On the morning of August 2, Lianchuang shares said that it had received a letter of concern. The company’s stock rose by 306.25% from July 5 to 30. The Shenzhen stock exchange requires that the stock price rise be divorced from the fundamentals and the risk of speculation in the secondary market in combination with the existing and planned production capacity of relevant products of comparable listed companies, the operating performance of the first phase of the past year, the stock price rise in the same period, and the P / E ratio.
From July 5 to July 30, the cumulative increase of Lianchuang shares reached 306.25%, significantly deviating from the increase of gem composite index and the share price of the industry in the same period. As of press time, Lianchuang shares rose 10.55% to 15.10 yuan per share.
The concern letter said that recently, the market has paid more attention to the PVDF production line that has not been put into operation. On July 30, Lianchuang shares disclosed the announcement on investment and construction of new projects, which plans to build a 6000 T / a PVDF and supporting 11000 T / a hcfc-142b 30000 T / a HFC-152a reconstruction project.
In this regard, according to the requirements of the letter of concern, combined with the demand of PVDF by industry and the substitutability of products, the existing capacity and subsequent capacity planning in PVDF and hcfc-142b markets explain the sustainability of the current price and its increase, and fully prompt the price fluctuation risk of relevant products.
The announcement shows that after the reconstruction project is completed, it is expected to realize an operating revenue of about 1.2-1.5 billion yuan. Supplement the basis for the calculation of income scale, and explain whether the relevant predictive information disclosure is reasonable, cautious and objective, and whether the risk warning is sufficient.
In addition, the reply to the early attention letter showed that the PVDF production line could not meet the use standard of lithium battery level at the initial stage of production. Supplement the differences between ordinary grade and lithium battery grade PVDF in technical route and production process, the reasons why they cannot meet the lithium battery grade use standard after being put into operation, the difficulty and uncertainty of realizing the lithium battery technical requirements and customer certification, and fully prompt relevant business risks.
At the same time, combined with the capital scale required by the company’s daily operation, the implemented financing arrangements, the balance of monetary funds in hand, the debt repayment plan and the subsequent investment of the reconstruction project, it explains whether there is liquidity risk.
Explain the construction progress of the company’s phase I PVDF project so far and whether the trial production can be carried out as scheduled. Supplement the reasons and rationality of the company’s planning for new production capacity when PVDF phase I production capacity has not been officially put into operation and phase II production capacity has not been completed, and explain whether the relevant business decisions are prudent and reasonable, and whether there is a situation of catering to the market hot spots and cooperating with the market to hype the stock price in combination with the reply to the above questions, the feasibility demonstration of the previous project and the specific decision-making process.
The attention letter also requires that the existing and planned production capacity of relevant products of comparable listed companies in the contract industry, the operating performance in the first period of the past year, the rise of share price in the same period and the P / E ratio fully suggest that the rise of share price is divorced from the fundamentals and the risk of speculation in the secondary market.
Public information shows that Lianchuang Co., Ltd. was established in January 2003, formerly known as “Lianchuang energy conservation”, and was listed on the gem in August 2012. At present, its business scope includes Internet media operation, Internet information services, Internet related technology development, technology consulting and technology transfer; Engage in technology development, technical consultation and technology transfer in the field of chemical science and technology; R & D, production and sales of eco-environmental materials, polyurethane raw materials and products, and fluorine chemical products; New material technology promotion and service; Import and export of goods; Supply chain management and consulting.
In terms of performance, Lianchuang Co., Ltd. issued a semi annual performance forecast on the evening of July 5. It is expected that the net profit attributable to the shareholders of the listed company in the first half of 2021 will be 40 million yuan – 48 million yuan, turning losses into profits year-on-year;
As for the reasons for performance changes, Lianchuang said that due to the good market situation of new chemical materials industry, the average sales price and gross profit of products increased rapidly compared with the same period of last year; Compared with the same period of the previous year, the consolidation scope of the current reporting period has changed, and the loss making digital marketing companies are no longer included in the consolidated financial statements of the current period; The estimated amount of non recurring profit and loss in the reporting period is about 1.65 million.