Introduction
An epidemic has disrupted the Spring Festival holiday of many Chinese people. Looking at the capital market, there are also similar disruptors.
For example, the goodwill explosions of some listed companies have left many investors with mixed feelings.
focuses on the performance changes of Jinke Culture , Zotye Automobile, Tianxia Wisdom . Why has it happened so far?
Author: Window included
Source: First Finance - First Research Institute
On the occasion of the New Year, it is the time for each company to show off its performance and strength.
Overall, the Shanghai and Shenzhen stock markets have delivered an outstanding report card.
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The two cities are generally improving, and black swans are disrupting the situation
As of February 3, 2,310 listed companies in the Shanghai and Shenzhen stock exchanges have disclosed their 2019 performance forecasts, express reports or annual reports. 914 companies forecast performance growth exceeding 50%, an increase of 549 from the previous year, accounting for approximately 1/4 of the total number of A-share listed companies. 432 companies predicted losses, a decrease of 15 from the previous year.
Some sectors have also come to the fore, such as banking stocks. The performance report shows that the 21 A-share listed banks earned a total profit of 400.146 billion yuan in 2019, with an average daily profit of 1.096 billion yuan; 18 of them had double-digit revenue and net profit growth rates.
Of course, some people are happy, and some are sad.
Among the pre-loss companies, 291 suffered losses for the first time and 141 continued to suffer losses. Among them, 37 had pre-emptive losses exceeding 2.5 billion yuan. Reasons for losses include: poor management, illegal guarantees, capital occupation, etc. Among them, goodwill impairment is an important consideration. According to statistics from
choice, as of the third quarterly report of 2019, the scale of A-share goodwill has reached 1.385009 billion yuan, and the related impairment risks cannot be underestimated.
trillion in goodwill is hanging over the ceiling. After the start of 2020, it is natural for some companies to experience "goodwill thunder".
However, unlike *ST Salt Lake, LeTV and other companies that continue to lose money, the goodwill of many companies suddenly explodes, and their performance suddenly changes, leaving many investors hurt, and it has a black swan flavor.
such as Jinke Culture .
html On December 2, Jinke Culture disclosed its 2019 annual performance forecast. Affected by the impairment of goodwill and other asset impairments, it is expected to lose 2.395 billion yuan to 2.4 billion yuan in 2019.
ranJinke Culture achieved total operating income of 2.73 billion in 2018, a year-on-year increase of 95.2%, a 4-year high; net profit attributable to the owners of the parent company was 840 million, a year-on-year increase of 113.8%, and the growth rate has been maintained for 4 consecutive years With a rapid growth of more than 33%.
has gone from a high growth of over 30% in 4 years to a net profit decline of over 3 billion. The performance of Jinke Culture has changed drastically.
public information shows that Jinke Culture was formerly known as Zhejiang Times Jinke Peroxide Co., Ltd., which was established in June 2007. It previously specialized in bleaching auxiliary SPC, and its main customers were major laundry detergent brands. On May 15, 2015, Zhejiang Jinke was listed on the Shenzhen Stock Exchange.
There are even worse ones.
html On January 20, Zotye brought a "big thunder" to 65,000 investors.According to its 2019 performance forecast, it is expected that its net profit will suffer a substantial loss of 6 billion to 9 billion yuan in 2019. As of February 4, Zotye Motors is the largest loser among the companies that have issued performance forecasts in the Shanghai and Shenzhen stock markets.
Compared with 2018's profit of 799 million yuan, Zotye Automobile's performance plummeted 850% to 1225%, and its basic earnings per share also dropped from approximately 0.39 yuan/share in 2018 to a loss of 2.96 yuan/share-4.44 yuan/share.
Zotye Auto said that during the reporting period, affected by the macroeconomic situation, the overall prosperity of the automobile industry was not high, and the company's car sales dropped significantly, resulting in a significant decline in the company's operating income and a relative increase in operating costs, resulting in large operating losses. Based on the principle of prudence, plans to make a large provision for goodwill impairment of . It is expected that the provision for goodwill impairment will be about 6 billion yuan. The specific amount has yet to be determined after evaluation by relevant agencies.
lost over 6 billion yuan to 9 billion yuan and had goodwill impairment provisions of 6 billion yuan. What is this concept?
As of the close of trading on February 11, Zotye Automobile’s share price was 2.4 yuan, with a total market value of 4.866 billion yuan; as of the end of the third quarter of 2019, Zotye Automobile’s total assets were approximately 30.852 billion yuan, and its net assets were approximately 16.8 billion yuan; in addition, Zotye Automobile’s March 2017 After backdoor listing, the company's net profits in 2017 and 2018 were approximately 1.256 billion yuan and 900 million yuan respectively.
In other words, Zotye Automobile’s annual loss in 2019 exceeded the company’s total market value and was about half of the company’s net assets. At the same time, it is about 4 times the total profit of the company in the two years since its backdoor listing.
In addition, Zotye Automobile suffered a loss of 290 million yuan in the first half of 2019, and a loss of 470 million yuan in the third quarter, a year-on-year decrease of 524.50%, and the quarter-on-quarter loss also expanded significantly.
Recently, the performance “thunder” of listed company Beidou Star also involved Zotye Automobile. Beidou Star's estimated impairment loss on accounts receivable in 2019 is 51 million yuan, of which the estimated impairment loss from Zotye Automobile is approximately 33 million yuan. Beidou Star said that Zotye Auto was in trouble in the second half of 2019 and there were problems with the capital chain. Beidou Star immediately took legal measures to recover accounts receivable.
is similar to Black Swan, as well as Tian Xiahui.
html On January 23, Tianxia Wisdom disclosed its 2019 performance forecast. The report showed that the company's 2019 performance is expected to lose 2.75 billion to 3.45 billion yuan, of which the amount of goodwill impairment provisions is approximately 2.25 billion to 3.05 billion. Yuan.expands the time dimension. Compared with the first two, Tianxia Wisdom 's performance changes caused by the impairment of goodwill are also very tragic.
's financial report shows that in 2016, the company's revenue was 1.277 billion yuan, a year-on-year increase of 186.41%, and the net profit attributable to the parent company was 323 million yuan, a year-on-year increase of 12841.17%.
's 2017 annual report shows that its revenue was 1.67 billion yuan, a year-on-year increase of 30.39%; the net profit attributable to shareholders of listed companies was 574 million yuan, a year-on-year increase of 73.44%.
's net profit in 2018 was 151 million yuan, and its total assets after deducting goodwill were 3.788 billion yuan.
It can be seen that from 2016 to 2018, Tianxia Wisdom achieved a cumulative net profit of nearly 1.05 billion yuan. However, its pre-loss for 2019 is more than twice its three-year profit.
In fact, the decline in performance of Tianxia Wisdom has been expected by the market.
On January 16, 2020, the "Announcement on the Subsidiary's Application for Bankruptcy Liquidation" disclosed by Tianxia Wisdom showed that the subsidiary Tianxia Technology borrowed 48 million yuan from Jiangsu Bank . Due to the expiration of the loan period, the debt was not repaid. be accused. The case was adjusted on December 27, 2018 to Tianxia Technology Zhifu Jiangsu Bank’s loan interest, and the loan principal was repaid in installments. On November 27, 2019, the court decided to accept Bank of Jiangsu’s bankruptcy liquidation application against Hangzhou Tianxia.
was still able to earn over 100 million yuan in profit in 2018, but in the end the subsidiary went bankrupt and liquidated because it could not repay the 48 million loan. Such a reversal is sad. Why is
here?
It is not difficult to see that although Jinke Culture , Zotye Automobile, Tianxia Wisdom belong to different industries, the main reason for their losses is the problem of goodwill
Jinke Culture 's troubles
Looking at the market, there are hidden dangers to goodwill It is also somewhat representative.
As of February 6, according to incomplete statistics from the Financial Times, among the 894 listed companies that clearly gave reasons for pre-loss warnings for 2019 performance, 432 involved asset impairment and 193 involved goodwill impairment.
Ping An Securities said that in the context of the implementation of new regulations on goodwill impairment, after the peak of major restructuring from 2015 to 2016, it became more difficult to fulfill the corresponding performance commitments, leading to the gradual emergence of negative effects. The risk of goodwill explosion in the 2019 annual report still remains live.
So, why is there such a high level of goodwill?
Radical mergers and acquisitions and blind expansion are important considerations.
Let’s first look at Jinke Culture .
In 2015, Jinke Culture , which had been on the market for only 4 months, planned to transform into the gaming industry and carried out multiple mergers and acquisitions.
In 2015, Jinke Culture acquired 100% equity of Hangzhou Zhexin, a mobile game distribution platform company, for 2.9 billion yuan. Zhejiang Zhexin's performance commitment is that the net profit after non-deductions will be no less than 170 million yuan, 230 million yuan and 300 million yuan respectively from 2016 to 2018.
Since then, Zhejiang Zhexin’s non-net profits from 2016 to 2018 have reached 192 million yuan, 238 million yuan, and 336 million yuan respectively, fulfilling its performance commitments.
In 2016, Jinke Culture made multiple investments, including investing 100 million yuan in equity investments in Wanda Film and Television Media Co., Ltd. and Qingdao Wanda Film and Television Investment Co., Ltd., and investing in Xingbao Paradise (Beijing) Information Technology Co., Ltd. Hangzhou Pucheng Equity Investment Partnership established a wholly-owned trading subsidiary, Zhejiang Jinke Chemical Co., Ltd., etc.
In December 2016, it invested 300 million yuan to acquire Hangzhou Daily Gaili Technology Co., Ltd.
In 2017, Jinke Entertainment continued to make acquisitions. The acquisition targets included Guangzhou Haocang Network Technology Co., Ltd., Guangzhou Mishu Information Technology Co., Ltd., Suzhou Yiyiyixingqun Culture Media Co., Ltd., Outfit7, and Zhuhai Andefei Information Technology Co., Ltd. Waiting for many companies.
In August 2017, Jinke Entertainment acquired 100% equity in each of Hangzhou Doubao Network Technology Co., Ltd. and Shaoxing Shangyu Ma Niu Communication Technology Co., Ltd. for a total of 4.241 billion yuan, thus acquiring the 56% equity indirectly held by these two companies in Outfit7. The company also changed its name again, from Jinke Entertainment to Jinke Culture .
In March 2018, Jinke Culture acquired a 65% stake in United Good Luck for US$102 million, thereby acquiring the remaining equity in Outfit7.
With the help of a series of capital operations, Jinke Culture has achieved its goal of transforming into the gaming industry, and its asset scale has also expanded rapidly. However, frequent mergers and reorganizations have also brought high accumulation of goodwill.
Jinke Culture stated in its 2018 annual report that the company had accumulated a large amount of goodwill assets due to acquisitions and the implementation of foreign investment projects.
As of the third quarter of 2019, Jinke Culture 's acquisitions of Outfit7, Hangzhou Zhexin, and Daily Gaili have resulted in goodwill of 3.651 billion yuan, 2.32 billion yuan, and 270 million yuan respectively. So far, the cumulative book goodwill of Jinke Culture has reached 6.377 billion yuan, accounting for 89.51% of the company's current net assets.
It seems that everyone with a discerning eye can see that the high goodwill of Jinke Culture already contains huge risks.
It is worth pondering that in the response to the Shenzhen Stock Exchange’s 2019 semi-annual report inquiry letter, Jinke Culture insisted that there was no impairment loss in the 6.3 billion yuan of goodwill on its account.
made such a vow, and combined with the huge losses caused by the current impairment, breaking the promise felt like a slap in the face, and it also hurt many investors who chose to trust. The bigger question in the
market is whether Jinke Culture is intentional, is it deliberately concealing it, and is its behavior compliant?
html On February 3, the Shenzhen Stock Exchange issued another letter of concern, requiring Jinke Culture to list in detail the specific situation of the target of the proposed provision for goodwill impairment, the expected amount of impairment, and the completion of each year's performance commitments. ; and combined with the overall environment of the gaming industry, target operating performance, etc., explain the specific time when signs of goodwill impairment appeared, the calculation process of this impairment, and the adequacy and accuracy of the provision for goodwill impairment in previous years.Jinke Culture’s troubles don’t stop there. The 2019 third quarter report of
shows that Wang Jian, the largest shareholder of Jinke Culture , holds 581 million shares, accounting for 16.39% of the total share capital. As of the end of the third quarter of 2019, almost all of his shares were pledged. The pledge ratio of , the company's second largest shareholder, Jinke Group, is also as high as 99.61%.
In addition, of the 424 million shares of listed companies directly held by the company’s actual controller Zhu Zhigang, 381 million shares have been pledged, with a pledge ratio of 89.86%.
In addition to high pledges, the reduction of senior executives’ holdings has also attracted attention.
Since July 2019, Jinke Culture Chairman Wei Hongtao and Deputy General Manager Liang Baiqi resigned, and Wang Jian, then the company’s director and general manager, was elected as the new chairman, they began to intensively reduce their holdings in Jinke Culture. shares.
According to the announcement, Wang Jian has reduced his holdings of 69.27 million shares of the company between July 18 and December 16, 2019. In addition, since January 2020, Wang Jian has reduced his holdings of 33.81 million shares of the company, and has cashed out a total of 1.08 million shares. billion.
The company’s pre-announcement on January 13, 2020 stated that Wang Jian will also use centralized bidding transactions to reduce the company’s shares by no more than 70.11 million shares in the next 6 months after the next fifteen trading days, accounting for 2% of the company’s total share capital. %.
As of February 11, the share price of Jinke Culture was 4.34 yuan.
In other words, based on the latest price, Wang Jian will cash out nearly 300 million yuan.
html On the evening of February 4, Wang Jian received a regulatory letter from the exchange for reducing his holdings.With high pledges, frequent reductions in holdings, and goodwill, the externally glamorous Jinke Culture is actually full of hidden dangers.
’s 2019 third quarter report shows that as of the end of the reporting period, Jinke Culture ’s short-term borrowings were 727 million yuan, non-current liabilities due within one year were 493 million yuan, and long-term borrowings were 2.316 billion yuan, resulting in interest expenses Up to 180 million yuan.
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Zotye Automobile's cash flow
is similar to Jinke Co., Ltd. . Zotye Automobile, which has become the king of losses, also has high goodwill from its mergers and acquisitions and restructuring.
In 2016, Zotye Automobile and Jinma Co., Ltd. were reorganized and listed. In October 2016, Jinma Holdings, which is also owned by Tieniu Group, spent 11.6 billion yuan to acquire 100% of the shares of Zotye . The transaction consideration of 11.6 billion yuan was all paid by issuing shares.
In April 2017, Jinma Co., Ltd. received approval from the China Securities Regulatory Commission for its issuance of shares. The total raised funds did not exceed 13.6 billion yuan, of which 11.6 billion yuan was used to acquire Zotye Automobile, and the remaining funds of no more than 2 billion yuan will be It was used in Zotye Automobile's new energy development project; in June of the same year, Jinma Holdings held a "reorganization and name change ceremony" at the Shenzhen Stock Exchange and officially changed its name to "Zotyy Automobile". Zotye Automobile completed its reorganization and listing. The premium acquisition of
resulted in a combined goodwill of 6.551 billion yuan, which was more than half of the acquisition price at the time. As of the end of the third quarter of 2019, Zotye Automobile's goodwill balance was 6.259 billion yuan. As mentioned above, as of the close of trading on February 11, Zotye Automobile's market value was only 4.9 billion yuan.
This means that almost all the goodwill assets on the books have become bad debts. As we all know, goodwill is formed when the acquirer is optimistic about the future profitability of the acquiree and acquires it at a premium.
It is worth noting that when Zotye Motors backdoored and Jinma shares was listed, its major shareholder Tieniu Group signed the "Profit Forecast Compensation Agreement" and a supplementary agreement. The subsidiary Yongkang Zotye achieved non-net deductions from 2016 to 2019. The profit is no less than 1.21 billion yuan, 1.41 billion yuan, 1.61 billion yuan and 1.61 billion yuan. Looking at actual performance, Zotye Auto barely fulfilled its promise in 2016, but failed to do so in the rest of the years. From 2016 to 2018, Zotye Auto's cumulative net profit attributable to the parent company totaled 2.08 billion yuan, completing only 49.25% of its performance promise.
Industry insiders pointed out that if its subsidiaries fail to fulfill their performance commitments in 2019, Zotye Motors may face an even larger impairment of goodwill in the future, and it will be more difficult for the company to turn losses into profits.
In addition to long-term concerns, Zotye Auto also has short-term worries.
According to data from the China Automotive Technology and Research Center, Zotye produced 35,000 new energy vehicles in 2017, and Shenzhen BAK Power provided power batteries for nearly 20,000 new energy vehicles, accounting for approximately 57% of its output; in 2018 In 2017, BAK Power supplied 18,900 new energy vehicles to Zotye, accounting for 60% of its 31,500 new energy vehicles that year. Obviously, the importance of BAK Power to Zotye Automobile is self-evident.
Unfortunately, the boat of friendship between the two suddenly capsized.
In August 2019, BAK Power sued Zotye Automobile and other companies to court due to arrears, with the litigation amount reaching 621 million yuan.
On November 6, 2019, the Yongkang People's Court seized 64.1 million shares of Zotye held by Tieniu Group. On November 8, Zotye Automobile announced that all 38.78% of its shares held by Tieniu Group, its major shareholder, have been frozen, including the above-mentioned frozen shares.
In addition, the Beidou Star lawsuit mentioned above is also an important hidden danger. Whether
can survive the difficulties, the importance of cash flow is self-evident.
It is worth mentioning that Zotye Automobile’s debt scale has also grown rapidly. From 2016 to September 30, 2019, its total liabilities increased from 1.949 billion yuan to 14.04 billion yuan, the latter being 7.2 times the former. As of the end of the third quarter of 2019, Zotye Automobile had 2.078 billion yuan in monetary funds and short-term borrowings as high as 48.45 yuan. The short-term debt repayment pressure is huge.
In sharp contrast to its high debt level, Zotye Auto's "blood-making" capabilities are still quite limited.
The net cash flow generated by its operating activities in 2018 was -2.314 billion yuan. At the end of the third quarter of 2019, the net cash flow generated by its operating activities was -1.797 billion yuan. It can be seen that since 2018, the company's operating activities have not created sufficient cash flow for it, but have brought greater financial pressure.
Such a poor financial report is not unrelated to Zotye's sluggish sales. It is worth noting that Zotye Motors does not yet have National VI models, and all products on sale meet National V emission standards. Except for new energy models, they are all discontinued and on sale, which also results in Zotye being unable to be sold in China VI regions.
Currently, Zotye Automobile has released a new TS5 model that meets the National VI emission standards. The new product is expected to be officially launched in the first quarter. However, due to the sluggish auto market and the impact of the COVID-19 epidemic, as well as Zotye Auto's weak consumer influence, the market performance of the above-mentioned new products still needs to be considered.
In addition, according to Qichacha, as of November 12, 2019, Zotye Automobile has been sued in a total of 12 civil arbitration cases due to contract disputes, including sales contract disputes, contract contract disputes, loan contract disputes, guarantee contract disputes, and orientation disputes. Contract disputes, etc.
In this regard, relevant market participants said that as early as 2018, signs of Zotye Automobile's capital chain difficulties emerged. In the second half of 2019, problems such as debt collection by suppliers and the freezing of the equity of major shareholders broke out intensively. It puts a lot of pressure on it. Although the government has previously provided a 3 billion yuan loan to the company and launched new models, there is still considerable uncertainty about whether it can get out of the woods.
The unspeakable difficulties of Tianxia Wisdom
Similar uncertainties also exist in Tianxia Wisdom .
public information shows that Tianxia Wisdom , formerly known as Soft , is mainly engaged in the production and sales of cosmetics. Due to the fierce competition in the domestic daily chemical industry, the company's overall performance showed a downward trend from 2012 to 2015. Among them, in 2012 and 2014, Tianxia Wisdom even sold the equity of its subsidiaries to achieve profitability.
Against this background, Tianxia Smart decided to carry out strategic transformation in 2015, focusing on expanding its business in the smart city industry, building a smart city industry platform, and forming a new performance growth point for the company. Therefore, Tianxia Smart acquired 100% of the equity of Tianxia Technology through a non-public offering of A shares in 2016. In the same year, it officially changed the securities abbreviation to Tianxia Smart .
According to the performance commitment, Ruikang Investment, the original major shareholder of Tianxia Technology, promised that the audited net profit achieved by Tianxia Technology in 2015, 2016 and 2017 will not be less than 310 million yuan, 410 million yuan and 520 million yuan. In the three years above
, Tianxia Technology's actual performance completion rates were 105.01%, 114.53%, and 100.51% respectively, with a cumulative completion rate of 106.33%. And from 2016 to 2018, Tianxia Technology's net profit accounted for Tianxia Smart 's net profit The proportions are close to or even exceed 100%.
However, Tianxia Technology had just completed its performance commitment in 2017, and its performance in 2018 immediately changed drastically. It achieved a net profit of 268 million yuan that year, a year-on-year decrease of 50.23%, which was almost halved compared to 2017. In 2019, the situation was even worse. According to data disclosed in the semi-annual report of Tianxia Smart , Tianxia Technology’s net profit in the first half of 2019 fell sharply by 41.45% year-on-year.
This means that the huge amount of goodwill formed by Tianxia Wisdom in the early stages of acquisitions also has a high risk of impairment. As of the end of the third quarter of 2019, the company's goodwill was 3.317 billion yuan, accounting for 57.9% of net assets.
It should be noted that according to the bankruptcy document issued by the Hangzhou Binjiang District People's Court on the People's Court Announcement Website on January 14, 2020, the creditor Jiangsu Bank Hangzhou Branch had applied to the court for the bankruptcy of Tianxia Technology at the end of 2019, and the court It has been decided that it will be accepted. The listed company did not disclose such important negative information, which is obviously a serious disclosure violation.
Maybe Tianxia Wisdom also has unspeakable difficulties. Once Tianxia Technology goes bankrupt, in addition to the direct change from profit to loss, Tianxia Smart will also have a huge amount of goodwill that will be significantly impaired in the 2019 annual report, which will lead to a significant reduction in overall assets, the stock price will also fall significantly, and a large amount of investment will The person will be trapped.
In fact, the performance of Tianxia Smart has declined sharply in 2018. In 2018 and the first three quarters of 2019, the company's operating income was 1.091 billion yuan and 279 million yuan, a year-on-year decrease of 34.49% and 34.87% respectively. The net profit in the same period was 151 million yuan and 70 million yuan, respectively, a year-on-year decrease of 73.72% and 48.27%. %.
In addition, the Shenzhen Stock Exchange found in its performance forecast that the scheduled disclosure date for the 2019 annual report of Tianxia Wisdom is April 20, 2020, but as of February 5, 2020, Tianxia Wisdom has not yet hired someone to be responsible for the 2019 annual financial report. Accounting firms for auditing and internal control auditing.
can foresee that in the next few months, Tianxia Smart will have many key highlights.
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The only way to avoid minefields
After combing through, it is not difficult to find that the explosive performance of the above three companies may seem sudden, but in fact, behind the black swan persona, there are also many deterministic hidden dangers.
As a small and medium-sized investor, maintaining value research on corporate fundamentals is the only way to avoid the above minefields.
Industry insiders pointed out that from a fundamental point of view, should be wary of listed companies with excessive goodwill; be wary of companies with high pledge ratios and tight funds; especially those with heavy balance sheets, high debt ratios, and poor cash flow. There are many acquisition projects every year, and even the main business is bleak, companies that rely entirely on acquisitions for expansion.
At the same time, looking at the industries with the largest proportion of goodwill impairments, industry prosperity is also an important factor affecting the accrual of goodwill impairment losses. According to
data, the five industries with the highest goodwill impairment in the 2019 annual report preview are the media, automobile, computer, pharmaceutical, and machinery industries. The goodwill impairment of these five industries accounts for 68% of all A-shares. Changes in the industry climate have led to changes in the proportion of goodwill impairment provisions in various industries. The industries with the largest increase in proportion are pharmaceuticals and automobiles, while the industries with the largest decrease in proportion are machinery and home appliances. The machinery industry dropped rapidly from 11.5% in 2018 to 7% in 2019, and the automotive industry's share increased from 2.9% in 2018 to 7% in 2019.
As of the third quarter report of 2019, the scale of A-share goodwill reached 1.385009 billion yuan. Tianfeng Securities believes that the current goodwill impairment risk still deserves attention, and short-term stock prices need to avoid targets with greater potential risks from the bottom up.
It can be foreseen that under the general trend of improving the overall market conditions of Shanghai and Shenzhen stock markets, the risk of thunderstorms for individual companies with problems still exists. How to be discerning and avoid being cannon fodder is worth thinking about for investors.
on the other hand. Everything in the past is a prologue. Thunder explosions will cause stock price shocks, damage investors' interests, and bring many derivative challenges to companies. But bad things can also turn into good things. If you handle it properly, reset to zero, go into battle lightly, and strategically and accurately block the position, there is no way to know how to counterattack.
The so-called stock market is like chess, with new games. The key to
is how companies can move forward with a heavy load and respect the market, while abandoning the past impatience of pursuing short-term profits, showing off concepts, and brutal expansion, regaining the original intention of the industry, improving basic skills, and honing hard power. In this way, real long-term investment value can be presented to restore market trust and investor confidence. How to perform will test the management capabilities of Jinke Culture, Zotye Automobile, Tianxia Wisdom, as well as the leaders Wang Jian, Jin Zheyong, and Xia Jiantong. Boutiao Finance will also continue to pay attention.
