The share price of Wantong Technology is on a "roller coaster", and the "Huang Brothers" of Century Jinyuan behind it won for one and a half years

After nearly 4 years of losses, what is the effect of the new management after the "war"?

Author | Wu Lijuan

Editor丨Gao Yan

Source | Bronco Finance

Two years ago, Wantong Technology (002331. SZ) major shareholders and two shareholders staged one drama after another in order to compete for actual control.

Due to being labeled by the market as four popular concepts such as intelligent driving, vehicle-road collaboration, data elements, and Huawei concepts, Wantong Technology has been very lucky, and has gained four consecutive daily limits since November 23. However, the company urgently issued a clarification announcement, saying that it did not master unmanned driving and vehicle-road coordination technology.

Since February 2022, when the "head" of Century Jinyuan became the owner, the control of Wantong Technology has stabilized. However, the "sequelae" of infighting is still continuing, and in recent years, the company's profits have declined, business has been blocked, and the operating situation has not undergone fundamental changes. Now, getting rid of military assets and starting to build a large transportation industry ecosystem, can Wantong Technology reverse the decadent performance under the leadership of the "new owner"?

After 4 up limits, 2 down limits, Wantong Technology deduced the "roller coaster" market

With the rapid development of new energy vehicles and the outbreak of related industrial chains, the unmanned driving sector has also shined in the A-share market. On November 22, the unmanned driving concept sector performed well, and Wantong Technology, which was labeled as an "unmanned concept stock", was also stained.

On the evening of November 28, Wantong Technology issued an announcement on abnormal stock price fluctuations, saying that within the existing business scope, unmanned driving and vehicle-road collaboration are only technical concepts, and the company currently does not have direct business income generated by the above technical concepts.

On November 29, the day after the announcement, Wantong Technology opened with a daily limit in the morning, and dived in the afternoon, staged a "sky floor" market, and closed down, with a turnover of more than 1.7 billion yuan and a turnover rate of 37%. On November 30, it fell again. On the same day, the company reiterated on the official website of Interactive Easy that the company does not have business income generated by vehicle-road coordination. As of December 1, Wantong Technology fell 3.03% to close at 9.61 yuan per share, with a market value of 3.9 billion yuan.

A person from the securities department of Wantong Technology said that the company does not master unmanned driving and vehicle-road collaboration technology, and only a small part of the patents involve this content, but it is not the core technology.

Coincidentally, on November 22, before the harvest of 4 daily limits, the second largest shareholder, Southern Silver Valley Technology Co., Ltd. (hereinafter referred to as "Southern Silver Valley"), the shareholding reduction plan expired. According to the announcement, from November 3 to November 22, Southern Silver Valley reduced its holdings by 5.49 million shares. At present, Southern Silver Valley holds 22.8159 million shares of Wantong Technology, and its shareholding ratio has decreased from 7.85% to 5.56%.

According to the 2023 semi-annual report, Wantong Technology is a leading full-scenario intelligent solution and Internet integrated service provider for China's large transportation industry. Before the two major shareholders, Nanfang Yinggu and Tibet Jingyuan Enterprise Management Co., Ltd. (hereinafter referred to as "Tibet Jingyuan"), entered the company, Wantong Technology has been engaged in system integration, application software development and operation and maintenance business in the field of highway information construction.

In 2017, after the "new love of the military industry" Saiying Technology, a series of changes such as equity wars and rotation of helmsmen also occurred.

The battle for equity came to an end, and the "Huang Brothers" of Century Jinyuan took over

The wind rises at the end of Qingping! The palace fighting drama of Wantong Technology began in 2017.

At that time, Wang Zhongsheng, Yang Shining, Yang Xinzi and others, the original actual controllers of Wantong Technology, were optimistic about the military electronics track, and they fell in love with Saiying Technology, believing that it had a good synergy with Wantong Technology, which is mainly engaged in transportation information construction and maintenance. This company is engaged in the business of military electronic information and transportation informatization, and is good at the development, design, production, sales and service of embedded software-based microwave hybrid integrated circuits, complete machines and systems. The most valuable thing is that the quality of the military salaries of Saiying Technology is complete.

At that time, Yi Zenghui, the actual controller of Saiying Technology, also wanted to achieve a curve listing through capital operation, and the two sides hit it off.

With the approval of the Bureau of Science, Technology and Industry for National Defense, the founding management team of Saiying Technology reached an asset acquisition and restructuring agreement with Wantong Technology, and Saiying Technology became a wholly-owned subsidiary of Wantong Technology. As a result, Wantong Technology has entered the field of military electronics.

However, when Wang Zhongsheng, Yang Shining and Yang Xinzi were preparing to acquire Saiying Technology, the funds in the hands of Wantong Technology were not abundant.

As a result, in December 2018, it adopted a restructuring plan for the purchase of Saiying Technology by private placement of shares, and Yi Zenghui, the actual controller of Saiying Technology, obtained 14.3439 million shares of Wantong Technology and became a director of a listed company.

Among them, Southern Silver Valley was founded in 2004, is a technology company engaged in subway WiFi solutions and mobile advertising, the "Peanut Metro WiFi" APP is its important product, the actual controller Zhou Development is one of the founders of Southern Silver Valley, born in 1980, has worked for Shenzhen Special Economic Zone Newspaper Group, "Shenzhen Evening News", "Shenzhen Metro News". The shareholding structure of Tibet Jingyuan is relatively simple, with only 2 shareholders - Huang Tao and Huang Shiying, with a shareholding ratio of 60% and 40% respectively, and the two are brothers, but their identities are not ordinary, and they are the sons of Huang Rulun, the founder of Century Jinyuan.

Source: Canned Gallery

At that time, Nanfang Yinggu obtained 24.0132 million shares of Wantong Technology, holding 5.83% of the shares, and became the largest shareholder of Wantong Technology. Tibet Jingyuan also participated in the private placement of Wantong Technology, and obtained 13.9052 million shares, holding 3.37% of the shares.

From March to June 2020, Zhen Feng and Liao Kai, the directors nominated by Southern Silver Valley, suddenly turned against each other, and Zhou Development, the actual controller at the time, was successively removed from the position of chairman and director, and lost the actual control of the listed company in August of that year.

From February 2021 to July 2021, Tibet Jingyuan made a "comeback" and regained control of the board of directors.

In February 2022, Wantong Technology ended the 16-month "ownerless" situation, Tibet Jingyuan became the new controlling shareholder of the listed company, and Huang Tao also became the actual controller of the listed company.

In recent years, Nanfang Yinggu has carried out several rounds of shareholding reduction in the secondary market, and the willingness to fade out is obvious, while Tibet Jingyuan has increased its holdings on the contrary, and its shareholding ratio has risen to 4.85% by the end of 2018.

But in fact, it is difficult to say who is the real winner in this protracted struggle. Even during the period, both parties had the idea of quitting.

"21st Century Business Herald" once reported that both the Southern Silver Valley and the Tibetan Jingyuan have retreated, "neither side wants to continue to entangle, and until now, neither side has reaped the benefits." Tibet Jingyuan wants to transfer equity, and Southern Silver Valley also wants to reduce its equity. ”

In July 2021, due to the turmoil of Anhui Zhongzhan, the proposed equity transferor, the two sides terminated the agreement after only 8 days of cooperation, and Tibet Jingyuan's withdrawal plan was aborted. After that, the Huang brothers officially remained on the board.

At present, Tibet Jingyuan holds 19.97% of the shares, becoming the largest shareholder of Wantong Technology, higher than the 5.56% stake held by Southern Silver Valley.

After losing money for nearly four years in a row, can you get better after giving up your "new love"?

Although the battle for actual control has been settled, Wantong Technology has damaged its vitality. Since the beginning of infighting in 2020, the company's performance has taken a sharp turn. From 2020 to the first three quarters of 2023, its operating income was 1.576 billion yuan, 1.007 billion yuan, 983 million yuan and 473 million yuan respectively, declining year by year. At the same time, the net profit also continued to lose, which was -187 million yuan, -83.3229 million yuan, -98.1797 million yuan and -75.6285 million yuan, respectively, and the cumulative loss in the past four years reached 444 million yuan. If it reports a loss again in 2023, Wantong Technology will lose money for 4 consecutive years.

In the first three quarters of this year, the operating cash flow of Wantong Technology has a net outflow of up to 272 million yuan. Previously, in 2021 and 2022, its operating cash flow was -78.9686 million yuan and 1.5145 million yuan respectively, and in more than two years, the cumulative net outflow of operating cash flow was 350 million yuan.

Financial commentator Guo Shiliang once analyzed that the infighting of listed companies is not conducive to the healthy operation of listed companies, which will cause the public to seriously question the daily decision-making, work order and development prospects of listed companies.

Bai Wenxi, chief economist of IPG China, also said that factional struggles at the corporate governance level are very detrimental to maintaining the stability of corporate governance and strategy implementation, and will also affect the stability of corporate operations and even management.

In fact, after the Huang brothers successfully took power, the new management team of Tibet Jingyuan Fangxin came to power, and in order to increase the company's business volume, Wantong Technology also made a number of adjustments. Including the establishment of a new headquarters in Beijing, the expansion of projects, the integration of information, and the formation of a linkage effect with the Hefei headquarters. In addition, the Group will also weaken the original structure of the three business divisions and establish three business centers (customer center, delivery center and software center) to further revitalize resources, integrate manpower, and break the cost constraints of the original business unit's R&D team.

In the first half of this year, the company successively won the bid for the construction of a number of highway toll stations and mechanical and electrical engineering construction projects inside and outside the province. At present, the company's smart high-speed network layout covers more than 20 provinces across the country.

On February 28, 2022, Wantong Technology announced that the actual controller was changed to Huang Tao, who has the right of permanent residence abroad. According to the relevant regulations, this situation will have an impact on the survival of the military salary quality of Saiying Technology. At the beginning of the acquisition, Saiying Technology originally undertook the important task of seeking new growth in performance for the parent company, but a series of changes such as the equity war and the rotation of the helm of Wantong Technology that broke out afterwards not only did not make it maintain its original scale, but also cast a shadow on the future of this military electronics company.

In April this year, Wantong Technology officially transferred 100% of the equity of Saiying Technology and divested the military electronic information business.

At the same time as the sale of military assets, Wantong Technology also quickly entered the field of smart environmental protection business.

In February this year, Wantong Technology threw out a merger and acquisition plan, planning to acquire 70% of the shares of Huatong Lisheng (Beijing) Intelligent Testing Group Co., Ltd. (hereinafter referred to as "Huatong Lisheng") with 188 million yuan in cash to promote the strategic transformation of its main business. And on March 15, the first equity transfer payment of 37.66 million yuan was paid. Wantong Technology once said on the interactive platform that the acquisition of Huatong Lisheng is conducive to improving the company's profitability, and it can create synergies with Huatong Lisheng in the future to enhance the company's profitability.

Do you pay attention to the equity war of listed companies? Do you think about Wantong Technology under the leadership of the Huang brothers?