Reporter Xu Zhihao
Throughout June, the share price of KBlue Software rose by 63.17%, especially between June 7 and June 24, its share price soared from 22 yuan to 51 yuan, an increase of 231.8%.
On June 11, Techland Software released the “announcement of abnormal stock trading fluctuations” said that the company is concerned about the recent secondary market is more concerned about the digital currency and the company’s digital currency business, in recent years, the company continues to focus on digital currency in the financial industry application of landing research and application innovation process, and there are actual projects on the ground.
On June 21, the Shenzhen Stock Exchange issued a letter requesting the company to explain five points, including the actual implementation of the digital currency business.
On June 24, Keilan Software replied to the concern letter, saying that the company has not yet generated orders on hand about digital currency, digital currency-related business are in the technical verification, business negotiations and contract signing, 2020 did not directly generate business income.
The first said that the digital currency has an actual project on the ground, and then denied, saying that it is still in business negotiations and has not generated orders; this contradictory statement has put KBlue Software into the suspicion of manipulating the share price.
In addition, as a typical representative of blockchain concept stock, what landing application does Keilan Software have? Blockchain Daily reporter investigation found that the 100 million yuan Shanxi Changzhi financial services blockchain project signed by KeBlue Software may have been dead.
“Rub” on the digital yuan
KBlue Software 2021 first quarter earnings report shows that the company’s operating income of 209 million, an increase of 35.68% year-on-year, revenue growth mainly from the large central platform products, a new generation of core banking products and cooperative operations business and other innovative business scale increased significantly by more than 35%.
However, it is worth noting that KELAN Software’s cash flow from operating activities continues to deteriorate. operating cash flow for the first quarter of 2021 was negative 159.6 million yuan, negative 50.1 million yuan for the full year of 2018, negative 23.63 million yuan for the full year of 2019 and negative 72.63 million yuan for the full year of 2020.
Liu Kai, partner of Hangzhou Dongyuan Equity Investment, analyzed to “Blockchain Daily”, in addition to operating income, total profit, net profit and net profit attributable to the mother, KELAN Software has negative cash flow from operating activities and cash flow from investing activities all year round, which is more dependent on continuous financing development since listing, at least in the short term, the profit quality is low and there are hidden problems in its own development.
The blockchain daily reporter noted that in the successive announcements disclosure, Ke Lan software like to lean on the digital RMB above. Among them, the 2020 annual report, Techland Software highlighted its layout in the digital RMB application scene, claiming that “it is well known that the company continues to be a leader in the field of mobile banking, always leading and promoting the innovation and development of domestic mobile banking mobile payment, with the obvious advantage of helping the promotion and application of the digital RMB market. “
And on June 11 this year, the stock price surge during the KELAN software disclosed the “announcement of abnormal fluctuations in stock trading” said, “In recent years, the company has continued to focus on the landing research of digital currency applications in the financial industry and the process of application innovation, and there are actual projects on the ground.”
However, the announcement did not forget to add, “However, the digital currency-related business is an innovative business of the company, and the revenue of the company’s digital currency-related business accounts for a relatively small percentage of the company’s operating income, drawing investors’ attention to the corresponding risk.”
As a result of the clear concept of digital currency, after this announcement, the share price of Keilan Software continued to surge day after day. on June 11, the share price rose 19.99%, June 12 rose 17.4%, June 21 and rose 19.99%, the share price rose to a maximum of 51.11 yuan.
Until June 21, the Shenzhen Stock Exchange issued a letter of concern to KELAN Software to explain the actual landing of the digital currency. Only when KBlue replied to the letter of concern did it tell the truth.
The company started the digital currency market application in 2020, and signed a cooperation agreement with a large state-owned bank at the end of November to start commercial product development and intellectual property reserves, and has completed technical verification in June 2021 as planned, and will be delivered as planned, after delivery can provide digital wallet service platform products to digital RMB 2.5 layer cooperation financial institutions.
The above business does not directly generate operating income in 2020. The digital currency-related business is an innovative business and will first enter the promotion stage for the Company’s mobile banking stock customers, and the market promotion progress will be gradually launched in compliance with the deployment of the national authorities.
As of the date of this announcement, the company has not yet generated orders in hand for digital currency, and the digital currency-related business is in the process of technical verification, business negotiation and contract signing.
As a result of the above “negative” response from KELAN Software, its share price began to retreat from its high point, down 4.82% on June 24 and 10.49% on June 25, and closed at RMB 38.41 on June 30, down more than 24.8% from the highest price of RMB 51.11.
Hash Capital founding partner Ye Ding told the Blockchain Daily reporter that the future digital RMB scenario really needs a lot of technical solution support, but the digital RMB led by the central bank is still in the pilot stage, and many of the big fintech giants involved are still in the money smashing stage, and this move by Techland Software is suspected of speculating on the central bank’s digital currency.
The layout of blockchain + banking
In addition to “rubbing” digital yuan, the layout of the blockchain technology, mainly in the banking software.
In its annual report in 2018, Techland Software mentioned blockchain technology for the first time, saying that based on its long-term research results in blockchain technology and professional blockchain research and development team, combined with the in-depth understanding of the financial industry in the funds clearing center of urban commercial banks, the company has cooperated with Tencent Financial Cloud to develop a blockchain application for urban commercial bank drafts, using blockchain technology to establish a blockchain platform for data sharing among financial institutions cooperating in bank drafts, digitize bank drafts and realize the function of uploading and querying bank draft information.
The 2018 annual report states that the project uses technical design to avoid the limitations of blockchain on public chains by building a bank draft alliance blockchain in a consortium of financial institutions, thereby achieving a significant increase in transaction speed and throughput and high security and availability that meet financial-grade requirements.
In the 2019 annual report, Techland Software said that the company is one of the earliest fintech companies in China to lay out in banking + blockchain, and has accumulated rich experience in business and application scenarios such as bank notes, points and supply chain finance, and has practical experience and successful cases in application scenarios combining with many public chains and alliance chains at home and abroad. In cooperation with BAT large Internet companies, we have completed the construction of a large central enterprise logistics blockchain; and we have completed a pilot project in the field of bank note exchange with the city commercial bank alliance.
The report also said that in view of the large number of legal disputes in the field of mobile banking, internet banking and other internet financial transactions, KELAN Software jointly launched the “electronic authentication + security forensics” trusted data solution with the Electronic Data Forensic Center of the State Information Center. Continental Cloud Shield has built an online financial transaction blockchain Internet arbitration system with the National Information Center, Chongqing Arbitration Commission and other institutions.
It is worth noting that at the collective reception day for investors of listed companies in Beijing in 2019, Wang Anjing, chairman and general manager of Techland Software, said that the company has cooperation with Ant Gold in blockchain, and also has specific projects in progress.
Techland Software’s 2020 financial report also specifically mentioned blockchain, and its new generation of core distributed Internet banking core business products for banks have nearly 60 successful bank cases, and the online and offline integrated core business products have been successfully implemented in different financial customers such as banks and finance companies respectively. With 100% independent intellectual property rights, it is a distributed transactional database that follows the trend of database localization in China and has the performance advantages of extremely high concurrency, high throughput and low latency.
Liu Kai, partner of Hangzhou Dongyuan Equity Investment, said in an interview with Blockchain Daily that most of the listed companies are focused on the “layout” of blockchain technology without any key landing direction, and some of them even raise the share price by rubbing the fever. However, in order to develop in the long run, it is important to figure out the role of blockchain to the industry, clarify the way of research and development, find the combination of business scenarios and blockchain, and accelerate the landing of blockchain technology.
As we all know, the biggest application prospect of blockchain at present is the financial industry, and it is believed that decentralization is conducive to improving the security of finance.
Liu Kai pointed out that KELAN software seems to have found the combination of its own business and blockchain technology, and the technology research and development is in line with the direction of the enterprise itself and the future development of the industry, and the layout is more reasonable.
Shanxi Changzhi 100 million blockchain project is now where?
2020 KELAN Software said on the interactive platform that the company’s research and exploration in the field of blockchain is mainly focused on blockchain and distributed ledger technology and its application in the financial sector.
It is worth noting that in November 2019 many media reported that KBlue Software undertook a financial services blockchain project in Changzhi National High-tech Zone with a total investment of 100 million yuan.
On November 24, 2019, a seminar on the construction of blockchain industry ecology in Changzhi City was held, hosted by the Development and Reform Commission of Changzhi City and undertaken by the Management Committee of Changzhi High-tech Zone, a national high-tech zone.
At the meeting, the blockchain industry alliance and expert committee of Changzhi High-tech Zone were formally established, and KeBlue Software was elected as the director of the expert committee. In addition, Chairman Wang Anjing of Techland Software and Jia Jun, the signing representative of Changzhi High-tech Zone, signed a project cooperation agreement on financial services blockchain construction.
It is reported that the signing amount is 100 million yuan, which is part of the total amount of 900 million yuan for the Changzhi blockchain comprehensive project.
At the meeting, Dr. Dai Weiguo, chief scientist of blockchain of KBlue Software, delivered a speech entitled “KBlue’s practice in the field of financial blockchain” and became the chief technical expert of the professional committee of blockchain industry alliance in Changzhi High-tech Zone.
“That signing was a retreat, with no actual execution of the contract.” according to the self-published Connected Pulse.
Blockchain Daily also failed to find information about the 100 million yuan blockchain project in Changzhi in KELAN Software’s 2019 annual report, 2020 annual report and other official materials and publicity. The project is suspected to have failed to come to fruition in the end.
However, waiting until March 2020, the Changzhi municipal government is suspected to have upgraded the amount of the comprehensive blockchain project to 1.8 billion yuan, mainly based on Beijing Core Intertechnology and Shanxi Jinrui Shitong, and did not appear the figure of Keilan Software.
The 1.8 billion contract is divided into two parts, one is the “China blockchain public chain and distributed business platform project” that Beijing Core Intertechnology has started to operate; the other is the “Shanxi comprehensive energy blockchain project”, which should be participated by Shanxi Jinrui Shitong who understands energy.
On June 8, 2020, Shanxi government procurement online released a procurement notice about “Changzhi City Blockchain Public Chain Underlying Infrastructure Construction Project”, the project budget is 50 million yuan, choose single-source procurement method, the proposed supplier is set as “Core Inter (Shanxi) Technology Co.
Ltd. and Dai Weiguo is the actual controller and CEO of Beijing Core Interconnect Technology Co.
Dai Weiguo confirmed to Blockchain Daily his identity as the chief scientist of blockchain of Keilan Software, but Dai Weiguo emphasized that Core Intertechnology and Keilan Software only cooperate on supply chain finance and have no relationship on equity. Core Intertechnology is currently mainly doing domestic alliance chain infrastructure, previously developed public chain coin-issuing project thinkey stopped at the end of 2019.
On the relationship between the Changzhi blockchain project of Keilan Software and the Changzhi blockchain project of Core Intertechnology, Dai Weiguo said to the reporter that this is not very clear. When the reporter asked about the progress of the Changzhi blockchain project of Intercore Technology, Dai Weiguo politely declined the interview on the reason of being in a meeting.
Blockchain Daily also called KBlue to interview the situation of the Changzhi blockchain project, and the staff asked the reporter to email them an outline of the interview. As of press time, KBlue Software has not replied to the email yet.
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