HUATIE(SH:603300) Shang Hai Zheng Quan Bao·2025-10-01 00:55Core Viewpoint - Hainan Huatie (603300) announced the termination of a significant contract worth 3.69 billion yuan for cloud computing services with an undisclosed client, Hangzhou X Company, resulting in zero deliveries since the contract's signing in March 2023 [2][4][6]. Group 1: Contract Details - The contract was signed in March 2023, with a total value of 3.69 billion yuan (including tax) for a five-year service period [4]. - Hainan Huatie's subsidiary, Hainan Huatie Dahuangfeng Construction Machinery Equipment Co., Ltd., was responsible for providing cloud computing services under this agreement [4]. - The contract was terminated due to significant changes in market conditions and the absence of any purchase orders since its signing [4][6]. Group 2: Financial Impact - As of the announcement date, the contract had not been executed, resulting in no actual procurement costs or capital expenditures incurred by the company [6]. - The termination of the contract did not materially affect the company's current operating results, financial status, or cash flow [6]. Group 3: Regulatory Response - Following the announcement, the Shanghai Stock Exchange issued a regulatory letter to Hainan Huatie, requiring clarification on the termination of the significant contract [6]. Group 4: Shareholder Activity - Notably, "bull investor" Zhang Jianping appeared in Hainan Huatie's top ten shareholders list after the contract announcement but had reduced his holdings by June and was no longer listed by the end of the reporting period [3][14]. Group 5: Market Reactions and Risks - The stock price of Hainan Huatie experienced a significant increase of 138.58% from February to March 2023, prior to the contract announcement, raising concerns about potential market manipulation [7][12]. - The company had previously issued multiple risk warnings regarding the contract, including potential financial strain due to high capital expenditures and debt levels [10][11].