Yibang International reported Huatie Emergency in real name: the incident was caused by an old case three years ago, and there was a dispute over the whereabouts of 56,000 mining machines

Source: Cailianshe | Blockchain Daily

Reporter: Zhang Yangyang

Yesterday (August 8), Ebang International, one of the world's three largest Bitcoin mining machine manufacturers, held a press conference in Hangzhou and said, "Huatie Emergency is suspected of serious information disclosure violations, financial fraud, and the actual controller is suspected of huge embezzlement and hollowing out of the listed company's assets."

Hu Dong, chairman of Yibang International, said that the company had publicly reported Huatie Emergency to the China Securities Regulatory Commission, Shanghai Stock Exchange and Zhejiang Provincial Securities Regulatory Bureau on August 6, and had sent relevant materials, and urged the regulatory authorities to pay attention.

Huatie Emergency is a domestic company engaged in equipment leasing business, providing leasing and supporting services for construction maintenance equipment, building support equipment and engineering machinery equipment. It was listed on the Shanghai Stock Exchange in May 2015. According to the company's latest financial report data, in the first half of this year, the company achieved operating income of 1.062 billion yuan and net profit attributable to shareholders of listed companies of 195 million yuan.

The source of the complaint at this press conference came from a transaction dispute between two listed companies three years ago. In 2018, Ebang Communications, a subsidiary of Ebang International, and Xinjiang Huatie Heng'an, a subsidiary of Huatie Emergency, signed a 403.2 million yuan mining machine sales contract, which later led to a dispute between the two parties.

Earlier, the Securities Times reported that according to Huatie Emergency, on May 7, 2018, Xinjiang Huatie Heng'an signed a contract with Ebang Communications. The contract stipulated that Xinjiang Huatie Heng'an would purchase 80,000 cloud computing servers from Ebang for a total price of 403.2 million yuan.

After the two parties signed the contract, Xinjiang Huatie Heng'an paid a total of 120.96 million yuan in accordance with the contract. Ebang Communications delivered 24,000 Bitcoin mining machines to Xinjiang Huatie Heng'an in May 2018. However, the two parties have different opinions on the delivery and destination of the other 56,000 mining machines.

According to Ebang International, the sales contract for 80,000 mining machines signed by the two parties has been delivered to Xinjiang Huatie Heng'an in multiple batches, and all of them have been fulfilled before July 2018.

Xinjiang Huatie Hengan denied having signed for the remaining 56,000 units.

Due to the dispute between the two parties over the delivery of the remaining 56,000 mining machines, in January 2021, Ebang Communication sued Xinjiang Huatie Heng'an, Huatie Emergency, and Hu Danfeng, the actual controller of Huatie Emergency, on the grounds that "all goods have been delivered to Xinjiang Huatie Heng'an, but Xinjiang Huatie Heng'an still has 282.24 million yuan unpaid". The court has now frozen some bank accounts and equity of subsidiaries of Huatie Emergency.

Previously, Huatie Emergency had not announced the freezing matter. It was not until August 3, after media reports, that Huatie Emergency issued an announcement on the progress of the lawsuit and clarification, saying that the case had been heard but no verdict had been made.

The reporter of "Blockchain Daily" contacted Yibang International and Huatie Emergency respectively, but no response was received as of press time.