Source: Securities Times, the original title "Information broke in court! Mining giant fell out with this A-share company, actually led to the" red wanted "boss"
Author: Zangxiao Song Ren Xiao Ran
At the end of 2019, the listed company Zhongying Interconnect (002464) and the global mining machine giant Zhejiang Yibang United staged a blockchain “mining machine transaction situation”: whether the delivery of 100,000 mining machines was completed as scheduled From the original "good business partner", the two sides have fallen into the "mutual tearing" mystery. For details, see Securities Times e Company's previous report "Wonderful!" The layout of the blockchain has triggered a "delivery situation", and 35,000 devices have disappeared strangely? The buyer has reported! Here is the latest response. "
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Securities Times e company reporters have tracked the transaction for a long time and conducted in-depth investigations. It was found that behind this huge 500 million yuan transaction involving 100,000 mining machines, the business logic was full of loopholes and investment income could not be effectively covered. The customer background was also full of doubts In the trial, Caiying Technology, a subsidiary of Zhongying Interconnect, stated that the transaction between the two parties was to facilitate the listing of Zhejiang Yibang, and pointed out that the final purchaser was Li Yonggang, the actual controller of Yindou.com.
The interest chain involved in the entire transaction is intricate and complicated. It runs through the A and H share capital markets, the mining machine mining market, and even Internet finance. More facts need to be truthfully disclosed by both parties.
The "cloud computing server" that has repeatedly been mentioned in the Zhongying Internet Announcement is more commonly known as "mining machine" or "mining machine". In the past few years, bitcoin and other virtual currencies have been trading wildly, and the mining machine industry has risen accordingly. Some listed companies have also been involved in the participation. Zhongying Internet is one of them. However, it is worth noting that Zhongying Internet's early disclosure was quite low-key. After constant inquiry from the Shenzhen Stock Exchange, it only "squeezed toothpaste" and gradually disclosed the mining machine transaction process.
In response to the first-quarter report of 2018, the Shenzhen Stock Exchange sent a letter asking that the company's balance of prepaid accounts at the end of the first quarter of 2018 increased by 232 million yuan from the previous quarter. Zhongying Interconnected disclosed this: the subsidiary Cailiang Technology and Zhejiang Billion State signed a cloud computing server purchase contract, accumulatively prepaid 214.8 million yuan based on the contract Cailiang Technology, and the account period is three to six months, with a maximum period of no more than nine months.
Following the serial inquiry of the Shenzhen Stock Exchange, Zhongying Interconnection further disclosed the company's involvement in the mining machine business, showing that Cailiang Technology began to deploy in the field of mine construction and other fields from the second half of 2017, and established a "good business partner" with Zhejiang Yibang "Relationship; Cailiang Technology and its end customer VAST DAY INDUSTRY TRADE COMPANY PTE.LIMITED (hereinafter referred to as" VAST company ") successively signed the" Contract for Procurement of Goods "signed in March 2018. VAST customers commissioned Cailiang Technology to purchase cloud in China Computing server (product model is Wingbit E9 +, commonly known as "mining machine") and related accessories and facilities, the number is 100,000 sets, totaling 504 million yuan; all domestic procurement stages are solely responsible for Cailiang Technology, Cailiang Technology only Earn a fixed percentage of service fees.
At the same time, Cailiang Technology found Xiamen Yakexun Electronic Technology Co., Ltd. (hereinafter referred to as “Xiamen Yakexun”) as the exporter of this generation of procurement business, and signed the "Procurement Contract" and related supplementary agreements: Cailiang Technology will purchase The goods are resold to Xiamen Yakexun Electronic Technology Co., Ltd. (hereinafter referred to as “Xiamen Yakexun”) after the original price of the purchased goods is increased by not more than 7.50%; Xiamen Yakexun pays the amount to Cailiang Technology, and the price increases As Xiamen Yakexun's agent service fee payable to Cailiang Technology.
In addition, 3G Venture LLC, an American electric power service provider, and Cailiang Technology reached a cooperation intention to provide venues and power services for Cailiang customers. At the same time, it is an importer of cloud computing servers purchased by VAST in China.
Specific to the implementation stage, Mobcolor Technologies USA LLC, a subsidiary of Cailiang Technology, signed a "Cloud Computing Technology Service Contract" with VAST and 3G Venture LLC, respectively: VAST leased approximately 100,000 square feet to the United States. The venue performs digital currency (hash algorithm) computing services. The site contains a power supply capacity of up to 90 MW and is leased for 3 years. According to forecasts, this transaction will increase the total profit of listed companies in 2018 from RMB 6 million to 15 million; it is expected to increase the total profit for 2019 and 2020 by RMB 25 million to 60 million.
Throughout the transaction, Cailiang Technology played the role of "matchmaker". During the entire financial transaction process, all parties agreed to first deposit 80% of the purchase amount to Gu Hongliang, the legal representative of Cailiang Technology. After all the business negotiations and the work before the project start, Gu Hongliang will provide the deposit to Cai Hongliang. Technology is used for project operations.
Zhongying interconnect said that the above transactions do not constitute related transactions, the transaction pricing is fair, and no benefit transmission is involved. The amount involved in a single transaction does not reach 50% of the total net audit revenue in 2017. The related transactions do not need to perform the board of directors and other review procedures and information. Disclosure obligations.
Regarding the reason and rationality of the company's advance payment on behalf of purchases, Zhongying Internet said that because this business involved many aspects of overseas operating companies, import and export in the initial stage of development, and lack of company management experience, the customer was not allowed to remit directly. Go to the company account, "If there are any problems during the implementation of the project, you can directly repay the money to the customer, and try to avoid having the listed company take on uncertain factors and risks."
Securities Times · e Company reporters consulted the mining machine manufacturer and the electronic supply chain logistics provider in this regard, and the other party was puzzled by this "lengthy" process link. After all, international logistics is now developed, and customers overseas can be exported in one step. Moreover, "public-to-private" account taking is also different from conventional operations. The 7.5% agency rate is basically a reasonable range in the industry, but 80% deposit taking is a bit unusual. After all, as the price of bitcoin plummeted in 2018, mining Machine market transactions have gradually gone cold.
Unaccountable miner transactions
A survey conducted by a reporter of e company found that, in terms of the mining machine models sold this time, Ebit + E9 + mining machine was not a best-selling model in 2018; even E9 + mining machine was eliminated by the mainstream mining market in the second half of 2018.
Several merchants from Huaqiangbei told reporters that once the overall market was out of stock in 2017, Bitmain's ant mining machine was fired to 30,000 in the peak period, and the price of wing bitcoin machine was fired to more than 10,000, but as the currency price fell The mining machine market is rapidly changing. Yibit has stopped shipping E9 + in the second quarter of 2018. In the second half of 2018, Yibit E9 + on the market has been dominated by second-hand mining machines, with quotes ranging from 500 yuan to 600 yuan per unit. And the amount of spot is also very small; the main feedback from customers is that there are problems such as slow rework process and large power consumption.
The Zhejiang Yibang Prospectus disclosed that the E9 + mining machine was launched in February 2017 and belongs to the upgraded version of Wingbit E9 with a hash rate of 9TH / S. During 2017, the sales volume of E9 + was about 140,000 units, with an average selling price of 5895. yuan. It dropped to 4,350 yuan in the first half of 2018. When the reporter asked Yibit customer service about the E9 + situation, the other party said that this model is no longer available, and recommended other models such as E10.
Billion state mining machine sales disclosure
Corresponding to the contract between Cailiang Technology and Yibang, the price of a single 100,000 E9 + miner signed in March 2018 was as high as 5040 yuan, which is similar to the 2017 official offer that was extremely out of stock; it is even higher than 2018. The official unit price disclosed in the prospectus.
An important consideration for mining revenue is the cost of electricity. Therefore, when the currency price drops, in addition to finding the most cost-effective mining machine models, miners have to find the most cost-effective power supply all over the world.
In response to the inquiry, Zhongying Interconnect pointed out that as a service provider, the subsidiary US Lottery, the contract for the lease of venues and power equipment with the 3G company in the United States, agreed to use electricity charges for pricing at 5.5 cents / kWh; VAST has signed a contract for site lease plus equipment operation and maintenance services. The United States Lottery is responsible for the technical service agreement of VAST's daily operation and maintenance and management of mining machines. The pricing is 7.5 cents / kWh, equivalent to about RMB 0.5 / kWh.
As for choosing the United States, Zhongying Interconnection supports stable operation and maintenance services in the United States that can ensure that the overall power outage does not exceed 100 hours per year; compared to 0.5 yuan to 0.6 yuan for one kilowatt of electricity at the time in the United States, and the state of the machine is difficult to find, the United States Lottery The mines provided are highly competitive regardless of environment or price. Among them, the American lottery is responsible for the on-site management and daily operations, earning a profit of 2 cents per kilowatt-hour.
But the problem is that with reference to the basic parameters of the E9 + miner, it is no longer possible to recover costs from 0.5-0.6 yuan / kWh. According to the currency mining statistics of the mainstream currency mining revenue, if the model including Yibit E9 + has a daily net profit loss of more than 8 yuan at a power cost of 0.5 yuan / degree; 0.6 yuan / degree corresponds to a daily loss of more than 12 yuan; Even at the lowest domestic electricity price of 0.33 yuan / kWh, the daily loss still exceeded 2 yuan.
Yibit E9 + -9T Mining Machine Yield Source: Coin Printing
If it is said that the transaction was completed after due diligence by both the buyer and the seller, whether it is in the choice of mining machine model or power supply selection, the business logic of the objective mining industry has been violated since the signing of the contract.
"Live Leifeng" Supply Chain
According to the reporter's understanding from the Shenzhen mining machine custodian, the normal domestic escrow electricity price was about 0.38-0.4 yuan / degree in 2018. At the end of 2017, when the bitcoin price reached 120,000, the electricity price quotation also rose to 0.5-0.6 yuan / Many miners choose to go to sea, but developed countries are not the first choice, but mainly overpowered countries such as Central Asia and Southeast Asia. In addition, the reporter learned from the lawyer in charge of international trade litigation that in 2018, there were many lawsuits in which mining machine importers broke their contracts because of the drop in currency prices.
The response to this sudden change in the market should be quite long. Until April 27, 2019, it announced the termination of the US Lottery and signed a "cloud computing technology service contract" with VAST and 3G. At that time, the price of Bitcoin had rebounded.
Bitcoin Price Source: coindesk
The listed company pointed out that VAST customers had hoped to wait for the bitcoin price to recover and then start up. As of April 2019, although the bitcoin price has recovered to more than $ 5,000, the supercomputing server it purchased is outdated and has low computing power. , High power consumption, still unable to achieve profitability, so VAST has not been running.
Considering that VAST has not notified the U.S. lottery to start operation, after repeated communication and coordination, 3G company agreed to waive the U.S. lottery from the end of August 2018 to April 2019, according to the contract, the accumulated equipment rental fee of 14.4 million US dollars and related listing Fees, and the United States Lottery agreed to directly transfer the receivables of USD 16 million for VAST to 3G companies, this cross-year cross-border transaction officially ended.
In other words, 3G companies have generously suffered losses of $ 30.4 million in custody fees and debt liabilities, totaling more than 200 million yuan. The listed company stated that the relevant "Cloud Computing Technology Service Contract" did not produce economic benefits in 2018, nor did it cause losses to Cailiang Technology; the termination of the contract will not affect the company's business operations and development strategies in 2019 and in the future.
Combining the subsequent lawsuits and report materials of Zhejiang Yibang and Cailiang Technology, a reporter from Securities Times · e Company noticed that Yibang International directly denied this layer of final customer relationship, saying that Zhejiang Yibang had never met with VAST and had no business dealings. .
The reporter further inquired about the overseas industrial and commercial registration information website and found that the VAST customer registered in Singapore was a Singapore-based trading company with no main product. The registration time was on March 21, 2018, which was disclosed by Zhejiang Yibang Date of actual signing of the contract for 100,000 mining machines.
VAST Business Registration Information
What's even more weird is that the registered address of the 3G company that Zhongying has always claimed to have no affiliation, and the registered address of its branch company is shown in the same location as the US MOBCOLOR TECHNOLOGIES branch, which is 1615 West Garden of the Gods Road, Colorado Springs, Colorado, CO 80907, US. This is also the place where listed companies disclose hosting mining machines.
The reporter checked the overseas bitcoin industry report last June, showing that 3G companies spent 13 million US dollars to buy the abandoned factory that originally belonged to Intel for mining; the broker said that 3G companies mainly look at the power supply here and ask the local Electricity increases the power supply here; the head of the local chamber of commerce said that the local government did not actively solicit mining companies and also considered increasing local employment opportunities to show its support.
In addition, the reporter also secretly visited the export agent Xiamen Yacun in 2018, but the name of the house was "Beijing Olympic Technology", and the relevant reception staff said that the company was also Xiamen Yacun, and said "how much export can be received"; When the reporter called the registration phone again, the other party no longer responded.
Export records and registration information from overseas show that 3G is Xiamen ’s largest customer, accounting for about half; in 2018, the total asset size of Xiamen ’s Asia-Pacific was less than 500,000 yuan in the previous three years, soaring to 343 million yuan. The total debt is as high as 339 million yuan. Corresponding to the financial statements of listed companies, Xiamen Yaxun was still the largest debtor in the first half of 2018, and the receivables reached 53.83 million yuan, but it will not change after the third quarter. Come back.
Cailiang Technology broke the news: procurement is to cooperate with Zhejiang Yibang listing
With this suspicious transaction going to litigate each other, the inner story further emerged around whether the 3.5 miners were delivered in full.
On November 26, the Hangzhou Intermediate People's Court opened a trial to discuss the dispute over the sales contract between Zhejiang Yibang and Cailiang Technology. A reporter from Securities Times · e Company watched the trial through the Zhejiang Court Court Trial Live Website.
Cailiang Technology's attorney stated in the trial that “the existence of the transaction should be based on objective and true evidence,” Gu Hongliang, the legal representative of Cailiang, and Zhang Hao, the director of Zhejiang Yibang and the legal representative of Yunnan Yibang, are from Beijing University of Posts and Telecommunications. EMBA classmates, "the two are very trusting. In order to cooperate with the listing of the other party (Zhejiang Ebond) in the transaction, they have done something that is inconsistent with the facts."
It is worth noting that in 2018, Yibang went to Hong Kong to list for abortion.
Zhejiang Yibang and Cailiang Technology Contract Dispute Trial Site
Cailiang Technology's attorney specifically mentioned the recording of Gu Hongliang's conversation with Zhang Hao. Gu Hongliang said in the conversation, "The last statement you said was urgent, I will call the finance, and I will stamp it for you, and you will sue us after this." Zhang Hao responded that "The last statement I told you, it won't be that, and I will explain it later." —— According to this, Cailiang Technology's acting lawyer believes that Zhang Hao promised verbally that the statement was not used as evidence for prosecution.
Zhejiang Yibang's attorney emphasized that the evidence chain for the delivery of 100,000 mining machines was sufficient. According to reports, in order to complete the delivery of 100,000 mining machines, the two sides have built three shipping groups, shipping 5,000, 60,000 and 35,000 units respectively. The delivery method is: the driver designated by Cailiang Technology Freight Forwarding to Zhejiang Yiyi Pick up at the factory that the state cooperates with.
Cailiang Technology's attorney responded that it had received 65,000 units, but 35,000 Cailiang technology had not participated since then. "Hu Liang was not designated by Cailiang Technology, but was designated by Zhejiang Yibang. "The attorney said that the shipping group of 35,000 mining machines did not pull Cailiang Technology's legal representative (Gu Hongliang) into the group." They are deliberate, they just shipped 35,000 units in private. To a third party.
"If you need us to pay the bill, there is no reason not to pull the new lottery people (into the group)." Cailiang Technology's acting lawyer emphasized that because Cailiang Technology did not receive 35,000 mining machines, Zhejiang Yibang had no way to confirm this. Part of the performance, "They need to go public, so Zhang Hao of Yibang asked Gu Hongliang to say, you pretend to pay us 10 million yuan, say how much money is still owed, and pay 10 million first, so that when we go public, This matter can be accounted for, not to say that there is nothing on hand. "Cailiang Technology's attorney said," It is because of this trust that there is a seal on the statement, which is not too strict. proceed checking."
Regarding the transaction of funds between Cailiang Technology and Zhejiang Yibang, a reporter from company e called Zhongying Internet Securities Department on December 23, and the staff said that they would not be interviewed on this matter. When the reporter asked about the large amount of impairment provision related to the dispute, the other party said that it was because Cailiang Technology's performance failed to meet expectations, and said that the two things should not be linked together.
A review of Zhejiang Yibang's prospectus shows that the revenue from the blockchain business has gradually increased, from 29.2 million yuan in 2015 to 925 million yuan in 2017. The revenue of the blockchain business in the first half of 2018 was as high as 2.124 billion yuan; but from According to the prospectus of the science and technology board of the chip supplier Chipwon, Everbright has decreased from 54.11 million yuan to 46.44 million yuan in 2017 since it became the top five customers of the company in 2016, and has slightly increased to 46.77 million yuan in 2018. By the first half of 2019, it is no longer the top five customers.
In addition, a Securities Times e company reporter noticed that, in addition to Zhongying Interconnect, the former wholly-owned subsidiary of China Railway Emergency, Xinjiang China Railway Heng'an Construction Safety Technology Co., Ltd. was also involved in a mining machine procurement dispute with Zhejiang Yibang, which also involved Zhejiang Yibang failed to provide sufficient supply.
Li Yonggang, the actual controller of Yindou.com, was accused of being the ultimate purchaser
Securities Times e company reporter noticed that in the dialogue recording provided by Cailiang Technology, Gu Hongliang mentioned another key person: Li Yonggang, the actual controller of the P2P platform "Yindou.com".
Yindou.com ’s official Weibo shows that the site is a comprehensive Internet financial service platform under Beijing Dongfang Caiyun Financial Information Service Co., Ltd. and states that “All Yindou.com users’ funds are kept by Jiangxi Bank, Yindou.com does not participate in transactions The flow of funds in the process. "
However, Yindou.com did not publicize it so that investors were "reassured, assured and confident": On July 18, 2018, Yindou.com posted a notice on the website, stating that "because Li Yonggang, the actual controller of Yindou.com, lost contact, The funds could not be redeemed for the time being, and from today, Yindou.com will stop operating. "At that time, Yindou.com had a total amount of 4.33 billion yuan to be repaid and 23,464 borrowers to be received. The police subsequently issued a red wanted warrant to Li Yonggang and others on Interpol. On September 27 of that year, Li Yonggang was persuaded to return and was arrested.
As of January 3, 2019, Li Yonggang, Wang Pengcheng, and others were suspected of raising funds for fraud. They were reported to the People's Procuratorate of Beijing Haidian District on January 3, 2019 for review and prosecution.
Some investors found that a large amount of funds from Yindou.com's self-financing flowed into Zhejiang Yibang, which was listed in Hong Kong at the time, and several of them were transferred through private accounts. Some Yindou.com investors stated that from December 2017 to February 2018, Cui Hongwei, the wife of Lidougang, the actual controller of Yindou.com, transferred a total of 524.9 million yuan to Zhejiang Yibang; and from March to April 2018 During that period, Zhejiang Yibang transferred another 380 million yuan to Cui Hongwei. Not only that, Yindou.com Finance Zhu Xiaolin also appeared in Zhejiang Yibang's investor list. The relevant person in charge of Zhejiang Yibang said when receiving investors that 380 million yuan was returned, and the remaining part was for the purchase of equipment and was a normal contract.
It is worth noting that, in response to the Shenzhen Stock Exchange's 2018 semi-annual report inquiry letter, Zhongying Internet stated that as of June 30, 2018, the company had prepaid the balance of Zhejiang Yibang amounting to 100 million yuan, and the total agency purchase contract was 454 million yuan. The advance payment of 380 million yuan has been settled at 380 million yuan. Before and after Zhejiang Yibang returned 380 million yuan, the settlement amount of the agent purchase contract between Cailiang Technology and Zhejiang Yibang was exactly 380 million yuan.
Zhejiang Yibang's prospectus showed that the company's revenue from the blockchain business in 2017 was 925 million yuan, of which "CuiHongwei" ranked 12.1% of the largest customer of the year (about 112 million yuan); In the first half of 2018, Zhejiang Yibang's revenue from the blockchain business was 2.124 billion yuan, of which Cailiang Technology ranked the largest customer of the year with a sales ratio of 17.7% (about 376 million yuan).
According to the recording provided by Cailiang Technology's acting lawyer, Gu Hongliang said: "I paid you, and you sent the goods to Hu Liang, because you think Hu Liang was collected for Li Yonggang." Zhang Hao responded, "Yes." Gu Hongliang also said, "If you think you received these goods for Li Yonggang at that time, it should be Li Yonggang owed you, right?" Zhang Hao responded again, "Well, yes."
"It is also very clear that Cailiang Technology did not receive the goods, but Cailiang cooperated with Yibang to stamp these chapters, so now Yibang is looking for Cailiang." The lawyer of Cailiang Technology said that the actual transaction in this case was actually Li Yonggang. First find Zhejiang Yibang to buy a mining machine. Zhejiang Yibang introduced Li Yonggang's team to Gu Hongliang, and asked Gu Hongliang to help Li Yonggang do the purchasing on behalf of Cailiang Technology. Later, Li Yonggang was arrested and became the turning point in this transaction.
Cailiang Technology's attorney said, "Because they found that they couldn't get any money from Li Yonggang, they started to think of ways to make Cailiang bear the responsibility of paying for the goods."
Zhejiang Yibang's attorney responded that during the transaction between the two parties, Zhejiang Yibang always believed that Hu Liang and Zhao Junjie were employees and agents of Cailiang Technology. "Therefore, these two people can represent Cailiang Technology in trading with Zhejiang Yibang. , The results they confirmed should also belong to Cailiang Technology. "
However, what is strange is that when the Securities Times e company reporter contacted Zhao Junjie on December 20, he said that he had not received the goods. "Never received it. I have not received a machine on my side."
On the afternoon of December 23, a reporter from Securities Times · e Company came to visit the 26th floor of Hangzhou Qianjiang International Plaza. This is the office location of Zhejiang Yibang. The staff said that there are dozens of staff members on the 26th floor, but the relevant leaders are Not in the unit, so it is not convenient to be interviewed. A reporter from e company called Zhang Hao, the person in charge of the transaction. He said that he was on a business trip. The relevant matters are subject to the company's statement. "For Yindou.com, we have disclosed them publicly." Hao hung up the phone. A reporter from e company then contacted Wang Hongyong, vice president of Zhejiang Yibang, to interview Yindou.com and Cui Hongwei's procurement. Wang Hongyong responded, "Things have passed a long time ago, and I haven't remembered clearly."
On December 26, the reporter got in touch with Cailiang Technology, and the staff responded after asking the leader, "The leader said, just look at the announcement."