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In just a month and a half, the company’s stock price fell 93%. . . . . .
Shengnami
How much can the share price go down in just one month and a half?
Blue Mountain’s answer is: 93%!
In addition to the collapse in the share price, the directors, supervisors and senior executives of the company resigned, the bank accounts were frozen, the capital was frozen by justice, the lawsuits and the main business was stopped directly !
Of these, the worst are still investors who have suffered substantial losses. You know, the good news that the company said the level of selection at the time allowed hundreds of investors to quickly settle down.
Who will take this responsibility?
First innovation level student for four consecutive years
Blue Mountain Technology’s past track record and past performance are excellent:
The company was founded in 2005;
Registered in 2007ZhongguancunAssociation of Foreign Investment Firms;
Obtained ISO9001 in 2009 and obtained the innovative enterprise certificate of the Haidian District Management Committee of Zhongguancun Science Park;
Obtained Zhongguancun high-tech enterprise certificate in 2011;
In 2013, the company increased its share capital and introduced a number of foreign shareholders, completed the transformation of the shareholding system and changed its name to “Beijing Lanshan Technology Co., Ltd.”;
After being listed on NEEQ in June 2014, Blue Mountain Technology has “opened up” all the way and became the first company to adopt market-making trading methods. From 2016 to 2019, it remained at the level of innovation for four consecutive years and passed the National High-tech Enterprise Review and won the first batch of Beijing Innovation Credit Leading Enterprise trophies awarded by the Committee of management of Zhongguancun.
In terms of performance, Blue Mountain Technology’s operating profit from 2017 to 2019 was 676 million yuan, 642 million yuan and 674 million yuan respectively. Net profit attributable to shareholders of the listed company was 70.699 million yuan, 45.194 million yuan and 4911.20 million respectively. Even ten thousand yuan is quite stable.
Although in the company’s 2020 semi-annual report released in July of this year, Blue Mountain Technology said that due to the outbreak, its revenue was down 13.94% year-on-year and net profit fell by 5.42. % every year. However, the company revealed in its financial report that the decline in net profit was less than the decline in operating income. The rate of increase is due to the company’s measures to reduce costs and expenses.
Since Blue Mountain Technology’s Board of Directors announced the sprint for the selection level on March 31, the stock price has doubled in a month.Investors have no doubt that the company has entered the selection level in the first batch. In the first half of this year, the number of investors in Blue Mountain Technology also doubled.
But after the selection level statement ended, Blue Mountain Technology disasters followed and the stock price plummeted. On April 29, the company’s share price was 5.19 yuan prior to the suspension of trading and plunged on the first day of resumption of trading on September 29. 68.79%, today’s closing price is only 0.36 yuan, the share price fell 93% since the resumption of trading.
One disaster after another
After withdrawing the statement from the selected level, the Blue Mountain Technology disasters occurred one after another, litigation was filed one after another, the accounts were frozen, and the directors, supervisors and senior directors resigned one after the other …
On October 27 this year, Blue Mountain Technology re-released the announcement that the company and its subsidiaries were listed as executors. The announcement stated that, upon investigation, Blue Mountain Technology was listed as a person to be executed as of September 30, 2020, involving three cases.
On November 5, Blue Mountain Technology issued an additional announcement that a consumption restriction order has been issued to the company, its subsidiaries, and actual controllers. According to the announcement, the company learned that the company, its subsidiary Beijing Zhongjing Cyber Technology Co., Ltd. and one of the company’s actual controllers, Mr. Tan Shu, had received a consumption restriction order by consulting the public website on November 4, 2020.
What followed was the freezing of some bank accounts opened by the company and its subsidiaries. A portion of the company’s major equity was also legally frozen.
At the same time, some of the company’s directors and supervisors have resigned, including directors He Yongqi, Wang Zhong, Yu Shengxiang, Lu Dehua, Zhu Xianfeng, independent directors Zhang Hongliang and Wang Fanlin, deputy general manager Zhou Quan, the board secretary Xie Haiping and supervisors Chen Manman and Chen Hai, Zhang Dianjun, etc.
So Zhao Ruimei, another real controller, also resigned. The National Equities Exchange and Quotations had to issue a letter of inquiry asking the company to explain whether these directors or supervisors continue to perform their duties in accordance with the law and whether they are diligent and accountable.
The operating conditions of the company have dealt the deadliest blow.
The company released an announcement on Oct.29, acknowledging that the company’s core business was at a standstill.
According to the announcement, influenced by such factors as the new corona epidemic, changes in the company’s production pattern and the freezing of the company’s main bank accounts, the research and development, production and sales of the company’s main products. The company’s optical communications are currently at a standstill and the majority of employees have resigned and have major The loan amount has not been repaid, so the company’s ability to continue operations is uncertain.
The problem has already begun
Entering the innovation level for 4 consecutive years, Blue Mountain Technology ran smoothly in the New Third Board, but after finishing the selection level statement, various issues emerged such as litigation, equity pledge and even business suspension main. In fact, the clues can be seen in the National Equity Exchange Company inquiry letter on the application materials of the Blue Mountain Technology Selected Layer.
The company’s public offering prospectus stated that the choice to enter the selection level is criterion three: the market value is not less than 800 million yuan, operating income in the past year is not less than 200 million yuan and the total investment in research and development over the past two years represents the total operating income over the past two years. The proportion is not less than 8%.
The first question that the National Equities Exchanged Corporation asks is the expenses and expenses of research and development.
The public transfer specification stated by Blue Mountain Technology’s selection level shows that the company has maintained a relatively high level of R&D investment over the past three years, which are 77,184,900 yuan, 239,893,600 yuan and 125,291,800 yuan, equivalent to 11.41 yuan of annual operating income. %, 37.35% and 18.60%.
However, the application materials show that Blue Mountain Technology’s technical service fees in 2018 and 2019 were primarily the processing costs commissioned for recording CDs in software product manufacturing. Development expense of RMB 12.5389 million in 2019 was carried over to the current income statement because it did not meet the capitalization conditions.
Furthermore, research and development results are not known on improving the performance or upgrading of “products or services” and market competitiveness. Therefore, the National Equities Exchange and Quotations issued a letter of inquiry, asking nearly five pages of detailed questions about whether Blue Mountain’s R&D model is reasonable and effective and whether R&D spending is accurate.
In addition, the excessively high capital pledge rate of major shareholders has also attracted the attention of domestic equity transfer companies.
According to the public offering statement, at the end of 2019, Blue Mountain Technology Cyber Hong Kong’s controlling shareholder held 234,159,600 shares and had pledged 200 million shares. The shares pledged represented 59.1% of the company’s total share capital. After the application materials were accepted by the National Equity Transfer Company, on May 15, 2020, Blue Mountain Technology announced that the company’s controlling shareholder, Cyber (Hong Kong) Holdings Co., Ltd. (of hereinafter referred to as “Saibo Hong Kong”) pledged 20 million shares. In addition to this commitment, the pledged shares represent 65.01% of the total share capital of the company.
It is worth reflecting on the fact that Blue Mountain Technology fell from heaven to hell in less than two months. Thousands of meters bank, ant den collapsed, when did the company’s operations start to go wrong? And is there any responsibility for the oversight of the main supervising securities firm, the sponsor, the auditing agency and other intermediary agencies that have applied for the selection level?
This newspaper will continue to pay attention.
Massive information, accurate interpretation, all in Sina Finance APP
Responsible director: Chen Zhijie
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