Zebra consumption Ren Jianxin
Pull out the radish and bring out the puree.
On May 12, Xu Dewei, chairman and general manager of Tianyu Digital, was taken away for investigation by the Ningxia Hui Autonomous Region Supervision Commission on suspicion of joint violations of duty.
The market generally believes that Xu Dewei's investigation is related to the case of Guo Bochun, chairman of Potassium International, who had an accident not long ago.
Before Guo and Xu started business, they both held public offices in Yinchuan, one was the deputy mayor of finance, and the other was the deputy director of the Financial Work Bureau.
Since the thunderstorm in 2018, Tianyu Digital has been ill-fated. This time, it faced a strong earthquake again. Yesterday, the company's stock price fell to the limit.
The chairman of the board of directors was investigated
On May 12, an announcement by Tianyu Digital Technology made it difficult for the company's more than 150,000 shareholders to spend the weekend peacefully.
At the opening of trading yesterday, the company's stock price fell until the close. At the close, there were still 635,400 sealed orders.
What is the information that will be so lethal? According to the announcement, on May 11, the company received the "Notice of Case Filing" and "Notice of Retention in Custody" from the Supervision Commission of Ningxia Hui Autonomous Region, and Xu Dewei, chairman and general manager of the company, has been placed on file for investigation and retention in custody on suspicion of joint violations of duty.
Tianyu Digital Technology(002354. SZ) said that the matter was a personal investigation against Xu Dewei and had nothing to do with the company. After the decision of the general manager's office meeting, He Han, director and deputy general manager, will temporarily preside over the daily operation and management.
According to his personal resume, Xu Dewei is 48 years old this year, and before going to the sea to do business, he held public office in Yinchuan City for a long time, and the highest position was the deputy director of the Yinchuan Financial Work Bureau.
In October 2019, Xu suddenly parachuted into Tianyu Digital as the general manager. In July 2023, he was elected as the chairman of the company.
And just over a month ago, another listed company, Potassium International (000893. SZ) chairman Guo Baichun and general manager Ma Yingjun were respectively suspected of dereliction of duty and serious violations of duty, and were taken away by the Ningxia Hui Autonomous Region Supervision Commission.
Guo and Ma are inextricably linked with Xu Dewei.
Guo Baichun graduated from Chinese People's University and is a postdoctoral fellow in economics. He worked in state-owned financial institutions for a long time, and then turned to politics and became the deputy mayor in charge of finance in Yinchuan City. In 2018, Guo stepped down as deputy mayor and changed his identity from government to enterprise.
In October 2019, Guo Baichun was appointed as the deputy general manager of *ST Tianyu. During this period, he led the company to complete debt restructuring within 230 days, and the company was able to come back to life.
In January 2020, the board of directors of Potassium International was re-elected, and Guo was elected as the chairman of the company. During his tenure, Potassium International's performance has also improved rapidly. Xu Dewei also served as the company's executive deputy general manager.
In April 2021, Beijing Tianxiang Nebula Private Equity Fund Management Co., Ltd. underwent a change of equity, and Guo Baichun became the largest shareholder with 30% of the shares and served as the chairman. Xu Dewei was the general manager of the private equity firm and remains a director.
Mudanjiang Guofu Investment Center (Limited Partnership), which is GP of Tianxiang Nebula, currently holds 9.01% of the shares of Potassium International and is the second largest shareholder.
It is understood that since becoming the chairman of Asia Potash International, the company's potash mine project site in Laos is one of Guo Baichun's main offices. From October 2023 to March 2024, he has been based on the project site.
In January 2024, Ningxia authorities opened a case against Guo for investigation. On the evening of March 22, the relevant departments suddenly took him away.
Ma Yingjun has also served as the leader of Yinchuan Municipal Guarantee and Small Loan Company for a long time, and in March 2021, he was appointed as the general manager of Potassium International.
Constant oscillation
From Tianjin Entertainment to Tianyu Digital, this company, which was once known as "China's No. 1 game stock", has never been able to get rid of the bad luck of turmoil.
After years of adjustment, the position of games in the company has become more and more marginalized, and the data traffic business has become the absolute core of the company. In 2023, the data traffic business will achieve revenue of 1.673 billion yuan, accounting for 94.98% of the company's total revenue; The revenue of e-sports game business is only more than 2,600 yuan, accounting for only 1.51%.
In 2022 and 2023, Tianyu Digital's operating income has been stable at more than 1.7 billion yuan, but it has never been able to get rid of the fate of huge losses. In the above two fiscal years, the company's net profit attributable to the parent company was 282 million yuan and 1.087 billion yuan respectively. Since 2018, the company has deducted non-net profit losses for six consecutive years, totaling 11.3 billion yuan.
In the 2023 annual report, the company explained that the development trend of the main business is improving, but the performance of some shareholding companies has suffered large losses, resulting in large investment gains and losses. At the same time, the impairment of long-term equity investment in some shareholding companies further affected the overall performance of the company.
According to the financial report, in 2023, DotC United Inc, a shareholding company with 33.71% of the shares held by Tianyu Digital, will have a net profit loss of 1.816 billion yuan. In the current period, the company recognized an investment profit and loss of -606 million yuan.
While the company continued to lose money, it also continued to face litigation compensation arising from disputes over liability for securities misrepresentation.
As of October 2023, the Dalian Intermediate People's Court has accepted 1,120 cases of small and medium-sized investors v. Tianyu Digital, with a total amount of more than 500 million yuan. 1,033 cases have been adjudicated, with a total amount of 115 million yuan. 663 cases of compensation have been completed, with an amount of 68.28 million yuan.
In addition, Changzhou Yaoxiang Ruitian, Yihe Yinfeng and other investment institutions sued the company for a dispute over liability for securities misrepresentation, involving compensation of 84 million yuan and 260 million yuan respectively. Currently, the proceedings are still ongoing.
Since Zhu Ye's resignation in August 2018, the position of chairman of Tianyu Digital Technology has changed frequently.
In October of that year, Yang Kai, then 35 years old, was appointed as the chairman and general manager of the company. Previously, he served as the director of the Yinchuan Municipal Bureau of Financial Affairs. He resigned in August 2019 after not completing a full year as chairman.
Yang Kai was replaced by Shen Zhonghua, who has been in the financial industry for a long time. In July 2023, Shen submitted his resignation before his term expired and was replaced by Xu Dewei.
If Xu Dewei can't get out of this time, the helmsman of the company will face a change.
Tenjin Past
Tianshen Entertainment belongs to Zhu Ye's era, and there were days like fire. This perennial man in a suit and leather shoes, with long flowing hair, is less like a businessman and more like an artist.
However, this did not affect his decisive killing in the mall.
In 1999, Zhu Ye graduated from the Department of Computer Science of Peking University and joined the China Internet Information Center. At that time, China's Internet was in the ascendant, and it was an enviable job.
But Zhu Ye was not satisfied with this, and resigned two years later to go to sea, relying on telecom value-added services to dig the first pot of gold. Ten years after graduating from university, he founded Tianjin Interactive and found the general direction of entrepreneurship in the game industry.
In the era of the savage growth of China's game industry, Tianshen Interactive's first product, "Proud Sword", was a success in one fell swoop. Since then, the company has successively launched a series of popular products such as "Ascension", "Legend of the Heavenly Gods" and "Drunken Sword".
In 2014, Tianjin Interactive made a price of 2.451 billion yuan and went public through the backdoor of Corona Wood, the curve completed capitalization, and the company was renamed Tianjin Entertainment.
In the following years, Tianjin Entertainment took the platform of listed companies to the extreme and launched crazy mergers and acquisitions. According to statistics, in just four years, the company has spent more than 14 billion yuan on investment and mergers and acquisitions. Wonderful, Leishang Technology, Ruyi Pictures, Weiying Times, and Gongfu Pictures have all directly or indirectly received huge investments from Tianjin Entertainment. Together, they form the Pan-Entertainment Supercarrier of the Celestial Gods.
In just a few years, Zhu Ye bought Tianjin Entertainment into a head game company with total assets of nearly 15 billion yuan and an annual net profit of more than 1 billion yuan. At the same time, the company's goodwill also soared to 6.5 billion yuan.
During this period, Zhu Ye also had lunch with Warren Buffett at the Smith Wollensky restaurant on 49th Street in Manhattan, New York, at a sky-high price of 2.34 million US dollars. Directly push personal reputation and company stock price to the top.
Madness is followed by bleakness. In 2018, Tianjin Entertainment exploded, and the company suffered a huge loss of 7.151 billion yuan in one fell swoop, and it sank.
With Zhu Ye and the listed company being investigated, the days of fire passed in an instant.
After Zhu Ye left, everything in the company didn't seem to have much to do with him. The equity of the listed company held by it has been passively reduced and auctioned, and the current shareholding is only 0.64%, and all of them have been pledged and frozen.