On July 27th, Coolpad Group (stock code: 02369) announced today at the Hong Kong Stock Exchange that the company recently received a complaint from Shenzhen Branch of Ping An Bank. The lawsuit required the company's subsidiary, Yulong Computer Communication Technology (Shenzhen) Co., Ltd. The borrower, the two subsidiaries of the Group and the beneficial owners of the single largest shareholder of the Company and their associates (collectively referred to as “guarantorsâ€) immediately repaid RMB 80 million in borrowings. However, Coolpad believes that the loan is not yet due (the loan term ends on August 15, 2017) and is actively collecting evidence to defend the civil complaint.
It is understood that the loan contract between the two parties stipulates that the borrower or the guarantor’s operation and financial conditions are deteriorating. The borrower, the shareholder or actual controller of the borrower, and the legal representative of the guarantor shall be involved in compulsory measures such as the preservation of the main property. The plaintiff has the right to recover all loans directly. The plaintiff stated that his investigation revealed that the deterioration of the financial status of one of the affiliated companies of the Group as a guarantor would seriously affect the borrower’s ability to operate and perform. Therefore, the Shenzhen Intermediate People’s Court of Guangdong Province brought a lawsuit.
It is worth mentioning that this storm or related to LeTV, LeTV holds a 11% stake in Cool, is the largest shareholder of Cool. Like LeTV's consecutive crisis, Cool this year is not alone.
According to an unaudited annual report disclosed by Coolpad on May 31, 2016, Cool Group achieved a revenue of HK$7.994 billion, a decrease of 45.5% year-on-year, and a loss attributable to owners of the company of HK$4.21 billion. The company’s 2015 profit was HK$2.325 billion. And because of the loss problem, he gave control of a subsidiary company and the investment of the joint venture company. Due to the announcement of the 2016 performance delay, Coolpad stopped trading on March 31 this year and has not resumed trading. In addition, on July 11, Cool Group was transferred from the Shenzhen Stock Exchange to the list of Hong Kong stocks in Shenzhen-Hong Kong Stock Connect. July 14 was again subject to a substantial valuation adjustment by a fund company in the Mainland. The valuation was based on HK$0.11 and the reduction was as high as 85%.
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