Zhangzidao, an A-share listed company headquartered in Zhangzidao Town, Changhai County, Dalian, whose main commodities are scallops, shrimp and other seafood, is not special in its business, but I believe that everyone who pays a little attention to China's capital market has heard the name of this company.
It is most appropriate to use "infamous" to describe Zhangzidao in previous years, "scallops ran away", "scallops starved to death", Zhangzidao's financial fraud gives people a feeling of pressing people's IQ on the ground and rubbing you without the slightest way.
Fortunately, the current technology is getting stronger and stronger, the SECURITIES Regulatory Commission used the Beidou navigation satellite to finally lock the key evidence of Zhangzidao's financial fraud, and finally the punishment that should be punished, the punishment that should be transferred to the judiciary has also been transferred, and the story of Zhangzidao should usher in the end.
It turns out I thought too much.
In the first three quarters of 2021, a big loss of 30 million yuan was made, and the fourth quarter was all back
Recently, the capital market has been bland, lacking slots and gossip, Zhangzidao has stepped forward and contributed the first talk of the capital market after the tea dinner in 2022.
According to Zhangzidao's financial report for the third quarter of 2021, the company accumulated operating income of 1.568 billion yuan from January to September 2021, but the net profit attributable to the parent company was -30.0009 million yuan, that is, a loss of 30 million yuan in 9 months.
Observing the first two quarters found that the loss of Zhangzidao was more serious in the second quarter of this year, with a loss of nearly 40 million yuan in 6 months, I thought that Zhangzidao would end in a loss this year, but I did not expect a big reversal, and the fourth quarter turned the tide into a profit.
On January 21, Zhangzidao released the 2021 annual performance forecast, and it is expected to achieve a net profit attributable to the parent company of 6-9 million yuan in 2021.
Not only did not lose a penny, the maximum profit was close to 10 million yuan, which is a capital miracle, what kind of overtime experienced by the employees of Zhangzidao in the fourth quarter of the heartache to let the listed company hand over a profitable performance, or the scallops that have been running for many years because of the global volcanic eruption in the past few months or the safety of the hometown, so all swim back to help the development of the enterprise?
Anyway, people are making money, what can you do, do you use the Beidou satellite to check the trajectory of the scallops again?
The county government is a shell transfusion of ZhangziDao
After the performance forecast came out, the Shenzhen Stock Exchange could not sit still, and immediately sent a letter of concern to inquire.
Zhangzidao responded quite quickly, and clearly explained the three "secrets" of turning performance into profit in the reply letter, and I will summarize it for you.
(1) Received 50 million yuan of government subsidies
On January 4, 2022, Zhangzidao announced that it had received a subsidy of 50 million yuan for work suspension due to the impact of the new crown pneumonia epidemic in Dalian, all of which was issued in cash.
Zhangzidao Town in Changhai County is really rich, and directly gave Zhangzidao 50 million yuan, to know that Zhangzidao has not had a profit of more than 50 million yuan from 2014 to 2020.
(2) The sale of the subsidiary received 95 million yuan
Zhangzidao sold the related assets of one of its subsidiaries to Dalian Changying Marine Ranch Co., Ltd. in the fourth quarter of 2021, and the transaction was completed on December 30, 2021, on the same day Zhangzidao received 95 million yuan.
The announcement revealed that the transaction brought Zhangzidao a profit of 70 million yuan, in other words, the carrying cost of related assets was about 25 million yuan.
Zhangzidao is a master of business, with 95 million yuan sold for 95 million yuan at a cost of 25 million yuan, and the premium rate reached 280%.
(3) The subsidiary received a gratuitous capital injection of 25 million yuan
Dalian Changying Ocean Ranch Co., Ltd. (yes, this company) increased its investment in Zhangzidao E-commerce Company, and injected 25 million yuan on December 29, 2021 to make Zhangzidao's net assets attributable to the parent company turn from negative to positive at the end of the year.
The above three events allowEd Zhangzidao to achieve a magnificent turnaround in the fourth quarter of 2021, achieving a positive double net profit and net assets.
Zhangzidao said in response to the exchange's inquiry letter that the above are normal transactions, but they are not deliberately done to avoid being delisted risk warning.
Do you believe it? I don't quite believe it anyway, for two reasons.
(1) All three transactions are related to the Changhai County Government
The government subsidy was issued by the Changhai County government, which spent 95 million yuan to buy Zhangzidao assets and inject 25 million yuan into its subsidiary for the same entity, that is, Dalian Changying Marine Ranch Co., Ltd.
The company has only one shareholder, the Changhai County Government.
(2) The trading time occurs at the end of the year
Whether it is government subsidies or asset transactions all occur in December 2021, or even in the last week, the accounting period is generally the entire natural year, and the last month can indeed do a lot of things, so that many "miracles" happen.
I believe that clear-eyed people can see what is going on, Zhangzidao is the only A-share listed company in Changhai County, shell protection is not only related to interests but also closely related to face, through various ways to transfuse Zhangzidao is very normal.
Finances are stretched thin, and it is doubtful whether blood transfusions can continue in the future
As an important local enterprise, it is not unacceptable for local governments to help listed companies tide over difficulties, after all, China's capital market is in the development stage and has not yet reached maturity, but the blood transfusion of some local governments is only a drop in the bucket for the company, and it cannot be saved for a while, not to mention that their own money bags are not necessarily drummed.
On February 19, Zhangzidao announced that nearly 110 million shares of Zhangzidao shares held by the Zhangzidao Investment and Development Center in Changhai County, the controlling shareholder, were enforced by the court to repay the arrears.
The previous announcement also showed that the 250 million shares held by the three state-owned shareholders, including the Zhangzidao Investment and Development Center in Changhai County, were judicially frozen, and there may be further actions in the future.
The freezing of shares means that there is no cash to pay off the debt, which shows that the zhangzidao town government's funds are not abundant, otherwise the shares held by the actual holding company cannot be frozen or even enforced.
From the perspective of Zhangzidao's shareholder structure, the Zhangzidao government of Changhai County holds a total of 262 million shares of Zhangzidao through four companies, accounting for 36.8% of the total share capital, and after removing 110 million shares, it still holds 21.3% of the shares, and the town government can still control the listed company.
Then again, Zhangzidao's failure to delist is a miracle in the stock market, and it is surprising that such a company that regards financial fraud as a common thing can continue to perform in the A-share market.
From the perspective of the regulator, it may be worried that delisting will harm the interests of small and medium-sized investors.
However, are the retail investors who dare to hold Zhangzidao after so many events really worth worrying about? They like to take chestnuts in the fire and have to take the corresponding risks.
The delisting system can not be just a decoration, after the registration system landed, more companies can be listed for financing, come in more to speed up the pace of driving those unqualified companies, only the implementation of the mechanism can be in and out of the A shares can hope to really out of the slow bull, long bull market.