HUATIE(SH:603300) Chang Jiang Shang Bao·2025-10-19 23:38Core Viewpoint - Hainan Huatie is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, primarily related to the termination of a significant 3.69 billion yuan computing power order [1][3][7] Group 1: Investigation and Allegations - The CSRC issued a notice of investigation to Hainan Huatie on October 16, citing potential information disclosure violations [1][3] - The investigation is widely believed to be linked to the company's abrupt termination of a 3.69 billion yuan computing power contract with an unidentified client, referred to as Company X [1][3][5] - Hainan Huatie announced the termination of the contract on September 30, which had been expected to generate an average annual revenue of 700 million yuan over five years [1][4][5] Group 2: Financial Implications - The contract included a penalty clause allowing Hainan Huatie to claim 20% of the total contract value, approximately 738 million yuan, if terminated by the client [4][5] - Despite the potential penalty, the company chose to terminate the contract, raising questions about the underlying reasons for this decision [5][6] Group 3: Market Reactions and Stock Performance - Following the announcement of the contract termination, Hainan Huatie's stock price experienced a significant decline, dropping 6.96% to 7.09 yuan per share on October 17 [14] - Prior to the contract announcement, the company's stock had seen a substantial increase, leading to speculation about possible insider trading or information leaks [8][9][11] Group 4: Company Background and Transition - Hainan Huatie, originally focused on equipment leasing, underwent a transition to the computing power sector after a change in ownership in 2024 [12] - The company has signed computing power service agreements totaling 6.67 billion yuan, with asset deliveries exceeding 1.4 billion yuan as of mid-2025 [12][13]