The chairman of Qunxing Toys has made more than 400 million fixed additions, and Zhang Jincheng, the "king of fried shells", has made a floating profit of more than 200 million

Yangtze River Business Daily News ● Yangtze River Business Daily reporter Huang Cong

Qunxing Toys issued another fixed increase announcement, and Zhang Jincheng, the "King of Shell Speculation", will become the actual controller.

On the evening of October 14, Qunxing Toys (002575. SZ) disclosed the 2024 annual plan to issue shares to specific objects, and the total amount of additional funds to be raised is not less than 419 million yuan (including the number) and not more than 710 million yuan (including the number), which is used to supplement liquidity, with an issue price of 3.99 yuan per share, and the issuance object is Tibet Boxin, which is a company controlled by Zhang Jincheng, chairman and general manager of the company.

The Yangtze River Business Daily reporter found that Qunxing Toys issued a fixed increase announcement in July 2023, and the issuance object was also Tibet Boxin, with an issue price of 4.25 yuan per share at that time, and the latest issue price was about 9.4 discounts.

It is worth mentioning that on October 15, Qunxing Toys quickly rose after the opening and the intraday price limit, reporting a price limit of 6.06 yuan / share. According to this calculation, Tibet Boxin has a floating profit of 217 million yuan to 368 million yuan.

After this fixed increase, the controlling shareholder of Qunxing Toys will be changed to Tibet Boxin, and the actual controller will be changed to Zhang Jincheng.

Zhang Jincheng is very good at capital operation, known as the "king of shell speculation", once made a profit of 307 million yuan through ST Hongsheng (now known as "Yutong Heavy Industry"), and also served as an executive of Zhongyin shares.

The issue price is 9.4% off from the last planned fixed increase

Qunxing toys are expected to end the "ownerless" state, and the new actual controller is still the "old face" Zhang Jincheng.

On the evening of October 14, Qunxing Toys disclosed the plan to issue shares to specific targets in 2024, and the total amount of additional funds planned to be raised is not less than 419 million yuan (including the number) and not more than 710 million yuan (including the number), which will be used to supplement liquidity, and the issue price is 3.99 yuan per share.

According to the announcement, the issuance object of Qunxing toys is Tibet Boxin, which is a company controlled by Zhang Jincheng, chairman and general manager of the company. Before the issuance, the company has no controlling shareholder, no actual controller, after the completion of the issuance, the company's controlling shareholder will be changed to Tibet Boxin, and the actual controller will be changed to Zhang Jincheng.

According to the upper limit of the number of issuances, after the issuance, Zhang Jincheng will indirectly control 178 million shares of Qunxing Toys through Tibet Boxin, accounting for 21.69% of the company's total share capital after the issuance, plus the 17.094 million shares directly controlled by it before the issuance, Zhang Jincheng directly and indirectly controls the company's voting rights after the issuance of 23.77%. The voting rights of Shenzhen Galaxy Control Company, the company's largest shareholder, will be reduced to 6.15%.

According to the lower limit of the number of issuances, after the issuance, Zhang Jincheng will indirectly control 105 million shares of the company through Tibet Boxin, accounting for 14.04% of the company's total share capital after the issuance, plus the 17.094 million shares directly controlled by it before the issuance, Zhang Jincheng directly and indirectly controls the company's voting rights after the issuance of 16.33%. The voting rights of Shenzhen Galaxy Control Company, the company's largest shareholder, will be reduced to 6.75%.

As of the close of trading on October 14, the share price of Qunxing Toys reached 5.51 yuan / share, and after the fixed increase, Tibet Boxin has made a floating profit of 160 million yuan to 270 million yuan.

On October 15, Qunxing Toys quickly rose after the opening and the intraday price limit, reporting a price limit of 6.06 yuan / share. According to this calculation, Tibet Boxin has a floating profit of 217 million yuan to 368 million yuan.

At the same time, the announcement of Qunxing Toys shows that in view of the actual situation such as the change of the company's controlling shareholder and actual controller, the background, purpose and basis of issuing A shares to specific targets in 2023 have changed.

On July 26, 2023, Qunxing Toys released the 2023 annual plan for issuing A-shares to specific objects, showing that the total amount of funds raised by the company in this issuance shall not be less than 599 million yuan (including the number) and not more than 740 million yuan (including the number), which is intended to be used to supplement liquidity after deducting the issuance costs.

At that time, the fixed issue price of Qunxing Toys was 4.25 yuan per share, and Tibet Boxin fully subscribed for the company's issued shares in cash.

Before the issuance, the controlling shareholder of Qunxing Toys was Chengdu Digital Galaxy Technology Co., Ltd., and the actual controller was Wang Sanshou. After the completion of the issuance, Zhang Jincheng's shareholding in the company will increase to 21.19%-24.49%, and the voting rights of the company will increase to 20.81%-24.13%, becoming the actual controller of the company.

The latest issue price of Qunxing Toys is 3.99 yuan per share, which is about 9.4% off the last planned issue price.

Net profit in the first half of the year returned to the loss

Although Qunxing Toys has the word "toy", the company is currently mainly engaged in liquor sales business, self-owned property leasing, property management and park operation services.

For liquor sales, Qunxing Toys introduced that the company relies on the good cooperative relationship with well-known domestic upstream liquor production and sales enterprises, actively develops and selects products that meet market demand, and provides medium and high-end liquor products for group buying customers such as enterprises and institutions, social groups, individuals and terminal suppliers.

A reporter from the Yangtze River Business Daily found that from 2017 to 2023, the operating income of Qunxing toys has never exceeded 100 million yuan for 7 consecutive years.

Specifically, from 2017 to 2023, the operating income of Qunxing toys will be 53.9358 million yuan, 19.0456 million yuan, 24.0644 million yuan, 91.0804 million yuan, 51.2241 million yuan, 84.9599 million yuan and 62.283 million yuan respectively.

In 2020, when Qunxing Toys was on the verge of delisting, Zhang Jincheng lent hundreds of millions of funds to Wang Sanshoudai to occupy funds, and led the company to sell wine protection shells "across borders".

From 2020 to 2023, the sales revenue of Qunxing toys and liquor will be 53.326 million yuan, 30.2003 million yuan, 8.7407 million yuan and 30.2546 million yuan respectively.

Previously, Qunxing Toys disclosed that the varieties of liquor on sale include Langjiu series, Moutai series, Diaoyutai series, Jinsha ancient liquor series and Zhenjiu series.

It should be noted that since it started selling alcohol, from 2020 to 2023, Qunxing Toys has been profitable for 4 consecutive years, with net profits of 24.4691 million yuan, 19.6804 million yuan, 11.2974 million yuan and 9.1715 million yuan respectively.

However, in the first half of 2024, the operating income of Qunxing toys will reach 127 million yuan, a year-on-year increase of 580.36%; The net profit reached -6.597 million yuan, a year-on-year decrease of 188.56%.

For the substantial increase in revenue, Qunxing Toys said that during the reporting period, the company's operating income increased significantly compared with the same period last year, mainly due to the continuous expansion of alcohol sales business with the help of years of wine sales experience, the establishment of long-term and stable cooperation channels, and the rapid growth of alcohol sales business.

Regarding the loss, Qunxing Toys said that due to the company's implementation of the restricted stock incentive plan in 2023, during the reporting period, the company made a share payment expense of about 15 million yuan, which led to a decline in net profit.

It is worth mentioning that Zhang Jincheng is very good at capital operation and is known as the "King of Shell Speculation".

In March 2012, ST Hongsheng, which was on the verge of delisting, issued a reorganization plan, and Zhang Jincheng invested 144 million yuan to become a strategic investor of ST Hongsheng, acquiring 25.75 million shares of the company, accounting for 16%, and becoming the second largest shareholder.

In April 2013, Zhang Jincheng reduced his holdings of ST Hongsheng by more than 5% at a high level, and successfully cashed out 120 million yuan. In 2016, Zhang Jincheng transferred 5% of ST Hongsheng's shares to Lhasa "Zhihe" for nearly 180 million yuan.

In 2020, Yutong Heavy Industries was listed on the backdoor ST Hongsheng. In June 2021, Zhang Jincheng reduced his holdings and cleared out 151 million yuan, with a cumulative profit of 307 million yuan.

In addition, Zhang Jincheng has a close relationship with Gao Jianrong, the head of Zhongyin Group, and has served as a supervisor and chairman of the board of supervisors of Zhongyin Co., Ltd. (now known as "Wingtech Technology"), and vice president of Tibet Zhongyin Group Co., Ltd.

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