HAINAN HAIYAO(SZ:000566) Xin Lang Zheng Quan·2025-09-26 09:00Core Viewpoint - The auction failure of Hainan Haiyao has highlighted significant concerns regarding the company's governance issues, financial distress, and declining market confidence [1][2][5]. Group 1: Auction Failure and Market Reaction - The second-largest shareholder, Southern Tongzheng, attempted to auction 124 million shares (9.54% of total shares) at a starting price of 5.682 CNY per share, but the auction failed due to lack of bids, reflecting market skepticism about the company's fundamentals [1][2]. - During the auction period (September 19-23), Hainan Haiyao's stock price fell from 5.88 CNY to 5.57 CNY, ultimately dropping below the starting auction price, indicating investor concerns about the company's governance and financial health [2]. Group 2: Governance and Financial Issues - Hainan Haiyao's troubles trace back to the previous actual controller, Liu Xicheng, who misappropriated 748 million CNY through related parties from 2018 to 2020, severely damaging cash flow [3]. - Despite a change in control to the State-owned Assets Supervision and Administration Commission in 2020, the company has struggled to rectify historical issues, with continuous negative net profits for eight years from 2017 to 2024, culminating in a net loss of 1.525 billion CNY in 2024 [3]. Group 3: Financial Crisis and Delisting Risk - The company's mid-2025 report showed revenue of 450 million CNY, a year-on-year decline of 24.12%, and a net loss of 158 million CNY, primarily achieved through reduced sales expenses rather than improved operational performance [4]. - Hainan Haiyao's asset-liability ratio has surged to 93.01%, indicating high short-term repayment risks, while its net asset per share plummeted from 1.44 CNY in 2024 to 0.28 CNY, raising concerns about potential delisting under new regulations if losses continue [4]. Group 4: Future Outlook - The auction failure is seen as a manifestation of the company's broader issues, including governance failures, financial distress, and a collapse in market confidence. Without swift asset restructuring, business transformation, or debt resolution, the company's future in the capital market appears increasingly precarious [5].