The equity that was purchased at the time of 3.4 billion yuan has now been transferred at a price of 900 million yuan. “Thor” Tianshen Entertainment (002354.SZ) has once again sparked controversy.

On the evening of June 14th, Tianshen Entertainment announced that in order to optimize the company’s asset structure and business layout, reduce the company’s operational risks, and improve the company’s future profitability, the company plans to transfer its holdings of Beijing Fantasy Joy Tour at a total consideration of approximately 903 million yuan. Network Technology Co., Ltd. (hereinafter referred to as “Fantasy Yueyou”) 93.5417% equity.

The 93.5417% equity of Fantasy Yueyou was acquired by Tianshen Entertainment in 2016. At that time, it cost about 3.417 billion yuan, which also means that the transfer of the underlying assets was a 2.643% discount.

As soon as the news came out, the netizens of the stock bar had a lot of discussions. Some netizens said that “it was bought for 3.4 billion a few years ago, and now 900 million is sold.” Some netizens said, “The subsidiary has sold 900 million, and the company should have the money to repay its debt.” The latest data shows that as of March 31, the number of A-share shareholders of Tianshen Entertainment was 26,700.

On the 15th, Tianshen Entertainment’s share price rose once, but then turned and fell. As of the close, it fell 1.84% to 3.74 yuan per share.The stock price fell more than 85% from the highest point of 25.85 yuan in 2017, and the current total market is about 6.2 billion yuan.

A company bought for 3.4 billion yuan

Now sold for 900 million yuan

In 2016, Tianshen Entertainment disclosed that it intends to acquire 93.5417% of the equity of Fantasy Yueyou and 96.36% of Herun Media through the issuance of shares and payment of cash. The transaction price of 93.5417% of the equity of Fantasy Yueyou is 3.417 billion yuan and Herun Media is 96.36 yuan. The transaction price of% equity is 742 million yuan.

It is understood that Fantasy Joy Tour is a company whose main business is the overseas distribution of online games and mobile precision advertising. Since its establishment, Fantasy Travel has focused on markets in the Middle East, South America, and Europe. It has achieved remarkable results in the field of overseas game publishing with differentiation as a path. As of June 30, 2016, Fantasy Travel has represented a total of 45 web games. And mobile online games.

For the purpose of the above acquisition, Tianshen Entertainment has also stated that after the completion of this acquisition, the company’s business map will be more complete, and there will be sufficient synergy and support between the business segments. The two major targets of this acquisition can be used simultaneously. The three major sections of listed companies’ online games, advertising media and film and television content will simultaneously carry out multiple reinforcements to create a pan-entertainment industry aggregation platform of “film and television + games + advertising”.

However, things went counterproductive. After the completion of the merger, Fantasy Yueyou repeatedly failed to fulfill its performance promises. Take 2018 as an example.Fantasy Joy Tour achieved net profit of 141 million yuan after deduction of non-profits in 2018, and the difference from the performance promise was 265 million yuan, and the completion rate was 34.7%.

According to Tianshen Entertainment, as a pure overseas game publisher, Fantastical Yueyou has continued to increase in game acquisition costs and promotion expenses in recent years, and its profit margin has been severely squeezed, and its operating performance has continued to decline. It will be even more severe in 2019 and 2020. With continuous losses, it is expected that there will be greater uncertainty in future performance. After this transaction, the company no longer holds the equity of Fantasy Yueyou, and Fantasy Yueyou is no longer included in the scope of the company’s consolidated statements.This transaction is expected to generate revenue of approximately 130 million yuan.

Tianshen Entertainment’s announcement shows that the takeover party this time is Hainan Feichi Trinidad Technology Partnership (Limited Partnership) and Creation Network Limited (HK). Both counterparties were established for less than one year, and their actual controllers are all natural person Li Jiaxuan.

“Thor” came back to life

In February 2010, Tianshen Entertainment was listed on the Shenzhen Stock Exchange. After a major asset reorganization, its main business was changed to e-sports games in 2014. Data traffic is another main business.

What is still fresh in the public’s memory is that in 2015, Zhu Ye, the founder and major shareholder of Tianshen Entertainment, spent US$2.34 million (approximately 15 million yuan) for dinner with Buffett.

As the business continues to expand, Tianshen Entertainment’s revenue also continues to expand.

From 2015 to 2017, Tianshen Entertainment’s operating income reached 941 million, 1.675 billion, and 3.101 billion yuan, respectively, and net profits attributable to the parent reached 362 million, 547 million, and 1.02 billion yuan, respectively.

In 2018, Tianshen Entertainment initiated more than 10 mergers and acquisitions, with a purchase amount of nearly 10 billion yuan. However, the return of expansion has not yet appeared, and Tianshen Entertainment has ushered in a loss of nearly 8.3 billion for two consecutive years.

From 2018 to 2019, Tianshen Entertainment’s revenue was 2.599 billion yuan and 1.335 billion yuan; the net profit attributable to shareholders of listed companies was -7151 billion yuan and 1.198 billion yuan. Tianshen Entertainment was once called “Thunder God” by shareholders.

Regarding the loss, Tianshen Entertainment explained that due to the excessive expansion of the previous period, the resulting debt scale has increased sharply. In 2018, affected by regulatory policy adjustments such as the freezing of the game industry’s version number, total volume control, etc., as well as the regulation of taxation in the film and television industry, restrictions on specific themes, and governance of artist salaries, the company’s operating performance fell sharply, causing a chain reaction and falling into serious debt Crisis and business crisis.

In August 2019, Tianshen Entertainment received an investigation by the China Securities Regulatory Commission, and together with Zhu Ye received a warning letter from the Dalian Securities Regulatory Bureau. The warning letter revealed the problems of Tianshen Entertainment and Zhu Ye in terms of capital occupation, related transactions, and letter disclosure.

In August of the same year, Tianshen Entertainment began to save the crisis. From the previous announcements issued by Tianshen Entertainment, it can be seen that the change first occurred internally. Chairman Yang Kai resigned and introduced a new management.

Then comes debt restructuring. April 2020*ST Tianyu submitted a reorganization application, and on December 9th of the same year, the reorganization was completed.

On the evening of May 21, 2021, Tianshen Entertainment announced that the stocks will withdraw the delisting risk warning from May 25, 2021 (Tuesday), and the stock abbreviation will be changed from “*ST Tianyu” to “Tianshen Entertainment”; the stock code is not Change, still “002354”.

The announcement also showed that in 2020, Dahua Certified Public Accountants (special general partnership) issued a standard unqualified audit report for the company. After auditing,The company’s operating income in 2020 is 996 million yuan, and the net profit attributable to shareholders of listed companies is 153 million yuan.The net assets attributable to shareholders of listed companies are 2.78 billion yuan.

(The content of this article is for reference only, not as an investment basis. Investors operate accordingly at their own risk.)

Edit| He Xiaotao Du Hengfeng Hu Ling Wang Jiaqi

Proofreading| Lu Xiangyong

The cover picture is self-photographed, and the picture and text are irrelevant

Daily economic news comprehensive every app, city boundary, etc.

Daily economic news

After the successful listing, Coinbase’s stock price has performed well. As of 20 o’clock on the 15th, Beijing time, Coinbase’s pre-market share price rose more than 8% to about $354. The day before, Coinbase’s stock price closed up more than 30% to US$328.28, with a market value of more than US$61 billion.

“Coinbase’s successful listing has fulfilled market expectations. The current stock price increase has brought additional benefits to the market. Investors will not worry about the issue of the redemption of cryptocurrencies. In addition, many of Coinbase’s businesses have also received mainstream financial Institutional recognition has promoted cryptocurrency to become a mainstream investment product.” Ma Tianyuan, a partner of Encrypted Asset Angel Fund Wuwei Investment, told a reporter from Shanghai Securities News.

Institutions have also shown their optimism about the prospects of the cryptocurrency market with actual actions. Catherine Wood, CEO of Ark Investment Management, known as the “female Buffett,” made the first shot, and all three of its funds opened new positions to buy Coinbase on Wednesday. Among them, flagship fund ARKK bought 512,500 shares, financial technology innovation theme fund ARKF bought 89,600 shares, and Internet innovation theme fund ARKW bought 147,000 shares. Based on the closing price of Coinbase on Wednesday, Katherine Wood holds a total of approximately $246 million in market capitalization of Coinbase.

The US investment bank BTIG included the newly listed Coinbase in the form on Thursday, giving it a “buy” rating with a target price of $500. Previously, MoffettNathanson of the New York Research Institute gave Coinbase a one-year target price of $600.

Although the market is bullish, some institutions have reminded that under the premise that it is difficult to predict what will happen in the future, short-term cryptocurrency market volatility will be more intense than before.

“In the bull market, the price of various assets will have higher premiums, and some assets will rise irrationally. Investors should carefully choose investment targets and pay attention to risks.” Binance China Blockchain Research Institute researcher Zhang Ming told the Shanghai Securities News reporter.

According to real-time data from the blockchain data and intelligence provider Glassnode, as of 20 o’clock on the 15th, Beijing time, the 8-hour long funding rate of the Bitcoin perpetual contract reached 0.1284%, and the difference between the sub-delivery contract and the spot price gradually increased to 8,000 US dollars. . In other words, the current long bitcoin side needs to pay 0.1289% of the principal per hour to the short side, which means that long bitcoin needs to pay a higher price, but investors continue to go long.

Ma Tianyuan believes that the listing of Coinbase means that the valuation ceiling of the cryptocurrency market has been opened. At present, the level of leverage in the market has increased. It is recommended that non-professional investors reduce the use of leverage and other derivative instruments and enter the market cautiously.

Regulatory policies are still one of the uncertainties in the price trend of cryptocurrencies. In the future, countries may implement strict legislation on cryptocurrencies. Fed Chairman Powell said on Wednesday that cryptocurrency is a speculative tool. Previously, the European Union planned to specifically target cryptocurrency legislation.

“Encrypted assets have been moving forward in controversy. We have seen the attitudes of many regulatory agencies improve. It is expected that the supervision of encrypted assets in various countries will gradually improve in the future, which is conducive to the legal and compliant development of cryptocurrencies.” Zhang Ming told reporters.

On Thursday, the world will usher in the world’s first reverse Bitcoin exchange-traded fund (ETF), which will be listed on the Toronto Stock Exchange (TSX), allowing investors to short Bitcoin futures.

In this regard, Zhang Ming believes that there is never a lack of short-selling methods for encrypted assets, and a wealth of financial tools can provide investors with more choices and promote healthier price discovery.