In a share, any company that has a problem and is on the verge of delisting is mostly because of management problems. The ability and quality of the management of listed companies can basically be said to be the main reason for the collapse of listed companies.
Some netizens asked, Great Wisdom once burned 1.4 billion yuan to Li Daxiao and Rogers to do live broadcasting, and the result was a loss of 1.7 billion to be delisted, whose pot is this? The answer is clearly management's problem, and more specifically, management's decision-making is wrong.
Today, the author once again looked at the past financial reports of Great Wisdom, as well as some materials and announcements involved in its growth process, and there are some new views to share with you to help you better understand the company.
Yes, after looking at the development process of Great Wisdom and the relationship between its major shareholders, one of the main impressions that Great Wisdom gave me was that it was a family business.
According to public information such as the annual report of Great Wisdom, the controlling shareholder Zhang Changhong, the third shareholder Zhang Ting, and the fourth shareholder Zhang Zhihong are brothers and sisters. Up to now, Zhang Changhong holds 35.46% of the shares, Zhang Ting holds 4.28%, Zhang Zhihong holds 2.58%, and the total shareholding ratio of the three brothers and sisters has reached 42.32%, far exceeding the 18.52% shareholding of the second largest shareholder, Xinhu Group.
From the perspective of the development process of Great Wisdom, on December 14, 2000, Zhang Changhong and Shanghai Naixin Science and Technology Development Co., Ltd. invested 450,000 yuan and 550,000 yuan respectively to jointly establish, of which Zhang Changhong's sister Zhang Ting served as a supervisor of Shanghai Naixin Science and Technology Development Co., Ltd., but did not hold shares.
In the following years, in November 2002, Zhang Changhong increased the capital of Dazhi by 19.35 million yuan and Zhang Ting by 1.65 million yuan, and in June 2007, Naixin Technology transferred all the equity held by Dazhi to Zhang Ting.
After the completion of the transfer, Zhang Changhong held 90% of the shares, Zhang Ting held 10% of the shares, and Dazhi was completely held by the two brothers and sisters at this time.
In October 2009, Zhang Changhong transferred her 12.82% equity to 33 natural persons, including Zhang Zhihong and Wang Yonghui, and Zhang Ting transferred her 1% equity to Zhang Zhihong. According to the above introduction, Zhang Zhihong is the youngest of the three brothers and sisters, and all the shares are transferred by the older brother and sister.
Listed on January 28, 2011, the issue price was 23.20 yuan, the opening price on the first day was 24.91 yuan, the actual capital raised was 2.552 billion yuan, the market value on the first day reached 17.639 billion, and the corresponding total value of the three brothers and sisters immediately soared, Zhang Changhong ranked 125th in the Forbes Chinese list with a value of 1.5 billion US dollars, and Li Zekai, the "little giant" of that year, also ranked 130th.
By the expiration of the three-year lifting period of the original shares of Great Wisdom on January 28, 2014, the 1004356961.40 shares held by Zhang Changhong, the 104568547.20 shares held by Zhang Ting, and the 46580544.40 shares held by Zhang Zhihong have all been lifted from the restriction.
The first is the second sister Zhang Ting, who reduced her holdings by 30 million shares on February 15, 2017, at a price of 6.81 yuan per share, cashing out 204 million.
Then there is the eldest brother Zhang Changhong, on July 12, 2017, the agreement to transfer 400 million shares to the second shareholder, Xinhu Group, the transfer amount is as high as 1.72 billion, and the transfer price is about 4.3 yuan a share.
Undoubtedly, the price of this equity transfer naturally entered Zhang Changhong's own pocket, because this belongs to the shareholders' own personal property.
The third brother, Zhang Zhihong, seems to have always been very low-key and has never reduced his shares in his own company. In addition to the agreement to transfer 400 million shares, the eldest brother Zhang Changhong did not reduce his shares through the capital market, but often pledged his shares, a model that lasted until April 26 this year, when Zhang Changhong was criminally detained, and all 704 million shares of the company he held were frozen.
Speaking of which, we have to talk about the reasons for Zhang Changhong's detention, in July 2016, the CSRC announced the progress of the investigation of the information disclosure violation case of Dazhi, and Dazhi was accused of inflating the profit of 2013 by more than 120 million yuan.
According to the financial report, since its listing on January 28, 2011, Dazhi has continued to lose money since its non-net profit deduction in 2012 the following year, and it has been a loss until last year.
One thing is very strange, that is, in 2013, in the case of inflated profits of 120 million, Dazhi lost money whether it was net profit in 2013 or deducting non-net profits. In the financial report of the great wisdom, there is also a very regular phenomenon, the net profit will be reversed every two years, the initial speculation should be to protect the listed company from being forced to delist, because according to the provisions of the exchange for 3 consecutive years will be suspended from listing.
Obviously, the management of The Great Wisdom is still working hard to keep the company's stock from being suspended, even if it is to use financial fraud!
Most of the years with positive net profits are earned through the sale of the shares of its subsidiaries, which makes up for the loss of the main business. But the huge loss of 1.76 billion yuan in 2016 is too big, mainly because the company invested 1.4 billion yuan to develop the "see bar" live broadcast business, and everyone should remember the madness of the live app in 2016.
This new business invested nearly 1.5 billion yuan and only recovered less than 600 million. As an outsider, it was difficult to understand why the management of the great wisdom at that time risked so much to enter an unfamiliar territory, and it was already a loss the year before.
In addition to the above information, Zhang Changhong is not simple, once the person in charge of The International Evaluation, is the industry's securities consulting business veteran figure. Even, the "full circulation" plan for the reform of A shares was proposed by him, but now these no longer exist, only Zhang Changhong, who was detained for financial fraud.
As the leader of this family business, the bold launch of the "see bar" new business should also be Zhang Changhong nodded.