Every reporter: Song Xin Every editor: Bi Huazhang
A year ago, the scarred white knight Sun Hongbin officially announced his resignation as chairman of LeTV.
For a moment, the white knight had mixed feelings, and then said a golden sentence: "We have lost 16.5 billion, how can a strong man break his arm? That is a decapitation!"
Today's Shaanxi capital market also has such a case of "decapitation" Save yourself”.
Former GEM veteran Baode Holdings (300023.SZ) wants to divest its assets, Qinghui Leasing Company. As soon as the news about
came out, the market was in an uproar.
should note that this asset not only accounted for 90% of the total assets of Baode Holdings last year, but also contributed nearly 90% of its operating income.
We have no way of knowing what Yuanfang thinks, but the Shenzhen Stock Exchange can’t wait.
In a letter of inquiry, the Shenzhen Stock Exchange asked nine questions about the asset sale, which went straight to the core of the problem: after divesting the assets, will Baode Holdings still have the ability to continue operating?
Baode Shares has made a decision - "Save your life is the most important thing." Even if this asset is a former performance pillar and cash cow, it still ranks second.
01
Ten years ago, 28 companies were the first to list on the GEM.
Powertech, whose main business is oil drilling automation and services, is also one of them. Looking back at the beginning, he was so high-spirited and scolding Fang Qiu. When the
textbook talks about the definition of a company, it is mentioned that a company is an organizational form that engages in production and operation for the purpose of profit.
To be honest, which listed company doesn’t have the original intention of making money?
But some things are not subject to human will. Baode Shares' original intention to make money could not withstand the downturn in the oil market. Looking at its performance after listing,
can appropriately describe it as "stable". From 2009 to 2014, its revenue mostly fluctuated between 40 million and 120 million yuan. Net profits mostly hovered below 27 million yuan, and even suffered losses at one point.
But the capital market is not a treat. If a company cannot steadily create profits and lead everyone on the road to wealth and freedom, it will be difficult for the company to gain favor from the market.
Everyone from institutions to retail investors will vote with their feet.
Image source: Original by Every Journal
Faced with this situation, Baode Co., Ltd. began to look for a way out of its main business.
In November 2014, it acquired 60% of the equity of Hualu Environmental Protection, adding environmental protection engineering design and construction business.
However, the deal ended up being a loss. In less than three years, Baode shares divested and transferred it.
Subsequently, Qinghui Leasing relied on its "charm" to attract Baode shares, which had weak performance. The
performance evaluation report stated that in 2013, Qinghui Leasing achieved revenue of 14.5631 million yuan and net profit of 10.971 million yuan. In 2014, the revenue was 114 million yuan and the net profit was 65.4503 million yuan.
In 2015, Baode Holdings purchased 90% of the equity of Qinghui Leasing for 675 million yuan. The company has transformed into a main business structure driven by the three "wheels" of automation, environmental protection, and financial leasing.
02
At the time, the acquisition of Qinghui Leasing was obviously a shot in the arm, with immediate results.
In the three fiscal years of 2015, 2016, and 2017, Boyd's revenue and net profit were several times higher than before the merger.
If you make real money, the company will be able to stand upright in the market.
From January to April 2016, the financial information of Baode Co., Ltd. for the previous year was successively disclosed, and the market gave positive feedback. In four months, its stock price rose to a record high of 37.71 yuan per share. Compared with the low point of the stock price in January, it has increased more than 3 times.
However, it turns out that the wonderful cycle of chickens laying eggs and eggs laying chickens is still too rare in reality. When the market environment turns, or the investment strategy is too aggressive, a "chicken-and-egg" situation may also occur. Just three years after the acquisition of
, Qinghui Leasing's performance took a turn for the worse, and the overall performance of Baode Co., Ltd. was once again in a quagmire.
Baode Shares disclosed that in the first three quarters of 2018, the company achieved revenue of 340 million yuan and a loss of 18.3855 million yuan. The full-year loss is expected to be a huge loss of 563 million yuan to 568 million yuan. How serious is the loss of
? From its entry into the capital market in 2009 to the end of 2017, the cumulative net profit of Baode Holdings over the years was less than 200 million yuan.
Image source: Photo Network
Since Panda Live declared bankruptcy, Sicong, who was once known as the "national husband" and the "Discipline Inspection Commission of the Entertainment Industry", has never spoken out.
On the contrary, Panda COO Zhang Juyuan posted a large paragraph of text in the work group. Among them, keywords such as "forced, helpless, regretful, and ending" appear repeatedly.
On the other hand, when introducing the reasons for the loss, Baode shares were exactly the same.
Macroeconomic and financial deleveraging policies have led to an increase in the recovery risk of some projects, resulting in a significant increase in the impairment of risk assets. Liquidity is tightening, financing costs continue to rise, rental rates cannot be adjusted in a timely manner, and profits decrease. Market factors and industry influences...
Yes, the general environment is like this, what can Boyd Holdings do?
is really weak, pitiful and helpless. Those who hear it are sad and those who see it cry.
03
The performance forecast shows huge losses, and Boyd shares cannot sit still and wait for death. But as soon as it took action, it shocked the market.
The card played by Baode Shares is to transfer assets. It is planned to sell 90% of the equity of Qinghui Leasing to Anhui Yinghong Investment through a cash transaction.
His statement is also irrefutable. It said that the sale of Qinghui Leasing will help concentrate efforts and resources to deepen the development of the petroleum automation business, consolidate and enhance the advantages of the main business, and adjust and optimize the company's business structure.
It sounds like this is for the sake of the company. But when it first acquired Qinghui Leasing, there was also a set of arguments.
You should know that in the two fiscal years of 2016 and 2017 alone, Qinghui Leasing contributed 531 million yuan and 647 million yuan in revenue to Baode Holdings respectively, accounting for nearly 80% and 90% of its total revenue that year. In terms of net profit, it also performed well and is a well-deserved performance pillar of listed companies.
Therefore, when the card of Baode Shares selling assets came out, not only retail investors were beaten, but even the regulatory authorities could not bear to look directly at it.
Picture source: Photo Network
Immediately, a letter of inquiry was sent, asking nine questions in a row, going straight to the core: after divesting assets, will the listed company still have the ability to continue operating?
As early as February 19, Baode Shares disclosed the inquiry letter from the Shenzhen Stock Exchange. After two postponements, it finally responded on the evening of March 13.
Baode Co., Ltd. said that after the completion of this transaction, the company will still have petroleum automation as its main business, and there will be no specific operating business after the reorganization.
It also predicts that in the future, the petroleum automation business will slowly return to normal as international oil prices rise. The company will also continue to look for high-quality assets for mergers and acquisitions to further enhance sustained profitability.
Perhaps, only by keeping the listed company first can we plan for the future and consider how to continue telling the story.
Whether you have a broken arm or a broken head, you can only see tomorrow if you are alive.
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