Before the significant positive news, "pre-limit up"; before the big negative news, "pre-limit down", Kairuide(002072.SZ) stock price once again "runs ahead"!

The company announced the termination of the planned 0.387 billion yuan asset restructuring tonight, while the company's stock price plunged in the morning and then hit the limit down on the closing. The asset restructuring had previously boosted the company's stock price by leading Kairuide to consecutively hit three one-word limit-up days, and even revealing the day before the price had hit the limit-up in advance.

Specifically, Kairuide announced in the evening that the board approved the proposal on the "Termination of Major Asset Restructuring and Related Party Transactions". The company originally planned to purchase not less than 29.0134% of the shares of State Grid Technology held by State Grid Technology shareholders in cash, with an estimated transaction amount not less than 0.387 billion yuan, and become the largest shareholder of State Grid Technology. However, after unanimous consultation, it was decided to terminate this major asset restructuring. The company promised that it will not plan any major asset restructuring for at least one month from the date of announcing the termination of this major asset restructuring.

It is worth noting that the major asset restructuring has received strong response in the capital markets, with the company hitting four consecutive limit-up days counting from the day before disclosure. Specifically, since the announcement on the evening of August 5th of the plan to acquire not less than 29% of State Grid's electricity equity, Kairuide subsequently hit three one-word limit-up days, and even on the morning of August 5th, prior to the announcement, the company's stock price had "preemptively triggered" the limit-up, while the three major indexes were still setting new lows at the time.

Until September 24th, Kairuide also stated in the announcement that the major asset restructuring plan was being progressed. Now, the company has reversed its decision to terminate this major asset restructuring, but the stock price once again reacted in advance, plunging in the morning and eventually closing at the limit down.

It is worth noting that the trading symbol that caused fluctuations in the company's stock price, "Beijing State Grid Electric Power Technology Co., Ltd.", was referred to as "State Grid Electrical Power" when Kairuide disclosed the restructuring plan in August, seemingly with a rather significant background resembling that of a central enterprise; however, in the announcement of the termination of the planned restructuring tonight, the abbreviation in the announcement changed to "State Grid Technology", but in reality, according to Tianyancha, the ultimate beneficiary and the suspected actual controller of this "State Grid" are both individual natural persons, including Zhou Zigan.

From the perspective of the secondary market performance, the company's stock price trend has shown multiple instances of "running ahead". Prior to the announcement of the chairman being under investigation on September 24th, Kairuide's stock price had already seen three consecutive declines in advance. Following the announcement of bearish news, the company's stock price rose along with the overall market to achieve four consecutive days of gains.

Kairuide Holding mainly engages in coal trading business, and all are carried out through a self-operated model. In terms of performance, Kairuide's performance, which just started to show a slight improvement in the first half of the year, reversed from profit to loss in the third quarter. The quarterly report released tonight shows that the company's revenue in the first three quarters of 2024 is approximately 0.502 billion yuan, an increase of 133.02% year-on-year; the net loss attributable to the mother is approximately 2.53 million yuan, with a loss of 7.14 million yuan in Q3.

Looking at the historical performance, from 2020 to 2023, Kairuide's net income was -0.203 billion yuan, 0.009 billion yuan, -0.011 billion yuan, and 0.002 billion yuan respectively. Over the four years, the accumulated losses exceeded 0.2 billion yuan. Cailian News reporters noted that since 2013, the company has undergone multiple capital operations, each of which has almost always triggered questioning and inquiries from regulatory authorities, as well as penalties for violations.