The chairman of another A-share listed company was placed in lien.
On May 13, AI concept stock Tianyu Digital Technology opened lower in early trading. As of the close, Tianyu Digital Technology fell 10.07% to 3.75 yuan per share, with a total market value of 6.205 billion yuan.
On the news side, on the evening of May 12, Tianyu Digital announced that Xu Dewei, chairman and general manager of the company, has been investigated and placed in custody by the Ningxia Hui Autonomous Region Supervision Commission on suspicion of joint duty violations.
Tianyu Digital Technology said that the investigation was an investigation of Xu Dewei and had nothing to do with the company, and said that as of the disclosure date of this announcement, the company has not yet known the progress and conclusion of the investigation, and the company's general manager's office will decide that He Han, director and deputy general manager, will temporarily preside over the company's daily operation and management. This matter will not have a significant impact on the company's daily production and operation.
Tianyu Digital, formerly known as the game company "Tianjin Interactive", was listed on the backdoor in 2014 and renamed Tianjin Entertainment, with mobile game research and development, overseas game distribution, and film and television content production as its main business in the early days. Xu Dewei, 48, has been the general manager of Tianyu Digital since October 2019 and will take over as chairman in July 2023.
According to the official website of Tianyu Digital, Xu Dewei's last public activity information was on April 23, when the leaders of Hefei New Station High-tech Zone in Anhui Province visited Tianyu Digital, accompanied by Xu Dewei and He Han.
He has only been chairman for 10 months
According to public information, Xu Dewei was born in August 1976, with a bachelor's degree, and served as an officer of the Political Department of the Yinchuan Municipal Detachment of the Armed Police, the secretary of the General Office of the Yinchuan Municipal People's Government, and the deputy director of the Yinchuan Financial Work Bureau, In October 2018, Xu Dewei served as the general manager of Beijing Nianfu Investment Management Co., Ltd., the general manager of Beijing Tianxiang Nebula Private Equity Fund Management Co., Ltd., and the executive deputy general manager of Potassium International in July 2019.
Three months later, in October 2019, when Tianjin Entertainment was in turmoil, Xu Dewei took the position of general manager. In 2020, Tianyu Digital Technology resolved huge debts through judicial reorganization, and changed its name to Tianyu Digital Technology in 2021, after which the company transformed its main business to the digital human track. In July 2023, Shen Zhonghua, the then chairman of Tianyu Digital, applied for resignation due to personal reasons, and Xu Dewei, general manager, was elected as the chairman of the sixth board of directors and the convener of the strategy committee of the company.
It is worth mentioning that Xu Dewei has a deep relationship with Guo Baichun, the chairman of Potassium International and the former deputy mayor of Yinchuan City, who was arrested before. On the evening of March 30, Potassium International announced that Guo Baichun, chairman of the company, was suspected of dereliction of duty during his tenure as deputy mayor of Yinchuan City, Ningxia Hui Autonomous Region, and was currently investigated and placed in custody by the Ningxia Hui Autonomous Region Supervision Commission. Subsequently, on April 19, Ma Yingjun, the general manager of Asia Potassium International, was also investigated and detained by the Ningxia Hui Autonomous Region Supervision Commission.
According to Guo Baichun's resume, he was born in 1965, graduated from Chinese People's University, is 59 years old, from Heilongjiang, and served as the vice mayor of Yinchuan Municipal People's Government from June 2013 to October 2018, in charge of finance, state-owned assets supervision and management, economic and technological cooperation (foreign affairs), investment promotion, investment and financing platform, smart Yinchuan construction and other aspects. In 2018, Guo Baichun gave up politics and business, and in October 2019, he and Xu Dewei joined Tianjin Entertainment at the same time as the deputy general manager, and in January 2020, Guo Bochun was elected as the chairman of Asia Potassium International (then known as "Dongling International"), and Xu Dewei also has experience in Asia Potassium International.
In March 2020, according to relevant media quoting an insider from Tianyu Digital Technology (then known as "Tianshen Entertainment"), "although Xu Dewei is currently the general manager, the actual operator of the company is Guo Bochun, the deputy general manager", "At present, the board of directors cannot interfere in the management of the company, and the chairman Shen Zhonghua is a little hollowed out".
On May 13, on whether Xu Dewei's retention in custody was related to the case of Guo Baichun, the former deputy general manager of the company, the reporter of "International Financial News" called the secretary office of the board of directors of Tianyu Digital Technology as an investor, and the operator told the reporter, "The details are not clear, and the follow-up announcement shall prevail", and emphasized that the company's current production and operation situation is normal.
The cumulative loss in two years exceeded 1.3 billion yuan
"Before Xu Dewei was promoted to the chairman of Tianyu Digital, he had led the company as the general manager for four years, and in the past four years, Tianyu Digital has experienced debt resolution, star picking, business transformation, turning losses into profits, until the full development of multiple rounds of transformation of the digital economy." In August 2023, Tianyu Digital wrote in a tweet on its official public account.
However, this "trader", who is known as the "trader" who led the company out of the trough, is now in trouble. Less than a week ago, Lv Pingbo, an independent director of Tianyu Digital Technology (financial commentator "Shuipi"), resigned as an independent director of Tianyu Digital Technology for personal reasons.
At present, Tianyu Digital is in the throes of transformation. Judging from the performance data, in 2023, the company's main business, the data traffic industry will achieve revenue of 1.673 billion yuan, accounting for 94.98% of the operating income; The revenue of the e-sports game industry was 72 million yuan, accounting for only 1.51% of the operating income.
In 2023, Tianyu Digital Technology will achieve an operating income of 1.761 billion yuan, a year-on-year increase of 1.07%, and a net profit attributable to the parent company of -1.087 billion yuan, a year-on-year increase of more than 2.84 times, a loss of 283 million yuan in the same period last year, and a cumulative loss of more than 1.3 billion yuan in two years. As for the reasons for the loss, Tianyu Digital explained in the performance forecast that in 2023, the operating performance of some shareholding companies that are not within the scope of the company's consolidated statements will decline significantly during the reporting period, and the company intends to make long-term equity investment impairment provisions for some shareholding companies, which will have an adverse impact on the company's net profit.
The annual report shows that in 2023, there will be a total of 5 major subsidiaries and important shareholding companies of Tianyu Digital, only the subsidiary Beijing Tianshen Interactive Technology Co., Ltd. will be profitable, and the other 4 will have negative net profits. Among the shareholding companies, DotC United Inc. (hereinafter referred to as "DotC"), in which Tianyu Digital Technology holds 33.71% of the shares, has a net profit loss of more than 1.8 billion yuan, and Jiaxing Lewan, which holds 42% of the shares, also suffered a loss of 51 million yuan.
For the key work deployment in 2024, Tianyu Digital Technology said that in terms of capital operation, the company will accelerate the optimization of asset layout, and sell and dispose of the equity of shareholding companies with continuous losses and low synergy with the company's main business, so as to further optimize and improve the company's operating performance.
Half a month ago, Tianyu Digital released the first quarter report of 2024. During the reporting period, Tianyu Digital achieved operating income of 370 million yuan, a year-on-year decrease of 22.00%, and net profit attributable to the parent company was 13.3066 million yuan, a year-on-year increase of 30.09%. During the reporting period, the company's operating cost was 262 million yuan, a year-on-year decrease of 32.95%.