On August 14, Denon Optoelectronics announced another big order and signed a 95 million yuan purchase contract with Guangdong Berson Solar Technology Co., Ltd. (hereinafter referred to as Berson Solar). However, a reporter from the "Daily Economic News" noticed that Berson Solar, which is cooperating with Tianlong Optoelectronics this time, is inextricably linked to Nalati: One of the investors of Berson Solar is Anhui Zhongke Solar Energy Co., Ltd. (hereinafter referred to as Zhongke Solar), and according to the Shenzhen Stock Exchange [Weibo] interactive platform, Zhang Yong, chairman of Zhongke Solar, is Nalati's legal representative.
Information shows that the 133 million yuan contract payment signed by Denon Optoelectronics and Nalati has not yet been fully realized, and may even be included in bad debts; and the new customer Boson Solar Energy has connections with Nalati. For Denon Optoelectronics, which has performed poorly in recent years, Is the large order of 95 million yuan a "timely help" or "adding insult to injury" to Denon Optoelectronics, which has performed poorly in recent years?
Signed a 100 million yuan order with a company that has not been "full moon"
Tianlong Optoelectronics announced on August 14 that the company signed an "Equipment Procurement and Supply Agreement" with Guangdong Berson Lighting Technology Co., Ltd. The equipment purchased by the two parties is the DRZF800 high-efficiency polysilicon ingot furnace, and the contract amount is 95 million yuan.
Obviously, this large order of nearly 100 million yuan can be described as a "timely help" for Tianlong Optoelectronics. Tianlong Optoelectronics has suffered losses for two consecutive years. In 2012 and 2013, it achieved operating income of 176 million yuan and 221 million yuan respectively, and operating profits of -561 million yuan and -174 million yuan respectively. In the first half of this year, it continued to suffer a pre-loss of 50 million yuan to 55 million yuan. If Tianlong Optoelectronics continues to suffer losses in 2014, according to the "Shenzhen Stock Exchange [Weibo] GEM Stock Listing Rules", companies that have suffered losses for three consecutive years will be suspended from listing.
What’s interesting is that the “little partner” of this cooperation, Bosen Solar, has been established for less than a month. The reporter checked the industrial and commercial information and found that Berson Solar was established on July 22, 2014. In other words, the partner that signed a large order of nearly 100 million yuan with Denon Optoelectronics was actually a new company that was not yet "full moon". Moreover, the registered capital of this new company is only 30 million yuan. Can such a new company have the ability to take an order of 95 million yuan? The reporter once called Lu Song, secretary of the board of directors of Denon Optoelectronics, about this. He said that the two parties have already reached an agreement on risk control, and they can just implement it according to the contract.
In fact, many investors with questions left messages on the interactive platform of the Shenzhen Stock Exchange. Among them, an investor named "Viewer 5535" issued the following question, "Last year, the company sold 130 million yuan to Xinjiang Nalati Company. So far, the company has only received 20% of the payment. At that time, Xinjiang Nalati Company was only established for about one year. This month, it Guangdong Boson, which has signed a large order of 95 million, has only been established for less than a month. Is there any more reliable measures? "
Investors' concerns are not unreasonable. As early as June 4 this year, some investors mentioned in the stock forum that Tianlong Optoelectronics had unannounced orders of hundreds of millions of yuan in Xinjiang, and the company suspended trading for one day on June 10. After the resumption of trading, it was stated that the company signed an "Equipment Procurement and Supply Agreement" with Nalati Company on April 6, 2013 and October 13, 2013. Nalati Company planned to purchase DRF85A fully automatic straight pullers from the company. The total value of the two contracts reached 133 million yuan, and Tianlong Optoelectronics has shipped the products in May and December 2013 respectively.
However, as of June 10 this year, Tianlong Optoelectronics has only received a total payment of 24 million yuan, and now Nalati Company has ceased production, and the subsequent payment situation is not optimistic.
Although Tianlong Optoelectronics admitted that it has orders worth 100 million yuan in Xinjiang, investors are not happy. Because of this large order of 133 million yuan, the goods were shipped, but only 24 million yuan was recovered; even more unfortunately, on the day of resumption of trading, Denon Optoelectronics announced that the partner had stopped production.
The partner flashed the Nalati Phantom
Now, Denon Optoelectronics has signed a large order of nearly 100 million yuan with a new company established less than a month ago. The reporter of "Daily Economic News" further discovered that the signed Berson Solar Energy Company has some relationship with Nalati Company, and there is a common name behind them - Zhang Yong.
In the basic industrial and commercial information of Berson Solar, there are 4 investors, and Zhongke Solar is one of them. The legal representative of Zhongke Solar is Zhang Yong, and the legal representative of Nalati Company is also Zhang Yong. Its subscribed capital contribution is 65 million yuan and its paid-in capital contribution is 13 million yuan.
Who is Zhang Yong? Are the two "Zhang Yong" the same person? In fact, the name Zhang Yong is no stranger to Tianlong Optoelectronics. On June 7 this year, "Huasheng Tianlong Optoelectronics invests 1 billion yuan to build a factory" published in Meizhou Daily stated that "Tianlong Optoelectronics Equipment Co., Ltd. will invest 1 billion yuan to build a polysilicon ingot furnace project in the Zengcheng (Meixian) Ecological Industry Transfer Industrial Park." Feng Jinsheng, chairman of Tianlong Optoelectronics, attended the signing ceremony. It is worth noting that the person signing on behalf of Tianlong Optoelectronics turned out to be Zhang Yong.
Is Zhang Yong an employee of Tianlong Optoelectronics? However, Tianlong Optoelectronics claimed that Zhang Yong is the chairman of Zhongke Solar. On June 10 this year, an investor named "Viewer User 2519" asked Tianlong Optoelectronics a question on Huayiyi and gave a link to the media report, "Who is the person signing on behalf of Tianlong Optoelectronics and the Meixian Government in the media reported photos, and what position does he hold in the company?" Tianlong Optoelectronics replied that the signer was the chairman of Anhui Zhongke Solar Energy Co., Ltd.
On June 16, an investor named "View user 7920" once again asked Tianlong Optoelectronics on Huayiyi, "Are the Zhang Yong who negotiated and signed the investment with the local government in Meixian District, Meizhou City, Guangdong Province, and the Zhang Yong of Xinjiang Nalati New Energy Co., Ltd. the same person?" Tianlong Optoelectronics replied that they are the same person, and Zhang Yong is the legal representative of Nalati Company. The truth comes out.
This also means that Tianlong Optoelectronics once again cooperated with the company invested by Zhang Yong after mentioning in June that Nalati Company had stopped production and the payment could not be recovered. In this regard, the reporter called Lu Song, the secretary of Tianlong Optoelectronics, but as of press time, there was no response from the other party.
Some people in the industry said that generally speaking, if a company chooses a partner that encounters a repayment crisis, it will definitely be cautious about cooperating again, even if the partner is a shareholder. However, a private equity person in Shenzhen said, "When cooperating with others, it still depends on the situation of the other company. The shareholders are only a reference. For example, JD.com is currently losing money, but Liu Qiangdong came to me for cooperation. Can I give up?"
Large customers have repeatedly frustrated him
In fact, investors are not unfounded. "Daily Economic News" reporters found out after combing through that Tianlong Optoelectronics has repeatedly "stepped on thunder" with major external customers.
Tianlong Optoelectronics signed an "Equipment Procurement and Supply Agreement" with Inner Mongolia Fengwei Photovoltaic Technology Co., Ltd. (hereinafter referred to as Fengwei Photovoltaic) on July 22, 2012, which stipulates that Tianlong Optoelectronics will supply Czochralski silicon monocrystalline furnaces, polycrystalline silicon ingot furnaces and other products to Fengwei Photovoltaic. The total contract amount is 117 million yuan (tax included). However, the first quarter report of 2014 showed that the company received an advance payment of 10 million yuan from Fengwei Photovoltaics in August 2012, and sent 21 polycrystalline ingot furnaces to it in February 2013. As of the disclosure of the first quarter report of this year, Tianlong Optoelectronics had not received the remaining payment from Fengwei Photovoltaics.
The previous cooperation with Chaori Sun has become a lingering nightmare for Tianlong Optoelectronics. On November 1, 2013, Chaori Sun and Tianlong Optoelectronics signed a "Cooperative Production and Operation Agreement", and the two parties will conduct a two-year cooperative production and operation. The ownership of silicon wafers and cell products produced during the cooperation period belongs to Tianlong Optoelectronics, which has the right to obtain legal benefits from the sale of the products.
The reporter checked the information and learned that at that time Tianlong Optoelectronics had a receivable balance of 115 million yuan from *ST Chaori (including Luoyang Chaori and Jiujiang Chaori). However, Tianlong Optoelectronics assesses that there are obvious difficulties in *ST's daily payment. Tianlong Optoelectronics believes that part of the receivables can be offset through cooperative operations; and under the current recovery of the photovoltaic industry, it is feasible to adopt a cooperative production model. But this cooperative production model came to an abrupt end in July this year.
The above-mentioned Nalati order of more than 100 million yuan has also become a "landmine" for the company's performance. In April this year, Denon Optoelectronics, which had already achieved a turnaround, announced a sudden performance revision. Last year, the company changed from a profit of 6.0852 million yuan to a huge loss of 130 million yuan. Regarding the reasons for the change in performance, Tianlong Optoelectronics mentioned on the interactive platform that the 110 million yuan revenue adjustment was mainly due to the revenue from the monocrystalline furnace. The equipment passed the inspection but the payment ratio was low. The accountant was unable to confirm it out of caution. The revenue of 110 million yuan mainly came from Nalati Company.
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