Reporter | Fang Yuanjing, Chen Xiaoshuang, Li Wenbo, Liu Ruixin, Luo Yingying, Zhou Yixue, Zheng Jieyao, Miao Yiwei, Jiang Fan, Yang Bingke, Xiao Fang Interface News once again conducts an annual financial figure and company inventory. We will launch the 2019 annual scenic and fr

Reporter丨Fang Yuanjing Chen Xiaoshuang Li Wenbo Liu Ruixin Luo Yingying Zhou Yixue Zheng Jieyao Miao Yiwei Jiang Fan Yang Bingke Xiao Fang

Interface News once again conducts an annual financial figure and company inventory. We will launch the 2019 annual scenic and frustrated financial figure and 2019 annual scenic and frustrated companies, presenting readers with important memories of the financial field in the past year.

2019 is a year full of uncertainty for entrepreneurs and companies. The domestic economic environment is facing pressure from deleveraging and slowing GDP growth. Global trade frictions and protectionism are on the rise. Globalization, which has been implemented for 30 years under the leadership of the United States, has begun to show signs of reversal. The cross-border flow of capital, technology and talents has been affected to varying degrees. According to the forecast of the International Monetary Fund (IMF), global economic growth has fallen to the lowest point since the 2008 financial crisis.

Whether it is a mature multinational company that has been operating globally for many years or a Chinese company in the early stages of globalization, the above changes have two certain effects: the importance of innovation and R&D continues to increase, and the importance of labor costs continues to decline.

Among the scenic companies we listed, from the local e-commerce giant Alibaba to the content giant driven by intelligent algorithms, from Meituan, China's largest life service platform, to L'Oreal, a French cosmetics group with more than 500 brands, data mining, application of artificial intelligence, and innovation integrating online and offline have all helped their core business growth.

The overall downturn in China's automobile market has led to many entrepreneurs and companies in the industry being listed on the frustrated list this year. After years of struggle, PSA has become the first mainstream multinational automobile company to begin to withdraw from China.

In some mature industries, mergers and acquisitions are still a powerful tool to drive the company's performance growth, but this also means complex decision-making and long-term integration and improvement. Among them, we have seen both pragmatic success stories and failures caused by capital fanaticism.

FILA, acquired by Anta ten years ago, is the fastest growing brand under the group, and has also helped Anta open up the high-end market to a certain extent, which gives them confidence to acquire more high-end sports or outdoor brands. After continuous high-profile acquisitions, Sunac squeezed out Vanke and became the third-ranked real estate company in China this year. However, the listed company Storm Video's acquisition of British sports copyright company has put the company in a desperate situation of delisting.

Even Internet companies that have always prioritized the pursuit of scale and growth have turned their attention to cash flow and profits. Meituan Dianping achieved its first profit this year, while NIO products have received high attention, but they cannot find new investors due to a loss of 10 billion yuan in two years. Institutional investors in the primary and secondary markets have realized that only good stories and concepts are becoming increasingly difficult to generate returns, and hard assets that are less affected by economic cycles and have high replacement costs are becoming increasingly attractive.

# Xiaomi The stock price that cannot be rescued

is the highlight of many companies for the results, but it may not be the case for Xiaomi .

is the first stock with "same share and different rights" listed in Hong Kong. Lei Jun once said boldly that "the investors who bought Xiaomi stocks on the first day of listing will make double the profit." Now, the stock price of Xiaomi has been halved. Last year, after Xiaomi was listed on the Hong Kong Stock Exchange, its market value once reached US$64 billion. But by the middle of this year, the share price of Xiaomi fell to HK$8.9 per share at the lowest price, with a market value of only US$27.4 billion, and has not rebounded much so far. As of press time, the share price of Xiaomi was only HK$10.34 per share, with a market value of approximately US$32 billion.

Looking back at the Xiaomi financial report from 2018 to 2019, it is not difficult to find that the revenue growth of Xiaomi has gradually slowed down since its listing, from the highest 131% growth rate to 27.2%. The main reason is the decrease in revenue from smartphones. In addition, compared with 2018, this year's Xiaomi has significantly reduced the release frequency of new phones. The huge inventory that

cannot solve recreates the Xiaomi crisis in 2015, and even this time it is even more serious. In the fourth quarter of 2018, its turnover days reached 44 days.The excessive inventory has led to the further consumption of the cash flow of Xiaomi , which in turn affects the capital investment in R&D and stocking, forming a vicious cycle. Although the gross profit margin of Xiaomi 's Internet service business is relatively high, this business only accounts for about 10% of the total Xiaomi , and the existing business structure is still mainly hardware.

revenue growth model is single, the economic situation slows down, and the smartphone industry has also encountered bottlenecks. Under multiple pressures, Lei Jun had to make adjustments as soon as possible. From July 23, 2018 to July 1, 2019, Xiaomi has made a total of 15 personnel adjustments. In addition, Lei Jun went directly to the front line in many businesses to do it himself, constantly repurchase stocks and issue equity incentives, and used various means to stimulate the morale of the market and employees.

Now that the wave of intelligence is sweeping, Internet companies are at the forefront of new technological changes, and their development speed is beyond imagination. In the future, Xiaomi will also choose to gamble on the Internet of Things. In the next few years, Xiaomi will invest 10 billion to support the development of AIoT (artificial intelligence + Internet of Things). However, in the increasingly fierce competition, it is particularly important whether Xiaomi AIoT can continue to grow rapidly, and it is also an important factor in revitalizing investor confidence and the market value of Xiaomi .

# Cathay Pacific Performance and hearts are lost

Cathay Pacific, which has just gotten rid of continuous losses, encountered another crisis this summer. The ongoing illegal gatherings in Hong Kong and Cathay Pacific's own continuous negative events have caused a heavy blow to its performance and brand image in a short period of time.

As a base airline, Cathay Pacific airlines, including Cathay Pacific, Dragonair and Hong Kong Express, account for more than 50% of the Hong Kong market capacity. In July this year, illegal gatherings in the local area once caused the complete shutdown of Hong Kong International Airport , seriously affecting the normal operation of the airport and aviation industry, and accumulated hundreds of flights cancelled.

Cathay Pacific also maliciously leaked flight passenger information and other incidents. The Civil Aviation Administration issued a major aviation safety warning to Cathay Pacific, which is also the first major aviation safety warning issued by the Civil Aviation Administration to a single airline.

In August this year, Cathay Pacific experienced a sharp drop in its stock price, a sharp decline in market value, and a major change in management.

For nearly a month since July 17, Cathay Pacific's stock price continued to turbulent, plummeting 28%, and its market value evaporated by hundreds of billions of Hong Kong dollars, and it did not rebound until mid-to-late August.

The senior management continues to turmoil, and Cathay Pacific chairman, CEO, client and business president were all removed within three months.

The company's performance was greatly impacted. From August to November 2019, Cathay Group's passenger and freight volume continued to decline. Cathay Dragon's passenger capacity fell 0.4% from the same period last year, while its capacity increased by 5.7%. In November this year, Cathay Dragon carried a total of 2.624 million passengers, a year-on-year decrease of 9.0%, and the passenger load rate fell by 3.2%.

Cathay Pacific Customer and Business President Lin Shaobo said that over the past few months, Cathay Pacific has faced a serious challenge and its willingness to travel has continued to be weak. Compared with the same period last year, the decline in passenger traffic in Hong Kong has expanded month by month, further falling from 35% in October to 46% in November. Before the illegal rally broke out of

, Cathay Pacific Airways originally achieved profits and growth in the first half of the year, but its financial performance in the second half of 2019 will be "significantly inferior" compared with the first half of the year, so the annual performance is worrying. The company originally planned to increase its capacity by 3.1% next year, but now it has also adjusted to a year-on-year reduction of capacity by 1.4%, which is the first time that Cathay Pacific has reduced its aviation business in many years.

#Changan Peugeot Citroen The first high-end brand to retreat

In 2011, Changan Automobile and France's Peugeot Citroen Automobile Group jointly invested 8.4 billion yuan to establish Changan Peugeot Citroen (hereinafter referred to as Changan PSA) in the form of a comparative shareholding ratio, which is fully responsible for the research and development, production and sales of its high-end brand Diais DS in China.

project was the largest Sino-foreign joint venture automobile project in China at that time. Such high-profile moves, on the one hand, made Changan PSA shout out the bold words of "selling volume exceeding 100,000 in three years", and on the other hand, it also made DS quickly become the focus of the topic in China.

, Chinese consumers who have been baptized and educated by German luxury cars for nearly 20 years, can't help but ask the soul-searching question of "Is DS a luxury brand?" DS has always avoided talking about this issue and dared not respond directly to it. Three years later, DS's sales in China were only 24,000 vehicles. It is far from the target of 100,000 vehicles. In 2015, DS reached its "highlight moment" - it sold 27,000 vehicles per year. Then there began to show an expected cliff-like decline, 16,000 vehicles in 2016, 6,000 vehicles in 2017, 3,900 vehicles in 2018, and 2,000 vehicles in the first 10 months of 2019.

On November 28, 2019, in its eighth year in China, Peugeot Citroen confirmed the sale of half of Changan PSA's equity . The next day, Changan Automobile announced the transfer of the other half of Changan PSA's equity. The equity of Changan PSA is sold to a third party, and the Shenzhen factory will also be taken over by a third party.

At the beginning of this year, Changan PSA released the "DS Trust Plan" specifically for the Chinese market, and swore that "DS will never give up on the Chinese market." But in fact, DS did not talk about its confidence and qualifications in China. The Chinese market closed the door to DS 36 months ago.

DS's China plan has become a blank phrase, whether the prefix is ​​"revival" or "revitalization". Although the official denies it repeatedly, the fact that DS is the first Chinese automobile industry to voluntarily withdraw from a high-end brand is no longer controversial. This absurd farce of "French luxury brand" finally came to an end in 2019.

# Huayi Brothers The main business and side business are delayed.

The decline in film and television investment and the delay in launching important films have made Huayi Brothers unfavorable. Huayi Brothers' third-quarter financial report shows that the company achieved total operating income of 1.617 billion yuan in the first three quarters, a decrease of 49.22% over the same period last year; net profit attributable to shareholders of listed companies was -650 million yuan, a decrease of 298.56% over the same period last year.

After the news of the release of the "Eight Hundred" was announced, Huayi Brothers' stock price once hit the daily limit. The closing price on December 17 was 5.02 yuan, up 7.26%. The stock price closed at 5.09 yuan on the 18th, closing above the annual line for three consecutive days, but this rise is tantamount to the drop in the bucket for Huayi's weakness throughout the year.

As a strong competitor in the New Year holidays in previous years, the only confirmed release of Huayi Brothers in the fourth quarter this year is " Only Yun Knows ". But the movie, which was highly anticipated, had a box office of less than 1 million on its first day of pre-released film, and was overtaken by "Manslaughter" which had been released for a week. In the New Year films released in groups, the winter of Huayi Brothers seems a bit too cold.

Starting from the backlog of " Mobile 2", to the box office revenue of mortgage villas and mortgage 7 films in 2019, and the selling of paintings by King Zhongjun , Huayi Brothers seems particularly cold in the cold winter of the industry with the overall economic downturn. The report shows that Huayi Brothers' short-term loans reached 2.04 billion yuan in the first three quarters, a significant increase of 960.68% from the beginning of the reporting period. The company is still borrowing money to fill in the pit. The stock pledge ratio of the two major shareholders, Wang Zhongjun, , Wang Zhonglei, , and Wang Zhonglei, , is as high as 99%. Huayi is gradually drifting away on the road to borrowing money.

On the other hand, after the company's "de-movieization", its performance in the field of real-life entertainment, which is focused on, is not optimistic. Judging from the data disclosed in Huayi Brothers' financial report, the revenue and profit margin brought to the company by the real scene entertainment business are both declining rapidly, from more than 90% to 40%. After quickly raising money through IP authorization in the past few years, the subsequent problems of large investment scale, slow collection of payments, and insufficient IP content have gradually been exposed. Without funds returning, the continuous operation of real-life entertainment projects will continue to put pressure on Huayi Brothers' capital chain. It can be foreseen that with insufficient support for the main film industry, Huayi's fate will still be unoptimistic in the short term.

#NBA Alliance The price of a Twitter

NBA has been working hard in the Chinese market for 30 years and has been in vain because of the "Morey Incident" this year.

On October 5, 2019, Rockets General Manager Morey posted a message on social media in support of Hong Kong, and NBA President Adam Xiao Hua later expressed his support for Morey's freedom of speech.

This aroused widespread anger and boycott among Chinese fans, and then relevant Chinese parties started comprehensive cooperation against the NBA.The Chinese Basketball Association officially announced that Houston Rockets General Manager Morey made inappropriate remarks about Hong Kong. The Basketball Association strongly opposed this and suspended all exchanges and cooperation matters with the club. At the same time, CCTV Sports Channel of China Central Radio and Television suspended broadcast of all NBA events, Tencent Sports also suspended live broadcast of Rockets games and related information reports, and NBA China Games related activities were cancelled in large numbers.

NBA League and Chinese sponsors under the Rockets have successively announced the suspension of cooperation, including 18 Chinese companies including Anta Sports, Luckin Coffee, vivo, Ctrip, and Hero Entertainment. In addition, Taobao, , JD.com, and Pinduoduo have all removed Rocket-related products.

According to Forbes data, the total revenue of the NBA league in the 2017-2018 season was US$8 billion, of which the contribution of the Chinese market exceeded 10%. Earlier, HoopsVibe has named the five major overseas markets in the NBA, and China ranks first.

NBA was once the bottom of the four major professional leagues in North America, and the world market with China as its core helped them rise. But now, China is boycotting this sports league, and its sharp drop in business revenue is inevitable.

In addition to the NBA league, the star players in this incident were also suffered losses. As one of the most popular sports events in China, NBA stars are the partners of cooperation among major brands. Celebrities such as James , Curry , Klay Thompson , etc. all have close commercial cooperation in China.

For the NBA, the Chinese market not only has great commercial value, but also opens the portal to the Asian market. However, the NBA's official actions have affected its layout in Asia.

#SoftBank Group The bubble that is being supported will always burst

SoftBank Group Chairman Masayoshi Son and his $100 billion Vision Fund managed have suffered a Waterloo in the past year.

SoftBank suffered its first quarterly loss in 14 years due to its sharp depreciation in investments in WeWork and Uber. The second quarter financial report to the end of September showed that SoftBank's operating losses in the quarter were as high as US$6.5 billion, while in the same period last year, this figure was a profit of US$6.5 billion.

SoftBank's losses were mainly due to its Vision Fund's loss of US$8.9 billion in the quarter. Vision Fund is a giant venture capital fund raised by Masayoshi Son in 2017. Its investment style reflects Masayoshi Son's will: to provide huge amounts of money to potential startups and drive them to expand rapidly to dominate the market without considering profitability.

Vision Fund once made SoftBank very rewarding. In fiscal year 2018, the Vision Fund, which had just been operating for more than a year, generated operating profits of US$11.4 billion, accounting for more than half of SoftBank's total operating profit. But these are still paper wealth, and the invested company needs to exit after it goes public to be considered real benefits.

As a super unicorn that SoftBank has heavily invested, WeWork's failed IPO process is considered by the capital market to be a defeat for SoftBank and Masayoshi Son's investment style. SoftBank has invested nearly $20 billion in WeWork over the past two years, and now WeWork's valuation has dropped from $47 billion at the beginning of the year to $7 billion.

Silicon Valley investors commented that the WeWork incident has become a landmark event in the bursting of the investment bubble. The capital market has begun to be vigilant about companies that spend money on expansion and ignore the risks of economic volatility.

"I have made a major investment judgment mistake, I regret it, and have a deep reflection." At the briefing after the financial report was released, Masayoshi Son publicly admitted the investment mistakes rarely. However, he immediately defended that the company's strategy and vision had not been adjusted and would continue to move forward.

But there are still signs that Masayoshi Son is learning from setbacks. In a communication meeting with the executives of the invested company, he urged the company to achieve profitability, adequate cash flow and sustainable. "Don't hype, I learned a lot from recent things (referring to WeWork). What is the company's valuation? It's the cash flow multiple in a stable state."

# Boeing Big trouble for small aircraft

In March this year, an Ethiopian Airlines flight operated by 737MAX crashed 6 minutes after taking off, and 149 passengers and 8 crew members on board were killed. This is also the second crash in 737MAX within 5 months. The bad luck of Boeing in 2019 has unfolded.After the

accident, 376 737MAX in operation were banned from flying around the world, and Boeing announced that it would suspend the delivery of this model.

At first, Boeing had great confidence in the return of 737MAX, and planned to repair the software system problems of the aircraft model in April and resume flights in June. However, due to the still problems with the software system upgrade, the return flight time is expected to be delayed again and again. Currently, the expected return flight time of Boeing is January 2020. The grounding of

has brought huge economic losses to Boeing . Analysts estimate that after the 737MAX is grounded, it still causes $1 billion in losses to Boeing each month. In more than nine months since the global grounding in March this year, the Boeing company has lost more than $9 billion.

In addition, Boeing also faces huge compensation from the families of the victims and airlines. Boeing has proposed to pay $100 million to compensate the families and communities of the victims of two crashes. For airlines, many airlines have initiated claims against Boeing for the losses caused by the grounding. In December, Southwest Airlines announced a $125 million agreement with Boeing for compensation issues such as grounding and delaying delivery.

Boeing is also facing the escape of airline customers and passengers. The 737MAX is the best-selling single-aisle passenger aircraft in the history of Boeing , and currently the order volume is more than 4,000. This year, it has encountered a Waterloo. As of November, the Boeing 737 recorded a net order of 182 aircraft this year, and a large number of airline customers canceled orders.

In addition to 737MAX, Boeing latest widebody 777X also faces quite a few twists and turns. The model was originally scheduled to fly for the first time in June, but due to unexpected wear and tear of the engine and the explosion of the cargo door during the ground high-pressure stress test, the FAA test was suspended, and the first flight was postponed to 2020.

In 2019, after Boeing ranked first in the world's largest aircraft manufacturer for seven years, it handed over this crown to Airbus. In the first 11 months of this year, the delivery of Boeing commercial aircraft was 345, a sharp drop of 51% from the same period last year, and far behind the delivery of 725 aircraft by his old rival Airbus.

Boeing 's bad luck will continue until 2020. Boeing decided to suspend the production of 737MAX aircraft from January next year. I don't know if the remaining orders for about 400 737MAX aircraft can be delivered.

#Visual China How to become a public enemy of the whole nation

2019 is a year full of black swans for Visual China: In April, a photo of a black hole caused the company to be questioned, and then the relevant departments ordered the rectification for spreading illegal and harmful information. On December 10, the Cyberspace Administration of China pointed out that Visual China has engaged in Internet news information services without obtaining the Internet news information service license and ordered it to be thoroughly rectified.

According to the third quarter financial report of Visual China, affected by the "black hole incident", the company closed its website in full and partially from April 11 to May 11. It is also for this reason that in the second quarter of 2019, the revenue of vision companies fell by 26.97% year-on-year and net profit fell by 22.59% year-on-year. It was not until the third quarter that the decline in revenue and net profit began to narrow. But at this time, Visual China received the second rectification notice, and fate did not intend to leave any room for breath for the company.

Looking at the development process of Visual China, from simple picture business to crazy rights protection and income generation, Visual China has chosen a shortcut to use copyright as a weapon, but it has blocked its own path due to the unclear copyright pool. Protecting the rights and interests of creators is understandable, but like Visual China, it is rare to put a large number of unknown pictures on their own and make thousands of lawsuits a year.

Although Visual China used this method to "knock down" a large number of reluctant customers, the consequence was that no one was willing to speak for it after the accident. Some picture users who had encountered Visual China's "bumping into the palace" would even joke: "The second entry into the palace" is the retribution for this company.

At present, the stock price of Visual China has fallen from 20 yuan at the opening of December 10 to 16.36 yuan, with a market value of only 11.4 billion yuan, down nearly 40% from the beginning of the year. Starting from a photo of a black hole, the downhill road of Visual China seems to be out of sight.

#Yinyi Group The price of running

On the winter solstice, the bankruptcy reorganization of the star enterprise Yinyi Group was accepted by the Ningbo Intermediate People's Court, which half a year has passed since they applied for it.

Since June this year, Yinyi has experienced a liquidity crisis due to debt defaults. This local celebrity company, which has gone from crazy cross-border mergers and acquisitions to broken capital chains, has gone to the brink of bankruptcy.

, once the richest man in Ningbo, Xiong Xuqiang , and his Yinyi Group tried hard to formulate relevant plans and tried to resolve debt risks through various channels in the second half of 2019, but the results were minimal. They are destined to be unable to pass this year safely.

Yinyi Group resolutely transformed into the automobile manufacturing industry in 2016, and successively spent more than 12 billion to acquire three foreign auto parts manufacturers, namely ARC, Alifu, Japan and Belgium Bonchi. At that time, the leading companies in the multinational merger and acquisition industry wanted to build high-rise buildings on the ground, and they were in a glorious moment.

In order to pay for these three acquisitions, Xiong Xuqiang and his joint actors began to provide financing guarantees by pledging shares in 2016, resulting in no extra funds to expand their main real estate business.

Unfortunately, the decision to bet on almost all of its wealth did not bring Yinyi a better development prospect, but instead put pressure on its capital chain and became the root of bankruptcy reorganization.

Although the filing for bankruptcy reorganization does not involve the listed company ST Yinyi, ST Yinyi was dragged down. Not only did it have more than 4 billion unpaid debts, it was also illegally occupied by the controlling shareholder and the controlling shareholder's parent company.

After filing for bankruptcy and reorganization, in order to protect the listed entity ST Yinyi, Yinyi Holdings used capital to settle the debt and sold the project, and was making final efforts to survive.

From August to December this year, Yinyi has used capital to pay off debts three times to protect the listed company ST Yinyi, and Yinyi also sold the Shenyang project to rescue emergency. But these funds raised from self-rescue are still a drop in the bucket for Yinyi, who is heavily in debt.

As of August 31 this year, Yinyi Co., Ltd. had overdue outstanding debts of 4.257 billion. Under the huge debt pressure, Yinyi Co., Ltd.'s performance and cash liquidity are also poor, and key financial indicators such as revenue, net profit, and cash flow all fell year-on-year.

At the Fengyun Zhejiang Business Conference in 2017, Xiong Xuqiang was rated as a "magic doctor" for turning losses into profits. But this time, Xiong Xuqiang, who is 63 years old, is likely to have no power to turn things around.

#Haner Group Auction "money printing machine"

Since 2019, the Hanergy crisis has gradually deepened. From delisting of Hong Kong stocks, asking for salary by employees, to the auction of assets of "money printing machines", every incident reveals the company's capital chain problems.

Hanergy started with hydropower and later transformed into the photovoltaic industry. Its main companies include Hanergy Mobile Energy Holding Group, Hanergy Hydropower Group and Hanergy Thin Film Power Generation Group (hereinafter referred to as Hanergy Thin Film).

One of Hanergy's main areas is thin-film solar energy, which is under the responsibility of Hanergy Thin Film. Compared with crystalline silicon solar energy, thin-film solar energy belongs to a niche technical route. Hanergy Film was originally a listed company in Hong Kong. In July 2015, the company was investigated by the Hong Kong Securities Regulatory Commission for suspected large number of related transactions and stock prices, and the stock price plummeted by 47%, and was later forced to suspend trading. In the following four years, the company failed to resume trading and finally completed privatization through stock exchange in June this year and delisted from the Hong Kong Stock Exchange.

is regarded as a Jin'anqiao Hydropower Station, which is regarded as a money printing machine by Hanereng founder Li Hejun , and is affiliated to Hanereng Hydropower Group. This is China's first super-large hydropower station controlled by private enterprises, "has billions of cash flow every year." At present, the equity of the power station has been repeatedly forcibly auctioned by the court.

In August this year, 51.36% of the equity of the power station held by Hanergy was auctioned and then withdrawn; on December 10, two total 24% of the equity was auctioned, and the bid was lost due to no one's bid; on December 24, 18 shares of a total of 318 million shares were auctioned, and Sichuan Trust Co., Ltd. obtained one of the equity at a price of 42.78 million yuan, and the other 17 were lost due to no one's bid.

Haneng Mobile Energy Holding Group is vigorously promoting "mobile energy", launching solar power tiles, power generation packages, power generation paper (Hanpaper), and plans to build millions of solar cars, but there has not made much progress.

Hanergy has laid out nine photovoltaic industrial bases across the country, and many industrial parks have been suspended at present. Due to lack of funds, the Shanghai Hanergy Mobile Energy Intelligent Manufacturing Industry Base project, which was announced in April this year, has been shelved, and the original planned investment of the project is 82.1 billion yuan.

Since May this year, Hanergy has begun to arrears of employees' wages and stopped paying employees' housing provident fund and various social insurances. According to Interface News, as of mid-October, Hanergy Group owed employees at least 1 billion yuan in salary.

In response to the wage arrears incident, Li Hejun admitted in a "Letter to All Employees" released on October 15 that Hanergy's funds were very tight, and "there were tens of billions of accounts receivable that could not be recovered on time."

As the end of the year approaches, Hanergy's wage arrears incident has not been resolved, and only a small part of the auction of hydropower station equity has been finalized. Hanergy Thin Film Power Plant Return to the A-share listing plan is hopeless in the short term. Without new liquidity supplements, Hanergy may find it difficult to hold on.

#InBev One year of repaying debts

In 2019, the world's largest beer manufacturer InBev , the "elephant" was struggling.

can see information about its decline in sales in the US market in every quarter of this year. People have begun to turn to craft beer and strong liquor, and the sales of InBev have not improved this year. What's worse is that such a downward trend also occurs in the Chinese, , Brazil, and South Korea markets.

In the past, with the help of the power of the capital market, InBev InBev has made it the world's largest beer manufacturer. In 2013, Budweiser-Busch InBev invested in the acquisition of Grupo Modelo, the largest beer company in Mexico; in 2016, South Africa Miller was also acquired by him for US$104.5 billion, with a premium of nearly 50%. The continuous acquisitions of

have given Budweiser-Buss InBev 300 brands and has a global market share of 30%, but this has also greatly increased the leverage ratio of Budweiser-Buss InBev . From the end of fiscal 2015 to the end of fiscal 2018, the net debt of InBev soared from $36.26 billion to $101.39 billion. Therefore, the news about InBev in 2019 is basically related to debt repayment.

On July 5 this year, Budweiser-Busch InBev Group's Asia Pacific business split out was officially launched, planning to list on the Hong Kong Stock Exchange, and then it was stranded. Two months later, it chose the Hong Kong Stock Exchange to raise HK$39.2 billion. This year, he also sold an Australian subsidiary to Asahi Group for 77.7 billion yuan to repay debts.

InBev is currently betting on high-end products and the Chinese market. But at present, the competition in the Chinese beer market is extremely fierce. In addition to the original large local brands, various niche craft beer brands are constantly emerging. The space left for InBev is really limited.

#51 Credit Card When the P2P tide recedes

police car roars, sweeping away the glory of a celebrity company.

On October 21, 2019, China's largest online credit card management platform, 51 Credit Card, was investigated by the police for suspected violent collection.

was founded in 2012, and in 2015, he transformed from a "credit card management tool" to a "micro-credit business" and rang the bell on the Hong Kong Stock Exchange in 2018. This one of the largest online lending platforms in Hangzhou, which is waiting for collection of over 10 billion yuan, has caused such a large-scale action by the police, which has caused many shocks, speculations and uneasiness in the industry.

According to the official notice, after preliminary investigation, it was found that "51 Credit Card" entrusted an outsourcing collection company to impersonate a state agency and use soft violence such as intimidation and nuisance to collect debts, and is suspected of crimes such as provoking trouble.

However, violent debt collection is not the whole truth, and the troubles of 51 credit cards are much more than that.

At this year's 3.15 CCTV Gala, 51 Credit Card was named and criticized for diversion of usury.

html In early July, 51 Renpindai, a subsidiary of 51 Credit Card, was named and criticized by the official website of the Ministry of Industry and Information Technology for collecting personal information without the user's consent.

On the consumer complaint website "21Ju Complaint", the total number of complaints from 51 Credit Card has reached thousands of products, involving many issues such as head-cutting interest, address book, and violent debt collection.

In the past year, the P2P industry has entered a period of full liquidation. The transformation of the online lending platform under 51 Credit Card is also difficult, and it still needs to face the challenges of healthy liquidation, difficulties in compliance system and capital costs, profitability and company valuation changes caused by changes in business models. In the pain of transformation of

, 51 Credit Card has ushered in a profit winter.

In the first half of 2019, the net profit attributable to shareholders of 51 Credit Card fell by nearly half year-on-year. The latest profit warning also stated that the implementation of a series of transformation measures will lead to a significant decline in the group's operating performance in the fourth quarter of 2019, and annual revenue will also be affected.

and the capital market has already voted with its feet. The latest stock price of 51 Credit Card has fallen to HK$1.51, with a market value of only HK$1.8 billion, down 85% from the highest at the beginning of its listing of HK$11.4 billion.

#Storm Video After the Storm, there is no audio-visual

2019 was the most difficult year for Storm Group .

On the one hand, the operating conditions of Storm Group are worrying. The market share of the video business continues to decline, advertising revenue declines, Storm TV is still in the investment period, and its profits are very slow in a short period of time. The 2019 semi-annual report showed that Storm Group's operating income was 83.5929 million, a year-on-year decrease of 89.44%, and a net loss of 332 million.

htmlIn July, Storm Group CEO O Feng Xin was arrested for suspected bribery and embezzlement of office. Before being arrested, Feng Xin served as chairman, general manager and secretary of the board of directors. His importance in Storm Group is self-evident. After being arrested, the operation of Storm Group has deteriorated.

At present, all senior executives of Storm Group except Feng Xin have resigned. Due to the tight financial situation, the company has defaulted on salaries of some employees, and a large number of employees have also chosen to resign. In December, Storm Group issued an announcement stating that there were only more than 10 people left in the company.

Due to the arrears of server fees, Storm Video's website can no longer be opened normally - the bleak situation of Storm Group is now very different from the fact that it wanted to do a big deal in Internet entertainment 4 years ago.

Storm also had a highlight period. In March 2015, Storm Group landed on the A-share GEM. In the A-share bull market, the support of the "Internet" label has made Storm Group unprecedentedly sought after. Since its listing on March 24, 2015, Storm Group has won 29 consecutive daily limits, with its stock price exceeding 140 yuan per share, becoming the new "limited king" of A-shares.

But there has been a crisis behind the scenery. Because of the outstanding performance of A-shares, Feng Xin has greater ambitions and wants to enter many fields such as hardware, film and television, and sports. In fact, Storm Group did not get a penny of financing from the capital market after its listing. The money-burning business continues. In 2018, the net loss for the whole year exceeded 1 billion yuan. Feng Xin's equity was frozen, and the listed company became the person subject to execution several times.

In the first half of 2019, Feng Xin was still making various efforts for the company's continued operation, but with his arrest and other senior executives leaving, it was difficult for Storm Group to turn around and delisting was inevitable.