Original title: Lower limit, lower limit again! “Little Arowana” hedging overturned, huge loss of 200 million! Moreover, this futures plunged 6% in early trading, and the exchange sent a letter quickly…
[Limit up and down! “Little Golden Arowana” hedging overturned a huge loss of 200 million]Recently, the listed company, regarded as the “leading rapeseed oil”, issued a performance forecast, shocking the investors. In this report, the company confessed that it lost more than 200 million yuan in hedging the value of rapeseed crude oil last year, which also dragged down the net profit loss as high as 60 million yuan. (China Fund News)
Unexpectedly, the “hedging” tool originally used for risk hedging would make thisthe companySmashed to play.
Recently, a listed company regarded as the “leading in rapeseed oil”All in allSent a copyPerformanceThe notice stunned the investors.In this report, the company confessed that it did rapeseed crude oil hedging last yearHedgeHuge loss, loss of over 200 million, which also dragged downNet profitLossIt may be as high as 60 million yuan.
Under the influence of the performance pre-loss news,All in allThe stock price has also encountered two consecutive down limits. Early trading on January 14,All in allThere was still a single limit at the opening, and in just half a day, there were more than 68,000 sell orders to seal the limit. On the previous trading day, Dadaoquan received a letter of concern from the exchange and was asked to explain the reasons for the loss of liquidation during the reporting period.
In the futures market, rapeseed oil varieties have also become the leaderMain force. In the early trading on the 14th, the main rapeseed futures plunged by more than 6% during the intraday trading, which also means that all of them are likely to meet the days of continuous plunge.
Hedging huge loss of 200 million
Dao Dao’s annual report forecasts “thunder explosion”
With a thunder on the ground, this listed company with a market value of more than 40 billion has been planted on futures instruments.
On January 12, Dadaoquan disclosed its annual performance forecast. The company expects to be attributable to listed companies in 2020shareholderThe net profit of-60 million yuan to-40 million yuan, a year-on-year decrease of 146.57% to 131.05%, the same period last year was a profit of 129 million yuan.
FromannouncementFrom the above point of view, the important reason for the loss is the liquidation loss caused by the company’s participation in crude oil hedging.The above announcement stated that in order to reduce raw materialspriceThe impact of volatility on the company’s current profit. The company has always used hedging tools to hedge raw materials. However, due to deviations in the judgment of the unilateral upward trend of the raw material market during the reporting period, the hedging during the reporting period resulted in a closing loss About 207 million yuan.
At the same time, Dao Daoquan stated that the company uses rapeseed oilproductMainly, the main raw material is rapeseed crude oil, and the cost of raw oil accounts for more than 80% of operating costs. In 2020, especially since the second half of the year,international tradeRelationship and other factors, rapeseedOil priceThe grid goes up unilaterally.During the reporting period, the company adjusted several timesProduct salesPrices, but still not fully offset the impact of rising raw material prices on the company’s current profit.
Public information shows that Dao Daoquan is mainly engaged in the research and development, production and sales of edible vegetable oil products, and is the leading domestic rapeseed oil.enterprise, The company successfully landed in A shares in March 2017. From 2017 to 2019, the company recorded net profits of 191 million yuan, 220 million yuan and 128 million yuan respectively. The net profit attributable to shareholders of listed companies in the first three quarters of 2020 was 90 million yuan.
It is worth noting that the 2020 annual report performance forecast loss disclosed by Dadaoquan, if the final annual report is released, will be the first time that Dadaoquan has recorded an annual report loss in more than three years since its listing.
Dadaoquan one word board for two consecutive days
Huge sell orders blocked the limit
Affected by the news of the performance explosion, the stock price of Dadaoquan also appeared the tragic image of continuous limit.
On January 13, Dadaoquan closed at 15.65 yuan per share, a decrease of 10.01%. The total transaction amount for the whole day was 41.92 million yuan. On that day, more than 75,000 lots of sell orders were closed.
In the early trading of January 14, Dadao Quan’s share price once again staged a “one-word limit down”, and the stock price was reported at 14.09 yuan. As of midday, more than 68,000 hands had lined up to flee. Half-day turnover is more than 16 million.
Data show that since its listing, Dadao’s share price has continued to fall. Compared with the previous historical high of 53.12 yuan, the current share price has fallen by more than 70%.
The stockholders are even more complaining about Dao Daoquan’s performance. Some netizens said that they were “closely sealed” and “you can’t escape.” Some netizens said that they “have been fooled by the stock recommendation teacher”, and a suspected killer appeared. 【Click to enter all of it】
From the perspective of Dadaoquan’s shareholding situation, after experiencing the high level in 2018, starting from the third quarter of 2020, Dadaoquan’s shareholding structure has no institutional investors.
As of the third quarter of last year, the number of shareholders holding Dadaoquan was 24,000.
The exchange issued a letter of concern
Previously adjusted hedging related systems
In the face of a full set of protection against thunderstorms, the exchange quickly took action.
On January 13, Dadaoquan received a letter of concern from the Shenzhen Stock Exchange and was asked to explain the reasons for the liquidation loss during the reporting period and the relatedaccountingdeal with.
The Shenzhen Stock Exchange pointed out that the main reason for the company’s previous disclosure of losses was a loss of approximately 207 million yuan in closing positions due to hedging of raw materials. The company is required to verify and explain, please combine the price of raw materials and the company’s hedging of raw materials, explain the reasons for the loss of liquidation during the reporting period and related accounting treatments.
The Shenzhen Stock Exchange stated that the company is requested to self-check the internal control system established for the hedging business and its effectiveness, whether the relevant risk control system during the reporting period is complete, and whether it can effectively control investment risks. Please indicate the specific time when your company became aware of investment losses in hedging and whether it fulfilled its information disclosure obligations in a timely manner.
It is worth noting that, just a month ago, Dao Daoquan also paid the “Futures Hedging”Internal ControlSystem” was revised, which not only expanded the board’s unilateral positionGuaranteeThe approval limit for gold also adjusts the voluntary disclosure standards for hedging, that is, in accordance with the letter disclosure standards required by the Shenzhen Stock Exchange’s stock listing rules and other documents. Compared with the previous clauses, this letter disclosure standard has obviously been relaxed.
It is reported that in the revision of the “Internal Control System for Futures Hedging”, Dao Daoquan adjusted the original “plan to invest unilateral positionMarginThe amount of more than 50 million and less than 10% of the company’s audited net assets in the last year’s “board of directors’ approval limit”, amendments to increase to no more than 50% of the company’s most recently audited net assets can be reviewed and approved by the board of directors.
At the same time, Dadaoquan raised the balance of the margin occupied in 2020 to no more than 10% of the company’s audited net assets in the last year, or 197 million yuan, which is nearly three times higher than the original plan of 50 million yuan.
In addition, in the letter and approval specification for futures hedging business, the company stipulated that “the actual loss or floating loss incurred by the company’s futures hedging business reached or exceeded 10% of the company’s audited net profit attributable to shareholders of the company in the last year. %, and the loss amount reaches or exceeds 10 million yuanRMBAt the time, the risk monitor should immediately report the details to the company’s board of directors.Company securitiesThe Legal Department shall report to the exchange and disclose information within 2 trading days,” and adjust it to only comply with the letter approval specifications required by the Shenzhen Stock Exchange’s stock listing rules and other documents.
Rapeseed main futures plunged
Improper use of futures tools causes big losses
What is strange is that the market of rapeseed futures in the past two years shows that the market has actually rebounded obviously, but Dao Daoquan has suffered huge losses in hedging.
From the perspective of the rapeseed market, since 2015, the price of rapeseed oil in my country has been oscillating upwards. In 2019, it rose from 6,357 yuan/ton at the beginning of the year to 7,738 yuan/ton at the end of the year, and fell back to 6674 in March 2020. After RMB/ton, it rebounded gradually, breaking through 10,000 RMB/ton at the highest.
From the perspective of supply and demand, according to media reports, my country has recently resumed its rapeseed import trade with Canada, which has also stimulated the price of rapeseed. Canada has increased the price of rapeseed, and the price has soared by 44%, reaching 3270 yuan a ton, which is the highest price in the last 7 months. With a series of tariffs and other costs, the price to my country is 4724. Yuan a ton.
Some investors said in the stock bar, “Hedging was originally intended to lock in the risk of price fluctuations, and at most a loss of handling fees, how could the company suffer huge losses due to price increases”. This also means that investors do not agree with the interpretation of Dadaoquan’s pre-loss performance. There are also investors who questioned Dao Daoquan about the failure of internal control and the change of hedging to speculation, demanding the company “SuspensionSelf-examination”.
However, in the futures market, rapeseed varieties have experienced a sharp correction. In the early trading of January 14, the main force of rapeseed futures fell sharply again. It once fell more than 6% during the session, becoming the leading commodity market that fell on that day.
As of midday, the main rapeseed futures still fell more than 5%. This may also mean that the unfavorable superposition of rapeseed oil concept stocks will continue to usher in a sharp decline.
From the perspective of the industry, many companies use hedging tools for risk hedging, but there are also risks caused by improper tool operation, and they have paid a lot of tuition.
According to the analysis of futures investors, vegetable oil is the raw material of all kinds, but the company has bought empty orders. Such an operation is obviously not hedging, but speculative trading. According to all predictions, it expected that the price of vegetable oil would fall in the future, and then bought bearish futures. As a result, the price of vegetable oil rose and the company’s speculation failed.
(Editor in charge: DF064)
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