roulettewheeldecide| Chairman said he would make efforts to develop self-owned servers and ASIC chips Shenzhen Stock Exchange asked *ST Nongshang: Is there any misleading

Just replied to the annual report inquiry letter not long, * ST SZ300536 (share price 10Roulettewheeldecide.15 yuan with a market capitalization of 29Roulettewheeldecide7.7 billion yuan, that is, "Agriculture and Environmental Protection (300536)").RoulettewheeldecideA letter of concern from the Shenzhen Stock Exchange.

According to recent media reports, Lin Feng, chairman and actual controller of ST Nongshang, said publicly: "the goal of the next stage is to take self-developed servers and ASIC chips (application-specific integrated circuits) as the company's second growth curve."

According to the 2023 annual report, as of the end of 2023, * ST still had only 13 R & D personnel. In this regard, the Shenzhen Stock Exchange proposed that 13 R & D personnel are in charge of the "display driver chip project" and that the company does not have any technical personnel related to the server and ASIC chip research and development.

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Moreover, among the above 13 R & D personnel, 8 work for * ST Agricultural Cooperation Company Nexia Device Co.,LTD (hereinafter referred to as Neixia, South Korea). In this regard, the Shenzhen Stock Exchange questioned the rationality of the eight entrusted R & D personnel who were identified as * ST agricultural R & D personnel.

The chairman's remarks attracted a letter of attention.

* ST farmers are still listed on the gem in 2016. In recent years, the company has shrunk its garden business and began to lay out its semiconductor business in 2020. In June last year, the company's controlling shareholder and actual controller changed, Hainan core micro became the company's controlling shareholder, Lin Feng became the actual controller.

This time * ST Nong Shang received a letter of concern from the Shenzhen Stock Exchange, which is related to Lin Feng's foreign remarks. According to recent media reports, Lin Feng said publicly: "Computational leasing is a tool and means to establish effective contact with market end customers, in fact, it is to pave the way for later technical services." The performance monitoring and optimization of computing network and equipment is the focus of the company's layout. The goal of the next stage is to take the self-developed server and ASIC chip as the company's second growth curve. "

It is worth noting that * ST Nongshang recently replied to the annual report inquiry letter of the Shenzhen Stock Exchange. * ST Nongshang's reply shows that among the 13 R & D personnel identified by the company, 5 R & D personnel work for Suzhou Neixia Semiconductor Co., Ltd. (hereinafter referred to as Suzhou Neixia, * ST Agricultural holding subsidiary), specifically responsible for the product back-end packaging research and development of the display driver chip project. Eight people (entrusted R & D personnel) work in Neixia, South Korea (49% stake in Suzhou Neixia), and are specifically responsible for the design, verification and simulation of the front and rear of the chip and schematics.

In this regard, the Shenzhen Stock Exchange's letter of concern raised two requirements and questions. On the one hand, the company is required to combine the average daily working hours of eight entrusted R & D personnel in * ST Nongshang and Neixia, South Korea, etc., indicating that * ST Nongshang identified 8 entrusted R & D personnel as listed companies' main considerations and rationality. Shenzhen Stock Exchange said bluntly: "does the company have the intention or purpose of exaggerating the company's R & D capability and misleading investors?"Roulettewheeldecide? "

On the other hand, the Shenzhen Stock Exchange also pointed out that the 13 R & D personnel identified by the company were responsible for the "display driver chip project" and did not see any technical personnel related to the server and ASIC chip research and development. In this regard, the Shenzhen Stock Exchange requires the company to verify and explain whether "using the self-developed server and ASIC chip as the company's second growth curve" is true and accurate, and whether the company currently has the funds, technology and personnel related to the self-developed server and ASIC chip. The Shenzhen Stock Exchange also said bluntly: "is there any misleading statement or major omission?"

200 million investment core Hezhihui is questioned

This letter of concern also involves a recent investment by * ST Nongshang.

* ST Nongshang's announcement on May 12th showed that the listed company signed a "joint venture agreement" with BLUEMOON VENTURES GROUP PTE.LTD (hereinafter referred to as Blue Moon, Singapore company), New Capital Company (hereinafter referred to as NCC, American company), and Shanghai Core Hezhihui computer Science and Technology Co., Ltd. (hereinafter referred to as Xinhezhihui). * ST Nongshang will invest 200 million yuan in Xinhe Zhihui in stages in the next 16 months. Eventually subscribed for a 51% stake.

NCC registered address is located in Delaware, USA, established in April 2022. Blue Moon is a Singaporean company founded on February 9 this year. The target company, Xinhe Zhihui, was established on March 18 this year and is currently wholly owned by Blue Moon.

According to the above announcement, Xinhe Zhihui's technical team mainly consists of five members, including people with educational backgrounds such as the University of California, Berkeley and the Massachusetts Institute of Technology.

It is worth mentioning that when disclosing the resume of Vincent Khin Zaw Win, a member of the technical team, * ST Nongshang described his experience of affecting the market capitalization of the company: "before joining GSR (Beijing GSR Venture Capital), he held a senior management position at ATI (Array Technology Industry) Technology and created three strategic business units, which significantly increased the company's market capitalization on Nasdaq."

In addition, the announcement of * ST Nongshang on May 12th shows that Blue Moon undertakes to provide * ST Nongshang with true and complete documents on the subject company's industrial and commercial registration, financial status, equity situation, historical evolution, assets, claims and debts, customers, taxes, operation and production management within a reasonable time.

In other words, when * ST Nongshang announced a large investment, the partner may not have provided the complete financial status, assets and other key information of the investment target.

In the latest letter of concern, the Shenzhen Stock Exchange requires * ST Nongshang to explain whether there are any forms of capital exchanges or other interest arrangements between the five technical team members and the listed company and the actual controller, whether the company intends to confuse the purchased chip with the "self-developed" chip, whether the actual controller has the permanent residence right of other countries or regions and the proposed application (if applicable), etc.

On the afternoon of May 21, with regard to matters related to the letter of concern, a reporter from the Daily Economic News called * ST Agricultural Security Office, and the staff said that the later announcement of the company would prevail.