Super Telecom's preliminary determination is that its bank account of 0.283 billion yuan was frozen due to a debt dispute over the creditor's rights and debts of the customer Nvidia H800 GPU module transaction. According to the company checking on Tianyancha, Inspur Software Group, the A-share listed company Inspur Information, and Inspur Software, all belonging to Inspur Group Limited, share multiple risk warnings with Jining Ninghua.
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On July 26th, Caixin reported that a trading dispute with Zhisuan caused a bank account to be frozen? In a recent announcement, Super Telecom (603322.SH) initially determined that their bank account of 0.283 billion yuan was frozen due to a debt dispute over the creditor's rights and debts between their customer Jining Gaoxin Ninghua Big Data Co., Ltd. (hereinafter referred to as "Jining Ninghua") and their customer, Inspur Software Group Co., Ltd. (hereinafter referred to as "Inspur Software Group") because of the Nvidia H800 GPU module transaction. The two parties failed to reach an agreement, and Inspur Software Group applied to the court for a pre-litigation property preservation for the company.
Super Telecom announcement shows that the company's financial staff recently checked their bank account and found that a portion of their bank accounts had been frozen for an amount of 0.283 billion yuan, but as of the date of their announcement, they have not yet received any legal documents related to the freezing.
Regarding the bank account freeze, Super Telecom said that they have appointed a legal team and business personnel to communicate with the relevant parties. They are sternly objecting to the fact that Inspur Software Group froze the company's bank account despite not having any creditor's rights or debts dispute with Jining Ninghua. The amount of the freeze was also much higher than the difference in trade between Super Telecom equipment and Jining Ninghua.
Caixin reporters checked on Tianyancha and found that the previously mentioned Inspur Software Group was respectively held 51% and 49% by Inspur Cloud Information Technology Co., Ltd. and Shanghai Inspur Cloud Computing Services Co., Ltd. They both belong to Inspur Group Limited. They also own A-share listed companies Inspur Information (000977.SZ) and Inspur Software (600756.SH; Full name "Inspur Software Co., Ltd.").
Tianyancha reminds that Jining Ninghua has multiple risk warnings related to chattel mortgage, loan contract disputes, pre-litigation property preservation cases, etc.
It is understood that in December of last year, Super Telecom's wholly-owned subsidiary, Super Telecom (Guangzhou) Network Equipment Co., Ltd. (hereinafter referred to as "Super Telecom Equipment") agreed with Jining Ninghua to provide purchasing and sales services for Nvidia H800 GPU modules. The contract amount including taxes was about 0.472 billion yuan. In June of this year, the two parties signed a supplementary agreement, in which Super Telecom Equipment changed the product that it provided to Jining Ninghua from "Nvidia H800 GPU module" to "Nvidia H800 GPU module and other AI modules, AI server units, and AI products".
As of now, Super Telecom Equipment has received 0.297 billion yuan in payment from Jining Ninghua (including 0.236 billion yuan in advance payments and 61 million yuan in equipment balances), and has delivered 0.123 billion yuan worth of Nvidia H800 GPU modules and other products to Jining Ninghua. They will complete the remaining delivery shortly.
This bank account freeze might have been caused by their Zhisuan business. It is worth noting, however, that Super Telecom's H1 performance forecast was a profit, precisely due to the contribution of their Zhisuan business. It is said that while this business grew steadily in the first half of the year, it also improved the company's overall gross margin. Due to the business's short receivables cycle, the amount of bad debt that should be recorded provision for this company has decreased year on year. Previously, the company also disclosed that the size of their AI sector exceeded that of their universal service business for the first time last year.
The company claims that it will assert its legal rights and take relevant legal measures to resolve this matter as soon as possible and eliminate the risk of this bank account being frozen.
In addition, reporters noticed that Super Telecom's controlling shareholder, Liang Jianhua's, recent transfer of shareholding received investor attention. It is said that Super Telecom had borrowed 0.2 billion yuan from a related company of Liang Jianhua to cooperate with Lanzhou Kewenlv. However, the cooperation failed. The company will not pay relevant funds to Liang Jianhua or its affiliated company until Lanzhou Kewenlv returns the 0.2 billion yuan earnest money and related interest. Due to the great financial pressure, Super Telecom issued four consecutive announcements on the evening of July 21st. Liang Jianhua changed the buyer quickly and lowered the price by 15 million yuan to quickly transfer the shares of the company.