Another cross-border company went bankrupt! Forced execution and delisting...

Recently, another cross-border company went bankrupt! It was forced to pay hundreds of millions of yuan or even delisted. It was reported that the company's headquarters was deserted ...

Aikang New Energy crashed! The amount of compulsory execution reached 663 million yuan

It is understood that the company that went bankrupt is Zhejiang Aikang New Energy Technology Co., Ltd., which was established in 2006 and is headquartered in Hangzhou, Zhejiang Province. It is one of the leading companies in China's new energy industry. The company's main business is the manufacturing of photovoltaic solar accessories and the operation of photovoltaic power stations. Its products mainly include solar cell frames, solar mounting brackets, solar cells/modules, and electricity sales. In the process of the company's development, it has been actively exploring overseas markets, increasing its international market share, further expanding the company's scale, and laying out the new energy industry chain.

As early as 2011, Aikon New Energy was successfully listed on the Shenzhen Stock Exchange with the stock code 002610.

Since mid-June, there have been constant reports of Aikon New Energy being executed.

On June 14, 2024, Zhejiang Aikon New Energy Co., Ltd. and its wholly-owned subsidiaries Suzhou Aikon Optoelectronics Technology Co., Ltd., Ganzhou Aikon Optoelectronics Technology Co., Ltd., and Zou Chenghui were listed as persons subject to execution by the Nankang District People's Court of Ganzhou City, with an execution target of 351 million yuan.

On June 18, 2024, Zhejiang Aikon New Energy Technology Co., Ltd., Suzhou Aikon Optoelectronics Technology Co., Ltd., Ganzhou Aikon Optoelectronics Technology Co., Ltd., and Zou Chenghui were listed as the persons subject to execution by the Shangcheng District People's Court of Hangzhou, with the execution target of 103 million yuan.

On June 20, 2024, Zhejiang Aikon New Energy Co., Ltd. and its wholly-owned subsidiaries Suzhou Aikon Optoelectronics Technology Co., Ltd. and Ganzhou Aikon Optoelectronics Technology Co., Ltd. were listed as parties to execution by the Hangzhou Intermediate People's Court, with the execution target of 209 million yuan.

As of June 20, 2024, the total execution amount of Zhejiang Aikon New Energy was approximately RMB 663 million.

Before one crisis is over, another crisis arises!

On June 18, Aikon New Energy issued an announcement stating that ST Aikon would be suspended from trading on June 19 due to its closing price being below 1 yuan for 20 consecutive trading days, triggering the Shenzhen Stock Exchange's review process for the company's stock delisting.

The delisting of ST Aikon has attracted widespread attention from the entire industry.

In fact, there were early signs of ST Aikon's delisting.

Once upon a time, Aikon New Energy was very successful in the photovoltaic industry, with a market value of up to RMB 27.5 billion, attracting considerable attention in the industry.

However, there are many hidden crises, with major shareholders cashing out behind the scenes.

According to public information, Zou Chenghui, the actual controller of Aikon New Energy, and his family held a large number of shares in the company in the early days of its listing. They have been continuously reducing their holdings since 2017, and have cashed out a total of approximately 2.054 billion yuan.

The large-scale share reduction directly led to a downward trend in the company's stock price and also aroused investors' doubts.

Moreover, Aikon New Energy has been in the red for three consecutive years.

From 2021 to 2023, Aikon New Energy's net profit attributable to shareholders of the parent company was a loss of 406 million yuan, 833 million yuan, and 826 million yuan, respectively, and the cumulative loss has exceeded 2 billion yuan.

In the first quarter of this year, Aikon New Energy's revenue was approximately 634 million yuan, a decrease of 49% compared with the same period last year; the net profit attributable to shareholders of the listed company was a loss of approximately 213 million yuan; and the basic earnings per share was a loss of 0.0475 yuan.

On February 1 of this year , some investors raised questions: As Aikon New Energy has suffered losses for three consecutive years, is there a risk of being delisted?

Later, Aikon New Energy responded that "the company is not at risk of being ST at present."

However, not long after the response, other risk warnings were implemented for the stock trading of Aikon New Energy Company, and the stock name was also changed to ST Aikon.

Regarding the company's stock being ST, Zou Chenghui, the actual controller of Aikon New Energy, explained that when responding to investors' relevant questions, the audit opinion of the 2023 audit report had not yet been determined, and the company's board of directors believed that within the next 12 months, there would be no major problems with the company's ability to continue operating, so the response did not mislead investors.

On June 4, ST Aikang once again announced the risk of delisting at par value, and the company also received a warning letter from the Zhejiang Securities Regulatory Bureau. The warning letter mentioned that when ST Aikang answered investors' questions about "whether the company has the risk of being ST" on the Shenzhen Stock Exchange Interactive Easy, it directly replied that "the company is not at risk of being ST at present", and did not fully disclose the company's production and operation risks and internal control risks to investors. The relevant response was inaccurate and incomplete.

On June 12, ST Aikon and its actual controller Zou Chenghui were filed a case by the China Securities Regulatory Commission for suspected information disclosure violations.

Aikon New Energy is plagued by negative news and constant turmoil!

Moreover, news broke that the headquarters office of Aikon New Energy was deserted.

When the media visited the office of Aikon New Energy's Hangzhou headquarters to learn about the situation, they found that the entire office was empty, with only a few employees walking around, and office equipment such as safes, computers, and printers had been moved away from the office. The door of the office was closed, and a "shareholder notice" without a signature or date was posted on the door.

The notice stated, "Due to the company's internal work arrangements recently, there may be no staff working here. Visiting shareholders can go to the company's headquarters in Zhangjiagang City or call the dedicated hotline."

At the same time, Aikon New Energy was also caught up in a production suspension crisis.

On June 7, Akcome New Energy announced that its holding subsidiaries Ganzhou Akcome Optoelectronics, Zhejiang Akcome Optoelectronics, and Huzhou Akcome Optoelectronics plan to temporarily suspend production of the company's high-efficiency solar cell module production lines. The suspension will start on June 8 and is expected to last no more than three months. The subsequent resumption of production will be disclosed in a timely manner.

On June 12, Aikon New Energy issued an announcement stating that its wholly-owned subsidiary Suzhou Aikon Optoelectronics Technology Co., Ltd. will temporarily suspend production of its high-efficiency solar cell module production line from June 12, 2024, and is expected to last no more than 3 months.

The reasons for the suspension of production all mentioned difficulties in the market, the company's supply chain, sales, labor organization, and the freezing of the company's financial accounts. These major production bases are the main sources of revenue for Aikon New Energy. This suspension of production will also have a relatively large impact on the company's daily operations.

In addition, Suzhou Aikang Energy Group Co., Ltd. and Ganzhou Aikang Optoelectronics Co., Ltd. also issued a notice to give all their employees a holiday. During the holiday, Ganzhou Aikang Optoelectronics will pay 70% of the local minimum wage in the next month after the holiday, and Suzhou Aikang Energy will pay 80% of the local minimum wage every month from the next month until the resumption of work.

In response to the company's recent turmoil, Zhang Jinjian, director and vice president of Aikang New Energy, also responded recently. He pointed out that "the company is facing a panic caused by the ST, which has caused a run on the bank, thus affecting normal operations. All bases of the company are state-owned or controlled by local governments. We will actively face it and handle it properly."

There were previous market rumors that upstream suppliers of Aikon New Energy were asking for loans and that logistics companies were detaining Aikon photovoltaic modules.

According to media investigation, Akcome New Energy currently has about 1.7GW of orders on hand. Regarding the orders, Zhang Jinjian said that it is a bit difficult for the company to digest the orders on hand in the short term, and hopes to complete the delivery together with its peers.

It is regrettable that Aikon New Energy has gone from being an industry giant to its current situation. Yien.com will continue to pay attention to whether Aikon New Energy can turn the tide in the future.

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Delisting