Is it a violation guarantee?Is the main business sustainable operation capability determined?HNA Investment was inquired
On the evening of May 25, HNA Investment announced that it had received an inquiry letter from the Shenzhen Stock Exchange’s annual report.In the enquiry letter, the Shenzhen Stock Exchange issued nine consecutive questions about the transaction between HNA Investment and Huaan Property and Casualty Insurance, and the provision for inventory depreciation.  In April of this year, HNA Investment announced that it planned to pay cash to acquire Huaan Property Insurance Co., Ltd. (hereinafter referred to as “Hua’an Property and Casualty Insurance”), a holder of HNA Capital7.74% equity.The 2019 annual report revealed on the same day showed that HNA invested 9%.The 1.2 billion bank deposit certificate as a pledge is a related party HNA Investment Holdings Co., Ltd. (hereinafter referred to as “Haito Holdings”) 9.1.2 billion US dollars to provide illegal guarantees, the relevant funds will be used to purchase HNA Investment’s controlling shareholder Huaan Property Insurance.74% equity to solve the company’s illegal guarantee issue.  However, the “Announcement on Relinquishment of Certain Priority Purchase Rights and Related Transactions of Huaan Property Insurance Co., Ltd.” disclosed by HNA Investment at the end of 2019 shows that the price of Guangxi Beibu Gulf Airlines Co., Ltd. to acquire equity in Huaan Property Insurance is 3.49 yuan / share, calculated according to the relevant price, Huaan Property and Casualty 7.The price of 74% equity is 5.US $ 7.5 billion, which cannot cover the pledged funds invested by HNA.  Shenzhen Stock Exchange requires HNA Investment to explain the acquisition of Huaan Property and Casualty 7.Apart from the 74% equity, are there any other specific measures and time limits for resolving violation guarantees?  The 2019 annual report shows that the main business of HNA Investment is real estate, fund management and pension services, accounting for 80% of revenue.15% and 19.85%.However, the annual report shows that HNA invested 3153 non-operating income.600,000 yuan, an increase of 71 per year.10%, which constitutes the main source of the company ‘s profit for the current period, mainly for HNA Investment to replace the related parties with 100% equity of Hainan Hengxing Chuangzhan Equity Investment Fund Co., Ltd. (incorporated into the Tieshimen Phase II project of Manhattan Office)Hainan Haitou No. 1 Investment Partnership (Limited Partnership) held by Haitou Holdings.70% limited partnership shares.The third phase of Tieshimen, a rigid asset of Haitou, is an office building in New York City.  HNA Investment made the initial investment cost of Tieshimen Phase 3 less than the total difference of 2654 of the fair value of the identifiable net assets of the investee.510,000 yuan was included in non-operating income, and the equity of Hengxing Chuangzhan was gradually sold to confirm the investment income of 2101.440,000 yuan.There are differences in the content of the third quarter of the 2019 operation report of the third phase of Tishman Speyer and the previous operation report. There are situations where the project exit time is delayed and the company needs additional investment.Affected by the epidemic situation, the construction of the Tieshimen Phase III project will be suspended until June 30. The follow-up construction will be determined according to the development of the epidemic situation.  The HNA investment statement required by the Shenzhen Stock Exchange shows that the current situation of the Tieshimen Phase III project is different from the company ‘s early discovery of specific differences, whether there is a risk of preventing business operations in the future, and the proposed response measures.  Obviously, HNA has invested no new land reserves for many years, and the net profit excluding non-recurring gains and losses has been negative for six consecutive years.The annual report shows that the only real estate project for sale by HNA Investment is the Tianjin Yicheng Tangting Project, which has a decontamination rate of more than two-thirds, and there are situations where the sales progress and the return are not as expected.At the same time, the inventory balance of HNA’s investment-development products at the end of the reporting period was 12.76 trillion US dollars, the Tianjin Yicheng Tangting project in the previous year, which is expected to reset the amount of 3300 trillion one year later, HNA Investment has not made provision for inventory price decline.  In this regard, the Shenzhen Stock Exchange requires HNA Investment to explain the calculation process of the inventory decline preparation in 2019, and no basis for impairment provision is provided; whether there is significant uncertainty in the company’s main business’s continuous operating capacity, and measures to be taken to improve the continuous operating capacity.  Recently, HNA Investment took the “thrilling roller coaster” ahead of schedule. On May 19th and 20th, the two consecutive trading boards gradually declined.On the evening of May 25, HNA Investment issued the “Long-Term Abnormal Announcement”, saying that the company’s stocks closed on May 21, May 22, and May 25 for three consecutive trading days.  In the above announcement, HNA Investment mentioned a transaction with Huaan Property and Casualty Insurance. The company said it is currently signing a transaction to acquire Huaan Property and Casualty Insurance with its controlling shareholders.The only framework agreement of the 74% equity declaration “Intent to Purchase Agreement”, the specific transaction plan and related transaction terms shall be subject to the formal agreement signed by both parties.Due to the relatively small scale of operating income of listed companies, the corresponding operating income of this transaction accounted for 493 of the listed company’s operating income in 2019.25%, according to the “Measures for the Management of Major Asset Reorganization”, this transaction triggered a major asset reorganization. After the company hired an intermediary to prepare the reorganization report and other relevant documents, it was necessary to submit to the Shenzhen Stock Exchange. Can the relevant materials be approved by the Shenzhen Stock Exchange?There is uncertainty.Reporter Zhang Zeyan editor Sun Yong proofreading Wang Xin