Shanshan shares illegal letter concealed lithium project

On June 25th, the Hunan Wangcheng Economic Development Zone issued a news that “The base of Shanshan New Material Wangcheng will build a production base of lithium ion battery cathode material with an annual output of 30,000 tons. After the completion of the first phase, the annual output will reach 10,000 tons. The output value is 2 billion yuan and the annual profit and tax is 150 million yuan."

The person in Hunan Wangcheng Economic Development Zone told the "Investor" reporter that the "Shan Shan New Material" in the news, namely Hunan Shanshan Toda New Material Co., Ltd. (hereinafter referred to as "Shan Shan New Material"), is a Shanshan share ( Subsidiary of 600884.SH).

It is strange that such a large project, Shanshan shares did not announce. This situation is not the first time it has appeared. Previously, the same situation occurred in a project located in Fengxin County, Jiangxi Province.

On June 26th, Shanshan Deputy General Manager of Shanshan Co., Ltd. and Executive Secretary Qian Cheng said in an interview with an investor in the “Investor” that they did not know that there was such a large investment project in Hunan.

At the same time, the "Investor" reporter noticed that a number of senior executives of Shanshan shares have left.

Information Asymmetry of Investment Projects On June 25th, the Hunan Wangcheng Industrial Investment Promotion Conference of “Investing in Prosperous Places and Industrial Hope City” was held, saying that 20 billion yuan of 30 strong and excellent projects were invested to boost the early-cycle “Wangcheng Dream” with a total investment of 206 Billion, 30 major projects were successfully signed. Among them, Shanshan Xinshi Wangcheng Base will build a production base of lithium ion battery cathode material with an annual output of 30,000 tons. After the completion of the first phase, the annual output will reach 10,000 tons, the annual production value will be 2 billion yuan, and the annual profit and tax will be 150 million yuan.

According to statistics, Shanshan shares hold a 75% stake in Shanshan New Materials.

However, such a large project has never appeared in company announcements. According to the above-mentioned Hunan Wangcheng Economic Development Zone, the information is correct, and the project will not be released until it is signed.

A person familiar with Shanshangufen told the "Investor" reporter that Shanshangufen was suspected of irregularities in information disclosure.

In addition, a similar situation has occurred in a project in Jiangxi. At the beginning of this year, Gan Xianwu, the county governor of Fengxin County, pointed out in the “2013 Government Work Report” that “the strength of the new material industry has been enhanced. Three projects have been invested in the Ziyuan Science and Technology Co., Ltd. with an investment of 1.2 billion yuan. The new construction of Dahua Yuntong 6 has started. 10,000 tons of kiln drawing and other 4 projects."

Zixi Technology, referring to Jiangxi Zixi Technology Co., Ltd., Ziyi Technology was established on December 21, 2012, with a registered capital of RMB 80 million. Its main business is lithium ion battery anode material and new graphite.

According to the Shanshan Company's 2012 annual report, its description of Acer Technology is "a company controlled by the company's equity shareholders." According to reports, Zixi Technology is actually controlled by Shanghai Shanshan Shuoneng Composite Materials Co., Ltd., a subsidiary of Shanshan Co., Ltd. The actual controller behind it is Shan Yonggang of Shanshan Holdings.

Shanghai Shanshan Shuoeng Co., Ltd. was established in October 2008 with a registered capital of 10 million yuan and covers an area of ​​12 mu. It develops and produces new types of energy storage materials, employs more than 70 people, and has an annual capacity of 3,000 tons of lithium anodes. The company's existing R&D and management Most of the personnel come from Shanghai Shanshan Technology Co., Ltd. under the Shanshan Group, including Zhang Dianhao, Feng Suning, and Zhang Zhiqing.

The Fengxin County “2012 Work Summary and 2013 Work Plan” report stated that “China's top 500 enterprises Shanshan Holdings, the first phase of investment of 1.2 billion lithium ion anode materials project settled in Fengxin.” This also indicates that Zheng Yonggang control The Shanshan Holdings is the actual controller of Zixi Technology.

On June 20, the People's Government of Fengxin County released the "Public Participation Notice for Environmental Impact Assessment of the Construction Project of 10,000 Tons of Lithium-ion Battery Anode Material Production Line for Jiangxi Ziwei Technology Co., Ltd.". One of the company's principals is Zhang Zhiqing.

Such a major investment project, why Shanshangufen in the annual report did not mention it? This obviously has been suspected of breach of trust.

However, Shan Shan shares deputy general manager and director secret Qian Cheng in an interview with "Investors" reporter denied the company's relationship with the Shanshan shares. He said that the company has consulted with the group company and this company has nothing to do with Shanshan shares.

In fact, the Shanshan letter is not the first time. According to the “Office Document of Hegang City People's Government”, there are 11 new projects to be launched in 2013, including one for the Shanshan Group's negative electrode materials and other products. This project is the year when Shanshan’s total investment is 450 million yuan. Production of 10,000 tons of spherical graphite, 40,000 tons of flake graphite, and 10,000 tons of anode materials. Such major projects have also not been announced.

Performance decline The three executives resigned Meanwhile, since last year, many Shanshangufen executives have left.

Shanshangufen announced that last year, Ren Shanquan, general manager of Shanshan shares and deputy general manager Bao Xiaohua left office.

The 2012 annual report shows that Ren Weiquan was the president of Shanshan Co., Ltd. Bao Xiaohua was the head of the International Brand Department of Shanshan Co., Ltd., and the Assistant General Manager and Minister of Industry Development of Shanshan Group Co., Ltd.

In June of this year, Shanshan announced that the company’s board of directors had received the resignation report of Mr. Fan Baofu, the deputy general manager of the company, on May 31, 2013. Mr. Fan Baofu resigned from the position of deputy general manager of the company for personal reasons. According to the “Articles of Association” and related laws and regulations, the application of Mr. Fan Baofu’s resignation as deputy general manager will take effect when the resignation report is delivered to the company’s board of directors. Deputy General Manager Fan Baofu successively served as general manager of Ningbo Shanshan Garment Co., Ltd. and is currently the general manager of Ningbo Shanshan Fashion Clothing Brand Management Company.

From the perspective of the resume, the departure of three senior executives has not been unrelated to the decline in the business of the apparel segment. According to the senior management of Shanshan Stock, there are 6 deputy general managers, of which deputy general manager Weng Huiping also serves as chief financial officer and deputy general manager Qian Cheng serves as secretary to the board of directors. There are 4 full-time deputy general managers, namely Li Zhihua, Fan Baofu, Li Qiming and Bao Xiaohua. The resigned general manager and two deputy general managers accounted for nearly half of the senior management team.

In 2012, the performance of Shanshangufen did face various difficulties. Especially in the apparel sector, the gross profit margin was significantly lower than that of the same industry, and the net profit dropped even more severely. According to statistics, in 2012, the company’s apparel business achieved a revenue of RMB 1.802 billion from its main business, which was a year-on-year increase of 6.34%. However, the net profit attributable to shareholders of listed companies was only RMB 8.5 million, a year-on-year decrease of 85.6%.

Qian Cheng told reporters that the company executives have to leave for their own reasons. The development of the company's garments sector was really bad last year, but the lithium battery material business is not bad and it is generally stable.

Those who are familiar with Shanshangufen said that if the company develops well, it is certain that there will not be a number of executives leaving the company.