HUATIE(SH:603300) Di Yi Cai Jing·2025-10-15 10:36Core Viewpoint - The recent stock price decline of Hainan Huatie (603300.SH) is linked to the abrupt cancellation of a nearly 3.7 billion yuan computing power lease contract, raising questions about the company's transparency and the nature of its contractual obligations [1][2][6]. Group 1: Shareholder Actions - The controlling shareholder, Hainan Haikong Industrial Investment Co., and a significant shareholder, Hu Danfeng, increased their holdings by 5.6 million shares and 6.38 million shares, respectively, in response to the stock price drop [1]. - The stock price fell over 20% since September 30, closing at 7.72 yuan per share, following the announcement of the contract termination [1][2]. Group 2: Contractual Issues - The computing power service agreement, signed in March for 3.69 billion yuan, was terminated by Hainan Huatie, which stated that the contract had zero deliveries and costs [2][3]. - Legal experts suggest that the company should have disclosed the lack of progress on the contract, as the monthly settlement clause could mislead investors regarding the contract's status [2][4]. Group 3: Market Conditions - The cancellation of the contract is attributed to significant changes in market conditions affecting supply and demand for computing power, including geopolitical factors and rising costs [6][7]. - The computing power rental market is facing challenges, with many companies experiencing contract terminations due to hardware shortages and price pressures [6][7]. Group 4: Identity of the Counterparty - The identity of the counterparty, referred to as "Hangzhou X Company," remains undisclosed due to claims of commercial confidentiality, leading to speculation about the legitimacy of the contract [8][9]. - The lack of clarity regarding the counterparty's identity raises concerns about the actual reasons behind the contract's cancellation and the company's transparency [9]. Group 5: Trading Activity - Prior to the contract cancellation announcement, there were notable trading activities, with significant investments from prominent investors and trading firms, raising suspicions of potential information leaks [10][11]. - The stock experienced a surge in trading volume and price before the contract was publicly disclosed, indicating possible insider trading behavior [10][11].