Tired three times the reorganization failed bitter fruit, the main industry frustrated Quixing Lin Lin Zhang, real controller began to pick the child.
On December 24, 2017, Qunxing Toys announced that Qunxing Investment, the controlling shareholder of the Company, is planning equity transfer which may lead to the change of real people. This means that Qixing Toys will be listed on the market and A shares will be slaughtered near Lin Weizhang 7 years will sadly leave.
Lin Weizhang departure or from time to time restructuring failed.
Cheung Kong Commercial Daily reporter found that from 2014 to now, Qunxing toys have undergone three major asset restructuring, has intended to enter the mobile games, nuclear energy, new energy batteries and other hot areas, have failed.
Reorganization failed, toy business 'stumble endlessly'.
Listed for seven years, Qunxing toy net profit fell 6 years, net profit in 2011 there are 0.52 billion yuan, the third quarter of last year, a loss of 15 million yuan.
More interestingly, Qunxing's operating revenue was 0 in the third quarter of last year, and as of the end of September last year, the stock was also 0 and the debt-to-asset ratio was as low as 1.20%. Not only that, the company also plans to make the only lucrative associate, Guangdong, Guangdong Section finance lease 20% stake sale.
Last night, an investment banker in Beijing told the reporter of the Yangtze River Commercial Daily that from the failure of the Group Hing Restructuring and the sale of its profit-making joint venture, the planned equity transfer was most likely to be in disguise.
On the same day, Qunxing Toys Director Office, Hou surnamed people to the Yangtze River Commercial Daily reporter said the company sold associates and other actions are aimed at helping the industry restructuring and upgrading, the company will promptly disclose the follow-up progress.
Toy business slumped, real control people 撂 pick child
Thirty-six plan to go on the business performance is not ideal Qunxing toys, in fact, accused Lin Weizhang began to retreat plan.
On April 22, 2011, Lin Weizhang, businessman with more than 20 years of experience in the toy industry, came to a great moment in his life and founded Qunxing Toys successfully listed on the small board through IPO despite its profitability Strong, only a few million net profit, but the issue price reached 20 yuan.
However, Lin Weizhang's brilliant moment is too short .20 yuan is the top of the history of Qunxing toys, accompanied by the Qunxing toy business performance all the way to explore, so far no end.
Data show that the first three years before the market, group Hing toys revenue were 307 million yuan, 359 million yuan, 466 million yuan, net profit of 23 million yuan, 39 million yuan, 0.58 billion yuan, both revenue and net profit steady up.
However, after listing, the net profit of Qunxing toys has plunged into long-term decline.
From 2011 to 2016, operating income reached a maximum of 505 million yuan in 2012 and has been declining since then, dropping to 251 million yuan in 2016, down 85.66% from 2010. Net profit was even worse, down from 0.52 billion yuan in 2011 , Representing a decrease of 9.09% from the previous year. From 2012 to 2016, it was RMB44 million, RMB24 million, RMB15 million, RMB18 million and RMB13 million respectively, with net profit in 2016 being less than one-third of that in 2012. Last year, Profit for the first time into a loss, the first 9 months loss of 15 million yuan, the full-year loss of about 0.14 billion yuan -0.21 billion.
In response to the Company's operating loss, Qunxing Toys once said in its 2016 annual report that the self-deprecating description of the industry's low concentration, lack of capital and technical barriers, weak protection of intellectual property, fierce price competition and extremely low profit margins Investors disappointed.
In April last year, after Qunxing Toys disclosed its 2016 annual report and restructuring and resumption of trading, the shares of the company burst into flash after another. In just 10 trading days, the stock price dropped from 14.92 yuan to 8.95 yuan, a decrease of 40%.
Perhaps, it is the toy business bleak, a larger decline in stock prices for Lin Weizhang mind retreat.
On the 24th of last month, Qunxing Toy Bulletin said the controlling shareholder Qunxing Investment is planning the equity transfer issues, may result in the change of the actual controller of the company.
Chasing hot recombination flowering is not the result
The main performance bleak Qunxing toys have time and again to promote industrial restructuring, unfortunately, only flowering does not result.
Cheung Kong Commercial Daily reporter found that from July 2014 to the present, Qunxing toys to promote the three major asset restructuring, the final are disease-free.
The first to enter the sight of Qunxing toys is hand travel.According to the reorganization plans then, the company intends to 1.14 billion acquisition of hand-travel company Starbucks 100% stake in the hope of toys and games as a carrier, mining synergies between toys and games Unexpectedly, in November of that year, the involved parties involved in the reorganization suspected of being investigated for illegality, the audit was suspended and later the audit was seriously uncertain because of the reorganization of the underlying profitability.
After a lapse of one year later, in June 2016, Qunxing Toys has thrown restructuring plan again.The company intends to issue shares to the three continents, China Nuclear Power Institute and China Life Insurance Co., Ltd. to buy its total holdings of 100% stake in the three continents nuclear power, Industry into the field of nuclear power.
Unlike the first restructuring, the reorganization did not enter the SFC review process, the shareholders were rejected by the subject of one of the underlying shareholders of China National Nuclear Power Research Institute is part of the nuclear group.China Nuclear Group said the timing of the transaction is immature , In principle, it is not recommended that the nuclear power company held by the Nuclear Power Research Institute be involved in this transaction.
The third reorganization is done by the Department of Deron Department of Trader, which also did not allow group Hing toys to stop the inertia of restructuring failure.
In September 2016, following the failure of the second reorganization, Qunxing Toys held the election of director and supervisor, the original members of the board of directors reshuffled, all seven board members were reelected, and Lin Weijian and a series of senior executives retired behind the scenes. At the same time, Ji Xiaowen, formerly known as the Deron Department, was led by Zhu Xiaoyan and led the team to the board of Fortune Toys.
Ji Xiaowen was once a legendary capitalist. As the chairman of ST Jiufa (now renamed as Rui Mao Tong), Ji Xiaowen once created the myth of 30 daily limit stocks in the A-share market and took the Shenzhen Hui Cheng out of the mire.
In March last year, settled in less than six months, Qunxing toy new plan was released, through the issue of shares acquired 100% stake in space-time energy, cut into the field of new energy vehicles lithium-ion battery system, the transaction price of 2.9 billion yuan, the premium rate of nearly 18 Times
This time the outcome is still failure, the company explained that the main is the two sides did not agree on the price of the merger agreement, and Group Hing toys resume trading, the stock price did not meet the then both acquisition was expected.
Three restructuring failed, through the cross-border transformation to expand the second industry to boost performance, is still the direction of Qunxing toys, but the direction of its second main business erratic.
In the semi-annual report of last year, Qunxing Toys said that the direction of expanding the new main business was intelligent transportation. At the investor's briefing on September 27 last year, Qunxing Toys also said it will continue its efforts in energy, environmental protection, military, infrastructure, Data, Internet and other fields to expand the second main business.
'The direction of the second main business certainly identified, specifically to see the announcement.' Yesterday, Qunxing toy director Hou Xing surnamed people in answering the Cheung Kong Commercial Daily reporter issues, but also the expansion of the second main business vague.
Qunxing toy announcement recently released, and did not see the direction of the expansion of the second main content.
After waiting for the main stretch aid
Toy performance bleak, the second main business is unknown, often failed to reorganize Qunxing toys are waiting for the main stretcher.
The latest announcement of Qunxing Toys shows that the company will also sell a 20% stake in Yueke Leasing, in addition to the possible change in the controller.
In 2014, Qunxing Toys participated in the establishment of Yueke Finance Lease with a shareholding of 20% of its affiliated companies, and in the first half of this year, the company achieved a net profit of 32.4686 million yuan, making Qunxing Toys one of the few companies capable of earning money.
For the sale of Yue Ke financing leasing, the surname Hou said the person said the purpose is to recover the cash to help upgrade and transform the company's toy business and the expansion of the second main business.
The source, the toy business upgrade, the company plans to transition from a manufacturer to a channel business, to do a professional toy B2B platform.
In fact, as early as the beginning of last year, Qunxing Toys proposed an industrial upgrade, claiming that it would set up a B2B + O2O toy channel e-commerce system for 100 million yuan, establish an online toy purchase and trading e-commerce platform and expect to operate the second year Profit from public information, the current progress is at least e-commerce trading platform has not yet been completed.
A noteworthy phenomenon is that in the third quarter of last year (July, August and September), Kwan Hing toys operating income of 0. As of the end of September last year, the stock is 0, payroll payables, payables, advances received, Other payables are 0 yuan, which means that the company has been in shutdown state.
At the same time, as of the end of the third quarter of last year, Qunxing toy assets and liabilities as low as 1.20%, current liabilities of only 5.3602 million yuan.
Beijing, an investment bank to the Yangtze River Commercial Daily reporter said that from the financial data, Qunxing toys have been "shell" washed very clean, the next step is the reorganization of assets or assets into the planning from the current transfer of shares involved in the control of real people It may be possible to change the situation, most likely to change the person in charge, and then into the assets, the current popular class backdoor mode.
Last night, some people told the reporter of Cheung Kong Commercial Daily that it is difficult to determine the second major business of Qunxing Toys. There may be differences in the future direction of development of the toys. The planned equity transfer may be to leave differences to the owners , The company's recovery is also dependent on the Lord.