Can The New Investors Point Out The Way To The Pathfinder After Many Detours?

The Pathfinder (300005.SZ) is still exploring the road frequently.

Yesterday (December 23rd) evening, the Pathfinder issued a notice that the controlling shareholder and the real controller Sheng Faqiang and Wang Jing signed the share transfer agreement with the fund with the background of state-owned assets. The transfer of shares by the latter was 68 million 921 thousand and 700 shares, representing 7.733% of the total share capital of the company. The transfer price was 4.5 yuan per share, higher than the closing price of 4 yuan on the 23 day.

In the third quarter report, the Pathfinder is optimistic about losing profits this year. It predicts that the net profit attributable to shareholders of Listed Companies in 2019 will be no less than 100 million yuan. This means that the Pathfinder is not worried about "shell protection" at present. As for why the new shareholders who introduced the state-owned assets background, the reasons for the premium transfer and the next step planning of the Pathfinder are on the issue at this time. In December 24th, they contacted the pathfinder for comment, and at the end of the press, they did not receive the reply from the other side.

In December 24th, Shen Meng, director of Xiang song capital, told an interview with times finance that the profits of listed companies can not directly improve the financial pressure faced by major shareholders. At this time, the transfer of prices above the open market shows confidence in the company's future share price.

From today's (24) to explore the way the performance of the capital market, the company's share price performance was strong, opened in the afternoon, once touched to the limit, reaching 4.40 yuan per share. However, Shen Meng stressed that, as a whole, if the follow-up action does not involve further transfers to state assets or the reorganization of assets in the future, the introduction of new strategic investors will not be too obvious for the listed companies.

Introduction of new shareholders in state-owned assets

According to a brief report on equity changes released by Pathfinder, after the change of interest, Sheng Fa Qiang and Wang Jing jointly held 207 million shares of the company, accounting for 23.2% of the total share capital of the company (excluding 23.4% of the total share capital of the Explorer) after excluding the number of shares in the repurchase account, while the Tongzhi fund held 7.733% of the listed companies, of which 5.48% came from Sheng Fa and Wang Jing transferred 2.26% shares to the Tongzhi fund.

The notice also shows that within forty working days after the completion of the share transfer transaction, the mutual funds have the right to nominate a board candidate. However, the Pathfinder said that after the transfer of the agreement, Sheng Fa Qiang and Wang Jing remain the controlling shareholders and actual controllers of the company, which will not have a significant impact on the daily operation and decision-making of the company. The introduction of important strategic shareholders will help further optimize the company's ownership structure and Governance structure, enhance the competitiveness of the company and enhance the company's value.

From the background of the transferee mutual fund, it was not established for a long time. It was registered only in July 16th this year. It is a private equity investment fund managed by the Beijing Tonghe Cci Capital Ltd (hereinafter referred to as "Tonghe investment") as the partner in the execution of the partnership. The initial fund-raising is 3 billion yuan (currently has been subscribed for 802 million yuan), and the total size is expected to raise 10 billion yuan. In addition, the limited partners of the fund include Beijing IC chip investment center (limited partnership), Jiangsu blue Port International Logistics Co., Ltd. and Guangdong Guofeng yuan Holding Group Limited, with a contribution ratio of 62.34%, 12.47% and 24.94% respectively.

Times finance found through the eye of the sky that as the executive partner of Tongyuan fund, Tonghe investment has the background of local state-owned assets, and Beijing Tongzhou District real estate development company owns 40% of Tongyuan surplus investment, while the former is controlled by Beijing Tongzhou District SASAC. In addition, Tongzhou District SASAC also holds the 38.37% stake in Beijing integrated circuit chip investment center (limited partnership) in the same way.

Through layers of equity penetration, it also found the figure of Beijing Haidian District SASAC.

Data from the sky eye survey show that the second largest shareholder of Beijing integrated circuit chip chip equity investment center (limited partnership) (the largest shareholder is the Tongzhou District SASAC) described above is the equity investment fund company of the integrated circuit industry in Beijing, with a shareholding ratio of 35.81%, the control behind it is Zhongguancun development group Limited by Share Ltd, and one of the shareholders of the Zhongguancun development group Limited by Share Ltd is Beijing Haidian District state capital operation and management center controlled by Haidian District SASAC.

In an interview with times finance, Shen Meng said, "the so-called" strategic shareholder "is a modified saying. In fact, it is the introduction of state assets bailout, which mainly relieves the financial pressure of large shareholders. It only has indirect effects on listed companies, and the reduction of the pressure of large shareholders' funds can weaken the risk of" real control changes "of listed companies.

In the short form equity change report, the regional fund has claimed that the transferability of the company's shares through the agreement is mainly for the long-term development potential of the Pathfinder. Through the strategic investment of the company, it can help to enhance its comprehensive competitiveness of corporate governance and share long-term investment value. At the same time, Tongji fund does not rule out the possibility of increasing or reducing its stake in Listed Companies in the next 12 months.

The detours of Pathfinder

Can new investors be able to point out a smooth road to Pathfinder?

Yang Dayun, general manager of Greater China in UTA management group, said that the trouble encountered by pathfinder was that he failed to establish his professional image in the increasingly competitive market and was too far away from the fashionable and fashionable young people.

In fact, if we look at the development path of Pathfinder, it will benefit more from the rapid rise of China's overall outdoor market. In 2009, Pathfinder listed on the Shenzhen Stock Exchange to become the first outdoor product in China. In the same year, the net profit of Pathfinder increased by nearly 70% over the same period, and the average annual net profit growth over the next five years is more than 55%. Correspondingly, the scale of China's outdoor market grew rapidly. In 2009, the core outdoor market reached 4 billion 900 million yuan. In 2010, the figure increased by 43% to 7 billion yuan, and the growth rate in 2011 reached an alarming 57%. But by 2015, when the market size reached 18 billion 100 million yuan, the growth rate has dropped from the previous two digits to single digits.

The turning point of Pathfinder also occurred around 2014. The annual report shows that its net profit growth in 2014 is less than 20%, much less than before. Immediately after 2015, the Pathfinder declined for the first time, and net profit fell by 10.5%, which was only 260 million yuan. In 2016, this figure continued to fall to 200 million yuan. In the next two years, Pathfinder fell to a loss, losing 84 million 850 thousand and 128 million yuan respectively.

However, Yang Dayun believes that the degradation of local outdoor brands such as Pathfinder cannot be simply attributed to the downturn in the clothing market in recent years, because the growth of sports brands and tide brands is still evident under the overall environment. "After several years of rapid development of outdoor sports, the market has entered a stage of saturation competition. Professional outdoor sports enthusiasts have certain requirements for product function and specialization, but domestic brands in almost all subdivision areas, such as skiing, rock climbing, mountain climbing, and so on, have not created their own professional image."

From the market movement of Pathfinder, after losing the growth momentum of the original hurricane, it did not grasp a subdivision area for deep tillage. Instead, it began to "explore the road" from 2013, and began to layout around the three major business segments of outdoor, tourism and sports. In July 2015, three major business groups, outdoor products, travel services and sports industry, were formally set up, and a series of mergers and acquisitions were conducted to complete the transformation from single outdoor brand to eco development. "Singapore Ctrip" online travel platform Asiatravel, outdoor platform green field, Yi you world, Beijing travel travel agency, Xiamen road outdoor products Co., Ltd. and so on have all been in the bag of revenue Pathfinder.

But with the deterioration of the company's operating conditions, these assets became the first ones to be sold. At the end of 11 this year, the Pathfinder withdrew from the third class dealer's equity and further downsizing. Before that, it announced in November 14th that it would transfer the 29% stake of Yi you world. In addition, it includes a series of actions such as "the original shareholders' repurchase of the stake in the company's shares," "the repurchase of some shares held by Midorino Kuniryo by the original shareholders," and the introduction of strategic investors to the related business such as "green field network, six feet" and so on. In June of this year, the Pathfinder also sold some of its own commercial real estate, which contributed a net income of 36 million 252 thousand and 600 yuan after tax.

What is the way forward for the Pathfinder? Yang is not optimistic. "What kind of outdoor brands are they doing? They are only doing business, and their recognition is not high. In the field of global professional brand competition in the Chinese market, the survival space of local brands without identification is fading. "