost of the project involved was RMB 499.794 million. As of the disclosure date, the case had not yet been tried in court.
The main business of Ruihe Co., Ltd. is engaged in professional design, engineering construction business for government agencies, real estate developers, large enterprises, high-end hotels, transportation hubs, landscaping, etc., as well as the operation of photovoltaic power plants, and the construction and installation of photovoltaic projects. The company has cooperative relationships with domestic developers such as Evergrande, Country Garden, China Resources, Sunac, and OCT. The company disclosed its 2023 performance forecast on January 30. During the reporting period, the company lost 32 million yuan to 38 million yuan in net profit attributable to shareholders of listed companies, and a profit of 9.625 million yuan for the same period last year. Ruihe Co., Ltd. stated that the main reason for the change in performance was due to Evergrande's debt default, which made impairment preparations for related asset supplements based on the principle of prudence.
In the secondary market, the biggest cumulative stock price drop of 63.6% since the phased high on January 12 this year.
