Zhou Zhenke, a wealthy businessman in Chaoshan, wants to withdraw from Dasheng culture

Since its listing in 1996, Dasheng Culture (600892) has changed hands many times, and its main business has changed again and again, and it once became an important platform under Baoneng. In 2014, Chaoshan billionaire Zhou Zhenke took over the control of Dasheng Culture from Yao Zhenhua and became the new actual controller of the company, ending the frequent change of ownership of Dasheng Culture. Nine years after taking over Dasheng Culture, Zhou Zhenke had the idea of retiring and planned to transfer the company's equity to Tangshan Cultural Tourism Investment Group Co., Ltd. (hereinafter referred to as "Tangshan Cultural Tourism"), which may lead to a change of control of the company.

Retreat

Due to the planning of major events by the controlling shareholder and the actual controller, the shares of Dasheng Culture have been suspended since December 21.

According to the announcement, Dasheng Culture received a notice from Zhou Zhenke, the controlling shareholder and actual controller of the company, on December 20 that it was planning the transfer of the company's equity, and the transfer object was Tangshan Cultural Tourism, which may lead to a change of control of the company.

As of the end of the third quarter, Zhou Zhenke directly held 126 million shares of Dasheng Culture, with a shareholding ratio of 22.59%. Among them, 29.3 million shares were pledged, and 9.0558 million shares were frozen.

Zhou Zhenke's resume shows that he served as the chairman of Dasheng Culture from October 2014 to December 2020, and at present, Zhou Zhenke is not an executive in the company.

According to the data, Dasheng Culture's current main business is the research and development and operation of online games, as well as the production and distribution of film and television dramas. In addition to the actual control of Dasheng Culture, Zhou Zhenke also has another listed company, Letone shares, the main business is divided into ink manufacturing business and Internet advertising and marketing business. In October this year, the "2023 Hurun Report" was released, and Zhou Zhenke ranked 635th with a wealth of 9.5 billion yuan.

It is worth mentioning that the receiver has a state-owned background, and Tianyancha shows that Tangshan Cultural Tourism is a wholly-owned subsidiary of Tangshan Investment Holding Group Co., Ltd. (hereinafter referred to as "Tangshan Investment"), which further penetrates the equity of Tangshan Investment, which is 100% owned by the State-owned Assets Supervision and Administration Commission of Tangshan Municipal People's Government.

Xu Xiaoheng, an investment and financing expert, said that for listed companies, if they can obtain state-owned assets, it will undoubtedly bring positive significance to the company's resource integration and improve the operating quality of listed companies.

In response to company-related issues, a reporter from Beijing Business Daily sent an interview letter to Dasheng Culture, but as of press time, no reply has been received from the company.

Nine years at the helm

Since taking over the actual control of Dasheng Culture from Yao Zhenhua in 2014, Zhou Zhenke has been side by side with Dasheng Culture for 9 years.

According to the data, Dasheng Culture was listed in 1996 and is a "veteran" in the capital market. At the beginning of the listing, the company's securities were referred to as "Shiquan Industry", and compared with the beginning of the listing, Dasheng Culture has been "transformed" many times. It is understood that only in the second year of listing, the company ushered in the first change of ownership, since then the company's actual controller has changed several times, and the securities abbreviation has been changed to "Huda Science and Education" and "Baocheng Shares".

It is worth mentioning that during the period when Dasheng Culture was named Baocheng Shares, it was controlled by the Baoneng Department, and it was rumored that Yao Zhenhua had regarded it as the main capital operation platform in the future.

However, four years after Yao Zhenhua became the owner, he handed over Baocheng shares to Zhou Zhenke. In October 2014, Dasheng Culture, then known as Baocheng Co., Ltd., announced that Shenzhen Jushenghua Co., Ltd., a subsidiary of Baoneng, signed a share transfer agreement with Shenzhen Dasheng Asset Management Co., Ltd. (hereinafter referred to as "Dasheng Assets"), and after the change of equity, Dasheng Assets held 19.99% of the company's shares and became the largest shareholder, and Zhou Zhenke became the actual controller of the company. The transfer price per share of the transaction is 24.3 yuan, and the total transfer price is about 307 million yuan.

After becoming the owner, Zhou Zhenke began a drastic capital operation. In January 2015, the company announced the acquisition of 100% of the shares of Taole Network and Zoomlion Transmission, of which Taole Network is the R&D and operation company of terminal games, and Zoomlion Transmission is a film and television company integrating film and television investment, production and distribution. It was also through this acquisition that the company successfully transformed and changed its name to Dasheng Culture.

It is worth noting that the high goodwill formed by this merger and acquisition has laid a thunder for the performance of Dasheng Culture. In 2018, due to factors such as goodwill impairment, Dasheng Culture's attributable net profit suffered a huge loss, with a loss of about 1.129 billion yuan, and the non-net profit realized that year was about -1.284 billion yuan.

Wang Chikun, an independent economist, said that goodwill is like an invisible blade, which is the number one killer that kills the performance of listed companies.

The puzzle is to be solved

Today's Dasheng culture is still facing a series of problems.

Financial data show that in the first three quarters of this year, Dasheng Culture achieved an operating income of about 164.5 million yuan, a year-on-year increase of 2.65%, a corresponding attributable net profit of about 10.06 million yuan, a year-on-year decrease of 51.13%, and a corresponding net profit of about -27.79 million yuan, a year-on-year decrease of 855.01%.

As for the reasons for the decline in performance during the reporting period, Dasheng Culture said that it was mainly due to the increase in the advertising and promotion expenses of the subsidiary's new games and the increase in the non-recurring profit and loss of the disposal subsidiary.

Under the unsatisfactory performance, Dasheng Culture frequently sold the company's assets. On November 21 and December 13, Dasheng Culture announced that in order to revitalize assets and improve internal management and operation capabilities, Shenzhen Yuerong Investment Management Co., Ltd., a wholly-owned subsidiary of the company, intends to transfer 100% of the equity of Hainan Qiyao Interactive Entertainment Co., Ltd. held by it for 17.0194 million yuan, and intends to transfer 51% of the equity of Shenzhen Baocheng Laterite Investment Management Co., Ltd. held by it to Dasheng Assets for 3.7182 million yuan.

In addition, on September 12, Dasheng Culture announced that Sichuan Baolong Investment Co., Ltd., a holding subsidiary of the company, intends to sell four properties under its name at a price of 15 million yuan.

If Dasheng Culture finally realizes the change of control, it will take a lot of brains for the new owner to improve the company's performance.

It is worth mentioning that on December 13, Dasheng Culture also received a warning letter issued by the Shenzhen Securities Regulatory Bureau. Due to the company's failure to timely perform the review procedures and information disclosure obligations for the related party transactions that issued bonuses to related natural persons in 2021 and 2022, and the important progress of the transfer of the equity of Hebei Quanyechang Hotel Management Co., Ltd. in a timely manner, the Shenzhen Securities Regulatory Bureau decided to take administrative supervision measures against the company by issuing a warning letter.

Beijing Business Daily reporter Ding Ning