Jiangsu Securities Regulatory Bureau responded that a listed company's announcement of signing a 300 million yuan drone order has sparked controversy

Release time:Apr 16, 2024 05:46 AM

On August 28th, listed company Yongyue Technology Co., Ltd., which hopes to expand and explore the unmanned technology industry, issued a major announcement: its wholly-owned subsidiary Yancheng Yongyue Intelligent Equipment Co., Ltd. has signed a sales contract with Changda Transportation Investment Development Co., Ltd. in Pingyu County, Zhumadian City, Henan Province, with a total amount of 300 million yuan.

The above contract has attracted high public attention, and the news that Pingyu County will spend 300 million yuan to buy 5000 drones has become a hot topic.

Upstream news reporters have learned that there are many mysteries behind this matter: Zhou Tao, Chairman of Changda Communications Investment, said that buying drones is only an intention agreement and has not been fully settled yet; The operation of Pingyu General Airport requires the use of the above-mentioned drones, but the airport with a total investment of 247 million yuan is still in a shutdown state due to insufficient funds; According to official sources from Pingyu, state-owned enterprise Changda Trading Co., Ltd. is unable to obtain 300 million yuan, and it is suspected that the purchase of drones did not go through the bidding process.

Can this 300 million yuan contract really be fulfilled? Is the information disclosed by Yongyue Technology Company true, accurate, and complete? On September 1st, staff from the Investor Protection Office of Jiangsu Securities Regulatory Bureau stated that they would report the above doubts to their leaders in the form of a weekly report.

1. 300 million yuan drone contract

On August 28th, Yongyue Technology, a listed company in Yancheng, Jiangsu, issued an announcement with the number "2023-42". At the beginning of the announcement, it is stated that the board of directors and all directors of the company guarantee that there are no false records, misleading statements, or significant omissions in the content of this announcement, and assume individual and joint liability for the truthfulness, accuracy, and completeness of its content.

On August 28th, Yongyue Technology released a major announcement.

The core content of the announcement is a contract signed on August 28th this year, which targets 5000 "Yongyue Intelligent X40c" drones with a unit price of 60000 yuan and a total contract amount of 300 million yuan.

Jiangsu Securities Regulatory Bureau responded that a listed company's announcement of signing a 300 million yuan drone order has sparked controversy

The first party of the contract is Yongyue Intelligent, and the second party is Changda Jiaotou. Both parties agree that within 10 working days after the signing of the contract, Party B shall pay 20% of the total contract price to Party A; Within one month of signing the contract, Party B shall pay 80% of the total contract price to Party A; Party A shall send out the goods and deliver the drone to Pingyu General Airport before March 2024. The contract also stipulates matters such as acceptance, breach of contract liability, and compensation.

Upstream news reporters have noticed that the announcement provides a special risk warning: both parties to the contract have the ability to perform, but in the process of contract performance, unpredictable factors such as macroeconomic policies and market environment changes may affect the contract, which may lead to the inability to be fulfilled on time or in full. Investors are advised to invest rationally and pay attention to investment risks.

The upstream news reporter sent an interview email as requested by Yongyue Technology, but as of the time of publication, no response has been received.

2. Can state-owned enterprises that buy drones fulfill their obligations?

Yongyue Technology announced that Changda Trading has the ability to fulfill its obligations. As the buyer of Changda Trading, can we really fulfill the contract?

According to business information, Changda Jiaotou is a wholly-owned subsidiary of Pingyu County Transportation Bureau with a registered capital of 30 million yuan. Its main business is investment, construction, operation, and management of transportation infrastructure projects and supporting facilities.

On August 28th, Zhou Tao, the chairman of the company, said in an interview with Securities Times that Pingyu Changda is the operation and management company of Pingyu General Airport, and the airport operation requires the use of the above-mentioned drones; Buying a drone was a decision made by the county, and it is only an intention agreement that has not been fully finalized yet.

Pingyu County General Airport Planning Map/ Pingyu Online

Since it is an intention agreement, why sign a sales contract and agree on breach of contract liability? On September 1st, upstream news reporters made multiple phone calls to Zhou Tao and the Deputy Minister of Propaganda Department of Pingyu County Committee, but no one answered them. They also sent text messages but did not reply.

Upstream news reporters found that local media in Zhumadian reported that Pingyu General Airport was originally planned to be put into use in 2020. The total investment of the airport is 247 million yuan, of which 127 million yuan has been completed. Due to difficulties in cash flow for construction companies, the project is still in a state of suspension.

The partial current situation of Pingyu County General Airport in May this year/ Respondents provide pictures

An unnamed official from Pingyu County said that Changda Jiaotou needs to purchase a large amount of drones, and according to regulations, it must obtain approval from higher authorities before going through strict bidding procedures. At present, he has not seen any bidding information about "drone procurement" on government procurement websites and other bidding platforms.

The official said, "This is spending 300 million yuan, and the main leaders must hold a meeting to collectively study before taking the next step. How can Changda Jiaotou be this home? The leaders have not held a meeting about buying a drone for 300 million yuan. The county has been lifted out of poverty for more than three years, and there are many places where money needs to be used. If you spend 300 million yuan on buying a drone, the people will scold you."

3. The China Securities Regulatory Bureau will report

This is not the first time Yongyue Technology has issued a similar announcement.

Upstream news reporters noticed that on August 1, 2022, Yongyue Intelligence signed a purchase contract with Jiangsu Zhongchuan Huaxia New Media Technology Co., Ltd., with a total contract amount of 114 million yuan.

On September 1st, Upstream News reporters repeatedly called Jiangsu Zhongchuan Huaxia New Media Technology Co., Ltd. to inquire about the performance of the above-mentioned contract, but no one answered.

Yongyue Technology announced that the company has two major business segments: unsaturated polyester resin and drone business. In recent years, the competition in the unsaturated resin industry has become increasingly fierce, which has had a certain impact on the company. The company hopes to expand and explore towards the direction of unmanned technology industry, hoping to solve the problems of insufficient development space and single industry by extending to emerging technology industries with good development prospects. Yongyue Intelligence, with a registered capital of 25 million yuan, was established in February 2022, dedicated to the research and production of technologies such as drones, unmanned vehicles, and intelligent robots.

The Measures for the Administration of Information Disclosure of Listed Companies stipulate that the disclosed information shall be true, accurate, complete, concise, clear, and easy to understand, and shall not contain false records, misleading statements, or significant omissions.

The stock price trend chart of Yongyue Technology on September 1st/ Respondents provide pictures

Upstream news reporters have noticed that in the past two months, the stock price of Yongyue Technology has increased significantly, from less than 6 yuan on June 19 to a peak of 11.49 yuan on August 18. Although the stock price has recently rebounded, it is still at a stage high. But at around 2:11 pm on September 1st, the stock plummeted rapidly, hitting the limit down, and then quickly stretched again. As of the close, the stock fell 4.34% on September 1st, with a closing price of 9.04 yuan.

On September 1st, a reporter from Upstream News called the complaint hotline of the Investor Protection Office of Jiangsu Securities Regulatory Bureau to report that Yongyue Technology had announced a sales contract of 300 million yuan, but the person in charge of Party B in the contract said that there was only an intention agreement; The second party is a state-owned enterprise and wants to spend 300 million yuan to purchase equipment, which requires strict approval. However, no relevant bidding information was found. Is such information disclosure true, accurate, and complete?

The staff member stated that the above doubts have been recorded in detail and will be reported to the leadership in the form of a weekly report. As for how to handle it, the leader will provide specific opinions.

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