In the face of the continuous decline of stock price, Antarctic e-commerce (002127. SZ) is finally unable to sit still. On January 5, after the stock price fell by the limit for two consecutive days, Zhang Yuxiang, general manager of the company, held a conference call. In response to questions about fraud and new year’s plan, he said that the company has sufficient funds and investors can be at ease. At the same time, Zhang Yuxiang also launched the largest Buyback program in history. < / P > < p > according to the repurchase plan, the company plans to use its own funds to repurchase part of the company’s shares through centralized bidding. The total amount of repurchase is between 500 million yuan and 700 million yuan, and the repurchase price is no more than 15 yuan / share. According to the upper limit of repurchase amount, 46.6667 million shares are expected to be repurchased, accounting for about 1.90% of the total share capital of the company. It is reported that this is the second time the company has launched a large-scale repurchase plan. The time of the first repurchase is from October 2018 to October 2019, the repurchase amount is 150 million to 300 million yuan, and the repurchase price is no more than 11 yuan / share; the final repurchase amount is 151 million yuan, and the average repurchase price is 8.95 yuan / share. < / P > < p > different from the immediate effect of the previous repurchase, after the issuance of the repurchase plan, the stock price of Antarctic e-commerce fell instead of rising. During the period from January 5 to January 12, the company’s share price once fell by more than 25%, and six negative lines emerged one after another. For the launch of such a large-scale buyback plan, the company said that it was related to the suspicion of financial fraud. < / P > < p > in the face of financial fraud, Antarctic e-commerce issued a Clarification Announcement on the evening of January 12, saying that the company’s IP brand authorization has obvious competition barriers, the company has a competitive relationship with Hengyuanxiang, beijirong and other brand authorized companies, and the overall proportion of accounts receivable is controllable and decreasing year by year. It emphasizes that all data are intercepted from the official data of e-commerce platform, which is true, reliable and traceable. < / P > < p > reviewing the trend of its stock price, it is found that the stock price of Antarctic e-commerce stood at 15 yuan / share in May last year, and then rose to 24.41 yuan / share as the highest, and only fell back below 15 yuan / share at the end of last year. As for the rationality of the repurchase price and the criteria for setting it, investor.com called Antarctic e-commerce, but the phone was not connected, and no reply was received. < / P > < p > as one of the leading concepts of e-commerce, Antarctic e-commerce may no longer be popular. According to choice data, as of September 30, 2020, the number of institutional shareholders of the company has reached 110, which is significantly lower than that of 448 on June 30, 2020; meanwhile, the cumulative number of institutional shares has also decreased from 982 million to 751 million, with a reduction of about 1 / 4. < / P > < p > according to the latest list of top ten shareholders disclosed by the company, from the end of the third quarter of 2020 to January 4, 2021, many institutional shareholders also reduced their positions. Among them, the three social security funds disclosed in the third quarterly report all reduced their holdings, and the two funds of huitianfu fund also reduced their positions. < / P > < p > in January, the organization is frantically fleeing. From the data of dragon and tiger list. On January 4, the special business department of the institution listed three for sale and four for sale; on January 5, the special business department of the institution listed two for sale, four for sale and five for sale. In the two days, the total sales amount of the special business department of the institution reached 322 million yuan, while the corresponding purchase amount was 0. < / P > < p > in terms of individual shareholders, in addition to the company’s actual controllers Zhang Yuxiang and Zhu Xuelian, other shareholders have reduced their holdings. Among them, Liu Rui, director of the company, has greatly reduced his holding through centralized bidding and block trading since late December 2020. So far, he has reduced his holding of 8.02 million shares, accounting for about 20% of his share capital. < / P > < p > for the stock price collapse of Antarctic e-commerce, there are different opinions in the market, and rumors about its financial fraud emerge again. It is reported that a securities analyst was the first to question the Antarctic e-commerce, but he was transferred from his post shortly after. < / P > < p > in May 2019, the analyst talked about the identification of extracorporeal circulation fraud during the roadshow, and analyzed the case of XX e-commerce, and put forward six doubtful points: < / P > < p > the net profit is very high without obvious barriers, there is no obvious competitor, the operation mode of very light assets, the poor quality of financial data (accounts receivable), and the number of employees increases with the doubling of operation scale There is a high degree of overlap between suppliers and customers. At that time, the industry generally believed that the e-commerce was the Antarctic e-commerce. < / P > < p > however, investor.com found that since 2019, dozens of securities companies have issued optimistic views on the company, and there are more than 100 research reports on the company, while only one has issued negative views. During the period from May 31, 2019 to June 30, 2020, the company’s share price still rose by about 80%, which does not seem to be greatly affected by the rumors. < / P > < p > until June 28 last year, a well-known financial media published an article entitled “deciphering the abnormal growth of Antarctic e-commerce Gmv: dealers change face frequently, subsidiaries play hidden secrets” which caused heated discussion again, pointing out that there are problems in Antarctic e-commerce, such as the fight between dealers’ sales data and Gmv (total platform sales), and a number of Antarctic heavyweight stores constantly changing operators. < / P > < p > since then, the company’s share price has been falling all the way. At that time, the company only replied to queries about financial affairs on the interactive platform of investors. All operations and management of the company were transparent and open. The company reserved the right to investigate the legal responsibility of individual media’s untrue reports and subjective conjectures or inferences. < / P > < p > it is understood that Antarctic e-commerce is an e-commerce service enterprise mainly engaged in brand authorization of Antarctic people. In recent years, the company has continuously acquired other brands, and has transformed from underwear brand to full category brand. The authorized operation category also covers underwear, bedding, men’s clothing, women’s clothing, children’s clothing, mother and baby, etc. < / P > < p > from the performance point of view, the company’s operating revenue and net profit doubled from 2016 to the first three quarters of 2020. In 2019, the company’s revenue from the brand authorization part (brand comprehensive service and dealer brand authorization business) reached 1.3 billion yuan, three times more than that in 2016; the gross profit from brand authorization reached 93%, once catching up with Guizhou Maotai. < / P > < p > meanwhile, the company’s Gmv is also advancing by leaps and bounds, from 7.206 billion yuan in 2016 to 30.559 billion yuan in 2019, with a three-year compound annual growth rate of 62%. In 2019, when the growth rate of e-commerce platforms slows down, Gmv of the Antarctic community (i.e. Antarctic dealers) also achieves 49% growth. The growth rate of Alibaba’s total Gmv in fy2019 is 19%. < / P > < p > however, on the other hand, the quality of the company’s products is also prone to problems. According to statistics, in 2018 alone, Antarctica has been listed on the blacklist of unqualified products by the national quality supervision department and local consumer associations for several times, involving silk quilt, underwear, cotton clothing, children’s clothing, electric hair clippers, hair curlers, massage sticks and other products. < / P > < p > in 2019, the Antarctic brand men’s shoes failed to pass the sampling inspection again; on July 6 last year, the Beijing municipal market supervision and Administration Bureau also reported that the colored cotton kimono three piece suit and infant underwear with the trademark of Antarctic had the problem of unqualified rope. < / P > < p > in the view of industry insiders, Antarctic people are overdrawing brand value, which will eventually lead to the decline of brand reputation and product quality. In fact, some e-commerce companies are very strict in brand authorization management and have strong quality control ability in OEM, but the Antarctic people have not taken this road. < / P > < p > despite many doubts, Antarctic e-commerce has issued an announcement to clarify, but its brand image may have been greatly impacted. Whether the company’s stock price can recover in the future, investor.com will keep an eye on it. < / P > < p > Disclaimer: the purpose of this article reprinted by CNFC is to convey more information, and it does not represent the opinions and positions of CNFC. The content of this article is for reference only, and does not constitute an investment proposal. Investors operate on this basis at their own risk. < p > < p > Chinanet is a state key news website under the leadership of the Information Office of the State Council and the management of China foreign language publishing and Distribution Bureau. 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