Four years of loss of 2.1 billion, executives Gong Dou, Xunyou Technology "three men a play"

Xunyou is "infighting" again.

On June 2, Xunyou Technology issued an announcement that the board of directors deliberated and decided to remove President Yuan Xu from his position. Four days after the announcement, the Shenzhen Stock Exchange issued a letter of concern, asking Xunyou Technology to explain six aspects of the rationality of the president's removal, which triggered sharp fluctuations in stock prices on the same day.

Xunyou Technology's core product Xunyou Accelerator can be said to be a necessary network acceleration tool in the early years, and it is also the head of the subdivision track of online game acceleration, which was successfully listed in 2015 and became the "first share of online game acceleration". However, the development of Xunyou Technology in recent years is not optimistic, and the data shows that Xunyou Technology has a large loss in 2018, 2019 and 2021, and the net profit loss in the first quarter of 2022 was also 19.11 million yuan.

But even in the case of consecutive declines in performance and even losses, it does not prevent the core executives from fighting in successive years. The three founders of the company, Yuan Xu, Chen Jun and Zhang Jianwei, have been in constant dispute. In March 2021, then-chairman Zhang Jianwei was voted to be removed from his position by the board of directors, and it was the protagonists Yuan Xu and Chen Jun who were pushed by the protagonists of this time.

It is said that "three women are a play", but the palace fight scene of three old men in Xunyou Technology is equally wonderful.

In the past, there was only one person left in the "Iron Triangle"

According to the announcement released by Xunyou Technology on June 2, the board of directors passed the resolution with 5 votes in favor, 2 votes against and one abstention, officially dismissing Yuan Xu from the position of president.

It was Yuan Xu, the largest shareholder of Xunyou Technology, who was currently the president of Xunyou Technology. He believes that he "as the CEO and founder of Xunyou Technology, he is conscientious and loyal and diligent in all aspects of the company" and should not be kicked away. Another director, Zhang Yunfan, also objected on the grounds that "the existing information cannot be supported".

Most of the remaining directors are on the opposite side of the president, and the most striking one of them is the approval vote, from chairman Chen Jun.

Chen Jun is the elder who founded Xunyou Technology with Yuan Xu and Zhang Jianwei in 2008, and is also the company's second largest shareholder, holding 6.44% of the shares, second only to Yuan Xu's 10.75%. In a previous agreement, Chen Jun, Yuan Xu and Guiyang Big Data Group should have submitted a "concerted action relationship" in the vote, but he voted in favor and even nominated Yuan Xu's successor.

The motion on the appointment of the new president ended with Yuan Xu and Zhang Yunfan being outnumbered and invalid, and the result was basically a foregone conclusion.

At present, Xunyou Technology has not yet responded to the letter of concern of the Shenzhen Stock Exchange, and the specific reasons for the removal of President Yuan Xu have not been shown in the announcement. However, Zinc Finance found that Yuan Xu had long shown "unsociability" in the company's decision-making level.

Since 2022, President Yuan Xu and Director Zhang Yunfan have repeatedly disagreed in the board resolutions, and their performance has been very negative: abstaining, opposing, and even recusing themselves from voting. The Shenzhen Stock Exchange also issued a letter of concern in March this year, asking Xunyou Technology to respond to its shareholders' "concerted action relationship" and "whether the company's control is stable".

Just a month after receiving the letter of concern, Yuan Xu's negative news followed. On April 11, Xunyou Technology announced a new disclosure: Yuan Xu, as the major shareholder holding 10.75% of the shares, all the shares held by him were frozen in a new round, which may be due to personal loan disputes and previous large overdue debts.

It is worth mentioning that the reason why Yuan Xu's previous shares were frozen was related to another founder, Zhang Jianwei. It was he who had previously borrowed from Zhang Jianwei and overdue it, resulting in the freezing of shares. The day after the news came out, Xunyou Technology was affected, opening down 5%, only half a day in the morning fell more than 11%.

Coupled with the equity pledge crisis that has been hanging over the head of Xunyou Technology, under the frequent negative news, the board resolution to change people does not seem to be incomprehensible.

Now that Yuan Xu has been dismissed, the three founders who jointly established Xunyou Technology in the past are only Chen Jun. Zhang Jianwei, as early as last year, Chen Jun and Yuan Xu "jointly" kicked out the chairman and even the board seat with the same voting resolution.

If you want to really sort out this long-running "history of infighting", you have to go back 5 years.

"Palace Fight Drama" Between Old Men

2017 can be said to be a turning point in the development of Xunyou Technology.

Just two years ago, Xunyou Technology aimed at the pain point of slow network speed, relying on the single business of online game accelerator to break through the siege and successfully listed on the GEM. When it was just listed, it shocked the market with 19 ups and downs, and once became a "demon stock" at that time, and the limelight was unique.

It's just that the good times are not long, and the acceleration of the domestic network has gradually made the role of the accelerator gradually chicken; Coupled with the vigorous development of mobile games, it has also impacted PC games. Xunyou's business has a single flaw exposed, and revenue has been compressed. According to the data, in 2016, xunyou's operating profit was 100 million yuan, a year-on-year decrease of 81.04%; the total profit was 310 million yuan, a year-on-year decrease of 53.14%.

In 2017, Xunyou Technology acquired Chengdu Lion's Roar Technology Co., Ltd. for 2.7 billion yuan to expand its mobile Internet advertising business. At that time, the total assets of Xunyou Technology itself were only 749 million yuan, and the acquisition plan of this standard "snake swallowing elephant" also laid the groundwork for a series of subsequent storms.

First of all, the Roar of the Lion failed to have a beneficial impact on Xunyou, failing to meet performance commitments from the first year onwards, and the compensation was also in ruin. Xunyou's 2021 announcement shows that the goodwill and intangible assets formed by the acquisition of Chengdu Lion's Roar Technology Co., Ltd. are initially expected to record an asset impairment loss of about 97 million yuan in 2021.

At the same time, this failed merger also triggered the first contradiction in the founder's "Iron Triangle".

At the time of the acquisition of Chengdu Lion Roar, the main player was Yuan Xu, the president at the time. At that time, he borrowed a sum of money from then-chairman Zhang Jianwei to buy part of the equity of Lion's Roar. No clear information was found on the specific amount, but it was clearly known that by March 2021, he still had 16.9893 million yuan to pay off.

Due to Yuan Xu's failure to repay the loan in time, Zhang Jianwei filed a lawsuit with the Chengdu Intermediate Court in August 2019, which is when all the shares of the company held by Yuan Xu were frozen through property preservation.

Perhaps it was the debt dispute that added a fire, and the counterattack came quickly. At the end of August, Yuan Xu and Chen Jun proposed to the board of directors to remove Zhang Jianwei from the chairmanship of the board of directors on the grounds of "lack of understanding of the company's industry, development strategy and main business, long-term absence from the formulation of the company's strategy and daily operation and management", and at the same time proposed that Yuan Xu concurrently serve.

Not to be outdone, Zhang Jianwei scrambled to submit the "Motion on The Removal of Yuan Xu from the Post of President."

The result of the first confrontation was that Zhang Jianwei lost by a 4:3 vote, but a letter of concern from the Shenzhen Stock Exchange on this resolution gave him a temporary respite.

In November 2019, Xunyou said in a reply to the letter of concern: "Zhang Jianwei, Yuan Xu, and Chen Jun are on corporate governance... After full communication and full understanding on related matters, Yuan Xu and Chen Jun applied to the Board of Supervisors to withdraw the "Proposal on Removing Zhang Jianwei from the Position of Director". ”

The withdrawal of the bill brought about a whitewashed peace, during which Zhang Jianwei and Yuan Xu signed a Settlement Agreement, agreeing to pay off their debts by June 30, 2021.

There is also a big thing happening in 2020. Xunyou Technology, which has an unfavorable revenue, has finally found a life-saving straw - Guiyang Big Data Group and its state-owned assets supervision and administration commission behind it. In September of that year, Xunyou and Guiyang Big Data signed the Supplementary Agreement to the Bailout and Investment Agreement and the Voting Rights Delegation Agreement. This signing means that Yuan Xu and Chen Jun will maintain a consistent action relationship with the big data group in the future, while Zhang Jianwei is excluded from the relationship.

On March 12, 2021, Yuan Xu and Chen Jun once again took the lead in attacking, for the same reasons as the last time and "lack of strategic integration and planning for xunyou and guiyang big data industry." "It is proposed to remove Zhang Jianwei from his position.

Zhang Jianwei also submitted a motion to remove Yuan Xu from his post as president as president as the same as before. The move he really tore his face was to apply to the court to enforce Yuan Xu's outstanding remaining debts of 16.9838 million yuan, and at the same time, he directly accused Yuan Xu of embezzling and misappropriating the company's funds and dealing with the amount of money with the counterparty in the motion.

As a result of this struggle, then chairman Zhang Jianwei lost even more suspensefully than the last time.

The Board of Directors passed the "Proposal on the Removal of Mr. Zhang Jianwei from the Board of Directors of the Company" by a result of 8 votes in favor of 1 vote. Although Yuan Xu paid off all his debts in April, Zhang Jianwei has been kicked out of the company's decision-making level and even from the director's seat.

Interestingly, Yuan Xu said at the company's shareholders' meeting at the time, "I am in the golden age and will use the next 10 years to bring Xunyou Technology to a new height." ”

He probably didn't expect that the next year he would end up with the same fate.

On the verge of changing the coach, the future of Xunyou is uncertain

Chen Jun, who was once Yuan Xu's staunch comrade-in-arms, now stands last among the three. The selection of the new president has also been determined, and it will be taken over by Wu Anmin, general manager of Subao Technology, the largest subsidiary of Xunyou.

It is understood that Subao Technology, which Wu Anmin previously led, is the largest subsidiary of Xunyou, and its main business is mobile network accelerators, which are mainly used in mobile Internet devices such as smart phones.

The Xunyou Technology that the two of them have to face may be a big mess.

In recent years, xunyou technology's revenue situation has seriously declined. According to the financial reports of previous years, Xunyou Technology lost 790 million yuan in net profit in 2018 and 1.186 billion yuan in 2019; after a brief turnaround to a net profit of 33.58 million yuan in 2020, it lost 174 million yuan again in 2021.

The cumulative loss of more than 2.1 billion yuan in four years is inseparable from the high-level dispute between Zhang, Yuan and Chen. At the same time, it must be faced squarely that the single business problem exposed by Xunyou Technology since 2015 has not been solved. According to its 2015 annual report, Xunyou Online Game Accelerator is the only revenue component of Xunyou Technology; By 2021, Xunyou Accelerator will achieve revenue of 431 million yuan, still accounting for 91.16% of the company's operating income.

But today, online game accelerators are probably no longer a good business that can support listing alone.

With the acceleration and stability of mobile networks, domestic players no longer need accelerators when playing most games, and only some foreign games need accelerators to provide stable services. This can be seen from the original listed fundraising project "Lightspeed Master" of Xunyou Technology. This web acceleration tool will only have a revenue of 59,600 in 2020, and even zero revenue for the whole year of 2021.

Master of the Speed of Light

Nonetheless, both the company's june 2 disclosure announcement and the new president Wu Anmin were interviewed, saying that they would "integrate the acceleration capabilities of PC and mobile." The main direction of Xunyou Technology after the change of coach is still the network acceleration business. In the case of c-end functions are slightly chicken, the business direction may shift more to new application scenarios such as enterprise services and internet of vehicles.

In addition, the actual controller of Xunyou Technology is actually Guiyang Big Data Group. Since the company's performance fell sharply in 2019, Xunyou Technology has successively negotiated equity transfer matters between Zhejiang Digital Group and Chengdu High-tech Investment Group. After all failed to terminate, Xunyou waited for the bailout agreement of Guiyang Big Data Group.

Since then, Xunyou Technology has gradually deepened its cooperation with Guizhou Province and Guiyang City, so the East Number West Calculation Project, which just landed in March this year, is likely to become a potential life-saving straw for the company in the future.

However, in the short term, Xunyou Technology may have to rely on its own one acre and three points of support in the accelerator market. Under the premise that its core business is already a tomorrow,the former three-person entrepreneurial team, regardless of the face of the past, fought to the last person, and such an ending is indeed lamentable.

This article originated from Zinc Finance