Jiangsu Sunshine (600220): Subsidiary Companies Fall Behind The Implementation Of Oolong

Jiangsu Sunshine released a statement on the implementation of "Oolong" in the afternoon of July 15.

Jiangsu Sunshine announced that it learned that Shanghai No.2 Intermediate People's court recently issued an enforcement notice to Jiangyin jindimao Textile Co., Ltd., a wholly-owned subsidiary of the company, recently [(2020) Hu 02 Zhi 833], which showed that Shanghai Xiaohua Industrial Development Co., Ltd. applied to the court for compulsory enforcement due to the housing lease contract dispute, and the court ordered Jiangyin jindimao RMB 15.019 million for overdue payment of rent and RMB 10.8033 million for overdue performance of the contract.

We have never been informed of any business contact between Shanghai Sunshine Industrial Co., Ltd. and Shanghai Kingfisher Industrial Co., Ltd. and we have not been informed of any business related matters with Shanghai Jinxiao Industrial Co., Ltd. and we have not been informed of any business related matters with Shanghai Jinxiao Industrial Co., Ltd. and we have not been informed of any business related to Shanghai Jinxiao Industrial Co., Ltd After Shanghai Xiaohua Industrial Development Co., Ltd. filed a lawsuit, Shanghai Xiaohua Industrial Development Co., Ltd. has never received any legal documents such as litigation copy, notice of response, civil mediation statement sent by the court. The entrusted litigation agent specified in the mediation statement is not the employee of the company, and the company has never authorized relevant personnel to participate in the litigation Personal behavior by someone in the name of Jiangyin Jindi Wool Textile Co., Ltd. Now he pretends to be an agent and has surrendered to the public security organ for suspected crimes.

Jiangsu Sunshine said that the company is actively following up the matter, after application, the implementation has been suspended; the matter has no impact on the company's profits at present.

Jiangsu Sunshine is an enterprise of "wool textile giant" Luk Keping. Lu Keping is the founder of sunshine group and sunshine holdings. Starting from textile, he once held three A-share listed companies in the capital market. In recent years, the capital empire built by Lu Keping has been in constant turmoil. Hai Run photovoltaic and Yangsheng biological products have been withdrawn from the market. Due to the four ring biological case, Lu Keping was banned from the market in May this year.

Lu Keping's industrial map has shown signs of contraction several times. On June 17, the equity of Yuanshuo Energy Co., Ltd. of Zhejiang Free Trade Zone changed, and the former shareholder Jiangsu Sunshine Group Energy Co., Ltd. withdrew. The latter is a wholly-owned subsidiary of sunshine group, which is wholly owned by sunshine holdings.

According to industrial and commercial data, Zhejiang free trade zone Yuanshuo Energy Co., Ltd. was established in March 2019 with a registered capital of 100 million yuan. At present, the shareholders are four natural persons, namely Jiang Zhen, Zhao Jinsheng, Tian Hongju and Wang Kezhi. On July 1 after the company withdrew, Yuanshuo energy was listed in the list of abnormal operation by the free trade Pilot Zone Branch of Zhoushan market supervision and Administration Bureau, because "the annual report was not publicized in 2019 according to the time limit specified in Article 8 of the Interim Regulations on enterprise information publicity".

According to Jiangsu Sunshine's announcement at the end of April, sunshine holdings is held by three natural persons - Lu Keping holds 64.29%, Chen Lifen holds 32.71% and Li Xiaobo holds 3%. Lu Keping is the founder of sunshine group and the actual controller of Jiangsu Sunshine Group. Chen Lifen is the legal representative, chairman and general manager of Jiangsu Sunshine, and the persons acting in concert with sunshine group are the controlling shareholders of Jiangsu Sunshine.

The company had previously withdrawn from Nanjing sunshine Power Plant Co., Ltd., which was the legal representative of the company.

At present, the performance of Jiangsu Sunshine is not good. The first quarter report of this year shows that during the reporting period, Jiangsu Sunshine realized 289 million yuan of operating income, a year-on-year decrease of 29.53%; the net profit attributable to the parent company was a loss of 38.9534 million yuan, while that of the same period of last year was 10.8501 million yuan.

Jiangsu Sunshine, with poor performance, is still providing financing support for the sunshine group behind it.

Sunshine Group will continue to provide guarantee for Jiangsu Sunshine Group (excluding 500 million yuan) for its subsidiary company on March 5.

On June 11, Jiangsu Sunshine announced again that Jiangyin Jindi Wool Textile Co., Ltd., a wholly-owned subsidiary of the listed company, signed the "maximum mortgage guarantee contract" with Shanghai Branch of Ping An Bank Co., Ltd., to provide mortgage guarantee for the loan of sunshine group to Ping An Bank with hfdhz (2016) No. 004505, with the maximum amount of guarantee no more than RMB 300 million From August 1, 2020 to June 2020.

Jiangsu Sunshine first quarterly report shows that 99.45% of the 9.98% shares held by sunshine group are in the state of pledge.

According to Jiangsu Sunshine announcement, as of March 31, 2020, the total assets of sunshine group were 22.810 billion yuan, the total liabilities were 10.855 billion yuan, and the net assets were 9.822 billion yuan; from January to March 2020, the operating income was 2.369 billion yuan, and the net profit was 158 million yuan.