合盛硅业110亿投资不披露罗立国被警示 股价跌逾70%第二大股东清仓套现134亿

Core Viewpoint - Hoshine Silicon Industry (合盛硅业) has been placed under regulatory scrutiny due to significant disclosure violations, including unreported related party transactions totaling 16.18 billion yuan and undisclosed investments amounting to 110 billion yuan, leading to a decline in financial performance and shareholder sell-offs [1][3][4]. Group 1: Regulatory Issues - Hoshine Silicon received two decision letters from the Zhejiang Securities Regulatory Bureau, mandating corrective actions due to undisclosed related party transactions and significant investments [1][3]. - The company failed to disclose related party transactions with Kaifa Lianying Trading Co. and Kucha Juyou Coal Industry Co., amounting to 16.18 billion yuan, which did not follow the required review and disclosure procedures [4][3]. - The company’s chairman and key executives received warning letters for their roles in these violations [1][5]. Group 2: Financial Performance - The company has faced declining financial performance, with a reported revenue of 152.06 billion yuan in the first three quarters of 2025, a 25.35% decrease year-on-year, marking its first loss with a net profit of -3.21 billion yuan [8][9]. - In contrast, the company had previously reported peak revenues of 213.43 billion yuan in 2021, with a net profit of 82.12 billion yuan, reflecting a significant decline in profitability over the years [7][8]. - The asset-liability ratio stood at 62.89% as of September 2025, with monetary funds of 11.42 billion yuan against interest-bearing liabilities of approximately 279.26 billion yuan [9]. Group 3: Shareholder Actions - Hoshine's controlling shareholder, Hoshine Group, cashed out 26.34 billion yuan through a share transfer in July 2025, while the second-largest shareholder, Fuda Industrial, completed a full exit, having sold shares worth approximately 134 billion yuan since 2019 [10][11]. - The stock price has plummeted over 70% since its peak of 259.80 yuan per share in September 2021, closing at 53.46 yuan on January 16, 2025 [2][11].