On December 18, Baoxin Technology (002514, SZ) released the reply announcement to the inquiry letter of Shenzhen Stock Exchange.
Previously, on December 1, Baoxin technology announced that the company and Haibin power planned to sign an equity transfer agreement to transfer 51% of the equity of its holding subsidiary Shanghai apani and the rights and obligations of shareholders related to such target equity to Haibin power at a price of 1 yuan. On December 5, Baoxin technology received an inquiry letter from Shenzhen Stock Exchange, asking the company to make a written explanation on relevant matters.
The reporter of the daily economic news noted that the inquiry letter asked Baoxin technology to supplement the two evaluation methods used in this evaluation, and explain the reason and rationality of the final selection of the asset-based method for evaluation and the zero market value.
1 yuan transfer of Shanghai apani was questioned
In its reply, Baoxin technology said that the trading company entrusted Jiangsu Huaxin Asset Appraisal Co., Ltd. (hereinafter referred to as the appraisal company) to conduct the appraisal and adopted the asset-based method. The assessed net assets of apani were -170 million yuan, and 51% of the net assets actually held by Baoxin technology were -86.7067 million yuan.
According to the relevant provisions of the accounting standards for business enterprises, the book value of long-term equity investment and other long-term interests that substantially constitute the net investment in the invested unit are reduced to zero, except that the investor has the obligation to bear additional losses. After communicating with the management of Baoxin technology, Baoxin technology has not signed relevant contracts to bear additional loss obligations, and its receivables to apani have also accrued impairment profit and loss. There is great uncertainty about whether it can be recovered in the future.
Baoxin technology said that in view of the above reasons, it is reasonable to reduce the market va