Qunxing toys ushered in a mysterious new master

Zebra consumption Fan Jian

The Qunxing toys that were broken in the hands of Wang Sanshou will finally usher in a new owner.

Yesterday, the company disclosed the 2024 annual fixed increase plan, which intends to issue shares to Tibet Boxin, controlled by Zhang Jincheng, chairman and general manager of the company, at 3.99 yuan per share, raising funds of 419 million yuan to 710 million yuan. After the completion of the transaction, Zhang Jincheng will become the actual controller of the company, changing the company's ownerless status.

Many years ago, in ST Hongsheng, Zhang Jincheng reneged on his war investment promise and cashed out at a high level, and was publicly condemned by listed companies.

This time, he invested heavily in Qunxing Toys and took control of a listed company for the first time, what did he want?

Set to increase the welcome of the new master

In August this year, with the completion of the transfer of 66.66% of the shares of Shenzhen Galaxy held by Wang Sanshou by judicial auction, the listed company Qunxing Toys changed to the state of no controlling shareholder and no actual controller.

On October 14th, Qunxing Toys (002575. SZ) passed the relevant proposal and decided to terminate the issuance of A shares to specific targets in 2023, and at the same time, plan for the private placement in 2024.

In fact, there is no essential difference between the two private placement plans, and the issuance objects are Tibet Boxin controlled by Zhang Jincheng, chairman and general manager of the company, and after the transaction is completed, Tibet Boxin becomes the controlling shareholder of the company, and Zhang Jin becomes the actual controller.

The difference is that the number of shares issued and the issue price have been adjusted, which directly affects the amount of funds raised by listed companies.

According to the latest plan, Qunxing Toys intends to issue 105 million shares to Tibet Boxin at 3.99 yuan / share (the previous time was 4.25 yuan / share), raising a total of 419 million yuan - 710 million yuan, after deducting the issuance costs, all used to supplement liquidity.

According to estimates, after the completion of the transaction, Zhang Jincheng directly and indirectly controls about 16.33%-23.77% of the voting rights, and controls the listed company.

In recent years, Qunxing Toys has had a bad fate, and has faced factors such as the occupation of non-operating funds by the original actual controller Wang Sanshou, the fact that he was listed as a dishonest person subject to execution by the court due to personal debts and equity disputes, and the passive reduction of the company's shares under indirect control, resulting in inefficient decision-making and implementation, lack of strong guidance and support, and invisible compression of capital operation space and financing channels.

Since April 2020, the company's shares have been hit by other risk alerts and delisting risk alerts.

The company said that the issuance will help stabilize control and provide financial support for business expansion.

Tibet Boxin was established on July 20, 2023 with a registered capital of 50 million yuan, and Zhang Jincheng and Suzhou Boxin, which is 100% owned by him, and 99% of the shares, respectively. The company has not yet carried out actual business, as of the end of June this year, the company's total assets are only 4,000 yuan.

Suzhou Boxin and Suzhou Bonillo, in which it holds 95% of the shares, were established in October 2022 and December 2023, respectively, and neither has actually carried out business.

So, where does the funds for Tibet Boxin to participate in the fixed increase come from?

According to the analysis of the capital market and the media, Zhang Jincheng has a strong relationship with the Zhongyin system. In 2006, Zhang served as the secretary of Zhongyin Group, and later successively served as the supervisor and chairman of the board of supervisors of Zhongyin Co., Ltd., and the vice president of Tibet Zhongyin Group.

In 2012, the mysterious Zhang Jincheng, with 144 million yuan, invested in ST Hongsheng as a strategic investor, becoming the second largest shareholder with 16% of the shares. It didn't take long for Shanxi Natural Gas to backdoor ST Hongsheng's capital story to be speculated, and in February 2013, the company regained 10 price limits after resuming trading. Soon, Zhang Jincheng reneged on his commitment to war investment, and in a very short period of time, he reduced his holdings of more than 5% of the company's shares, cashed out 120 million yuan in one fell swoop, and basically returned to his capital by 3 times of his net profit.

Afterwards, ST Hongsheng publicly condemned Zhang Jincheng, but it was insignificant.

After a few years of dormancy, in 2016, Zhang transferred 5% of the equity of ST Hongsheng to Lhasa's "Shell Speculation" Zhihe Department for about 180 million yuan. In 2020, Yutong Heavy Industry backdoor ST Hongsheng, and he cleared all the remaining shares at a high point in June of the following year.

According to media estimates, in the first battle of ST Hongsheng, Zhang Jin became a bloodless soldier, with a cumulative profit of more than 450 million yuan.

Shell Wars

Qunxing Toys was originally a leading enterprise in the domestic toy industry and landed on the Shenzhen Stock Exchange in 2011. However, after the listing, the performance fell sharply.

The company has tried to transform many times, constantly exploring the popular mobile games, energy and other fields, and has planned mergers and acquisitions many times, but all of them have ended in failure.

In 2018, Wang Sanshou invested 700 million yuan to acquire 20% of the shares of the listed company held by Qunxing Investment, and became the actual controller of the company through voting entrustment.

At that time, the capital market showed great enthusiasm for Wang Sanshou's ownership. The excitement of the market is that Wang Sanshou has a nine-power big data group with a valuation of 10 billion.

Stimulated by this expectation, after Wang Sanshou took over Qunxing Toys, the company's stock price ushered in a sharp rise, and the total market value of this shell stock with only 17 employees was once as high as more than 5 billion yuan.

The story did not develop according to the plot expected by the outside world, not only did Qunxing Toys not usher in the injection of the ninth power, Wang Sanshou also used the listed company as an ATM, dragging the company into the endless abyss.

According to the investigation, from March 2019 to April 2020, Wang Sanshou occupied 327 million yuan of Qunxing Toys funds for non-business purposes through various means and projects.

Just when the lives of Wang Sanshou and Qunxing Toys were hanging by a thread, Zhang Jincheng parachuted into the company and served as the assistant to the chairman, the general manager of the capital operation center, and at the end of 2020, he became the chairman and general manager of the company.

As soon as he took power, Zhang Jincheng led Qunxing Toys to launch a shell battle.

First of all, it is to improve performance. Qunxing Toys, which originally maintained its own property leasing business, suddenly added a new liquor sales business in December 2020, and in just one month, it achieved a liquor sales revenue of 53.326 million yuan, and the gross profit margin was as high as 64.01%.

With the help of the assault of the liquor business, the company achieved operating income of 91.08 million yuan and net profit attributable to the parent company of 24.47 million yuan in 2020, a year-on-year increase of 278.49% and 137.22% respectively.

For this significant change, the regulator expressed strong concern, focusing on the company's liquor sales business in detail.

As a last resort, the company can only adjust the sales revenue of alcohol in the year to business income unrelated to the main business and deduct it from the operating income; The relevant profit is included in non-recurring profit or loss.

On the other hand, due to his own financial problems, Wang Sanshou was unable to return the funds of the listed company on time. At this time, Zhang Jincheng stood up again and took out nearly 220 million yuan to repay Wang Sanshou to the listed company, and the problem of the actual controller occupying the funds of the listed company was solved.

The emptiness of business has always been the most difficult problem in front of Qunxing Toys.

The company's liquor sales business was only a momentary excitement, and then it quickly "sobered up". In 2022, the company's liquor sales revenue fell to 8.741 million yuan.

In the first half of the year, the company achieved a revenue of 111 million yuan, but the gross profit margin was as low as 1.25%, which was basically difficult to make money.

This year, Zhang Jincheng led Qunxing Toys to get involved in the popular intelligent computing power leasing business, and began to lay out one after another. According to relevant announcements, at present, the procurement of software and hardware supporting Turing Phase II computing power has been completed, and an intelligent computing power team has been gradually established.

Yesterday, as soon as the news of the fixed increase came out, the share price of Qunxing Toys rose to the limit, closing at 6.06 yuan per share throughout the day, with a total market value of 3.895 billion yuan.