When facing thousands of listed company announcements every day, which ones should you read? What are the key points to take away from the dozens or hundreds of pages of material announcements? Are the many professional terms in the announcements bullish or bearish? Check out Caixin's "Quick Read Announcement" column, where our reporters across the country will provide you with accurate, fast and professional interpretations on the night of the announcement.

On September 26th, Caixin reported that in the evening of September 26th, Qingdao Topscomm Communication Inc. (603421.SH) announced that the company's controlling shareholder and actual controller, Wang Jianhua, was sued for property disputes after his divorce, involving 46.1324 million shares of the company.

Before this, Qingdao Topscomm Communication Inc. was successively blacklisted by State Grid Corporation of China and Southern Power Grid Corporation, facing the risk of sharp decline in its main business, and was fined by the China Securities Regulatory Commission for information disclosure violations. In September, due to involvement in the Hongmong concept, the company first admitted and then distanced itself, causing a wave of significant fluctuations in the stock price. Who is manipulating Qingdao Topscomm Communication Inc.?

Controlling shareholder sued by former wife

Qingdao Topscomm Communication Inc. announced this evening that the company's controlling shareholder and actual controller, Wang Jianhua, was sued for property disputes after his divorce, involving 46.1324 million shares of the company. The plaintiff, Wang Jianhua's ex-wife Zhang Qi, requested the court to terminate the entrusted holding agreement, confirm the ownership of the shares to herself, and also requested the processing of share change registration procedures.

The company stated that as the case has not yet been heard, it is unable to determine the litigation results and their impact on the company's profit and loss, and that the company's daily operations are normal. From September 24th to 26th, 2024, Qingdao Topscomm Communication Inc. had a cumulative deviation of over 20% in the closing prices for three consecutive trading days.

It is worth noting that Qingdao Topscomm Communication Inc. has been experiencing a series of setbacks this year. In June, Qingdao Topscomm Communication Inc. announced that the company was blacklisted by State Grid Corporation of China for all categories of products in the State Grid system procurement bidding from February 23, 2024, to February 22, 2026, for a duration of 2 years.

Based on the estimated amount and confirmed income in the past two years in the national power grid system, this penalty will result in a total decrease in the company's revenue of approximately 3.3 billion yuan over the next 4-5 years. Among them, the company's revenue will decrease by about 0.55 billion yuan in 2024, about 1.42 billion yuan in 2025, and about 0.98 billion yuan in 2026.

On July 29, the company also mentioned receiving a blacklist warning from China Southern Power Grid Co., Ltd., with the warning period and final outcome currently undetermined. Due to the divorce of the controlling shareholder and the untimely disclosure of being blacklisted by the State Grid, the company received a penalty decision from the CSRC in May. The CSRC issued a warning to the company and imposed a fine of 0.7 million yuan, and warned and fined a total of 2.05 million yuan to relevant personnel of the company.

Once surged more than 50%, who is speculating?

However, after entering September, the company's stock price has been frequently volatile.

On August 30, the company closed at 4.25 yuan per share. In the following 20 days, Qingdao Topscomm Communication Inc.'s stock price surged all the way up, once hitting multiple daily limit up boards in 7 trading days, and reaching a phase high of 6.73 yuan on September 23, with an increase of over 50%.

A review by Cai Link Society reporters found that the company's stock price fluctuations may be related to the previously hot concept of Huawei Hongmeng.

On July 22, Qingdao Topscomm Communication Inc. replied on the Interactive Exchange that the company is currently cooperating with Huawei on the research and development of smart integrated terminal projects based on the core board, with Huawei's HarmonyOS and Starlight systems also being used by the company for electrical power system products as domestic technology. The company has developed terminals and meters based on Huawei's HarmonyOS system.

On August 2, the company reiterated that it is closely collaborating with Huawei to jointly develop smart integrated terminal projects based on the core board. In addition, Qingdao Topscomm Communication Inc. regards Huawei's Starlight and HarmonyOS systems as important components of domestic technology applied in power system products. Qingdao Topscomm Communication Inc. has developed terminals and meters based on Huawei's HarmonyOS system.

From September 11th to September 26th, Qingdao Topscomm Communication Inc. has appeared on the Dragon and Tiger List five times successively, with Citic Securities Beijing Shou Ti Nan Road Business Department, East Money Information Shanghai Yanping Road Business Department, Citic Securities Shanghai Liyang Road Business Department, and many East Money Information Lhasa Business Department participating. Among them, on September 20th, in the Dragon and Tiger List, institutional investors "Zhang Mengzhu" position (Gtja Shanghai Jiangsu Road Securities Business Department) net bought 4.55 million yuan.

However, Qingdao Topscomm Communication Inc. stated on September 20th that the company has not yet conducted substantial cooperation with Huawei, resulting in no revenue. As of the 26th, there is no significant information that the company's controlling shareholder and actual controller have not disclosed. At the same time, the internal management order of the company is stable, and the company's production and operation activities are normal.

During this period, the number of shareholders of the company has increased significantly. On September 20th, the number of shareholders of the company increased by 0.01753 million households compared to September 10th, a year-on-year increase of 78%.

In terms of performance, Qingdao Topscomm Communication Inc. has shown a clear downward trend, and has incurred losses in 2024. The company achieved a net loss of -48.648 million yuan in the first half of this year.