Haixin Shares (600851): Board Seats Will Change Soon.

In three days, that is, January 20th, Haixin share (600851.SH) will usher in the tenth board of directors re-election.

According to the announcement, there were 14 candidates for the re election, of which 9 were non independent candidates and 5 were independent directors. After the re-election of the board of directors or after the reshuffle of the board of directors, Shanghai's local industry clusters will be more likely to have more power to speak.

Not long ago, in January 10th, Haixin shares issued a notice that the ninth term of the board of directors was full, and is now being elected according to the relevant provisions of the company law and the company's articles of association.

According to people close to Haixin shares, the final result of this election will have a major impact on the direction and prospects of Haixin's future main business.

The ninth session of the board of directors

In 2016, Haixin shares and shareholder structure changed significantly.

Shenzhen Ning Rui and Shenzhen Hui he have bought Haixin shares through block trading and concentrated bidding. Shenzhen Ning Rui and Shenzhen Hui ho jointly hold 99 million 444 thousand and 800 shares of Haixin A shares, accounting for 8.24% of Haixin's total share capital, exceeding the number of shares held by Shanghai Songjiang Dongjing Industrial Company (82 million 82 thousand shares, 6.80%), becoming the largest shareholder of Haixin shares.

After this change, Haixin shares reorganized the newly established board of directors in September of that year, and elected the ninth board of directors of the company. In the board of directors of the board, Meng Wenbo, chairman of the board, was from Shenzhen, and then became the president and vice president of the listed company. Tao Jianming was from Shanghai New Union (Group) Limited and Fan Jie was the chairman of the board of supervisors of the group.

Since then, Shenzhen Ning Rui and its concerted action have increased their holdings several times. According to the semi annual report 2019, the proportion of Shenzhen Ning Rui and its concerted action shareholders reached 11.03%.

Three years achievement inventory

Hai Xin shares early commitment to the production and sale of artificial fur, plush toys and textile fabrics. Before and after 2000, Haixin shares began to diversify.

In terms of revenue, Haixin shares did not grow significantly in 2016-2018 years. Operating income in 2016 was 1 billion 11 million yuan, from 2017 to 2018, respectively, 1 billion yuan and 1 billion 99 million yuan, an increase of -3.80%, -1.12%, 9.82%.

In terms of profits, Haixin shares have slowed down since 2016. According to the annual report of the company, it was 90 million yuan, 105 million yuan and 135 million yuan from 2016 to 2018 respectively.

In 2016, however, the company made a large amount of assets impairment allowance of 127 million yuan, while in 2018, the figure dropped to 12 million 381 thousand and 800 yuan. In 2016, the income of the Changjiang Securities and Changxin fund was reduced to 185 million yuan, while in 2018, the figure dropped to 85 million 671 thousand yuan, with a difference of 100 million yuan.

In the pharmaceutical sector, the combined net profit in 2016 was 8 million 150 thousand yuan, down 44% compared to the same period last year, and the combined net profit in 2017 was 8 million 162 thousand yuan, of which the drug circulation cost dropped by 25.54%, which was mainly affected by the two vote system. In 2018, the company consolidated a net profit of 45 million yuan because of the company's right to recover an oral ulcer tablet.

At present, the profit contribution of Haixin shares is mainly from the share dividends of Changjiang Securities and Changxin fund. The net income from 2016 to 2018 was 184 million yuan, 184 million yuan and 86 million yuan respectively, which constituted the main source of profits.

Large shareholder remote control background two shareholders Shanghai local industrial clusters

Prior to this, Haixin shares have long been in a state of no actual control because of the decentralization of shares.

Qixin Bao shows that the actual controller of the Shenzhen largest investment company (limited partnership) is Hunan financial credit Holdings Group, which is a provincial financial holding platform in Hunan province. The second largest shareholder is Songjiang Dongjing Industrial Company of Shanghai Province, which is a real person controlled by Shanghai Dongjing Asset Management Co., Ltd. According to Kai Xin Bao, Shanghai Dongjing Asset Management Co., Ltd. controls 58 companies, including Shanghai Haihui wool spinning Co., Ltd., which owns many kinds of entity assets, such as medicine, real estate, textile and so on.

A general East China private placement said that in general, the advantage of the remote control platform is not obvious when the investment touches the listed companies outside the jurisdiction. On the one hand, the provincial local financial holding platform has less possibility of injecting effective resources in other provinces; on the other hand, financial control investment is the main platform. Haixin's assets are mostly in Shanghai, and its resource tilt is not very convenient.

According to the 2018 annual report, by the end of the year, the total assets of the company were 4 billion 509 million yuan, down 7.82% from the same period last year, and net assets 3 billion 421 million yuan, down 9.55% from the same period last year.