On Saturday, The Supervision Of Major Shareholders Raised The Risk Of Goodwill Impairment

"Cut leek" once addicted, any difficulties can not stop.

This is not true, the controlling shareholders of online Red concept stocks on Saturday, when the company's share price fell and received regulatory attention letters, still stubbornly announced the reduction of their holdings, even though in the past year, they had reduced their holdings at a high level and realized cash withdrawal of nearly 900 million yuan.

The risk of goodwill impairment indicated by the regulatory layer

Yesterday, on Saturday (002291. SZ), the company and the main management received regulatory attention letters and warning letters issued by Guangdong securities regulatory bureau.

In the regulatory concern letter, the regulatory authorities pointed out that the company has some problems, such as nonstandard internal control, nonstandard management of inside information and high risk of goodwill impairment.

It is understood that the Beijing ollivan Star Management Consulting Center invested by the company has sustained losses since its establishment in August 2016, and is now insolvent. The company has made full provision for impairment of long-term equity investment for the enterprise. The regulatory authorities have verified that since the establishment of the enterprise, the listed company has not designated special institutions or personnel for tracking management, nor regularly organized investment benefit analysis.

Yuanwang network is an important holding subsidiary of the company on Saturday. After the company spent a lot of money to purchase, it did not send management personnel to the company, only managed by opening the financial system and business system.

The financial management of Yuanwang network is not standardized. According to investigation, as of the end of 2019, the balance of prepayment of Yuanwang network was 153 million yuan, but in the first half of 2020, only 55.23 million yuan of prepayment was carried forward, and a large amount of refund occurred, totaling 38.18 million yuan. Yuanwang network paid a large amount of advance payment to the other party in the case that the relevant advertising service agreement did not stipulate the prepayment terms, and did not strictly follow the contract agreement to reasonably select the payment method.

In the regulatory concern letter, the regulatory authorities pointed out that as of the end of September 2020, the book balance of goodwill of the company was as high as 1.67 billion yuan, accounting for 51.53% of the net assets of the same period. Among them, the goodwill of Yuanwang network was 1.302 billion yuan. In 2018 and 2019, Yuanwang network will step on the line to fulfill its performance commitment. In the first half of 2020, Yuanwang network achieved a net value of RMB 38.4972 million, a year-on-year decrease of more than 30%, and only 14.81% of the annual performance commitment of 260 million yuan was completed. There is great uncertainty whether the net target can be achieved, and the related goodwill has potential impairment risk.

However, at the end of last year, Xie Rudong, chairman of Yuanwang network, said that the company had achieved a net of more than RMB70 million in the first three quarters, and there was no problem in achieving its performance commitment throughout the year. This means that Yuanwang network will make a profit of about 200 million yuan in the fourth quarter.

Large shareholders reduce their holdings more than once

This is a women's shoes listed company on Saturday. After it was listed in 2009, it fell into a strange circle of increasing revenue but not increasing profits and its performance continued to decline.

In 2016, the company planned a new strategic direction of "creating a fashion IP ecosystem". In the next year, the company acquired the equity of fashion Fengxun and Beijing Shixin, and took control of two fashion websites, ONLYLADY women's blog and kimiss boudoir. However, the move failed to save the company's declining performance.

Until March 2019, the company acquired 88.5651% of Yuanwang network with a consideration of 1.771 billion yuan (according to qixinbao, the current number of shares held is 97.7854%), which has established a new direction of online Red economy.

Stick to the concept of online red, the company's share price rose rapidly. In particular, after December 2019, online Red concept stocks have become a hot spot in a shares, especially on Saturdays, with 16 trading limits in 24 days.

The company's management and major shareholders did not miss this good opportunity of "cutting leeks".

In January 2020, Li Gang, he Jianfeng and Li Li, three vice presidents of the company, reduced their shares in the company at a high level, with a total cash withdrawal of more than 12 million yuan.

In December 2019, the controlling shareholders announced their own reduction plan in advance.

From January 16 to May 18, 2020, the controlling shareholder reduced 26.4885 million shares with an average price of 23.067 yuan per share on Saturday, with a total cash withdrawal of about 611 million yuan.

After that, the controlling shareholders did not reduce their holdings continuously. From September 2020 to January 2021, the total reduction of holding (later renamed as Yunnan Zhaolong) and Singapore dollar power acting in concert exceeded 250 million yuan.

Yesterday, at the same time that the company received the regulatory attention letter, the controlling shareholders and persons acting in concert further disclosed the reduction plan, which is expected to reduce the holding by no more than 2% in the next six months.

Yesterday, the share price fell 5.14% on Saturday to close at 16.80 yuan per share, more than 50% lower than the historical high of 36.56 yuan / share more than a year ago.