The evening of November 29, National Technology announcement temporary suspension because of its total investment of 500000000 yuan, and Qianhai Qi Long Fund Management Co., Ltd. subsidiary of Beijing Qi Long Pharmaceutical Holdings Limited set up a joint venture in Shenzhen Cathay Pacific Industrial Investment Fund Management In accordance with the agreement, as the GP, Beijing Qilong is responsible for the daily operation and management of industrial investment funds. Recently, however, relevant personnel of Qianhai Qilong and Beijing Qilong are in a state of losing contact, and the listed companies have reported the case to the public security organ.
The national technology "Black Swan" came out, the capital market in an uproar. "Reminiscent of a company with scallops, suddenly said the scallop ran out." One private person ridicule .In the third quarter of 2014, Zhangzidao (002069.SZ) Sudden announcement, affected by the cold water, the company breed shrimp scallop suffered extinction, 'scallops swim to the other side of the sea', affecting Zhangzidao net profit of 760 million yuan.
The next day, the regulators issued a letter of concern, requiring the national technology description of the incident may affect the performance of the company, as well as the investment management system after the vote, risk prevention mechanism and implementation, and provide Shenzhen Cathay Pacific operations and Audit of the financial position.
December 1, National Technology said the company found the other party on the night of November 28 out of contact, then the first alarm, but when the last contact with each other is still in need of verification at the same time, the company is urgently addressed This matter, more details will be disclosed later in the form of announcements to the public an explanation.
'Private equity funds filed through industry associations must have a third party custody mainly of brokerage houses and banks. The industrial funds depend mainly on fund managers and investment advisors, and whether they put funds in custody into the product element.' Industry sources said the case involved in the 500 million yuan of funding is not clear.
There is no doubt that National Technology faces the risk of a loss of 500 million yuan of investment. However, this is only the tip of the iceberg of its chaotic situation. After its listing in 2010, the company that flaunts the leading domestic security chip business has experienced rapid performance losses and sustained losses. , The original shareholder ZTE and the background of China's state-owned assets in China and China in 2011 and 2013 have gone clearance, although capital capitals Liu Yiqian take the plate in 2015, but this time the national technology has not a shareholder of more than 5% In fact, fell into a dearth of land.
April 30, 2010 listing day, the national technology closing price (former re-rights) 31.08 yuan / share, then perennial in a broken state, the lowest fell to 6 yuan in 2012. Strangely, the day before the suspension on November 28, the National Technology contrarian daily limit, the stock eventually stay at 15.66 yuan / share.Do not know after the event of the resumption of trading, the national technology can also bring investors what 'surprise.'
Listed in the first year, the performance quickly changed face
Prospectus shows that the main technology of national technology information security chip and communication chip business, the main products for the USBKEY security chip and communication interface and radio frequency chip, the company uses light asset model, manufacture and packaging test outsourcing, is only responsible for the design and sales. The book cites CCID Consulting's data, in 2008, National Technology USBKEY security chip market share of 72.9%, the top ten domestic manufacturers are its stable customers.
Prior to the listing, the performance of National Technology was very pretty: in 2008, 2009 and 2010, its operating income was 219 million, 466 million and 702 million respectively, up by 45.74%, 112.97% and 50.77% Profit respectively 24120000 yuan, 117000000 yuan and 158000000 yuan, an increase of 88.69%, 384.83% and 51.37% respectively compared with the same period of last year .In National Technology revenue composition in 2010, USBKEY chips as the representative of the security chip business contributed revenue and Profit reached 90%.
This should have been a big Niuzou, but its performance has rapidly changed its face in the first full quarterly report after the listing of National Technologies in 2011. That year, revenue and net profit were 571 million yuan and 108 million yuan respectively, Down 18.65% and 39.15% respectively from the same period of last year.
This is just the beginning of a nightmare. The next three years, national technology into the loss model, net of non-recurring gains and losses, net profit was only -1308 million, 33.22 million yuan and 30.85 million yuan, only by huge government subsidies, barely subsistence.
Performance collapse, no longer dividends from the initial stage of development of the industry.National technology listing, the survival of the USBKEY chip market quickly entered a mature period, the competition intensified.Asix Securities as early as 2013 in a research report pointed out, National Technology's market share has slipped from 72% to 40% in the first quarter of 2012. According to Great Wall Guorui Securities, in an annual report released last year, USBKEY has entered the highly competitive brand position since 2013, while the supply chain High viscosity, whether it is to enter or exit, have a certain short period of stability.
In fact, as early as the listing, the National Technology has already started to develop 2.4G standard mobile payment chip technology FRID, and led the technology of China Mobile However, with its benchmarking, the 12.56Mz-based NFC technology dominated by UnionPay was first adopted by the domestic financial industry as a mobile payment standard.
National technology lost ground in technological innovation, while its major shareholders also made birds and beasts scattered.
Shareholders holdings, the company into a dominant place
Before the IPO, ZTE Corporation, one of the leaders of China Huada and the industry under SASAC, was the top two shareholders of National Technology. After the IPO, the two companies held 27.5% and 20% respectively of the shares.
In 2011, when the lifting of the banned period arrived, ZTE took the lead in reducing its national technology. In May and June of that year, the former reduced its holdings of 5.5766 million shares and 11.9703 million shares by means of collective bidding and block trading, respectively, and realized 150 million yuan and 313 million yuan Yuan; in the second half of the same year, it also repeatedly deducted a total of 656 million yuan in cash. By the end of the year, the shareholding ratio dropped to 1.15%. In 2013, the list of top ten shareholders was withdrawn.
The largest shareholder of China Huada holdings began in 2013. In November of that year, China Huada through the agreement to transfer the way to 13.42 billion yuan price will be held by all the shares of National Technology sold.Since then, the specific strategy 1 No. 2 and No. 2 grading specific multi-client asset management plan, as well as nine natural persons including capital predators Liu Yiqian, split the 27.5% stake.
As scattered shareholders continued to leave, Liu Yiqian became the largest shareholder of National Technology in the first quarter 2015. However, his shareholding ratio was only 4.54%, which means that no one shareholder of National Technology owns more than 5% %.
However, the equity story of National Technology has not ended yet.
In the second half of 2016, Xu Jiayin, who was on the market at the moment, went through two risky capital accounts under Hengda Life Insurance Co., Ltd. to buy 27,904,400 national technology shares in total, accounting for 4.95% of the total shares, respectively, in the third quarterly report The third and fourth largest shareholder list, until the latest third quarter of 2017, Evergreen Life disappeared in the top ten shareholders.
At this point, Liu Yiqian still ranked as the majority shareholder of National Technology with 4.38% of the shareholding, while the top five shareholders are all natural persons.
Turn around, bet investment and financing
Removing the security chip business suffered setbacks and the withdrawal of state-owned assets and ZTE undoubtedly also affected the business development of National Technology.
As a related party, ZTE was listed among the top five customers of National Technologies and is the main subsidiary of the latter telecom sector business. In 2011, operating revenue of National Technology Communication chip products was 53.81 million yuan, up 23.36% from the same period of last year. After ZTE nearly cleared its holdings in 2012, its revenue was only 38.1 million yuan, down 29.2% from a year earlier. In 2013 and 2014, the revenue of this business dropped to 30.28 million yuan and 32.57 million yuan respectively, In subsequent annual reports, the business data is no longer disclosed separately.
On the book side, after the withdrawal of state-owned assets in 2013, the revenue from government subsidies for National Technology continued to decrease, with government subsidies of up to 86.28 million yuan in 2012 and 62.81 million yuan in 2013, down from 59 million in 2014 and 2015 respectively Yuan and 58.11 million yuan in 2016 fell to 40.06 million yuan.
Despite the fact that it is no longer backed by big trees, its business surged suddenly after its three-year losing streak in 2015 after Liu Yiqian became the major shareholder of the company. In 2015 and 2016, its operating revenue increased by 31.69% and 25.96 %, Net profit is up to 86 million yuan and 101 million yuan.
However, the price of turning losses into profits is to raise the risk.
In 2015 and 2016, national technology receivables were 340 million yuan and 427 million yuan respectively, up 53.85% and 25.59% over the same period of the previous year. In horizontal comparison, the growth of receivables in 2015 far exceeded the growth rate of revenue while the vertical Compared with the same period of its revenue was 561 million yuan and 706 million yuan, respectively, receivables accounted for 60.61% of revenue and 60.48%, while in 2014, this ratio was only 51.76%.
National Technology has repeatedly stated in its annual reports for 2015 and beyond that due to fierce market competition, the Company has adopted appropriate marketing strategies such as credit sales and credit extension in order to promote sales.
Despite aggressive sales growth, aggressive sales strategies only exist on the book's revenue and deteriorating the cash flow of National Technologies In 2013, its operating cash flow was 18.17 million yuan, which had been a positive inflow before In 2015 and 2016, its operating cash flow has changed to -16.13 million yuan and -57.16 million yuan.
Of course, in order to re-fill the performance, in addition to assuming the risk of bad debts caused by radical sales strategy, investment and financial management has become another gambling table for the national technology choice.
As of 2013, National Technology's available-for-sale financial assets data is zero, rising slightly to RMB10.5 million in 2014 and directly to RMB332 million and RMB525 million in 2015 and 2016 respectively.
In 2015, the revenue from investment in national technology was 72.35 million yuan, all of which was income from the purchase of wealth management products. In 2016, the investment income was 95.64 million yuan, of which the income from the purchase of wealth management products was 45 million yuan and the investment income from available-for-sale financial assets was 50 million yuan yuan.
In the last two fiscal years, investment income accounted for 84.13% and 94.69% of the national technical net profit, respectively.
On behalf of Xuefeng lost contact, 500 million funds into a mystery
According to the announcement, on November 28, 2014, National Technology purchased 200 million yuan of Qianhai Qianlong Funds product share. In 2016, it will benefit even with the redemption of shares and gains of 50 million yuan.
On the basis of the successful initial cooperation, on November 9, 2015 and March 2, 2016, Sinosteel passed a subsidiary of Shenzhen Qianhai National Investment Management Co., Ltd., which invested 300 million yuan and 200 million yuan respectively in cooperation with Qianhaiqi Long subsidiary of Qilong pharmaceutical cooperation in the establishment of industrial investment fund Cathay Pacific. National Technology as a limited partner, do not participate in the management.
According to the investigation and investigation of business information, the national technology subsidiary Qianhai National subscribed 500 million yuan subscription, the proportion of 99.9001% stake in Qi Long Medicine subscribed 500,000 yuan, the proportion of 0.0999% stake in. Announcement, the profit Distribution, when the limited partner that national technology investment income reached 20% before, Qilong medicine does not participate in profit distribution, more than 20% of the part, the two sides split by 82, 80% of national technology.
It can be understood that the M & A fund is actually a national technology commissioned by the other side of the industry fund financial management.
Business registration information shows that Qianhai Qi Long was established on April 1, 2014, with a registered capital of 120 million yuan, after the establishment of the company investors and equity has changed 9 records.On August 22, 2017, the proportion of investment up to 99%, has been the natural person of the company's largest shareholder on behalf of Xuefeng will be transferred to the natural person Xu Xin Manni.
Private Rows Online query to the information on behalf of Xuefeng for Qianhai flag dragon core figure, not only for the company chairman, but also fund managers and investment research team backbone, graduated from Huaxi Medical University, with 20 years of securities investment and funds Management experience.
On September 19, an article titled "Sunshine Dentists on Wall Street" wrote: "I am an American who has been staying up late at night (for example, in New York at this time, I graduated from the School of Stomatology, Huaxi Medical University. Time half past three) the old stocks of speculative futures speculators. Outstanding talent, the US Green Card from the application to obtain approval only 5 days to obtain; children studying in the United States because of her own excellence and directly into the talent class. Of course, what is more important is that both China and the United States must abide by the law and comply with the sunshine life. I am a small citizen and I wish my friends and family a happy and happy family. We have every reason to believe that: the flag long series of funds can obtain good results World recognition ...
According to the investment announcement of National Technology at that time, if the industrial fund suffered a loss, it should be borne by the general partner for the contribution to be paid, such as loss More than the amount of investment, and then by a limited partner to subscribe for funding commitments, which means that Qian Haiqi Qian only bear 500,000 yuan loss.
And for the money to run the road, the dispute is how to transfer funds.An investor said that even if the funds are trusteeship, there are theoretically possible investment in their own shell company may transfer the funds, but the specific circumstances can not be determined.
In fact, in October 2015, Shuangcheng Pharmaceutical (002693.SZ), another publicly traded company, participated in the establishment of the M & A fund for healthcare industry through its affiliated company Shihezi Shuangcheng Equity Investment Management Co., Ltd. with Qilong Pharmaceutical Co., Ltd., with a fund scale of 20 Billion, but the specific contribution was not disclosed.
On December 1, Shuangcheng Pharmaceutical said that Shihezi Double became the actual controller of a listed company and had no controlling stake in the listed company itself, and did not know more about Qilong and the cooperation. Industry without any impact.
"Shawshank's Redemption and How the Sun Private Development" is the latest blog on behalf of Xuefeng updated on October 11, 2017. With no other than the nine stills, there are no other texts recorded from movie posters to prisoners, and then Last Shawshank and Reid at the beach reunion last shot.
People's hearts fierce scallops, on behalf of Xuefeng like Shawshank climbed through the dirty ditch, with a 'severance pay', swim to the other side of the sea? And leave to the national technology, but also what kind of a license? It is not yet known.
Source: Prism