273 Million Birds Of Paradise Sell, Sell And Sell Back Money.

Recently,

According to the announcement, the 13.66% stake in tiger sports will be pferred to 273 million yuan in Shanghai, and the company will not only be able to recover 239 million yuan in investment but also make a profit of 30 million yuan after the pfer is completed.

This is in the face of a great performance decline.

Precious.

2 listing failed, tiger net profit fell more than 30%

Tiger was once a good sports asset company, but the road to listing is always tortuous.

At first, tiger pads wanted to be independent of IPO.

In April 22, 2016, the securities and Futures Commission disclosed tiger Hu (Shanghai) cultural pmission Limited by Share Ltd initial public offering prospectus. Tiger sports is going to be listed on the Shanghai Stock Exchange. It plans to issue no more than 33 million 334 thousand shares, accounting for 25% of the total share capital issued by the company, and expects to raise 420 million yuan.

However, in the list of applications for termination of the initial public offering issued by the securities and Futures Commission in 2017, tiger tiger (Shanghai) Culture Communication Co., Ltd. in the list, the decision to terminate the examination is March 22, 2017.

This means that the dream of tiger independence IPO failed.

Perhaps, as early as expected, in January 3, 2017, less than 8 months after the prospectus was released, *ST Yaxing announced that it had terminated the major asset restructuring: "the assets that have been terminated for the continuous major asset reorganization are the sports assets held by Cheng hang, and the specific scope of the underlying assets is not yet determined".

Cheng Hang is the actual controller of tiger, holding tiger shares 25.07% of the shares, so at that time, public opinion generally believed that the tiger backdoor failed.

Why do independent IPO and backdoor failures fail?

Although the reason is complex, but tiger sports did not grasp the mobile Internet, resulting in the gradual fall behind in sports layout is an indisputable fact, the performance is quite objective.

According to the data, the profitability of tiger sports is very unstable, and its ups and downs are very large.

The net profit from 2013 to 2015 was 15 million 120 thousand yuan, 7 million 450 thousand yuan and 31 million 570 thousand yuan respectively, and the government subsidies were quite dependent on government subsidies. From 2013 to 2015, government subsidies were 2 million 546 thousand and 500, 3 million 639 thousand and 800 and 6 million 801 thousand and 200, respectively, accounting for 16.8%, 48.72% and 21.54% of net profit for the same period.

According to the latest financial information released this year, the operating income in 2017 was 232 million yuan, and the net profit was 19 million 294 thousand yuan. Compared to the revenue of 200 million in 2015 and 31 million 570 thousand yuan in net profit, not only did revenue grow little, but net profit also dropped by more than 35%.

Throw away the financial burden.

Compared with the investment of 2 years ago, the Tiger flutter did not progress significantly, or even a little backward, perhaps one of the reasons for the sale.

Because according to the information of the pferee Shanghai Ding point Asset Management Co., Ltd., the company's legal person and general manager are Jiang Wei, and Jiang Wei is the founder and vice chairman of tiger pun, holding 10.94% of tiger stock.

This shows that the sale of this expensive bird is essentially a buyback management layer.

Another important reason for the sale is the sale of assets.

Before and after the sale of tiger flare to get 30 million of the profits, the birds sold 135 million of the 37% stake of the Kang Pai Si sports, and 8 million 114 thousand and 200 yuan pferred the 37% stake of the Kang Pai Si consulting.

These two companies are very poor earning companies. In 2017, they were losing money or barely maintaining a profit and loss balance.

At the moment when the birds are in deep danger of losing money, they have to do so to save themselves.

According to the annual report of the 2017, the business income of the birds in 2017 increased by 3 billion 252 million yuan, up 42.7% from 2 billion 279 million yuan in 2016, but 2017

157 million yuan, compared with 293 million yuan in 2016, fell by 46.25%.

The main reason for this huge loss is that blind investment has failed to generate revenue and financial leverage has led to the rapid rise in capital costs and the surge in management costs.

Taking financial expenses as an example, in 2017, with the increase of social financing cost and the payment of principal and interest of the current financing projects, the interest expense of this year was 230 million yuan, an increase of 42.50% over the same period, which led to the rise of financial expenses.

Therefore, the sale of non high-quality assets on hand, the rapid return of funds at the same time to obtain a certain investment income, is the main logic behind this paction, but also one of the right way.