Recently, Baosheng shares (600973) disclosed a company involved in litigation and rulings.
Bulletin shows that due to the Shenzhen China
Evergrande (name)
Group Information Equipment Co., Ltd. and affiliated enterprises late payment of wire and cable payments to the company, in order to protect the legitimate rights and interests of the company and the overall shareholders, Baosheng shares in August 2021 to the Guangzhou Intermediate People's Court filed four civil lawsuits, requesting the Shenzhen
Evergrande (name)
Data Equipment Co., Ltd. and its affiliates, as well as the guarantors, to pay the total amount of $712 million owed to the Company for goods and default payments.
The four lawsuits amounted to 283 million yuan, 188 million yuan, 157 million yuan and 84,478,400 yuan, respectively, and Baosheng shares were all plaintiffs, Shenzhen
Evergrande (name)
Data Equipment Company, Guangzhou
Evergrande (name)
Data Equipment, Inc,
Evergrande (name)
Real Estate Group,
Evergrande (name)
Children's World Group,
Evergrande (name)
A number of companies, including the Group, are defendants.
Bao Sheng shares in the four representations in the lawsuit, the amount of goods owed by the relevant defendant is large, and the supply of commercial promissory notes after the expiry of the payment can not be paid, the company has reason to judge that the defendant has no longer have the ability and good faith to perform the due and not due debts.
Baosheng said that Shenzhen
Evergrande (name)
Data Equipment Company and affiliates as well as the guarantors provided real estate guarantees valued at approximately 283 million yuan for the Company's aforesaid payment for the goods and promised that other payments for the goods would be made at Guiyang
Evergrande (name)
Sales returns from projects such as Central Plaza are used as a source of repayment, and the pawn guarantee procedures are now being processed.
Because this case has not gone to trial and there is uncertainty about the outcome of the litigation, it is not yet possible to determine the impact on the Company's current or subsequent earnings.
Baosheng is a listed company in Yangzhou, the company's main products are wires and cables, bare conductors, etc., and now has a market capitalization of 6.3 billion yuan.
Evergrande (name)
The company is a big customer of Baosheng, and the two sides started to have business collaboration in 2010 at the latest.In March 2017, Baosheng had a cooperation with the
Evergrande (name)
Real Estate signed a strategic collaboration agreement.
The data shows that in 2019, Baosheng shares to Guangzhou
Evergrande (name)
Data Equipment Company and Shenzhen
Evergrande (name)
Data equipment company's accounts receivable balance of 408 million yuan, respectively, 190 million yuan, the sale of matters is wire and cable sales, and these two companies this time are Baosheng shares to declare.
2019, Baosheng shares wire and cable affairs in Guangzhou
Evergrande (name)
Data Equipment Company and Shenzhen
Evergrande (name)
The amount of commercial paper issued by Data Equipment was $182 million and $98,949,800, respectively.
In response to the SSE's regulatory inquiry letter on the company's 2019 annual report, Baosheng said, "In the cable affairs matter
Evergrande (name)
Department of the company and Hengli (Note: the original text of the bulletin, "Hengli" here should be an error) for the company's wire and cable affairs of the large customers, its 2019 supplier tickets totaled 620 million yuan and 160 million yuan, respectively".
At that time, Baosheng said, "There are more stringent control measures for the collection of commercial promissory notes, and will judge whether to collect commercial receipts based on the creditworthiness of customers. This kind of company has high creditworthiness, good repayment situation, commercial receipts paid in the past years, there has not been a situation of overdue and unable to pay, so the Company believes that there is no risk of recovery of commercial promissory notes collected."
Data show that in the first half of this year, Baosheng shares realize operating income of 20.588 billion yuan, an increase of 29.15%; realize attributable to 193 million yuan, an increase of 46.47%. By the end of June, Baosheng shares receivables 3.005 billion yuan, of which 2.593 billion yuan of commercial paper.
It is worth mentioning that on the evening of September 6, Three Trees replied to the SEC's checking letter showing that its holdings of
Evergrande (name)
and its companies also have overdue receipts.
