Comtech core city and phone-in discussion continued pinch resume trading fell more than 23%

Research released the second time because the flames of short reports, even in the morning the company announced half-year dividend payment of consideration or full-year dividend, Comtech core city (00400.HK) resume trading today after the stock opened higher then fell still, most near midday decline intensified, as tumbled 23.33% reported 5.HK $ 98。  Following Comtech core city 29 release to clarify the notice after the war studied one by one to refute their allegations, May 30, flames once again refute studies for Comtech core city to clarify the notice。In this rebuttal report, flames, said they showed strong evidence to say Minco through most of the city core SME customers do not exist。Online platforms and mobile platforms traffic Comtech core city also very low。War also proved Comtech core city to clarify the notice contradictory, for example, Comtech core city selected the same site traffic data sources will bring out their website traffic King accompany Moxi conclusions。Filings on Trade and Industry, the Comtech core city to explain most of its revenue from Hong Kong, the flames will continue discussions related to income ratio in the initial coverage report, and draw a focus on serving small and medium sized customers online distributors do not conclusions might majority of its revenue from Hong Kong。Comtech core city line for small and medium customer behavior is very strange, war can only come Comtech core city has successfully created a "B2G" mode conclusion。  Comtech core city one by one to refute the allegations published short bodies reported to the police Comtech core city on short reports to report allegations of war studies, refute and clarify。The company and its directors after the release of this report there was no prior contact with the flames of research, the company did not study the flames associated with the person's identity information, and the company from Hong Kong Securities and Futures Commission is aware of the site, which is not licensed in Hong Kong engaged in any regulated activities, including the provision of investment advice。  Company and the Directors consider that the allegations contained in the report is a biased, selective, inaccurate, incomplete, fraudulent and misleading, and intends to shareholders and general investors panic that people associate research to get the flames trading income , the flames of research and author of the report (which choose to remain anonymous) reckless and careless to make such allegations, nor of companies seeking advice before allegations。Meanwhile, the Shenzhen company has reported to the police and to retain all rights to take legal action against the author of the report。  In view of the above-mentioned drawbacks of the report, companies are willing to invite the flames of research as well as its research director to visit the company to better understand the company's strategy, business layout and operating conditions。  The Board confirmed that the company ended 2014, 2015 and December 31, 2016 consolidated financial statements for the year ended all of, arrived at after the company's auditors KPMG audit, auditors have issued all those years in the Group's consolidated unqualified audit opinion of the financial statements。  Request of the Company, shares of the company has been since at 14:49 on May 22, 2017 temporary suspension, pending the release of this announcement。The company applied to the Exchange its shares since at 9:31 on May 2017 with effect from morning to resume trading。  Specific allegations against the following clarifications: 1. Charges: China State Administration for Industry and disclosure of digital archives of the company to differ materially responded: is the most obvious false accusations against the company accused of misleading investors and trying to serious。The company noted that its Chinese subsidiary's income contained only a handful of Trade and Industry Profile of the group's overall revenue, since most of the Group's transactions in Hong Kong and in US dollars and accounted for as revenue generated in Hong Kong; and the report does not Group mentioned that China has 11 operating subsidiaries, and its only reference to the company six subsidiaries of Trade and Industry archive, what misleading。  Most of the group and transactions in US dollars in Hong Kong, and Hong Kong accounted for the income generated in。Such transactions is made by the company's Hong Kong subsidiary company。According to the company's financial statements, as of 2014, 2015 and ended December 31, 2016 amounted to annual income share Hong Kong, China 96%, 94%, 92%。  In addition, the company has three subsidiaries Comtech Industrial Technology (Shenzhen), Shenzhen City, one hundred available information, the library purchased Network E-Commerce (Shenzhen) granted tax relief of 50% and a lower income tax rate by 12.5% tax, in the report are not mentioned and not be counted and。  2, the allegations: a never updated, you can not view for a week and flow close to zero in response to the company's online platform: the company stressed that all material information concerning the company's business model has been set out in the company's prospectus dated July 8, 2014 in interim and annual reports and after。Information has been available for inspection to ensure that shareholders and potential investors can correctly recognize the company's business model。  Comtech core city created a unique business model, an Internet "social + O2O" mode, "precision marketing + cash deal" a unique business model, is also "online marketing + sales + online service (OnlineMarketing + OnlineSales offline + OfflineServices) "Internet model, which not only recognized the industry and the Internet community, but decided it become Hong Kong 'Internet +' represents the key。Internet Features Comtech core city mainly in the human community and data。  Currently, Comtech core city's super hard platform eggs 20000 wisdom hardware innovation projects, 1.40,000 registered suppliers。Among them, only with Intel to build a robot community, for example, now covers more than 1000 robots core team。At the same time, hard eggs are actively building homes and AI-related ecological wisdom。Mid-2015 hard egg together micro-channel, co-host the 2016 double hit weeks micro-channel hardware contest, won a hard egg Premier Li Keqiang thumbs up, aims to be the "Ali Baba manufacturing"。  As mentioned earlier, different Internet Comtech core city "social + O2O" mode and traditional electricity supplier。Website is part of the service platform for smaller companies。Even if the site is a small part of the company's services platform, the report alleged Cogobuy.COM website "compared to its rivals in the King accompany Moxi traffic rank" is also inaccurate。According to third-party http: // Alexa's.CHINAZ.Publication of data COM, Cogobuy.com2017年第 14 weeks to 17 are flow rates up to 9250 times Sunday, 6950 times, 6440 times, 5570 times。  The lowest daily report malicious people said to be a monthly visitors, 210,000 visits per month estimate is around 39 times the report said 5400 people, and far higher than other peer companies allegedly cited in the report, such as Wan LCI City (xlxmall.COM) and hard-City (Allchip.COM).  Report allegations Cogobuy.COM website "never updated" is also wrong and misleading。The company continued to update the database, updated content, including stock keeping unit, the key person contact information and other transaction data, when a new product line, the company will update the page, but such updates do not affect the Home。Therefore, following the practice of many sites, the company has maintained Cogobuy.COM and consistent home page layout。Therefore, the company believes that it is necessary to update the appearance of the home page and do not need。  About Cogobuy outlined in the report.COM operation fails, the event due Cogobuy.COM service provider MicrosoftAzure in mid-April 2017 to Cogobuy.COM main sites were upgraded due。Download speed upgrade is designed to enhance security and improve the user's web page content。During the period of the upgrade, MicrosoftAzure unified SSL encryption and accelerate content delivery network (CDN)。Although encryption upgrade and indeed Cogobuy.COM cause some degree of operational failures, but most of the site's pages can still be fully operational in most areas。The company has contacted MicrosoftAzure support department, the problem has been resolved。  3, the allegations: financial performance far exceeding peer companies respond: As explained above, the "social + O2O" for the company's unique business model, it is difficult to make any direct comparisons。In any event, companies and directors to support the company's audited financial results, and the company does not consider that the fact that a number of alleged peer companies outperformed its financial report for the allegations contained in the effective basis。  4. Charges: net income and cash flow of 1.9 billion yuan gap between the company's response: The report does not match the data and write a lot of data released by the company。2011 to 2016 financial statements (including the statement of cash flows) have been prepared in accordance with applicable Hong Kong Financial Reporting Standards。Differences in net income and cash flows included in the report from 2011 to 2016 was mainly due to the impact of acquisitions net of changes in working capital due, and comprehensive reconciliation and was Corporate Annual Reports。  The company carried out the supply chain finance business in September 2014, interest income earned through providing customers with a number of financial services (including the provision of working capital financing plan)。As of December 31, 2016 year ended, operating activities used net cash of about -5.70 points billion yuan, instead of GAAP operating cash flow of RMB 2.8.5 billion yuan。  The difference of RMB 8.5.5 billion yuan is for the supply chain financing business (now known as gravitational gold suit) loans to third parties, the company's own funds amount to provide。Assuming the bank loans instead of the company's own funds, the cash flow statement "to increase supply chain finance business bank loan" This will increase the amount of RMB 8.5.5 billion yuan。  Sales revenue from RMB 2015 for the year ended 94.An increase of 5.3 billion yuan to 129 yuan ended December 31, 2016 year.3.3 billion yuan, and the Group's stock and trade and other receivables increased accordingly。  The company said that, as of December 31, 2016 to increase the amount of the year, the company's trade and other receivables originated in the vast majority of blue-chip customers, and the number of days accounts receivable turnover remained at 47.0 days, the normal level in the industry, in receivables December 31, 2016 of more than 90% in mid-March 2017, after the period had been recovered。As the business grows, inventory turnover days remained at 30.8-day industry normal level, while in inventories 31 December 2016 of more than 90% in mid-March 2017 period after the sale has been。  5, the allegations: Suspicious equity repurchase and repurchase shares of most companies responded from several accounts: the presence of suspicious and called for help just a hint of conspiracy friendly people baseless to speak about the company's share repurchase activity。All applicable provisions of share repurchase company's compliance with the listing rules by an independent third party brokers (including CSC (International) Securities and Haitong International Securities) issued the instructions of the venue share repurchase。  Since the buyback carried out by a third party and all broker management, and Kang Jingwei company can not influence trading floor trading may face each other in the field, this report also implies that there is no support for any other reason at all and is totally unfounded。The authors of the report in the absence of any clear evidence of the case also concluded that said the venue of the company's share repurchase through a third party broker counterparties for one person, mysterious anonymous investors。  The company also noted that its current share repurchase authorization has been approved by the shareholders by way of poll at the AGM unanimously approved the company on April 27, 2016, held on, none of the people voted against the buyback of shares。This year was unanimously adopted by unanimous vote authorized the repurchase, apparently shareholders support the company's share buyback。Therefore, the authors have no evidence to support allegations。  6, alleging: US-listed company formerly CogoGroup responded: History and development of the business, including a number of companies now forming part of the assets of the company had marketed by a company incorporated in the NASDAQ market (Kang Jingwei its single largest shareholder) the fact has, in the prospectus are set out in detail。  As stated in the Prospectus, a number of business entities related business is made by Kang Jingwei predecessor in November 2012 for a consideration of $ 78 million from the acquisition of Viewtran。Operating predecessor entities followed through new Cogobuy.Several mutually complementary assets COM platform for electronic business and rental property owners to purchase assets and logistics support and be complementary, so as to constitute (and will continue to become) the company's core business。  Therefore, any attempt to compare the predecessor entity directly in front of the acquired business and the company's existing operations in November 2012 behavior are inappropriate and meaningless。  After the listing on the Stock Exchange in 2014 and with the smooth expansion of its business, Kang Jingwei choose to put into the business most of the time, and gradually withdraw gifted affairs。Therefore, the final choice of ham for its excellent record of holding it is to be expected。As of June 30, 2015, Kang Jingwei no longer holds any interest in gifted and no longer serve as a member of its board of directors or senior management。  The report alleged gifted Kang Jingwei share price performance and the sale of its heralded for gifted a certain degree of interest in the company's share price fell and Kang Jingwei sell its interest in the company's complete lack of rationale for this proposition。  In fact, the opposite is true。As on the Stock Exchange website (HKExnews.HK) publicly accessible disclosure of interests set out in the declaration, Kang Jingwei since the company in July 2014 initial public offering has not sold any shares in their company。  In addition, the company stated in a share placement in September 2016 were published contained, Kang Jingwei has agreed to enter into compensation arrangements with the Placees, whereby if the count to date of the Placing Agreement last trading day stock price is lower than the three-year period certain price, it shall make compensation Placees。Kang Jingwei believe that it is willing to enter into arrangements to demonstrate its confidence in the company's business。Therefore, the Directors consider that the report contained unfounded allegations, whose sole purpose is to cause panic shareholders and investors, and profit for the reporting of related parties。  7, alleging: Placing Shares subscribed and no less than industrial investors to subscribe for the company to respond: As the company September 1, 2016 contained in this announcement, the Company and the Placing Agent on the "best effort basis" Placing up to an aggregate of approximately 2.7,000,000,000 new Shares at the Placing Agreement。The maximum number of shares authorized shares for the company's general shareholders by the Corporation granted under the 2016 AGM issuable。  The Placing is for a number of large independent institutional investors, rather than industry-related investors。As contained in the announcement of the Company dated September 22, 2016, the Placing Agent successfully about 1.6 billion new shares placed to a number of high-quality professional and institutional investors, including Dacheng International Asset Management Limited, LindemanAsiaGlobalPioneerPrivateEquityFundNo.11 (of which country ham Shchukin service, KoreaDevelopmentBank, KoreaTeachersCreditUnion, KoreaPost its end-investors), China Reinsurance (Group) Co., Ltd., China People's Insurance Group Co., Ltd., China Asset Management (Hong Kong) Limited and Chongqing High-tech record cast two rivers brand automobile industry investment Center (limited partnership).  According to the best knowledge of the company, all these independent agencies Placees have a comprehensive risk management procedures and assessment mechanisms, and their participation in and completion of the relevant Placing before the completion of the proceedings。This shows that such independent bodies Placees are confident that with the prevailing price of the subscription shares。  The company also noted that, at the Placing Price and the Placing Agent entered into joint-stock companies try trading days of the reference period of the agreement and completion of the Placing closing price premium。  The company also noted that the report on the proposed industrial investors to subscribe for the Placing Shares is not, in a sense reflects unfounded pessimism of the company's problems, this allegation is not only ignored Subscribers reputation for excellence with professional investors facts, and completely ignore those which may compete some companies may not want to be the fact that its shareholders。  Related reports