Financial data showed major deviations. The exchange raised urgent questions late at night, and Lan Xiao Technology's shares and bonds were double killed

Source: Fukai Finance

Fukai's summary

Zangge Holdings(Rights protection) The total amount of the top five prepayment recipients in 2018 was 200 million yuan.Lanxiao TechnologyOne family received 270 million yuan.

Author | Owen

Typesetting | eleven

On November 14, Lan Xiao Technology staged a “double attack on equity and debt” due to an inquiry letter issued by the Shenzhen Stock Exchange in the early hours of the morning.

In the inquiry letter, the Shenzhen Stock Exchange asked the company to explain why the advance payment data published was significantly different from the advance payment data published by Zangge Holdings. The total amount of the top five prepayment recipients of Zangge Holdings in 2018 was 200 million yuan, while the amount of advance receipts disclosed by Lan Xiao Technology for a subsidiary of Zangge Holdings was as high as 270 million yuan.

What is the mystery behind the financial data “fight”? What problems will this transition from an asset-light operating model to an asset-heavy model face? Perhaps you can only find answers in the announcement in response to the inquiry letter.

“High-performing stocks” were suddenly double killed by stocks and bonds

According to the first three quarter results forecast released last month, Lanxiao Technology continues to maintain rapid growth. From January to September, the company achieved net profit of 220 million yuan to 240 million yuan, an increase of 155%-170% over the previous year. In 2018, the company achieved net profit of 143 million yuan, an increase of 53.7% over the previous year, and doubled its profit after deduction.

It is this kind of company with impressive financial data that has attracted many star funds to enter the market. In addition to the National Social Security Fund, it also includes SPDB AXA Value Growth Hybrid Securities Investment Fund, SPDB AXA Growth Dynamics Flexible Allocation Hybrid Securities Investment Fund, Rongtong Dynamics Pioneer Hybrid Securities Investment Fund, E-Fangda Fund Select No. 2 Asset Management Plan, and Taikang Assets-Postbank- Wentai Value No. 2 asset management products, etc.

However, now it seems that a crisis may be beating on this sought-after high-performing stock, and the problem is also in financial data.

Lan Xiao Technology previously revealed that in 2018, the company received an advance payment of 270 million yuan and confirmed revenue of 996.632 million yuan in the current period due to sales of devices to Zangge Lithium, a subsidiary of Zangge Holdings.

There doesn't seem to be anything unusual about this data. However, Zangge Holdings had to correct the annual report since the accounting firm issued reservations about the 2018 annual report. According to the revised 2018 annual report of Zangge Holdings, the total corresponding amount for the top five prepayment recipients of Zangge Holdings was 200 million yuan, and the purchase amount of the fourth and fifth suppliers was 118 million yuan and 91.69 million yuan.

It can be seen from this that there is a major difference in data between Lanxiao Technology and Zangge Holdings. The Shenzhen Stock Exchange requested Lan Xiao Technology to explain its business dealings with Zangge Lithium's sales device, repayment status, settlement methods, etc.

In fact, on November 6, Lan Xiao Technology just responded to an inquiry from the Shenzhen Stock Exchange about its semi-annual report, which revealed that it received advance payments from Zangge Lithium in 2018, and this data is also different from the data released by Zangge Holdings.

Affected by doubts about this financial data, Lanxiao Technology quickly fell to a standstill after opening on the 14th. By the close, the stock price closed at 32.22 yuan/share, a decrease of 10%, and a turnover rate of 9.84%. Meanwhile, Lan Xiao's bond conversion trend was basically the same as stocks, with the biggest decline of 10.8%.

Where is the path to radical transformation

Once upon a time, Lanxiao Technology was a company with a “small but beautiful” asset-light operating model, but now it is changing to an asset-heavy model, especially after relationships with Zangge Lithium, etc. In March 2018, the company announced that it had signed a contract with Zangge Lithium Industry for the purchase and sale of salt lake brine lithium extraction equipment with an annual output of 10,000 tons of lithium carbonate, amounting to 578 million yuan, accounting for 173.90% of the company's 2016 revenue. As soon as the announcement came out, the company's stock price continued to rise and stop several times.

In 2018, with annual revenue of only 630 million yuan, Lanxiao Technology borrowed 340 million yuan in short-term loans and mainly invested in the salt lake brine lithium extraction project. Judging from the annual report data, the company is also making every effort to transform into this business. You need to know that before 2017, the company did not borrow a penny and relied entirely on its own sufficient capital to conduct business.

The projects and equipment are all there, so what about technology? asNew energyThe technology company, Lanxiao Technology's R&D expenditure last year actually went backwards.

No wonder, after signing the equipment purchase and sale contract, the Shenzhen Stock Exchange asked it to explain issues such as “whether it has major technical breakthroughs or advanced technology, and whether preparations for related production tests have been completed.” After all, in the absence of technological drive, it is still unknown whether it can successfully transform and bring the expected benefits as a cutting-edge company in new energy technology.

It is worth mentioning that although there are uncertainties at Lanxiao Technology, the agency took the opportunity to break the bottom. According to Dragon Tiger List data, a total of 3 institutional seats appeared on the Dragon Tiger list, ranking Buy 1, Buy 2, and Buy 5 respectively. The total net purchase was 389.12,800 yuan, accounting for 417.27% of the net purchase amount on the Dragon Tiger List.

Shenzhen Stock Connect appeared on today's Dragon Tiger list, taking the position of buying four, showing a net purchase of 4.2294 million yuan, accounting for 1.19% of the total transaction for the day.

Later today, there were also media reports that in response to the above situation, company staff said they would not do anything fraudulent.