HUATIE(SH:603300) 3 6 Ke·2025-10-20 08:39Core Viewpoint - Hainan Huatie has been investigated by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, following the termination of a significant contract worth 3.69 billion yuan [1][2][10]. Contract Termination - Hainan Huatie's wholly-owned subsidiary, Hainan Huatie Dahuangfeng Construction Machinery Equipment Co., Ltd., terminated a five-year contract with Hangzhou X Company, originally valued at 3.69 billion yuan, due to a lack of procurement orders since its signing in March 2025 [2][3][5]. - The termination of the contract means that Hainan Huatie will not receive any compensation or payments from X Company, leading to a "three no" contract situation: no orders, no transactions, and no compensation [9][10]. Financial Impact - The terminated contract represented 55.32% of Hainan Huatie's total signed service agreements in the computing power sector, which amounted to 6.67 billion yuan as of March 2025 [13]. - Despite the large contract value, the impact on Hainan Huatie's revenue has been minimal, with reported revenue from computing power services being only 12.01 million yuan in 2024 [13]. - As of the end of 2025, Hainan Huatie's asset-liability ratio reached a historical high of 73.77% [14]. Stock Market Reaction - Following the announcement of the contract termination, Hainan Huatie's stock price fell sharply, hitting the daily limit down on the first trading day after the announcement [6][10]. - The stock had previously seen a significant increase of approximately 68% since the beginning of 2025, prior to the contract's termination [14]. Shareholder Actions - In response to the contract termination, a major shareholder, Hu Danfeng, announced plans to terminate a previously intended share reduction and instead increase his stake in the company by investing between 30 million and 50 million yuan [14][15].