On November 25, Huayi Electric (600290) revealed that there was a violation of guarantee and the family scandal occupied by the controlling shareholder Huayi Group Co., Ltd. (hereinafter referred to as "Huayi Group"), and then Huayi Group promised to solve the aforementioned problems within one month. However, a month has passed, but Huayi Group has not fulfilled its original promise. Huayi Electric, which was miserable by the major shareholder, took the initiative to apply to the Shanghai Stock Exchange for the company's shares to implement other risk warnings. According to relevant regulations, Huayi Electric will be "ST" from the market open on December 26, and Huayi Electric will be transformed into ST Huayi.
The reason why Huayi Electric's stock is "ST" is mainly related to matters such as the occupation of funds by major shareholders. After self-inspection, Huayi Electric found that there were violations of guarantees, capital occupation of controlling shareholders, etc. Among them, the amount of illegal guarantee was 925.9 million yuan, accounting for 22.75% of the company's latest audited net assets; Overdue external guarantees totaled 214 million yuan, accounting for 5.26% of the company's latest audited net assets; The total balance of related party funds occupied was RMB1,058 million, accounting for 26% of the latest audited net assets. According to an announcement issued by Huayi Electric on November 25, the company found that as of September 30, 2019, the company had accumulated 2.212 billion yuan in related party capital occupation, returned a total of 1.155 billion yuan, and the balance of related party capital occupation totaled 1.057 billion yuan. From October 1 to November 25, 2019, the funds occupied by related parties were 001 million yuan, which were not returned during the period, and as of the announcement disclosure date, the total balance of related party funds occupied was 1.058 billion yuan, accounting for 26% of the company's latest audited net assets. Huayi Electric said that the above-mentioned occupied funds are mainly used by the controlling shareholder to repay its own financing loans and interest, compensate the principal and interest of the mutual insurance unit and operate turnover. At that time, Huayi Electric said that the controlling shareholder had promised to solve the problem of external guarantee and capital occupation of the above-mentioned listed company within one month from the date of disclosure of the announcement. However, on December 25, Huayi Electric announced that the controlling shareholder did not solve the above-mentioned illegal guarantee and capital occupation problems within the commitment period (that is, within one month from November 25, 2019), and according to Article 13.4.1(5) of the Stock Listing Rules of the Shanghai Stock Exchange, "the company is subject to non-operational appropriation of funds by the controlling shareholder and its affiliates or provides external guarantees in violation of the prescribed decision-making procedures, and the situation is serious", the company applied to the Shanghai Stock Exchange to implement "other risk warnings" on the company's shares. Regarding the unresolved capital occupation and illegal guarantee matters, Huayi Electric said that it will continue to urge the controlling shareholders to resolve them as soon as possible. Huayi Electric takes power transmission and distribution and wind power as its two main businesses. Data show that Huayi Electric achieved operating income of about 808 million yuan in the first three quarters of this year, down 25.75% year-on-year; The attributable net profit corresponding to the realization was about 11.0228 million yuan, down 36.04% from the same period last year. Huayi Electric's net profit after deduction in the first three quarters of this year lost about 29.8285 million yuan.
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