grasscarp| An error in Feilida's annual report caused the 260 million yuan fixed increase to fail. The company responded that "self-raised funds will guarantee the construction of the original investment project"
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Huaxia Times (wwwGrasscarp.chinatimesGrasscarp.net.cn) reporter Xia Gaoqin and Zhang Zhi reporting from Nanjing
There were many mistakes in the annual report data, 300240.SZ and a number of senior executives were punished, and now Dingzeng has been forced to stop.
A few days ago, Feilida issued an announcement that the company received a warning letter issued by Jiangsu Securities Regulatory Bureau on April 24 due to a number of annual report data disclosure errors, which no longer met the conditions for issuing shares to specific targets through summary procedures. In view of the fact that the company applied to the Shenzhen Stock Exchange to withdraw the 2023 application document for private placement.
A reporter from the Huaxia Times noted that the total amount of funds raised by the above fixed increase plan does not exceed 260.36 million yuan (including capital), and the net funds raised after deducting the relevant distribution costs will all be used for the Dongguan Feilida Electronic components Distribution Center project. the total investment of the project is 800 million yuan, and now the increase has fallen through, how will the funding gap for project construction be dealt with?Grasscarp? The staff of the Securities Department of Feilida Company replied to a reporter from the Huaxia Times: "our company will solve the problem and will raise funds on its own to solve this funding gap."
Regulation leads to the withdrawal of fixed increase.
On April 24 this year, Feilida, which had just disclosed its last annual performance report, received a supervision letter. According to the announcement, on April 23, the company received the Jiangsu Regulatory Bureau of China Securities Regulatory Commission (hereinafter referred to as "Jiangsu Securities Regulatory Bureau") "on the Jiangsu Feilida International Logistics Co., Ltd. take corrective measures and take warning letter measures to Yao Qin, Geng Hao, Tong Shaobo, Li Rum" ((2024) 75) (hereinafter referred to as "warning letter").
On the evening of April 22, Feilida disclosed its 2023 annual report, according to the warning letter. Among them, there are many calculation errors in the "fourth quarter" section of the company's 2023 annual report, section II, item 6, "Quarterly main Financial indicators", and the "revenue and cost" part of Section 3, Section 4, "main Business Analysis".
Jiangsu Securities Regulatory Bureau believes that Feilida's inaccurate information disclosure in the above annual report violates the relevant regulations. Yao Qin, chairman of the company, Geng Hao, vice chairman and president, Tong Shaobo, vice president and secretary of the board of directors, and Li Rum, chief financial officer, failed to fulfill their duties diligently to ensure that the company's disclosure information was true, accurate and complete, violated the relevant regulations, and took the main responsibility for the inaccurate disclosure of the company's 2023 annual report.
In this regard, the Jiangsu Securities Regulatory Bureau decided to take administrative supervision measures to order Feilida to correct, and to take administrative supervision measures to issue warning letters to Yao Qin, Geng Hao, Tong Shaobo, and Li Rum, which were recorded in the integrity files of the securities and futures market.
Jiangsu Securities Regulatory Bureau requires Feilida and relevant responsible persons to promptly conduct a comprehensive self-examination of the information disclosed in the annual report, correct the relevant errors in a timely manner, fully draw lessons, improve the quality of information disclosure, and prevent such incidents from happening again, and submit a written rectification report within 10 working days from the date of receipt of this decision.
In the late night of April 24, the Shenzhen Stock Exchange also issued a supervision letter to Feilida and related responsible persons. On the evening of April 24, Feilida corrected and released reports such as the 2023 annual report, but the impact of miscalculation is much more than that.
On the evening of May 14, Feilida announced that it had withdrawn its application document for fixed increase. According to the company, in view of the fact that the company received a warning letter issued by the Jiangsu Regulatory Bureau of the China Securities Regulatory Commission (2024) No. 75 on April 24, 2024), this warning letter belongs to the administrative supervision measure of the China Securities Regulatory Commission, violates Article 35 of the rules on the examination and approval of Securities issuance and listing of listed companies on the Shenzhen Stock Exchange, and makes the company do not meet the conditions for issuing shares to specific objects through summary procedures. Based on the above situation, after full communication and careful analysis with the sponsor institutions and other relevant parties, the company decided to apply to the Shenzhen Stock Exchange to withdraw the application documents for the summary issuance of shares to specific targets and listing on the gem in 2023.
The project will be completed with self-raised funds.
A reporter from the Huaxia Times noted that Feilida withdrew its application for fixed increase, and its fund-raising plan was all invested in the Feilida electronic components distribution center project.
In July, 2023, Feilida release Company plans to issue no more than 58.2933 million shares to no more than 35 specific objects through summary procedures, and the total amount of funds raised is expected to be no more than 294 million yuan, which will be used for the Dongguan Feilida Electronic components Distribution Center project and supplementary liquidity. Among them, the Dongguan Feilida Electronic components Distribution Center project plans to raise 244 million yuan to supplement the working capital of 50 million yuan.
On March 15 this year, Feilida released the second revision of the non-public offering plan, which reduced the scale of funds raised to 260 million yuan, and planned to be used for the Dongguan Feilida Electronic components Distribution Center project. It is understood that the project will be based on the iterative application of new technologies, such as 5G, artificial intelligence, big data, intelligent three-dimensional warehouse, man-machine cooperation, ESG, etc., combined with Feilida's years of precipitation and accumulation in the service electronic information manufacturing industry, to create an intelligent and international electronic components distribution center with the integration of multi-business forms. In addition, Caitong Fund Management Co., Ltd., Nord Fund Management Co., Ltd., Beijing Jintai Private Equity Fund Management Co., Ltd.-Jintai Longsheng Private Equity Investment Fund and Shanghai Ningquan Asset Management Co., Ltd. are also involved.
According to the Dingzeng plan, the construction period of the project is 2 years, and the total construction area of the project is expected to exceed 120000 square meters in 3 years, including three four-story warehouses and supporting office areas. When completed, it is expected to serve as Feilida's supply chain service base in Guangdong-Hong Kong-Macau Greater Bay Area and assume the function of regional operations headquarters in South China.GrasscarpThe annual import and export trade volume will reach about 20 billion US dollars, the annual income will reach 352 million yuan, and the annual profit will reach 44.2 million yuan.
Originally, in accordance with the summary procedure, the fixed increase can be completed within 10 working days after the CSRC made the registration decision. However, the company withdrew its application. It is understood that the total investment in the construction of the project reached 800 million yuan, and the original plan to raise funds accounted for 32.5% of the total investment, but now it has fallen through. The staff of the securities department of Feilida said that it would raise funds to guarantee the construction of the project.
In January this year, the project has obtained the "Construction Land Planning Permit" of Dongguan city. In April, the company announced that its wholly-owned subsidiary Dongguan Tongxin Julian Supply Chain Investment Co., Ltd. plans to sign a "General Construction Contract" with Kunshan City Yufeng Construction Co., Ltd. for the Dongguan Feilida Electronic Components Distribution Center Project. The total contract amount is 299787700 yuan (including tax). Yufeng Construction will complete the construction of this project and provide general construction contracting services. A staff member of the Felida Securities Department told reporters: "The project has already started."
Feilida's main business is warehousing and logistics and international freight forwarding. In recent years, the company's performance has continued to decline. In 2023, operating income will be 5.024 billion yuan, net profit attributable to the parent company will be 21.8 million yuan, and non-net profit will be deducted-39.68 million yuan, which is down 25.81%, 79.74%, and 147.24%.
Editor in charge: Xu Yunxi Editor in chief: Gong Peijia
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