Wave after wave, wave after wave.
On June 28, an article entitled "Real-Name Reports of More Than 40 Shareholders and Employees of Kaiying Network" published by the WeChat public account "Kaijia Knight" caused an uproar.
The spearhead of this whistleblower article is directly pointed out to Wang Yue, former chairman of Kaiying Network (002517), an A-share listed company, and Jin Feng, the current chairman.
Image source: Kaijia Knight public number
More than 40 shareholders and employees who participated in the real-name report said that the hundreds of millions of yuan of interests of Kaiying Network's employee shareholding platforms, Shanghai Holy Grail and Shanghai Qifei shareholders, were transferred by Wang Yue, former chairman of Kaiying Network.
At the same time, the target of the report also includes Jin Feng, the current chairman of Kaiying Network. The reporting article states:
Jin Feng (suspected of insider trading, currently released on bail pending further investigation) has continuously used funds from unknown sources, used illegal means to promote the auction of shares held by the Holy Grail and Qi Fei, and constantly received votes from the secondary market and bulk transactions, with the aim of becoming the largest shareholder of Kaiying Network and replacing the former chairman Wang Yue.
In the process, all shareholders of the Holy Grail and Qi Fei became victims. The group internally promoted the auction of tickets, and chairman Jin Feng actively accepted tickets to obtain equity.
Attached to the report was a picture with dozens of red handprints, among which Feng Xianchao, the second largest shareholder and former deputy general manager of Kaiying Network, appeared.
In this regard, Kaiying Network responded late at night on the 28th, and the article groundlessly accused the company of participating in the commercial behavior of the two partnerships themselves, and blamed the plight of the two partnerships on the company.
On the morning of Monday (June 29), "Kaijia Knight" responded to the open letter of Kaiying Network, saying that Kaiying Network has completely controlled 2 partnerships from beginning to end, and the official seal, legal person chapter and financial chapter were previously controlled by Kaiying Network and former chairman Wang Yue, and as of press time, most of them have not been returned.
However, at the opening of the market on Monday, Kaiying Network still opened sharply low, followed by a flash crash, a sharp fall of nearly 8%, and by the end of the close, although it was not sealed, the closing price had touched the stop, falling 10.03% throughout the day.
As of press time, Kaiying Network has not responded to the latest statement of "Kaijia Knight".
The "blow-up" of the pledged shares, the farce caused by it?
Panorama Finance (ID: p5w2012) inquired about the information of "Kaijia Knight" and learned that the main body of the account is "Shanghai Holy Grail Investment Management Partnership (Limited Partnership)", which is one of the employee shareholding platforms of Kaiying Network.
According to kaiying network's financial report data, as of the first quarter of 2020, the shareholding ratio of Shanghai Holy Grail is 1.93%, while the shareholding ratio of another employee shareholding platform, Shanghai Qifei, is 5.3%.
"Kaijia Knight" said in the whistleblower article that Wang Yue, the former chairman of Kaiying Network, signed an asymmetric agreement to convey benefits for others, and privately pledged the shares held by Shanghai Holy Grail and Shanghai Qi Fei, resulting in the pledged shares having been or are being auctioned by Haitong Securities, of which the shares of the Holy Grail have almost been disposed of privately.
According to the announcement of Kaiying Network, due to the pledge default, the 83.7819 million shares held by Shanghai Qifei Investment were judicially enforced and will be auctioned and sold, accounting for 88.85% of the shares held by it and 3.89% of the total share capital of the listed company.
In addition, the shares held by Feng Xianchao, the second largest shareholder and former deputy general manager of Kaiying Network, are also in jeopardy. According to the latest announcement, due to the pledge default, the 79.27 million shares held by Feng Xianchao were judicially enforced and will be auctioned and sold, accounting for 30.43% of his shareholding.
It can be seen that Shanghai Qi Fei Investment, Shanghai Holy Grail Investment, and Feng Xianchao's Kaiying Network shares are all on the verge of being forced to auction.
In addition, The actual controllers of Kaiying Network, Wang Yue and Shanghai Qifei Investment, are consistent actors, and Feng Xianchao and Shanghai Holy Grail Investment are consistent actors, and both of them are in a very dangerous situation.
From April to May 2019, Feng Xianchao and Wang Yue were suspected of personal economic crimes and securities market manipulation, and were successively taken compulsory measures by the public security organs, and left Kaiying Network in 2019 and 2020.
In the face of this sudden whistleblower letter, Kaiying Network said in response:
After Feng Xianchao was involved in the case, he not only rarely participated in corporate governance activities, but opposed the efforts of the management in the company's resolution of historical problems, and even planned to touch the listed company in the "Joint Statement" and disrupt the operation and management of the listed company.
It is hoped that all partners of Holy Grail Investment and Qi Fei Investment will improve their ability to distinguish, protect their rights and interests according to the relevant facts, and do not become a tool for the interests of relevant responsible personnel who have not taken responsibility for and passed on contradictions.
Kaiying Network's past glory: 10 times the big bull stock
Kaiying Network, founded in 2008, was initially funded by Feng Xianchao and Qian Hua, after which Qian Hua transferred the shares to Wang Yue and Feng Xianchao. Since then, Wang Yue has become the actual controller of Kaiying Network, with a shareholding ratio of more than 62.5%.
At the beginning of its establishment, Kaiying Network focused on small games, and with the help of Tencent platform, the small games it developed quickly gained a large number of users. Among them, "Fishing Tycoon" was developed by Kaiying Network, and in its most brilliant period, the game had 1 million daily active users and more than 30 million registered users.
With the rapid popularization of the Internet and mobile Internet, Kaiying Network began to change its business direction and continuously created popular page games such as "Legend of Shushan Mountain", "Miracle OF the Whole People MU", and "Greedy Blue Moon". According to the official website of Kaiying Network, "Legend of blue moon" has continued to rank at the top of the best-seller list since its launch, and the highest monthly turnover once exceeded 200 million yuan.
In 2015, Kaiying Network officially landed on the capital market with a backdoor A-share company Taiya Shares (002517) for 6.3 billion yuan.
It is worth mentioning that for the performance bet of backdoor listing, Kaiying Network promises that the estimated net profit for 2015-2017 will not be less than 460 million yuan, 570 million yuan and 700 million yuan respectively.
According to its annual report, kaiying network since 2015 performance suddenly soared by more than 100%, in three years to achieve net profit of 655 million yuan, 682 million yuan, 1.613 billion yuan, exceeding the performance of the bet commitment.
Under the blessing of the surge in revenue and net profit, after the completion of the backdoor, it encountered the A-share mad bull market in 2014-2015, and the stock price of Kaiying Network soared. Since the first backdoor announcement was disclosed on July 18, 2014, the stock price has doubled in just 9 trading days.
On April 17, 2015, the backdoor borrowing was completed, and the stock price soared again, with a sharp increase of more than 345% in 39 trading days, and hit a record high of 23.01 yuan / share on June 15, 2015, compared with 2.33 yuan / share before the backdoor borrowing, achieving a huge increase of 10 times.
2014/7/18-2015/6/15, Kaiying Network daily candlestick chart
Behind the soaring stock price of Kaiying Network, in fact, the controller Wang Yue has also ushered in the peak of life. In 2016, Wang Yue was selected for the "2016 Hurun Global Rich List" with a net worth of 6.6 billion yuan, at the age of 34, once becoming the youngest richest man in China.
Waterloo: falling performance, plummeting stock prices, management turmoil...
At the last moment of performance betting - 2017, Kaiying Network ushered in the final highlight moment:
In that year, the performance of Kaiying Network soared by more than 136%, the net profit attributable to the mother was as high as 1.61 billion yuan, and its stock price came out of the slow bull market with the "beautiful 50s", and the highest increase in the whole year was once more than 85%.
In 2018, the domestic game industry changed drastically, the state's policy on the cultural entertainment industry tightened, the game version number was suspended, and the game industry entered the darkest moment, Kaiying Network was also deeply affected, and its operating performance deteriorated.
The leak in the house coincided with the overnight rain, and kaiying network's mobile game "The Wrath of Arad" was sued by Tencent for allegedly plagiarizing "DNF", resulting in the removal of "The Wrath of Arad". According to the 2017 annual report, the average monthly turnover of the game after its launch was as high as 150 million yuan, and one of the most important sources of revenue was cut.
At the end of April 2019, the 2018 annual report disclosed by Kaiying Network showed that in 2018, revenue and net profit both suffered "Waterloo", down 27.13% and 89.17% year-on-year, respectively.
Affected by this, in 2018, the stock price of Kaiying Network suffered two strokes, with a decline of 74.7% for the whole year.
Since 2018, Kaiying Network's stock price weekly K-line chart
Since 2019, although the game policy is being relaxed, the operating performance of Kaiying Network has not improved, and there has even been a huge loss in 2019. According to the financial report, the net profit loss attributable to Kaiying Network in 2019 exceeded 1.85 billion yuan.
In February 2020, kaiying network's stock price fell to 2.34 yuan / share, a record low, and the total market value was only 5.038 billion yuan.
At the same time as kaiying network's operating performance and stock price collapsed, its management has also been turbulent since 2019. As of January 2020, 20 senior executives have left, including a number of important positions such as chairman, legal representative, financial controller, director and so on.
After the turmoil in the management, in the first quarter of 2020, kaiying network's operating performance improved slightly, with operating income of 423 million yuan and net profit of 48 million yuan, achieving profitability. At the same time, Kaiying Network's stock price also experienced a strong bottoming rebound, with the largest increase of more than 63% since the disclosure of the first quarter earnings report.
This article originated from Panorama.com