HUATIE(SH:603300) 21世纪经济报道·2025-10-17 13:35Core Viewpoint - Hainan Huatie (603300.SH) is currently under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure, following the termination of a significant contract worth 3.69 billion yuan for computing power services, which has led to a sharp decline in its stock price and raised questions about the company's order authenticity [4][5]. Group 1: Shareholder Actions - Major shareholders, including the company's general manager and a significant shareholder, plan to increase their holdings in Hainan Huatie, with a total intended investment of up to 1 billion yuan [1]. - The general manager, Hu Danfeng, intends to invest between 30 million yuan and 50 million yuan, while Hainan Jinkong, a controlling shareholder, plans to invest between 25 million yuan and 50 million yuan [1]. Group 2: Contractual Issues - Hainan Huatie's subsidiary signed a 5-year computing power service agreement worth 3.69 billion yuan, which was seen as a pivotal move into the computing power market, leading to a significant stock price increase earlier in the year [4]. - The contract was abruptly terminated due to changes in market conditions and a lack of purchase orders, which triggered a regulatory inquiry and caused the stock to hit its lower limit for two consecutive days [4][5]. Group 3: Financial Background - The company reported revenues from its computing power business of approximately 12 million yuan last year and over 50 million yuan in the first quarter of this year, although it did not disclose related income in its half-year report [5]. - The stock price of Hainan Huatie was reported at 7.09 yuan per share, reflecting a nearly 7% decline, with a total market capitalization of 14.2 billion yuan as of October 17 [1]. Group 4: Historical Context - Hainan Huatie has faced allegations of financial misconduct in the past, including a report of serious financial fraud and information disclosure violations by a major Bitcoin mining company [7][8]. - The company has a history of legal disputes related to its previous operations, which have raised concerns about its financial practices and governance [7][8]. Group 5: Shareholder Changes - Notable investor Zhang Jianping entered Hainan Huatie's top ten shareholders with a 4.23% stake but subsequently reduced his holdings to 3.58% and eventually exited the top shareholder list by mid-2025 [10].