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The performance decline was also accused by the short-selling organization of financial fraud. Zhou Hei duck issued a clarification notice twice within 10 days.

March 15, 2019 03:32
Author: Xia Fang

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[The decline in performance and the short-selling organization accused the financial fraud. Zhou Hei duck issued a clarification announcement twice in 10 days] Today, the Zhou Hei duck, which is listed in Hong Kong, has also been "marked" by the hollowing out agency. On March 4th, the short-selling organization Emerson Analytics published a short-selling report. The sword pointed to the financial fraud of Zhou Black Duck. In 10 days, the two sides fought against each other for two rounds. (Securities Daily)

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At that time, because the water was empty,Huishan DairyStock price suffered a cliff-like decline, the companySuspension3 years to dateResumption of tradingIt is the lesson of blood that is brought to Huishan.

Now, listed in Hong KongWeek black duckIt was also "stared" by the hollowing out agency. On March 4th, the short-selling organization Emerson Analytics published a short-selling report. The sword pointed to the financial fraud of Zhou Black Duck. In 10 days, the two sides fought against each other for two rounds.

According to the "Securities Daily" reporter understands that since March 4 (the company's stock price of 3.69 Hong Kong dollars / share) to March 14, 10 days, Zhou Black Duck issued two clarificationsannouncementRoaring the empty body. During this period, Zhou Black Duck's stock performance was fairly stable. As of yesterday (March 14), the company's share price closed at 4.01 Hong Kong dollars per share, down 1.72%.

Two clarification announcements within 10 days

Refuting accusations

According to the reporter's understanding, after the short-selling report of the short-selling organization Emerson Analytics on March 4th, Zhou Heiya started the suspension and responded, and issued a clarification announcement in time.

According to the report of Emerson Analytics, the sales volume of Henan and Jiangxi Zhouheiya stores was “increased” by 28%. Zhou Heiya said in the clarification announcement that “the report completely misunderstood the way in which the sales ticket number was operated”. In addition, the data listed by Emerson Analytics refers directly to the financial data fraud of Zhou Black Duck.

For the actual average daily sales volume of a single retail store in Central China is 125, which is 38.7% less than the official 174, Zhou Heiya responded that the “false accusation” was based on the Group’s business as of June 30, 2018. The overestimation of the average number of passengers per day for the six-month period is based on the fact that the company’s daily average number of customers for the three months ended September 30, 2018 “has no factual basis and misleading comparisons between different periods” .

On March 13, Emerson Analytics issued another second report on Zhou Hei.

In the report, Emerson Analytic accused Zhou Black Duck of two clarifications in the earlier clarification statement, which was intended to accuse Zhou Black Duck of “lying a lie.” To this end, Zhou Heyao issued another clarification announcement yesterday (March 14) that it was “no accusation”. .

Zhou Heiya said that the reason for canceling the order can be the actual cancellation of the salesperson, and the pending order is then cancelled in batches or the sales point retail management system ("POS system") training for the sales staff. “The Group will not pay special attention to any number of cancelled orders for any reason, as the company has never recorded any cancelled orders with no payment records as sales or income, and the company believes this is sufficient to avoid Any anomalies arising from any situation may result in operational or financial records being inaccurate."

For the "match" between Emerson Analytics and Zhou Hei, who is lying, I believe institutional investors will have a clear judgment. Although there is no big shock in the stock of Zhouhe Duck, the impact of the two reports that the hollowing out agency brought to the Zhouhe Duck is over. It is not yet conclusive.

In response, Chen Meng, executive director of Xiangxi Capital, said in an interview with the Securities Daily that short selling may not immediately result in a sharp drop, because the analysis of the short-selling report requires the research department of the relevant institution to accept it, so it is not a short-selling When the report is released, some people will sell it. Hong Kong institutional investors will not judge the relevant short-selling evidence like the “sauerkraut” in the Mainland. Therefore, if there is a short-selling report, it will inevitably lead to a sharp drop. In addition, the short report is a copyresearch reportThe market can have differences on listed companies.

 The company expects last yearNet profit

30% year-on-year

According to the "Securities Daily" reporter, as a snack food company, Zhou Heiya's performance in 2018 is not bright.

On the evening of January 30, Zhou Black Duck released 2018PerformanceThe company expects net profit in 2018 to fall by about 30% year-on-year, and its net profit for 2017 is 762 million yuan. Regarding the reason for the decline in performance, the company stated that it was mainly due to the increase in raw material costs and the decline in the profit margin of the store operations. In addition, from April 2018, Hebei Zhouhe Duck Food Industrial Park Co., Ltd. was affected by factors such as depreciation and rising energy costs.

In fact, for the current status of Zhou Hei,CITIC Construction InvestmentAnalystAccording to the release of the research report, due to the pressure of the overall consumption environment and fierce competition in the industry, Zhouhe Duck's business has entered an adjustment period, which is reflected in the decline in revenue and pressure on profit margins.

For the problems currently faced by Zhou Hei, Shen Meng said that the main business products of Zhou Hei Duck have a special effect in certain areas, but they may not have long-term heat in other places. "As a snack-making enterprise, there must be loopholes in its management and management, but it is not fatal. It is normal for Zhouhe Duck to be a bone in the egg as a listed company. In addition to rebuttal, it is necessary to reflect on the possible existence of the The problem is that listed companies are not criticized, otherwise they will not go to Hong Kong."

(Article source: Securities Daily)

                (Editor: DF407)

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