Hualian Holdings: Hualian Sanxin's PTA delivery loss in September was no more than 65 million
last Friday (10th), Hualian Holdings (2.15, -0.24, -10.04%, bar) (000036, Guba) (), which will resume trading today after a week of suspension, issued a clarification announcement by its board of directors in response to media reports that its joint-stock enterprise Hualian Sanxin Petrochemical Co., Ltd. (hereinafter referred to as "Hualian Sanxin") lost hundreds of millions of Yuan due to huge delivery in the futures market. However, the announcement is quite different from the previous media reports that Hualian Sanxin, which has stopped production, has been forced to take nearly 150000 tons of spot goods through Tianma futures and other main seats on the purified terephthalic acid (PTA) futures contract expiring in September this year in Zhengzhou Commodity Exchange (hereinafter referred to as "Zhengshang exchange"), and it faces a decline loss of nearly 500million yuan. It is said that it has achieved utilization in the fields of mining, cement, thermal power, construction machinery, automobiles and so on
the announcement also shows that Hualian Sanxin made every effort to strive for policy and financial support at all levels of the ceramic aluminum new materials industry through only four trading seats of Dayue futures, Yongan futures, Nanhua futures and COFCO futures in September PTA contract (i.e. "ta809"). After the daily settlement price was 9170 yuan/ton, it received 33700 tons of goods during the 2018 Beijing International Auto Show, and the total profit and loss was only 65.41 million yuan based on the average sales price of 7229 yuan/ton in the month. In the first three quarters of this year, PTA futures trading suffered a total loss of 42.25 million yuan, including a hedging loss of 39.98 million yuan, and a total of 102280 tons of goods were received this year. In addition to ta809, another receipt of 685800 tons occurred in the may contract
interestingly, Hualian holdings pointed out in the announcement that the company had once again requested Hualian Sanxin to verify whether there were PTA futures transactions in other circumstances
in the statement on the recent operation and financial situation of Hualian Sanxin, Hualian holdings attributed the severe situation faced by Hualian Sanxin since the second half of last year based on the development of SABIC PP 514m12 material based on a technology business environment without phthalates and odor to two main reasons, namely, the low development of the industry and the implementation of tight monetary policy by the state. The announcement revealed that since March this year, Hualian Sanxin has repaid a total of 2.596 billion yuan of bank loans, while some banks have only received loans from PTA manufacturers
relevant insiders confirmed to China business yesterday that Hualian Sanxin made hundreds of millions of yuan from futures trading when PTA futures prices were high in the first half of this year. When China business tried to contact zhouzhenmin, the deputy general manager in charge of finance of Hualian Sanxin again yesterday, one of its two numbers prompted "temporarily unable to connect", the other prompted to transfer "call assistant service", and media reports said that Zhou Zhenmin "has been strictly controlled by the police"
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