Recently, Zuojiang Technology received a letter of concern, the exchange asked whether there is active catering to the market hotspot speculation in the company's share price, with the relevant shareholders to reduce the situation.

According to the SSE News information incomplete statistics, since this year, there have been more than 60 A-share companies suspected of "rubbing the hot spot" "speculation concept" by the exchange concern or inquiry. Among them, ST Shuguang, Dr. ST Peng, etc. was named or disciplined by the exchange.

The reporter combed through the company's "new trend" of the aforementioned target photovoltaic, energy storage and other new energy track, and the company's main business is not very much related to this, the exchange asked the company's "zero-based" cross-border strength and possibility; another part of the company's share price Higher "heat" from the company revealed or rumors of an important progress in a business, and then the company more in the exchange under the questioning, take the initiative to clarify the rumors or bluntly accounted for the proportion of revenue is not large.

In the view of industry insiders, "hot" has become a major problem in the capital market. It is disrupting the market order, harming the interests of small and medium-sized investors at the same time, may also be accompanied by the release of shares, major shareholders to reduce the potential share price claims, or even market manipulation and other violations.

Strictly check the "zero basis" cross-border hot

Recently, Shengxunda, Qianjing Garden, ST Kaiyuan, Mu Bang Gaoke and other proposed "zero basis" cross-border layout of lithium mining, photovoltaic, Energy storage and other popular track, triggering market concern.

November 24 evening, mainly engaged in overseas game operations and live e-commerce business ShengXunDa disclosure, will be through the layout of lithium resources cut into the new energy industry upstream core areas. According to the plan, the company intends to 8 million yuan in cash across the border to acquire 80% of the equity of Yurui Technology, and to its capital increase of about 147 million yuan, so as to hold a part of the interests of Lushi County, Henan Province, Guanpo Town, Caijia lithium mines and Nanyangshan lithium mines.

In this regard, the letter of concern asked the company to explain the feasibility of entering the new energy upstream lithium mining industry, including but not limited to the new field of industry competition and threshold, professional technical personnel and management personnel reserves, etc., to further explain the acquisition decision-making is prudent and reasonable, there is no catering to the hotspot speculation of the stock price situation.

From the vocational education cross-border energy storage track ST Kaiyuan also attracted the attention of the exchange. October 11 evening, ST Kaiyuan disclosed, wholly-owned subsidiary of the Lu Yuan energy material to be with Jarit, Anrui science and technology, Heng Yutai and other *** together with the establishment of the Changsha Kaiyuan commercial energy storage limited company (hereinafter referred to as "Kaiyuan energy storage"), in the energy storage business field to start cooperation. (hereinafter referred to as "Kaiyuan Energy Storage") to cooperate in the field of energy storage business. The proposed registered capital of Kaiyuan Energy Storage is 30 million yuan, and Luyuan Energy Material is to contribute 12 million yuan, with a shareholding ratio of 40%.

ST Kaiyuan's own business situation is not very optimistic. The financial report shows that from 2019 to 2021, the company's net attributable profit will be -635 million yuan, -766 million yuan and -461 million yuan respectively; as of the end of September 2022, the company's net assets were 104 million yuan. Meanwhile, the 2021 audit report shows that there is uncertainty about the company's ability to continue operations. The main body of the company involved in this investment, Luyuan Energy Materials, was established on September 9, 2022, and is not in business for the time being. In this regard, the letter of concern asked ST Kaiyuan to explain the reasons and necessity of the proposed participation in the establishment of Kaiyuan Energy Storage; and combined with the company's capital status, operating conditions, etc., to explain whether it has the financial strength to carry out the business of Kaiyuan Energy Storage.

The hot new energy track is no excuse for attracting a crowd. Whether "hot", the key or whether the company has the relevant technology, personnel, resources and other accumulation and reserves; mergers and acquisitions, especially cross-border entry, the risks and opportunities coexist, the subject of the texture of the sufficiently persuasive, are the focus of attention of the exchange.

Such as mainly engaged in educational toys, education, medical equipment business MuBang high science, disclosed a number of TOPCon photovoltaic cell project investment and cooperation framework agreement during the year, but also said that is not engaged in photovoltaic cell business, there is no relevant research and development personnel team and production technology reserves. In this regard, the SSE in the inquiry letter to ask the company, in the current lack of production technology reserves, talent team is still in the preparatory stage of the case, frequent disclosure of the proposed large investment in the reasons and commercial rationality.

Strictly combat the "concept of speculation" to guide rational investment

December 6 evening, the new energy automobile business progress stagnation, but the concept of speculation, ST Shuguang, once again issued a stock risk reminder announcement that Huawei, Xiaomi has never been any form of contact with the company, Ganfeng lithium. Contact, Ganfeng lithium and the company only business cooperation, the relevant market rumors are completely false information.

This is not the first time the company to clarify. It is reported that ST Shuguang had mentioned in its publicity article "integration of Huawei's advanced intelligent cockpit technology?", and since then, the company also appeared in the stock bar. The company's share price also fluctuated sharply, from November 1 to 17, ST Shuguang harvest 11 stops, a cumulative increase of 64%.

For the fundamental problems, but the stock price frequently staged ups and downs chaos ST Shuguang, the exchange to keep a close eye on. ST Shuguang between September and November, has been suspended three times for verification.

According to statistics, from the end of 2021 to the beginning of December this year, the exchange issued a total of nine regulatory letters for ST Shuguang. In response to some investors in the process of trading the stock there are pulling up the stock price, maintaining the price of the limit of increase and other abnormal trading behavior that affects the normal trading order of the market, misleading investors to make normal trading decisions, the exchange focuses on, and many times named ST Dawning stock abnormal trading, in accordance with the rules of the relevant investors to take the suspension of the account trading and other self-discipline regulatory measures.

Recently, the Securities and Futures Commission formulated and issued a "three-year action plan to promote the improvement of the quality of listed companies (2022-2025)" clearly put forward to regulate and guide the healthy development of the capital market, to strengthen the "hot" "speculation concepts

The era of strict supervision has come. On the one hand, this urges listed companies to comply with the operation and transparency of the information disclosure, and on the other hand, it also prompts investors to return to the company's fundamentals and rational investment.

At the same time, disrupting the market order "hot" "speculation concept", may imply other violations of the risk, such as the release of shares, major shareholders to reduce the potential share price claims. The reporter noted that the exchange in the left river science and technology, three-dimensional communication, the Orient in the letter of concern of a number of companies, but also specifically asked the company to check whether there is a situation with the relevant shareholders to reduce their holdings.

Because of the concept of satellite communications, three-dimensional communications stock price in the period from August 30 to September 6, a total increase of 52.6%. September 1, three-dimensional communications in the unusual announcement, said there is no material matters about the company should be disclosed but not disclosed; September 6, the company again disclosed the unusual announcement shows that the company's real controller LiYueLun in September 1 to September 5 through the centralized bidding trading Reduce the company 4,718,300 shares. In this regard, the Shenzhen Stock Exchange issued a letter of concern requesting the company to explain, in the unusual announcement of the existence of the real controller of the reduction of information disclosure is not timely, whether the initiative to cater to market hotspots, speculation in the company's share price, with the real controller to reduce the company's shares.

ST Dr. Peng is suspected of "speculation concept" to raise the share price of the violation of information and disclosure, has led to the SSE to pursue responsibility. SSE disciplinary decision shows that during the period from May to September 2022, Dr. ST Peng many times before the statutory information disclosure channels, through the self media, SSE e interaction and other channels to publicize undisclosed stock price-sensitive information, such as hydrogen energy industry cooperation matters, big data industrial park project, the progress of the termination of the cooperation of the hydrogen energy industry, the cooperation of telecommunication carriers and other matters. The aforementioned information has repeatedly pushed the company's stock price up.

The SSE pointed out that the above behavior of Dr. ST Peng violates the principle of fairness of information disclosure, and the relevant risk tips are not sufficient. In view of this, the company's timely chairman and acting secretary of the board of directors, the then head of finance to be notified and criticized, and will notify the China Securities Regulatory Commission, credited to the integrity of listed companies.