HUATIE(SH:603300) Zhong Guo Jing Ying Bao·2025-10-18 08:06Core Viewpoint - Hainan Huatie (603300.SH) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, particularly concerning a significant contract worth 3.69 billion yuan that was abruptly signed and then terminated [1][2][6]. Group 1: Company Announcement and Stock Performance - On October 16, Hainan Huatie announced it received a notice of investigation from the CSRC due to suspected information disclosure violations [1][2]. - Following the announcement, Hainan Huatie's stock price fell by 6.96% to 7.09 yuan per share, marking a 44.74% decline from its historical high of 12.79 yuan per share on March 7 [1][7]. - The company stated that all production and operational activities are proceeding normally and that it will cooperate with the CSRC during the investigation [2]. Group 2: Contract Details and Termination - Hainan Huatie's subsidiary signed a 3.69 billion yuan contract for computing power services with a company referred to as Company X, but later terminated the agreement, stating no purchase orders were received since the contract was signed [2][3]. - The termination of the contract was initiated by Hainan Huatie's subsidiary, which means Company X is not liable for any penalties or compensation [3]. Group 3: Shareholder Activity and Market Reactions - A significant shareholder, Zhang Jianping, was noted for rapid changes in his holdings, dropping from 84,200,022 shares (4.23%) to below 0.40% by June, raising concerns among market participants [5][6]. - The stock price of Hainan Huatie saw an 85.03% increase from February to March 4, followed by a series of trading halts, indicating volatility linked to the contract's announcement and subsequent termination [7]. Group 4: Legal and Regulatory Concerns - Legal experts have raised questions about the legitimacy of the large contract, including whether the signing party had the capacity to fulfill the agreement and if the disclosures made were accurate and complete [6][8]. - Potential issues include the existence of the order, the completeness of core contract terms, and whether there were undisclosed relationships between the parties involved [8].