Please do not reprint original works of Wealth Management without authorization. Three companies that were acquired at a premium of more than 15 times were "exploded" across the board. They accrued nearly 3 billion yuan in goodwill impairment losses in one go, resulting in a huge

Financial management original works, please do not reprint without authorization

Three companies that were acquired at a premium of more than 15 times were "exploded" across the board. They accrued nearly 3 billion yuan in goodwill impairment losses in one go, resulting in a huge net profit loss of 2.5 billion yuan. Shareholders are still on the way to reduce their holdings...

html On April 24, the stock price of Aiglass (002619) closed at 2.33 yuan, a decrease of 5.67%.

html On April 24, Eglas announced its 2019 financial report. During the reporting period, the company achieved revenue of 554 million yuan, a year-on-year decrease of 33.24%, and attributable net profit of -2.56 billion yuan, a year-on-year decrease of 481.53%, excluding non-net profit It was -3.00 billion yuan, a year-on-year decrease of 885.50%.

In response, Aiglas explained that the company's operating income and main business profits decreased mainly because the company accrued wholly-owned subsidiaries Hangzhou Souying, Beijing Thumb Play and Aiglas Technology in 2019 Due to impairment of goodwill.

According to the announcement, after goodwill impairment testing of asset groups or asset group combinations that formed goodwill during mergers and acquisitions, goodwill impairment losses in 2019 were approximately 2.96 billion yuan; among which, Hangzhou Souying, Beijing Thumb Wan and Eglas Technology has provided for goodwill impairment of approximately 907 million yuan, 182 million yuan, and 1.855 billion yuan respectively, and has provided for goodwill impairment losses of approximately 16 million yuan for Chengdu Firefly.

It is worth noting that when the company acquired the above-mentioned Aiglas Technology, Beijing Thumb Play and Hangzhou Souying, the company acquired them at a high premium, with a value-added rate of more than 15 times! According to

data, Aiglas , formerly known as Julong Pipe Industry, is a concrete pipe manufacturer that landed on the A-share market in 2011. After the listing of

, the performance of Julong Pipe Industry has declined almost year after year. In 2014, the attributable net profit of Julong Pipe Industry was only 6.9657 million yuan. Due to sluggish performance and being in the golden age of mergers and acquisitions of game companies, in 2015, the listed company acquired iGlass technology, whose main business is mobile terminal games, and officially transformed into the game industry.

According to the announcement, Aiglas Technology’s 100% equity price was valued at 2.5 billion yuan. The estimated value-added rate during the equity acquisition was 1522.63%, forming goodwill of approximately 2.267 billion yuan. After

transformed into an Internet game company, Julong Pipe Industry officially changed its name to Aiglas in May 2017. In the same year, it completed the acquisition of Beijing Thumb Play and Hangzhou Souying. Among them,

acquired 100% of the equity of Beijing Thumb Wan for a price of 338.5 million yuan. The estimated value-added rate during the equity acquisition of was 1609.64%, bringing goodwill of 269.4918 million yuan. acquired 100% of the equity of Hangzhou Souying for a price of 1.355 billion yuan. The estimated value-added rate at the time of equity acquisition was 1537.55%, forming goodwill of approximately 1.063 billion yuan.

Financial reports show that from 2015 to 2018, the attributable net profits of listed companies were 159 million yuan, 214 million yuan, 414 million yuan, and 670 million yuan respectively. Mergers and acquisitions have indeed increased the company’s performance.

However, in 2019, Beijing Thumb Wankou’s non-attributed net profit was 7.5726 million yuan, which was 39.2274 million yuan lower than the promised number. From 2016 to 2019, a total of 91.0798 million yuan was completed, with a completion rate of 63.47%; Hangzhou Souying Kou Non The net profit attributable to the parent company was 16.6163 million yuan, which was lower than the promised net profit of 151.3837 million yuan. From 2016 to 2019, a total of 405.8862 million yuan was completed, with a completion rate of 72.31%.

At the same time, Eglas Technology, which has fulfilled its performance commitments, has experienced a significant slowdown in the growth rate of the mobile game market in 2019, industry supervision has become stricter, and major changes in business models have led to Eglas technology assets. The group's operating performance has declined significantly, so the company has made a corresponding impairment provision for its goodwill.

In short, the goodwill that was once as high as 3.7 billion yuan has now been set aside for 3 billion yuan in one go. This has undoubtedly concentrated the release of risks, and the follow-up may be relatively easy!

’s first quarter report showed that the company achieved revenue of 93.7 million yuan, a year-on-year decrease of 50.03%, and attributable net profit of 62.32 million yuan, a year-on-year decrease of 40.20%.

It is worth noting that in 2017, the production and sales of concrete water pipelines, the original Julong's main business, were spun off from the listed company. Due to the failure to publicly solicit qualified transferees, Julong, the controlling shareholder of the listed company, Long Holdings acquired the underlying assets for 519 million yuan.After

paid 266 million yuan, Julong Holdings still owed the listed company 253 million yuan that had not yet been paid; in October 2019, Julong Holdings and its persons acting in concert planned the equity transfer, and then promised to wait for the formal share transfer agreement to be signed and finalized. After receiving the share transfer payment, Julong Holdings and its persons acting in concert will prioritize the proceeds from the share transfer to repay the third phase transaction price and capital costs.

However, there is still no latest news on the equity transfer matter!

html On April 24, Julong Holdings and its persons acting in concert once again promised to liquidate its assets and liabilities as soon as possible within 6 months to dispose of its salable and effective assets to repay the amount owed by Julong Holdings to the listed company. At the same time, the funds obtained from reducing shareholdings in the future will be used to fully pay the amount owed to the listed company after deducting the principal and interest of the existing pledged financing.