Jinyu Car City Asset Sale Was Questioned: Four Degree Transformation Can Not Become The Main Industry Has Been Sluggish.

From silk to automobile, real estate, new energy, and environmental protection, Jinyu car business is getting wider and wider, but its performance is getting worse and worse.

In November 11th, Jinyu car city limited to 168 thousand and 200 yuan. The market believes that the crash or Jinyu car city 10 thousand yuan to sell real estate subsidiary.

Ten thousand yuan selling subsidiary was questioned

In November 6th, Jinyu car city announced that in order to focus on its main business, the company intends to sell its 100% stake in Jinyu real estate. Through competitive consultations, Rui Cong investment will win the bid and the transaction amount will be 10 thousand yuan.

It is not difficult to understand the behavior of Jinyu car city to transfer Jinyu real estate, but the market's doubts about this move are mainly centered on this "unthinkable" asset pricing. Especially in the 5 months ago, the price of the trading scheme was strongly opposed by Wang Min, then a member of the Eastern Conference, and was rejected by the general assembly. A day later, Guo Junyuan, another independent director who was elected for only half a month, resigned for personal reasons.

According to Wang Min, the market has three doubts about the pricing of Jinyu real estate. First of all, in terms of assets valuation, Jinyu real estate's long-term equity investment has a book value of 7 million 700 thousand yuan, but the valuation of the company's use of telephone and inquiries has reduced the value of its long-term equity investment valuation by about 40000000 yuan, resulting in an impairment of 54 million 420 thousand yuan for the asset item. The book value of the fixed assets of the company is about 59000000 yuan, but the value of 3 buildings and buildings in fixed assets is 0 because of the risk of being demolished due to the lack of relevant assets procedures.

The next is the loss distribution profit. According to the company law, the company's profit can be allocated. But in 2018, Jinyu real estate financial report was a loss. The undistributed profit was only 52 million yuan, but decided to pay dividends 48 million yuan. The cancellation of the following October this year decided to pay dividends 20 million yuan in the context of poor performance.

In addition, it is a land asset. In the first assessment, the 1.57 mu of land was omitted. The original value of the assets was 352 thousand yuan at the second assessment, and the net book value was 300 thousand and 600 yuan. The assessed value was 5 million 370 thousand yuan, and the price was questioned too low. The most doubtful thing is that although a new valuation price of several million yuan has been added, the company's equity trading price is still 10 thousand yuan.

Four degree transformation is difficult to save performance decline

According to Fu Kai Jun, Jinyu city was formerly known as Maya. Its main business is silk production and sales. After renaming, it expanded to silk trade, automobile sales, real estate development and operation.

In 2017, there was a dispute over controlling rights in Jinyu car city. In the first half of the year, the "North control department" increased Jin Yu car city 15 times in a month. In November, the "North control department" and the Nanchong National Investment Association were acting as concerted people. The total shareholding ratio of both sides was 29.86%, which surpassed the Jin Yu holding company that controlled car city for 15 years. Jin Shengcheng was the largest shareholder of Jin Yu city in one fell swoop.

At the same time, the company also changed its main business into new energy electrical equipment manufacturing and sales, silk trade, real estate development and automobile sales through the acquisition of 55% stake in Chi Lin Electric.

But despite the continuous expansion of business, Jinyu car city's performance has not improved. For many years, it has maintained a familiar "big loss and small profit" state. In 2014-2016 years, the company's net profit has been continuously losing for three years, and it has only been separated for one year. In 2018, the net profit was 197 million yuan.

Data show that in the first half of this year, Jinyu city's new energy and electrical equipment business achieved 1 million 115 thousand yuan of business income, a decrease of 99.03% compared with the same period last year, and the gross profit margin -55.01%, a decrease of 73.61 percentage points compared with the same period last year, has been at a loss.

In November 5th, Jinyu car city announced that it would buy 86.34% stake in the ten party ring and 60% stake in China Yuan Chuang energy company. Through the reorganization of the organic solid waste disposal industry, the company will further transform the environment into a comprehensive technological enterprise.