On the evening of May 7, ST Sunshine announced that the company had received a notice from its controlling shareholder Sunshine (600673) Group, which recently received a "prior notice of administrative punishment" from the China Securities Regulatory Commission.

The notice shows that the case of Sunshine Group suspected of insider trading in the shares of Hairun Photovoltaic Technology Co., Ltd. has been investigated by the China Securities Regulatory Commission, and the China Securities Regulatory Commission intends to impose penalties on Sunshine Group 2.Crashplaystation2A fine of 32 million yuan.

According to the notice, the above notification involvesCrashplaystation2The subject to be punished is the company's controlling shareholder Sunshine Group, which does not involve the company, and the matters involved have nothing to do with the company. This matter will not affect the daily business activities of the company and its subsidiaries.

According to public information, the controlling shareholder of ST Sunshine Group is Sunshine Group, which was founded by Lu Keping, who is known as the "woolen giant". Sunshine Group is involved in wool spinning, clothing, biomedicine, medical devices, ecological agriculture and forestry, real estate, metal products and other industries. Once controlled Jiangsu Sunshine (600220), Hairun Photovoltaic, Sihuan Bio (000518) and other listed companies, composed ofCrashplaystation2The "sunshine system".

Heavy penalty for insider trading

This huge fine is mainly for Sunshine Group suspected of insider trading in the shares of Hairun Photovoltaic Technology Co., Ltd., which also led to a "thing of the past."

In 2011, Hairun Photovoltaic backdoor ST Shenlong successfully listed, the controlling shareholder is Jiangsu Zijin Electronics Group Co., Ltd., and Jiangsu Zijin's major shareholder is Jiangsu Sunshine Group.

After the listing of Hairun photovoltaic, China's photovoltaic industry has been severely suppressed by Europe and the United States, the whole industry has fallen into malaise, and the newly listed Hairun photovoltaic has also been affected. However, under the background that the performance has not completed the backdoor bet commitment, Hairun Photovoltaic has launched 10 pie 7.Crashplaystation2.4 yuan dividend plan, Sunshine Group takes 200 million dividends. The following year, with the lifting of the ban on Hairun Photovoltaic restricted shares on December 22, 2014, major shareholder Zijin Electronics began to reduce its holdings. From January 7 to January 20, 2015, Zijin Electronics cashed out nearly 1.3 billion yuan by significantly reducing its holdings in Hairun photovoltaic stocks.

January 22, 2015, Zijin Electronics also proposed a "10 to 20" plan, in the "high delivery" upsurge, Hairun photovoltaic stocks rose sharply.

Zijin Electronics took advantage of this opportunity to significantly reduce its holdings, selling almost all of its shares, selling 45 million shares on April 8 alone. As a result, the proportion of Hairun photovoltaic shares held by Zijin Electronics in the total equity decreased from an all-time high of 25.27% to 0.32%.

However, shortly after the announcement of the "high delivery and transfer" plan, Hairun Photovoltaic issued an annual performance forecast for 2014, which is expected to lose 800 million yuan in the current period. Then the company's stock price fell by the limit and halved quickly in a short period of time, but Zijin Electronics and the Sunshine Group behind it had already cashed out. As of the third quarterly report of that year, the top 10 shareholders also had two social security funds and two public offering funds, resulting in heavy losses.

Eventually, Hairun Photovoltaic was delisted in 2019.

ST Sunshine performance "changed face"

On January 31, ST Sunshine issued a forecast for 2023 results, saying that it is expected to achieve operating income of 1.72 billion yuan in 2023, down 13.71% from the same period last year; realize net profit of about 9 million yuan, down 92.32% from the same period last year; and realize deduction of non-net profit of about 24 million yuan, down 77.44% from the same period last year.

As for the reasons for the decline in performance, ST Sunshine explained that the demand of the company's main textile industry is weak, sales, revenue and profits have all decreased; the company shuts down the thermoelectric workshop and carries on the overall package removal and transfer of the old thermoelectric equipment and supporting facilities, which is expected to confirm the asset disposal loss of 36.53 million yuan.

However, on April 26th, ST Sunshine suddenly changed its face! The company submitted the annual performance notice to correct the announcement, correcting the expected return net profit from 9 million yuan to-100.08 million yuan and deducting non-return net profit from 24 million yuan to-85.39 million yuan. The performance changed from profit to loss.

According to the announcement, the main reason for the correction of the performance forecast is that when the 2023 performance notice was disclosed in January 2024, according to the payment plan of Sunshine clothing in previous years and the payment plan of Sunshine clothing to the company's accounts payable prior to the disclosure of the company's annual report, the company routinely considered the credit impairment losses corresponding to the accounts receivable of Sunshine clothing and the estimated liabilities guaranteed by Sunshine Group.

However, with the actual situation that the repayment of Sunshine clothing fell short of expectations after the period, the proportion of bad debts of ST Sunshine clothing receivables increased from 5% to 10% within one year, and from 10% to 30% in 1 to 2 years. The amount of guarantee provided to Sunshine Group is 400 million yuan, and the debt ratio is expected to increase from 5% to 10%.

Immediately after the SSE issued a regulatory work letter, the SSE asked ST Sunshine to fully evaluate the change in credit risk in terms of the credit standing, account age, recyclability and other information of Sunshine clothing, and prudently judge whether the provision of bad debts and expected liabilities is sufficient, and fully disclose the relevant situation in the annual report and asset impairment announcement.

After the disclosure of the annual report, ST Sunshine was implemented with other risk warnings, and the stock abbreviation was changed from "Jiangsu Sunshine" to "ST Sunshine".

From the perspective of share price performance, ST Sunshine fell by the daily limit again on May 8. Since the resumption of trading on May 6, the stock has fallen by the limit for three consecutive days, trading at 1.31 yuan per share. If the stock price continues to fall by the limit, it is likely to hit the "par value retreat" and eventually withdraw from A shares.