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    ST nine has a limit of 11 down and a loss of 255 million yuan

    2019-02-11 00:09:15

    Securities daily 

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    ST nine (600462)

    ST nineThe performance forecast released on January 29 showed that the company's 2018 performance was expected to be 255 million yuan, an important reason is the loss of control of the subsidiary's Runtai supply chain. According to the "Securities Daily" reporter's on-site visit, the office address and branch of the Runtai supply chain have gone to the building. And the one-story office building it owns, or will face the fate of being auctioned.

    "On the bright side, it may be that Chunxiao Jinkong was pitted." The industry insiders analyzed the current situation of listed companies. At present, ST's previous real controller has already made a profit after the transfer of equity. The original shareholders of Runtai supply chain are also "running the road" after the cash-out, and the new real-control person Chunxiaojin control needs to face the left behind. Dirty. It remains to be seen how this well-known VC fund will be robbed.

    Subsidiary loses control and loses money

    On January 29, ST Jiu had a performance forecast released. The company's 2018 net profit is expected to be about 255 million yuan. After deducting non-recurring gains and losses, the net profit loss is about 195 million yuan. In the same period of 2017, ST Jiu had a profit of 8,854,400 yuan.

    The two acquired subsidiaries did not meet expectations, which was the main reason for ST's performance losses.

    In 2018, ST Jiu has a holding subsidiary, Shenzhen Bo Lixin Technology Co., Ltd. (hereinafter referred to as “Bolixin”), which suffered a loss in its main business. ST Jiu had to conduct impairment test on Borisson's goodwill and make provision for impairment. According to the company, Bo Lixin was affected by the decline in the overall stock of the mobile phone industry, the depreciation of the Renminbi and the increase in labor costs. The prices of raw materials such as mobile phone camera chips increased, the selling price decreased, and the gross profit margin of sales decreased significantly.

    Compared with Bo Lixin, another subsidiary, Runtai Supply Chain, makes ST nine “bigger”. In August 2018, affected by industry pressure and the arrest of the chairman of Jiuyou Co., the Runtai supply chain was run by loan banks, suppliers and related customers. Some loans were overdue and business conditions deteriorated. As a guarantor of the 341 million yuan loan of the Runtai supply chain, the listed company was sued by a number of banks, and multiple accounts were frozen, resulting in limited operations, resulting in the listed company being ST.

    At present, the production and operation of Runtai supply chain has stalled and it is no longer able to conduct business normally. In the performance forecast, the listed company extracts the impairment provision for the long-term equity investment and accounts receivable that have been paid by the Runtai supply chain. In addition, the company's maximum guarantee liability for the Runtai supply chain was 314 million yuan, and it was also accrued as estimated liabilities, which were included in non-operating expenses.

    The situation of the subsidiary also seriously affects the company's operations and stock prices. On January 15th, after the listed company was ST, it closed down for 11 consecutive trading days. As of the close of February 1, ST nine has a total market value of 998 million yuan, ranking the tenth in the two cities.

     Office property or auction

    According to the data, the Runtai supply chain has two wholly-owned subsidiaries, namely, Excellent Chain, Runtai Global Logistics, and four branches of Guotong, Fuyong, Fubao and Heping. Previously, the reporter visited the registered address of Runtai Supply Chain and found that the company located in Unit 502 of Kerry Fubao Warehouse Building, No. 15 Taohua Road, Fubao Street has moved away. The time of departure is around October 2018.

    Recently, the reporter came to another branch of Runtai Supply Chain, which is located on the 25th floor of Guotong Building, No. 9023 Binhe Avenue, Futian District, Shenzhen. The reporter saw that the signboard on the first floor of Guotong Building still has the words of Runtai supply chain, but according to the security of the lobby, the company has also withdrawn.

    "Are you coming to collect debts?" When the reporter asked to go up to the 25th floor, the security guard blurted out. He then told reporters that the debt collector had gone through the legal process and could not find the corresponding person in charge on the 25th floor. "I left in October last year, and now no one is there," he added.

    It is worth noting that the 2017 acquisition report shows that the property rights on the 25th floor of Guotong Building are owned by the Runtai supply chain. The property right certificate number is “Shenfangfangzi No. 3000739808” and the building area is 1414.88 m2. ST 9 has an announcement on November 12, 2018, showing that the Runtai supply chain is movingConstruction bank(Hong Kong stocks 00939) borrowed from the 25th floor of Guotong Building as collateral. As of the announcement date, the total amount was over RMB 52,224,900.

    Zhang Jun, vice president of the Shenzhen Corporate Governance Research Association, told the reporter that the Construction Bank can initiate a lawsuit to the court and require the listed company and related responsible persons to repay the loan. If the other party is unable to repay the loan, CCB may apply to auction the above property. According to the price range of Shenzhen office buildings, the value of Guotong Building should be less than 100 million yuan. After repaying the construction bank loan, the balance must be repaid to other creditors.

    In order to confirm the property rights of Guotong Building, the "Securities Daily" reporter called ST nine to have a secretarial office, requesting an interview was rejected.

    2017 acquisition of cloud

    Subsidiary Runtai supply chain thunder, the market's attention to the multiple transactions of listed companies in 2017.

    In mid-2017, after the nine-share share price acquired the Runtai supply chain, it quickly provided guarantees for the bank loan of 200 million yuan in the Runtai supply chain. Subsequently, the original actual controller of Jiuyou Shares transferred 100% equity of Tianjin Shengxin Yuantong Co., Ltd. (hereinafter referred to as “Shengxin Yuantong”), the controlling shareholder of the listed company, to Beijing Chunxiao Jinkong Technology Development Co., Ltd. (hereinafter referred to as “Chunxiao Gold Control”) The actual controller of the company was changed to Han Yue, and then the original senior management who presided over the acquisition of Runtai supply chain collectively resigned.

    At present, the last real person in the listed company has already profited to leave. In August 2017, Chunxiao Jinkong purchased Shengxin Yuantong from Zhu Shengying, Kong Tingyu and Li Dongfeng, the original real controllers of Jiuyou, and spent a total of 750 million yuan. Previously, the above-mentioned three people received a total of 641 million yuan in 2015. In other words, in just two years, the three people led by Zhu Shengying had a total profit of 109 million yuan.

    The original shareholder of the Runtai supply chain also went abroad after the cash. The original shareholders of Runtai Supply Chain, Gao Wei, Cai Changfu and Yang Xueqiang, sold 51% of the shares to Jiuyou, and the price was 158 million yuan, which was paid in three years. Up to now, the amount of funds was 110 million yuan. In addition, the listed company secured a loan of 341 million yuan for the Runtai supply chain, but there is no public information indicating the whereabouts of the fund. The frozen bank account of the Runtai supply chain is only RMB 778,400. At present, Gao Wei, the legal representative of the Runtai supply chain, has been stranded abroad.

    In 2017, Spring Xiaojin, who took over the listed company, was surrounded by all sides. On the one hand, the company’s chairman, Han Yue, was arrested on suspicion of illegally absorbing public deposits. On the other hand, in order to solve the debts of the subsidiary Runtai supply chain, the listed company was even more constrained by ST.

    An industry insider analyzed to reporters that on the bright side, Chunxiao Jinkong was "pit". However, it is also possible that the parties had previously had an interest to blend, but the tide of 2018 was used to detonate the unstable factors, and the truth still needs further research.

    Hot searchST nine

    Editor in charge: Fu Jianqing RF13564

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