The Shenzhen Stock Exchange requires Kelan Software to verify the reasons for the large increase in its stock price in the short term. In addition, the Shenzhen Stock Exchange requires Kelan Software to explain the digital currency business and the specific content and methods of cooperation with Huawei, as well as the revenue directly generated by related products or projects in 2020. And the amount and proportion of net profit.

On the day the attention letter was released, the concept of Huawei Hongmeng continued to rise sharply, Kelan Software soared 20%, and its share price hit a record high. The stock has reached its daily limit 5 times in the past year. As of press time, Kelan Software has risen to 49.4 yuan, nearly 8.23 ​​yuan higher than the opening price of the day, with a turnover of 901,900 lots, a turnover of 4.257 billion yuan, a turnover rate of 37.56%, a price-earnings ratio of 200.64, and a total market value of 15.363 billion yuan.

According to the official website of Kelan Software, it was officially established in December 1999 and registered in the Beijing Economic and Technological Development Zone. It is a company formed by Wall Street financial practitioners and Silicon Valley technicians returning to China, specializing in financial software product application development and consulting services. enterprise. The company has more than 5,000 employees and has branches, R&D centers or joint ventures in Beijing, Shanghai, Zhejiang, Chengdu, Shenzhen, Hong Kong and other places.

Since the second half of 1999, Kelan has implemented the first online banking system. According to the official website, its customers cover banks such as Bank of China, Agricultural Bank, Construction Bank, Postal Savings Bank, Export-Import Bank and so on. Kelan has cases in various applications such as online banking (corporate, personal), mobile (mobile phone, PAD) banking, electronic payment, third-party payment, foreign exchange precious metal trading platform, bank-enterprise communication, financial portal content management, etc.; in banks The market share of electronic channel construction exceeds 60%.

According to the official website, on June 3, Huawei held the Smart Finance Summit, and Kelan Software was invited to attend as a core partner of Huawei’s ISV. At the meeting, Kelan Software and Huawei released compatible tools and solutions for Hongmeng Mobile Finance. At present, Kelan Software has become the only supplier in the industry capable of providing full-stack credit creation solutions for Internet finance.

In terms of digital currency, on June 11, Kelan Software issued an announcement of abnormal stock trading fluctuations, stating that in recent years, Kelan Software has implemented actual digital currency projects. However, the digital currency-related business is the company’s innovative business, and the revenue from the digital currency-related business of Kelan Software accounts for a relatively small proportion of the company’s operating income.

In the 2020 annual report of Kelan Software, Kelan Software stated that its “distribution side” in the central bank’s digital currency industry chain can provide banks with a full range of Internet financial products; on the “user side” it has a “wallet” that supports digital currency and Rich cases of its application scenario construction; On the “server” based on digital authentication, Kelan Software holds a license through its holding subsidiary Continental Cloud Shield and provides mobile digital authentication services.

Kelan Software is currently actively cooperating with operating banks, clearing transfer service institutions and other entities, and is gradually implementing the development and construction of related operating systems for bank customers including digital renminbi, digital bank cards, etc., and assisting bank customers to achieve digital financial service upgrades. During the reporting period, Kelan Software and Suzhou Xiangcheng District Finance Bureau actively explored more feasible application pilot programs. The digital renminbi application scenario that Kelan Software cooperated with a major state-owned bank was launched in the second half of 2020 and will be delivered in the second quarter of this year as planned.

As for the proportion of digital currency-related business revenue in the specific revenue of Kelan Software, it is not separately listed in the annual report.

According to the first quarter report of Kelan Software, the total revenue of Kelan Software in Q1 was 210 million yuan, a year-on-year increase of 35.68%; net profit was 5.691 million yuan, a year-on-year increase of 155%; total assets were 2.294 billion yuan, a year-on-year increase of 55.72%; total liabilities It was 1.152 billion yuan, a year-on-year increase of 59.41%; investment cash flow was -178 million yuan, a year-on-year decrease of 388.33%; financing cash flow was 10.3555 million yuan, a year-on-year decrease of 66.46%

Golf & Leisure Adventure 2021 takes place from March 29-31, bringing together a group of stars, including runner-up Huyen My or actor Hong Dang, who share a passion for golf and travel in the Hue journey – Danang. Runner Huyen My is excited to experience golf, despite the hot weather in the Central region. “In the past, My was afraid of the sun and often prioritized indoor photo events. However, since playing golf, I did not understand why I could play for long days in the sun”, runner-up Vietnam 2014 share. Huyen My has moments of relaxation and is filled with laughter. Vietnam runner-up 2014 said the 3-day journey left her with many unforgettable emotions and experiences. Queen Golf Queen, MC Nguyen Hai Anh shared: “The golf course is designed with natural terrain characterized by fine white sand dunes, wide fairway, smooth winding green area. I had a golf day. extremely adventurous on the field The grass here is very beautiful, makes the putts on the field extremely enchanting, but the pitch is quite challenging.If the fairway is too much, the golfer will face challenges from the grass nature, casuarinas forest … and if not careful it will take a lot of clubs to get the ball to a safe position “. Actor Hong Dang has a beautiful bunker shot. The actor said that attending the tournament helped him make more interesting friends who share a passion for golf. This is an unforgettable journey, with trips filled with laughter. This year’s award has many good scores established. Two Eagle points come from golfer Quach Thi Thanh Thuan (second on the right) at hole 18 and Tran Duy Anh in hole 1. Golfer Thanh Thuan is happy to score his first Eagle shot in his career. The sparkling party night helps people get closer, there is no distance between artists, actors, models, and guests. All have become close friends who share a passion for the beauty of golf. The tournament contributes to promoting Vietnam’s golf movement and golf tourism, and at the same time promotes Vietnam’s beautiful golf destination to the world.

At 9 a.m. on April 23, Times Finance called the Office of the Secretary of the Board of Hope Co., Ltd. The other party stated that the reply has been submitted to the Shenzhen Stock Exchange, and the specific content is not convenient for disclosure at present. However, as of press time, the content of Houpu’s response has not yet appeared on the Shenzhen Stock Exchange website.

On April 21, the Shenzhen Stock Exchange issued a letter of concern and an annual report inquiry letter to Hopu within one day. The serial follow-up questioning by the Shenzhen Stock Exchange revealed its eagerness, requiring Houpu shares to respond to the letter of concern before April 22.

The Shenzhen Stock Exchange’s attention to Houpu shares stems from the 15 billion yuan project agreement disclosed by Houpu shares on April 20.

On the evening of April 20, Houpu shares announced that the company and Chengdu Xindu District Government signed the “Hopu International Hydrogen Energy Industry Cluster Project Investment Agreement” (hereinafter referred to as the “Agreement”), and plans to invest 15 billion yuan in construction Hopu International Hydrogen Energy Industry Cluster Project.

Hydrogen refueling station. Image source: L.Willms

It seems to be a major positive news for the company, but when it is placed on Houpu shares, it makes people suspicious. Its annual report shows that in 2020, its operating income will be only 478 million yuan and a loss of 168 million yuan.

Where did the poor performance of Houpu shares to complete the 15 billion yuan project?

In the letter of concern sent by the Shenzhen Stock Exchange to Houpu, it not only questioned the feasibility of the 15 billion project, but also asked whether it involved real estate development and operation. In the annual report inquiry letter issued on the same day, the Shenzhen Stock Exchange further inquired about Hopu’s operating conditions and asked for an answer within a week.

Affected by this, Houpe shares closed down 5.59% on April 22; it fell below 3% at the opening on April 23, but then quickly rose. As of the morning’s close, Houpe shares rose 5.74%.

Image source: Houpu shares it

Where does 15 billion come from?

The financial situation of Houpu shares in recent years is not optimistic. The two letters issued by the Shenzhen Stock Exchange on April 20 focused on one question: Where does the 15 billion come from?

According to the financial report, Houpu’s revenue in 2019 is 543 million yuan, which is nearly cut in 2015 compared with the revenue at the beginning of listing, and the net profit in 2019 is only 20,827,600. In 2020, the performance of Houpu shares further declined. The total annual operating income was 478 million yuan, a year-on-year decrease of 11.87%, and the net profit attributable to the parent was 168 million yuan, a year-on-year decrease of 905.35%.

According to the “Agreement”, the first phase of the Hydrogen Energy Equipment Industrial Park project uses about 300 acres of land. The Xindu District Government will only use about 300 acres of land for the first phase of the project’s fixed assets (excluding land) investment amount to 4 million yuan per acre or more. Land supply for the second phase of the project will be initiated; similarly, the first phase of the Hopu International Hydrogen Energy CBD project covers an area of ​​about 118 mu, and the investment in fixed assets (excluding land) reaches 7.5 million yuan/mu or more before the second phase of land supply will be initiated.

Based on this data, Times Finance estimates that the first phase of the hydrogen energy equipment industrial park project needs to invest at least 2.085 billion yuan.

However, as of the end of 2020, Houpu’s total assets were 1.912 billion yuan, and the balance of monetary funds was only 136 million yuan; during the same period, its current liabilities were 750 million yuan, including 116 million short-term loans.

Image source: Houpu shares 2020 annual report

The Xindu District Government stated in the “Agreement” that it supports and encourages district-owned platform companies to participate in the clean energy industry fund initiated by Houpu. The first phase of the industrial fund scale is 500 million yuan, of which the district-owned platform company invests 200 million yuan. Two batches of investment; in addition, the district government also encourages and supports district state-owned enterprises to participate in equity investment in the project under this agreement, and the total investment amount does not exceed 200 million yuan.

In addition, the “Agreement” requires Hopu Co., Ltd. to register relevant project companies with independent legal personality in Xindu District, and at least one project company has a registered capital of 500 million yuan. On April 16, Yanxin Holding Group Co., Ltd. (referred to as “Yanxin Holdings” in the text) and Houpu’s subsidiary-Beijing Houpu Hydrogen Technology Co., Ltd. registered in Xindu District to establish Chengdu Houpu Hydrogen Technology Co., Ltd. , Registered capital of 500 million yuan, of which Beijing Hopu Hydrogen Energy subscribed 400 million yuan, and Yanxin Holdings subscribed 100 million yuan.

Even without considering the liabilities, according to Times Finance’s estimates, plus the 170 million yuan that Houpu shares planned to raise from Wang Jiwen in February 2021, and the 100 million yuan that Yanxin Group invested in the establishment of Chengdu Houpu Hydrogen Energy, Houpu has made every effort to spend about 1.106 billion yuan in international hydrogen energy industry cluster projects, and there is still a big gap between the 2.085 billion yuan required for the first phase.

Picture source: Times Finance

Hope shares may choose to seek external financing. Times Finance found that in the signing of the 15 billion project issued on the official website of Hopu Co., Ltd. on April 21, the world industrial gas giant-French Air Liquide (Air Liquide) Chairman of the Board of Directors in Greater China, Lu Yuebing, also attended the signing ceremony. . In 2019, Air Liquide Group and Houpu Co., Ltd. jointly established Air Liquide Houpe Hydrogen Energy Equipment Co., Ltd. (hereinafter referred to as “Air Liquide Houpe”).

On April 22, Times Finance called Jin Jing, the media liaison of Air Liquide Group, who stated that the cooperation between Air Liquide Group and Houpe is limited to the previously established joint venture company-Liquid Air Houpe. Recently, Houpe shares and Xindu District Government The project has nothing to do with Air Liquide.

Times Finance also contacted Chengdu Xindu District Investment Promotion Bureau and Xindu District Modern Transportation Industry Functional Zone Management Committee on the same day, trying to inquire about the details of Hopu International’s hydrogen energy industry cluster project. The staff of the other party said that they would record the problem and give feedback to the relevant person in charge, but as of the time of publication, no response has been received.

At the 2020 online performance briefing meeting of Houpe shares held on the same day, Times Finance asked Huang Yaohui, general manager of Houpu shares, on issues such as “whether it will introduce other investors to join the projects in Xindu District”. The other party said that the specific situation will await the company’s response to the “Letter of Concern”.

Cement boss enters hydrogen energy

At the end of 2020, Houpu shares only changed the actual controller. Another identity of Wang Jiwen, the current actual controller of Houpu shares, is the chairman of Yanxin Holdings.

According to its official website, Yanxin Holdings is a diversified group company integrating building materials, environmental protection, metallurgy, finance, investment, logistics, real estate, and equipment manufacturing, with total assets of more than 4 billion yuan. Its building materials sector can produce 4 million tons of cement and 2.25 million tons of clinker each year. Its leading products include “Diamond” and “Jun” cement.

Cement boss Wang Jiwen entered Houpu shares back three years ago.

In November 2018, in order to alleviate the pledge of shares held, Jiang Tao, then chairman, general manager and actual controller of Houpu Co., Ltd., planned to raise funds from Beijing Xingkai Investment Co., Ltd. (hereinafter referred to as “Beijing Xingkai”). According to Tianyan Check, Wang Jiwen and Yanxin Holdings own 99.02% of Beijing Xingkai.

At the beginning of 2019, the senior management of Hopu Co., Ltd. carried out intensive mobilization. First, in January 2019, Jiang Tao resigned as general manager and was replaced by Huang Yaohui, the former vice president of Yanxin Holdings; then in March 2019, Wang Jiwen succeeded Jiang Tao and was elected chairman of Houpu Co., Ltd.; on April 1, 2019, Houpu The shares completed the change of legal representative and changed from Jiang Tao to Wang Jiwen.

However, it was not until the end of 2020 that Wang Jiwen truly became the “master” of Houpu. On November 17, 2020, Houpu shares announced that Jiang Tao would transfer 20% of his shares to Wang Jiwen and Beijing Xingkai. After the completion of the transaction, Wang Jiwen and Beijing Xingkai controlled by Wang hold 25.51% of Hopu’s shares and are the actual controllers of the company.

Soon after Wang Jiwen took office as chairman, he changed the company name from “Chengdu Huaqi Houpu Electromechanical Equipment Co., Ltd.” to “Houpu Clean Energy Co., Ltd.”.

A relevant person of Houpu said in public that the new boss Wang Jiwen is optimistic about the development of hydrogen energy.

The name change may have demonstrated Wang Jiwen’s confidence in hydrogen energy and other clean energy businesses, but it failed to help Houpu shares to reverse the decline in performance.

Transition to hydrogen energy for 7 years, revenue accounted for less than 1%

In recent years, the hydrogen energy industry has become hotter and hotter.

Kaiyuan Securities believes that in the context of “carbon peak” and “carbon neutrality”, hydrogen is expected to play an important role in promoting energy transition and improving the flexibility of the energy system. The governments of Sichuan, Beijing, Jiaxing, Zhejiang and many other places have also launched their own “14th Five-Year Plan” for the hydrogen energy industry.

On April 21, the China Hydrogen Energy Alliance revealed at the “14th Five-Year” Hydrogen Energy Industry Development Forum that as of the end of 2020, China has built 128 hydrogen refueling stations and the cumulative number of hydrogen fuel cell vehicles has reached more than 7,000.

The “China Hydrogen Energy and Fuel Cell Industry White Paper 2020” released on the same day shows that China’s current hydrogen production capacity is about 41 million tons per year, and the output is about 33.42 million tons, making it the world’s number one hydrogen producer; by 2060, under the carbon neutral scenario, it can be The scale of hydrogen production from renewable energy is expected to reach 100 million tons.

Wanlian Securities analyst Jiang Wei told Times Finance on April 22 that in the future, with the reduction of fuel cell costs, the layout of hydrogen refueling stations, and the promotion of photovoltaic hydrogen production, hydrogen energy is expected to become the preferred alternative energy source in the non-electric field. Can be used on a large scale.

In order to catch up with this round of hydrogen energy boom, Houpu has been preparing for 7 years.

The prospectus submitted by Houpu in 2014 did not mention that the company has any hydrogen energy projects. However, in its 2015 annual report, there was a message that “the hydrogen charging device has achieved phased results, and the research and development prototype has been tested on site”. Every year since then, Houpe has announced its progress in the field of hydrogen production and hydrogenation.

But so far, hydrogen energy has not yet become Hopu’s main business. In its announcement on April 8th, Houpu shares mentioned that in 2020, the company’s main operating income will still be the natural gas refueling equipment and parts business, and the company’s hydrogen energy business recognized operating income in 2020 is less than total revenue. 1%.

Perhaps in order to break through this 1%, Houpu shares will spend a lot of money to invest in the hydrogen energy industrial park. But with 1.106 billion funds to leverage 15 billion projects? difficult.

Golf & Leisure Adventure 2021 takes place from March 29-31, bringing together a group of stars, including runner-up Huyen My or actor Hong Dang, who share a passion for golf and travel in the Hue journey – Danang. Runner Huyen My is excited to experience golf, despite the hot weather in the Central region. “In the past, My was afraid of the sun and often prioritized indoor photo events. However, since playing golf, I did not understand why I could play for long days in the sun”, runner-up Vietnam 2014 share. Huyen My has moments of relaxation and is filled with laughter. Vietnam runner-up 2014 said the 3-day journey left her with many unforgettable emotions and experiences. Queen Golf Queen, MC Nguyen Hai Anh shared: “The golf course is designed with natural terrain characterized by fine white sand dunes, wide fairway, smooth winding green area. I had a golf day. extremely adventurous on the field The grass here is very beautiful, makes the putts on the field extremely enchanting, but the pitch is quite challenging.If the fairway is too much, the golfer will face challenges from the grass. nature, casuarina forest… and if not careful it will take a lot of clubs to get the ball to a safe position. Actor Hong Dang has a beautiful bunker shot. The actor said that attending the tournament helped him make more interesting friends who share a passion for golf. This is an unforgettable journey, with trips filled with laughter. This year’s award has many good scores established. Two Eagle points come from golfer Quach Thi Thanh Thuan (second on the right) at hole 18 and Tran Duy Anh in hole 1. Golfer Thanh Thuan is happy to score his first Eagle shot in his career. The sparkling party night helps people get closer, there is no distance between artists, actors, models, and guests. All have become close friends who share a passion for the beauty of golf. The tournament contributes to promoting Vietnam’s golf movement and golf tourism, and at the same time promotes Vietnam’s beautiful golf destination to the world.

China plans to build super hydroelectricity three times more than the Three Gorges dam. Illustration

Specifically, the new dam is planned to build a dam in Tibet, capable of generating electricity three times as much electricity from the Three Gorges Dam.

Beijing authorities have not released details of the new dam in Tibet, but Chinese media predict this dam with a capacity of up to 60 GW, could become the largest hydroelectric dam in the world, surpassing the dam. Tam Hiep, with a capacity of 22.5 GW.

The new dam project was mentioned in the five-year economic development plan (2021-2025) announced by the Chinese government at the annual parliamentary session.

In November 2020, speaking at a conference commemorating the 40th anniversary of the establishment of the China Hydropower Engineering Association, China Electricity Construction Group Chairman Yan Zhiyong announced that Beijing would exploit hydroelectricity in the lower reaches save the Yarlung Zangbao River. The Yarlung Zangbao River flowing into India is the Brahmaputra River.

Beijing could argue that the mega dam project in Tibet is an eco-friendly alternative to fossil fuels.

Given its position on the Yarlung Zangbao line, the new super hydro is in danger of facing strong opposition from environmental activists such as when the Three Gorges dam was built in 1994-2012, especially from India. . The Yarlung Zangbao River was renamed Brahmaputra when it flowed into India.

According to the report, the exploitation of hydroelectric resources on the Brahmaputra River could provide China with 300 billion kWh of carbon-free electricity a year, accounting for about 4% of the country’s total demand last year.

The proposal to build hydroelectric dams on the Brahmaputra River raises concerns in India and Bangladesh, the riparian states of the river because it serves as an important source of water. However, China seeks to downplay those concerns and announced that it would pay attention to the interests of these two countries.

Reuters quoted an Indian official revealed that the New Delhi government is planning to build its hydroelectric dam on the Brahmaputra River, in order to increase water retention capacity and find ways to neutralize the influence of the Chinese project. .

The Indian government has repeatedly conveyed its views and concerns to the Chinese authorities, urging them to ensure the interests of downstream countries are not compromised by any activities in the upper region. source.

The Three Gorges Dam created a huge reservoir and evacuated about 1.4 million residents. A dam three times as massive as the Three Gorges could have had a catastrophic impact on the neighborhood.

The areas around the Yarlung Tsangpo River are less densely populated than the Yangtze River. But there is a precedent for relocation of local residents to make room for dam construction projects on the Yarlung Tsangpo River. Nearly 2,000 people were relocated to build the Yagen hydropower station in 2015, local media reported.

Yarlung Zangbao River.

Brian Eyler, director of the sustainability, water and energy program at the Stimson Center, a research organization in the US, says a super-large dam could be a bad idea. Large dams can impede fish migration as well as sediment flows during the downstream flood season.

While China already has a surplus of electricity, the generated electricity could be used to compensate for the losses as it switches from fossil fuels to cleaner energy.

Tempa Gyaltsen Zamlha, an environmental policy expert at the Tibetan Policy Institute based in Dharamshala, India, said the project contains both ecological and political risks.

“We have a very rich Tibetan cultural heritage in those areas, and any dam construction will destroy the ecology, engulf parts of that area. will be forced to abandon ancestral lands, “he said, adding that the project will encourage Han Chinese workers to migrate, who will gradually settle here permanently.

India is also concerned about the project, as analysts say China is in a position to control a large portion of South Asia’s water supply.

“Water wars are an important part of war because they allow China to use upstream power for its most essential natural resource” – political scientist Brahma Chellaney wrote in Times of India.