Amazing case： more than 24.3 billion bad debts, detonating the mystery of 15 listed companies Sui Tianli and his Star Link to be solved.
Zhang Xiaohui, reporter of Economic Observer Network Two months after the financial black hole of 8.3 billion yuan was exposed, Zheng Jianhua, the chairman of Shanghai Electric, was put on file for investigation.
On July 27, 2021, Shanghai Electric Group Co., Ltd. (601727.SH, referred to as "Shanghai Electric" in the text) announced: "Zheng Jianhua, the chairman, CEO and legal representative, is suspected of serious violation of the law and is currently under disciplinary review and supervision investigation by the Supervision Committee of the Shanghai Municipal Commission for Discipline Inspection."
According to market speculation, most of the accidents in Zheng Jianhua are related to Shanghai Electric’s 8.3 billion yuan thunderbolt. (For details, please refer to Economic Observer Network’s June 5, 2021, [Deep] v. Four State-owned Enterprises’ Outstanding Payment of 4.1 billion yuan, and Shanghai Electric’s 8.3 billion financial black hole.)
The subsidiary that caused Shanghai Electric’s profit loss of 8.3 billion yuan is called Shanghai Electric Communication Technology Co., Ltd. (hereinafter referred to as "communication company"), and Shanghai Electric holds 40% of the shares of communication company. The second largest shareholder of the communication company is Shanghai Xingditong Communication Technology Co., Ltd. (hereinafter referred to as "Shanghai Xingditong"), with a shareholding ratio of 28.5%. The actual controller of Shanghai Xingditong is Sui Tianli.
The problem lies in Sui Tianli.
After the explosion of Shanghai Electric, a number of listed companies successively issued bad debt announcements of accounts receivable similar to Shanghai Electric, all pointing to Sui Tianli and his affiliated companies.
These listed companies include Shanghai Electric, Hongda New Materials (002211.SZ), Riskonda (603803.SH), Zhongtian Technology (600522.SH), Huihong Group (600981.SH), Kaiyue Technology (600260.SH) and Zhongli Group (002309 …
Other listed companies involved in business dealings with Shanghai Xingditong include *ST Hua Xun (000687.SZ), ST Xinhai (002089.SZ), Ning Communication B(200468.SZ), Aerospace Development (000547.SZ), Jiangsu Shuntian (600287.SH) and Zhejiang University Net New.
From the end of July to the beginning of August, the bad debt announcements and judicial litigation announcements caused by the above listed companies involving Sui Tianli and his affiliated companies became more and more intensive.
Who is Sui Tianli?
This man named Sui Tianli, on his own, detonated 15 listed companies, causing tens of billions of financial black holes and becoming the focus of recent market attention.
Sui Tianli’s name appeared in the letters of concern of Shenzhen Stock Exchange on *ST Hua Xun and Hongda New Materials on July 29th and 30th, respectively.
The Shenzhen Stock Exchange’s question to *ST Hua Xun is: "Our department (the second department of listed company management of Shenzhen Stock Exchange) is concerned that Shanghai Xingditong is the holding company of Sui tian li. Please verify whether your company has any business contacts or related relationships with Sui Tianli and its affiliated companies since 2015. If so, please list and explain in detail the specific circumstances of the relevant transactions, including but not limited to the reasons for formation, the balance of prepayments or accounts receivable so far, the collection situation and the recovery risk. "
In the letter of concern to Hongda New Materials, Shenzhen Stock Exchange disclosed some information about Sui Tianli: "Our department is concerned that Sui Tianli and its suspected affiliated companies have defaulted on the contract payments of many listed companies and caused operational risks. Shanghai Haixing Ditong, Jiangsu Xingditong Communication Technology Co., Ltd. (hereinafter referred to as’ Jiangsu Xingditong’) and Shenzhen Tiantong Information Technology Co., Ltd. are all Sui tian li Holding Company (hereinafter referred to as’ Shenzhen Tiantong’), and Sui Tianli has worked for a new generation of private network communication for a long time.
Sui Tianli’s limited public information may be related to his seemingly "confidential" business of "private network communication".
Baidu Encyclopedia shows that Sui Tianli was born in August 1961, with a college degree. The top six ID numbers belong to Haizhou District, Lianyungang City, Jiangsu Province. From January 1979 to May 1994, Sui Tianli served in the army, and then worked as a civil servant in Jiangsu Provincial People’s Government for four years.
As Sui Tianli is the actual controller of Shanghai Haigao Communication Co., Ltd. (839211, hereinafter referred to as "Haigao Communication"), Haigao Communication’s 2020 Annual Report gives a more detailed resume of Sui Tianli:
Since November 1998, he has worked in Shanghai Xingdi Communication Engineering Research Institute as the director. From June 2007 to October 2019, he worked in Nanjing Sanbao Communication Technology Industry Co., Ltd. as the chairman; Since August 2009, he has worked in Jiangsu Guoxin Dajiang Technology Co., Ltd. as a supervisor; From November 2009 to September 2017, he worked for New Generation Private Network Communication Technology Co., Ltd. as a director and general manager; From July 2010 to October 2017, he worked in Ningbo New Generation Private Network Communication Technology Co., Ltd. as a director and general manager; From September 2010 to January 2018, he worked for New Generation Radio and Television Data Service Co., Ltd. as the chairman and manager; Since March 2011, he has worked in Jiangsu Shengdi Venture Capital Co., Ltd. as a supervisor; Since July 2011, he has worked in Shanghai Xingditong Communication Technology Co., Ltd. as an executive director; From May 2012 to April 2019, he worked in Heilongjiang Agricultural Reclamation New Generation Technology Development Co., Ltd. as the chairman and general manager; From May 2014 to August 2015, he worked in Jiangsu Dajiang Communication Co., Ltd. as the legal representative; Since July 2015, he has worked in Beijing Sepp Industrial Trust Investment Management Co., Ltd. as an executive director; Since June 2016, he has worked for Ningbo Xingditong Communication Technology Co., Ltd. as an executive director;Since July 2016, he has worked for Jiangsu Xingditong Communication Technology Co., Ltd. as an executive director; Since June 2017, he has worked for Aerospace Shenhe Technology (Beijing) Co., Ltd. as a director and manager. Since January 2019, he has worked in Shanghai Naipan Enterprise Management Partnership (Limited Partnership) as the executor of partnership affairs. Since February 2019, he has worked for Shenzhen Tiantong Information Technology Co., Ltd. as the chairman. Since May 2019, he has worked for Harbin Xingditong Communication Technology Co., Ltd. as an executive director; Since November 2020, he has worked for Beijing Haidian Technology Development Co., Ltd. as an executive director; Since December 2020, he has worked in Shanghai Electric Communication Technology Co., Ltd. as the vice chairman.
In addition, at the National Intelligent Manufacturing (Made in China 2025) Innovation and Entrepreneurship Competition held in 2016, Sui tian li disclosed her resume as an expert:
The head of China Electronic Industry Science and Technology Exchange Center has worked in the People’s Liberation Army, Armed Police, Public Security Communication Department and China Electronics Technology Group, and has 30 years of working experience in the field of information and communication applications. Participated in the work of the expert group of the "Twelfth Five-Year Plan" national major project "New Generation Broadband Communication Project" and won the second prize of military science and technology.
Sui Tianli presided over and completed the following projects: National Internet of Things Demonstration Project-Heilongjiang Agricultural Reclamation Project, PLA Field Wireless Image Transmission System, and Navy Quantum Communication Experimental Project.
Exploration of "Private Network Communication"
Sui Tianli built a very complicated company equity relationship.
According to industrial and commercial information, Sui Tianli is the actual controller of 19 companies and has served as the legal representative of 10 companies.
Sui Tianli’s legal representative companies include Shanghai Xingditong, Jiangsu Xingditong, Ningbo Xingditong Communication Technology Co., Ltd., Harbin Xingditong Communication Technology Co., Ltd., Aerospace Shenhe Technology (Beijing) Co., Ltd., Beijing Sepp Industrial Trust Investment Management Co., Ltd., Shanghai Xingdi Communication Engineering Research Institute, Shanghai Pannai Enterprise Management Partnership, Suzhou New Generation Private Network Communication Technology Co., Ltd. (hereinafter referred to as "Suzhou New Generation") and so on.
Sui Tianli actually controls 19 enterprises, including Haigao Communication, Jiangsu Dajiang Communication, Chongqing Core Communication Technology Co., Ltd. and Nanjing ShengDesheng Construction Engineering Co., Ltd.
These enterprises have formed a complicated relationship with 15 listed companies.
Among the enterprises with Sui Tianli as the legal representative, Suzhou New Generation and Suzhou Zaoxin E-Commerce Co., Ltd. have been cancelled, among which Suzhou New Generation was incorporated in 2010, which was the company with Sui Tianli as the legal representative earlier, and was also a wholly-owned subsidiary of the new generation private network communication company in the letter of concern of Shenzhen Stock Exchange.
In June 2015, Sui Tianli still served as the new generation general manager of Suzhou. Later, it is not clear why the new generation of Suzhou was cancelled.
Another judgment shows that in 2008, Sui Tianli, Nanjing Science and Technology Park Co., Ltd. (hereinafter referred to as "Nanjing Science and Technology Park") and natural person Tao Kaijue jointly invested in the "ultrashort wave broadband communication system" project, and rented the house in Building X of Nanjing Science and Technology (the original judgment) for R&D and production. However, the project soon failed. Sui Tianli and others operated X house profitably, but it was still poorly managed. The company attached to the project was revoked, and Nanjing Science and Technology Park, Sui Tianli and Tao Kaijue had a dispute over the lease of X house and appealed to the court.
Because the products of "private network communication" are classified, it is difficult for the outside world to see the whole picture of Sui Tianli’s "private network communication" business. In the information disclosure of many listed companies, the names of products and customers are mostly hidden, and they are described as major customers of the company.
As the name implies, satellite communication is the communication between the earth and satellites, and the core product of Sui Tianli’s "private network communication" is based on this. In addition to satellite ground "private network communication", Sui Tianli also found a number of companies with special backgrounds to endorse its business.
For example, among the accounts receivable in the 8.3 billion financial black hole case of Shanghai Electric, Fushen Industrial Company (hereinafter referred to as "Fushen Industry") owed 788 million yuan in payment. The shareholder of Fushen Industrial Company is the Fifth Office of the Shanghai Municipal People’s Government, and the function of the Fifth Office is not clear to the outside world.
In official website’s introduction of Fushen Industry, its products are divided into three categories: password products, mobile security and radio control. Among them, cryptographic products include quantum random number generator, mobile secure instant messaging system with even words, Beidou accusation platform and so on.
Another unit that owes Shanghai Electric is also very special. Nanjing Changjiang Electronic Information Industry Group Co., Ltd. (hereinafter referred to as "Nanjing Changjiang Electronic Group") owes Shanghai Electric 2.089 billion yuan in payment. The reporter from Economic Observer Network once asked Nanjing Changjiang Electronics Group about business dealings, and the other party told us that this unit was classified and the information was kept secret.
A person who has left Shanghai Electric revealed to the reporter of Economic Observer that the problem of accounts receivable of Shanghai Electric should fall into the trap of financing trade. However, the person did not explain exactly what this financing trade trap is.
Some media have outlined the scam path of Sui Tianli: "State-owned enterprise customers pay 10% of the payment, requiring listed companies to purchase equipment from designated suppliers such as Xingditong, and listed companies pay 100% of the payment in advance to suppliers. Once the customer owes money, the listed company will bear a high amount of bad debts. "
In this financing trade model, once the downstream customers owe money and the upstream suppliers fail to deliver the goods, the listed companies will form huge bad debts.
Among the companies that exploded mines, Zhongtian Technology ranked behind Shanghai Electric, with a risk amount of 3.754 billion yuan, including 512 million yuan of overdue accounts receivable, 1.107 billion yuan of inventory impairment risk and 2.135 billion yuan of prepayment risk.
Then there was Kaile Technology, with a risk amount of 3.728 billion yuan, including 61 million yuan of overdue accounts receivable, 211 million yuan of inventory impairment risk and 3.456 billion yuan of prepayment risk.
The risk amount of Zhongli Group is 2.939 billion yuan, including 1.385 billion yuan of overdue accounts receivable, 783 million yuan of inventory impairment risk and 771 million yuan of prepayment risk. Riskonda’s risk amount is 1.195 billion yuan, including 1.016 billion yuan of overdue accounts receivable and 179 million yuan of prepayment risk.
There are still four companies whose risk amount is less than 1 billion yuan.
After the explosion of Shanghai Electric, the reporter of Economic Observer once sent a detailed interview outline to Shanghai Electric, asking about the specific model and transaction of the communication company’s products, but Shanghai Electric never replied.
Whether the specific path of Sui Tianli’s detonation of 15 listed companies is as mentioned by the above-mentioned people or as speculated by the media, only after the public security organs have detected the case can we find out the whole picture.
On July 29th, 2021, Sui Tianli was restricted from high consumption by the people’s court of Jing ‘an District, Shanghai. The cause of the case came from the dispute over the sales contract between Shanghai Electric International Economic and Trade Co., Ltd., a subsidiary of Shanghai Electric, and Shanghai Xingditong.
It will take time to solve this mystery.
The reporter of Economic Observer Network will continue to follow up the report.
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