gambling – Spress

The original house backdoor failed the next year’s gambling: net profit only completed 53%, and plans to postpone the performance commitment target for one year

editor — Sun, 20 Jun 2021 04:45:09 +0000

Image source: Internet

Produced｜Sohu Finance

Author｜Wu Ya

On the evening of June 14th, Juran Zhijia (SZ:000785) issued multiple announcements in a row, disclosing various contents such as “Adjustment of Beijing Juran Zhijia Home Furnishing Chain Co., Ltd. (hereinafter referred to as “Home Chain”) related performance commitments.

Jiaranzhijia said that in view of the comprehensive impact of various factors such as the sudden outbreak of the new crown epidemic in early 2020, the listed company plans to adjust the performance commitments of the home chain after consultation with the performance pledger.

In the original performance promise, the net profit attributable to the owners of the parent company after deducting non-recurring gains and losses (hereinafter referred to as “net profit deducted from the parent company”) realized by the household chain in 2020 should not be less than about 2.42 billion yuan; and financial data Shows that this indicator for the household chain in 2020 is about 1.297 billion yuan, which is 1.118 billion yuan less than the original performance commitment, and the performance completion rate is 53.59%.

The announcement shows that after this adjustment, the household chain will no longer assume the performance indicator of deducting non-parent net profits in 2020; the original performance commitment will be postponed to the next fiscal year, that is, 2021; in addition, other performance compensation The method and calculation formula, the implementation of profit compensation and other original terms are not adjusted.

Photo source: “Announcement of Juran Home New Retail Group Co., Ltd. on Adjusting Beijing Juran Home Furnishing Chain Co., Ltd.’s Performance Commitments”

Jia Ranzhi was established in 1999. In December 2019, it backdoor Wuhan China Merchants reorganization and listing and landed on the A-share capital market. At that time, Jia Ranzhi signed a performance betting agreement with Wuhan Zhongshang, the holder of Shell Resources.

In 2019, the first annual report after listing, home furnishing chain achieved 2.117 billion yuan of net profit deducted from the parent company, fulfilling the first performance period commitment; but in the first year after backdoor, the home furnishing chain performance was unqualified for gambling.

In the first quarter of this year after the epidemic, the business of Jia Ranzhi ushered in a rebound. According to the plan of Jiaranzhijia, in 2021, it will have breakthroughs in the development of six self-service modes, and the establishment of its first overseas store outside the country.

Home furnishing chain deducts only 1.297 billion yuan in net profit from non-returned parent in 2020, “unqualified”

The result of “the first year of backdoor performance is not qualified for gambling” has been reflected in the 2020 annual performance forecast announcement. At that time, Jiaranzhijia had announced that in 2020, the non-net profit will be reduced by up to 30% to only 1.45 billion yuan; and that “preliminary estimates that the home chain will not be able to complete the 2020 annual performance forecast”.

Judging from the statement of the announcement, the new crown epidemic is the main factor that has caused such a predicament for home furnishing chains. Jiaranzhijia stated that “the household chain’s operating income was directly reduced by 2.161 billion yuan due to the impact of the epidemic, and the net profit attributable to the parent company will be reduced by 1.277 billion yuan after deducting non-recurring gains and losses in 2020.”

Among them, home furnishing chains reduced rents, property fees, market management fees, and advertising and promotion fees for a total of 1.569 billion yuan (72.6%); during the epidemic period, the leased area was reduced, and the rent was also reduced by 259 million yuan; Signing of franchise stores has been significantly reduced compared with the same period and plan, and the loss of household chain stores is 152 million yuan.

However, due to multiple factors such as preferential policies and property owners’ rent reductions, the household chain will save 443 million yuan in operating costs in 2020.

The home furnishing business is mainly engaged in home furnishing products retail, home improvement services, home store business, decoration business and other pan-furniture businesses. In December 2019, after nearly a year, the home actually backdoored Wuhan Zhongshang to land in the A-share market (issued by Wuhan Zhongshang) The shares purchased 100% of the home furnishing chain) and became another home furnishing store giant that has landed on the A-share market after Macalline (SH: 601828).

At that time, from the book assets alone, the transaction consideration of 35.65 billion yuan between the two parties was not cheap; compared with the net asset value of 11.199 billion yuan involved in the transaction, the premium rate was 218.54%.

As a result, this also left the sword of Damocles hanging over the head of the unexpected house-the gambling agreement. At that time, the two parties made performance commitments for the home furnishing chain: from 2019 to 2021, the home furnishing chain will achieve a net profit of no less than 2.06 billion yuan, 2.42 billion yuan and 2.72 billion yuan, respectively.

The agreement signed by the two parties also clarified that “if a force majeure event occurs that causes part of the original profit forecast compensation agreement to be unfulfilled or delayed, neither party is required to bear any liability for breach of contract due to the unfulfilled part or delayed performance caused by the force majeure event.” .

The first annual report after listing is the first performance commitment period. The net profit of household chain deductions from non-parents is approximately 2.117 billion yuan, far exceeding the commitment target of 2.06 billion yuan, and the performance completion rate is 102.76%.

In the first year after the backdoor, that is, the second performance commitment period, the final result showed that the net profit attributable to the owners of the parent company in the consolidated statement of the household chain was 1.368 billion yuan; the actual profit is the net profit after the deduction of the non-parent company after the consolidated statement. 1.297 billion yuan; and 2.42 billion yuan of performance commitments, there is still a gap of 1.118 billion yuan.

Photo source: “Special Verification Opinions of CITIC Securities Co., Ltd. on the Realization of the 2020 Performance Commitments and Performance Commitment Adjustments of Beijing Juranzhijia Home Chain Co., Ltd

In view of this, Zhiranzhijia said that it intends to adjust the performance commitments: After the adjustment, the net profit of the home chain in 2019, 2021 and 2022 will not be less than 2.06 billion yuan, 2.42 billion yuan and 2.72 billion yuan, respectively. ; In addition, the original performance does not make adjustments to other major terms in the gambling agreement.

In other words, after this adjustment, the 2020 performance commitment of the home furnishing chain will be postponed to the next fiscal year, 2021.

According to the announcement, the new crown epidemic is an unforeseen and insurmountable force majeure event that was unpredictable and insurmountable when the original performance betting agreement was signed, and it is directly related to the failure of the household chain to achieve the 2020 performance promise, so this adjustment plan is reasonable.

“This adjustment plan is conducive to further urging home furnishing chains and companies to increase the speed of performance recovery, increase the rate of performance improvement, and essentially improve the quality of listed companies, which is conducive to the long-term interests of all shareholders, especially small and medium shareholders.” Jiaran said.

This year’s GMV may exceed 100 billion yuan, and plans to open no less than 70 new stores

The annual report shows that due to the impact of the epidemic, the total revenue of the house in 2020 was 8.993 billion yuan, a year-on-year decrease of 2.56%; the net profit attributable to the parent was 1.363 billion yuan, a year-on-year decrease of 56.81%.

During the period, the operating cost of the house was 5.36 billion, a year-on-year increase of 9.3%; the expense ratio was 18.2%, a year-on-year increase of 4.6%, which was a drag on the company’s performance. In addition, in 2020, the annual sales (GMV) of Jia Ranzhi was 65.7 billion yuan, a year-on-year decrease of 17.87%.

In addition to the sharp decline in performance, from 2018 to 2020, the interest-bearing liabilities of the house were 258 million yuan, 3.104 billion yuan, and 4.131 billion yuan respectively, which increased by about 16 times in three years; of which, the long-term interest-bearing debt was 1.32 respectively. Billion yuan, 2.305 billion yuan, 2.587 billion yuan, 5.1 times in three years, accounting for more than 51%.

In May 2020, Ranzhijia, which was listed on the backdoor for only half a year, launched a fixed increase, issuing stocks to no more than 35 specific investors, raising funds no more than 3.595 billion yuan for store renovation and upgrading, and smart retail construction of Zhongshang Supermarket And replenish working capital and other matters.

In December of the same year, the unexpected home announced that it had completed a fixed increase of 3.5 billion, and companies such as Xiaomi, Ali, and Centennial Life Insurance appeared in the list of subscription targets, which brought a great “blood-tonifying” effect to the unexpected home affected by the epidemic.

Among them, Xiaomi Technology (Wuhan) Co., Ltd., furniture listed company Gujia Home Furnishing (SH: 603816), and Centennial Life Insurance each subscribed for 14.1643 million shares, each with a shareholding ratio of 0.22%; Alibaba (Chengdu) Software Technology Co., Ltd. subscribed 28,329,600 shares, with a shareholding ratio of 0.43%.

The latest financial report shows that in the first quarter of 2021, the house of unexpectedly realized revenue of 3.34 billion yuan, a year-on-year increase of 39.05%; realized a net profit of 630 million yuan, a year-on-year increase of 144.58%. Compared with the same period in 2019, the growth rates have also reached 61% and 43% respectively.

In this regard, Jiaranzhijia said that during the reporting period, the investment rate of the company’s direct-operated stores has overcome the impact of the epidemic and returned to a high level, and the expansion of franchise stores has also resumed rapid growth.

It also predicts that the company’s GMV is expected to exceed 100 billion yuan in 201, and it plans to open no less than 70 new stores throughout the year.

For Jia Ranzhi, 2021 is the second fiscal year after listing, and it is also a crucial year for its digital strategy. In December last year, Jia Ranzhi held a new retail achievement and digital strategy press conference, and for the first time disclosed in detail the new strategy of “building a home improvement and home furnishing industry service platform in the digital age”.

Wang Linpeng, chairman and chief executive officer of Juran Home, said that Juran Home is no longer a traditional home furnishing store, a traditional home retail enterprise, and a real estate-style property service provider. It must become an enterprise with long-term value.

At that time, Ranzhijia launched six self-operated IPs, covering design, decoration, auxiliary materials, logistics and distribution, smart home and after-home services, covering all the upstream and downstream tracks of home improvement and home furnishing, including lying flat designer home, digitalization Six platforms including smart home improvement service platform.

According to the plan of Juranzhijia, these six IPs have the profitability to run wildly along their respective tracks; they can also be interconnected and empowered with each other. It is estimated that “every track can contribute more than 10 billion in revenue within 5 years after it runs through.”

In terms of the main business, Jia Ranzhi predicts that in the next 5 years (2025), offline stores will strive to exceed 1,000, with GMV exceeding 150 billion yuan; within 10 years (2030), offline stores will strive to exceed 1,500, GMV More than 300 billion yuan.

However, the performance of the house in the stock market is not optimistic. On June 11, the stock price of Jiaranzhijia hit 6.31 yuan, the lowest since December 28, 2018; it closed at 6.73 yuan, down 0.16%.

On June 15th, the first trading day after the announcement of the adjustment of the performance commitment compensation plan, the stock price of Jiajiao reached the bottom again at intraday, to 6.22 yuan; it closed at 6.29 yuan, down 1.26%.

Shi Yuzhu intends to put 1.1% of Jukun Network’s equity into Giant Network, the latter’s operation of a gaming platform is suspected of gambling

editor — Fri, 18 Jun 2021 14:05:11 +0000

On June 14th, Giant Network (002558.SZ) issued an announcement stating that the company’s controlling shareholder Giant Investment intends to donate 1.1% of the shares held by Giant Network to Giant Network for free.

According to the announcement, Shanghai Jukun Network Technology Co., Ltd. (hereinafter referred to as “Jukun Network”) is a subsidiary of Giant Network Group Co., Ltd. (hereinafter referred to as “Giant Network”). Giant Network directly holds 48.81% of its shares. Shanghai Judao Network Technology Co., Ltd. (hereinafter referred to as “Judao Network”), a wholly-owned subsidiary of the Internet, holds 0.19% of its shares. Giant Network and Judao Networks together hold 49% of its shares. The company’s affiliated legal person, Giant Investment Co., Ltd. Has its 51% equity. After the completion of this transaction, Jukun Network will change from a subsidiary of Giant Network to a holding subsidiary. Given that Playtika has advanced technical strength and global distribution capabilities, this donation will help Giant Networks quickly accumulate advanced technologies such as artificial intelligence and big data, enrich the company’s product line, and obtain global distribution capabilities.

It is reported that Jukun Network is a strategic linkage platform between Giant Investment and Giant Network. Its core asset, Playtika, is an Israeli high-tech Internet company driven by artificial intelligence and big data analysis technology. In January 2020, Playtika was listed on the Nasdaq Stock Exchange in the United States.

Tianyancha shows that at present, Playtika mainly uses artificial intelligence and big data analysis technology to engage in the research and development, distribution and operation of casual social network games, and its business is distributed in overseas markets such as the United States, Europe, and Australia.

Playtika has maintained rapid growth in the past few years. According to Playtika’s fourth-quarter and full-year 2020 financial reports released since its January IPO, Playtika’s fourth-quarter revenue was US$573.5 million, a year-on-year increase of 17.5%; net profit was US$76 million, compared to US$30 million in the same period last year. Later EBITDA (EBITDA is the abbreviation of Earnings Before Interest, Taxes, Depreciation and Amortization, that is, profit before interest, taxes, depreciation and amortization) was 210.4 million US dollars, higher than the 169.7 million US dollars in the same period last year.

In terms of revenue and profit, Playtika’s 2020 revenue was US$2.3715 billion, an increase of 25.64% year-on-year; the net profit in 2020 was US$92.1 million, which was a decline of nearly 70% compared with US$288.9 million in 2019. The adjusted EBITDA was US$940 million. Overall, this is the first time that Playtika’s annual revenue has exceeded US$2 billion, and it is also the first time that its casual games have contributed more than US$1 billion in annual revenue.

Playtika’s previous financial reports disclosed that Playtika’s operating income increased from US$1.151 billion in 2017 to US$1.888 billion in 2019, with a compound growth rate of 28.07%. Adjusted EBITDA profit increased from US$374 million in 2017 to US$621 million in 2019. , The adjusted EBITDA margin has been maintained at around 32% for a long time.

In 2016, Giant Network “backdoor listing”, Giant Network Chairman Shi Yuzhu, together with investors such as Yunfeng Fund, prepared to acquire Playtika from Caesars Interactive Entertainment for US$4.4 billion. If the acquisition is successfully completed, Giant Network will hold 100% of Playtika’s shares in total and determine that the transaction consideration for all of Playtika’s Class A common shares is 30.5 billion yuan. It is worth mentioning that the giant’s partners in this acquisition include Shanghai Lingyi and Shanghai Lingyi. Behind them is Yu Guoxiang’s Ningbo Yu family. Previously, China Net Technology disclosed that Yu Guoxiang had transferred shares in Leyou Technology and received $80 million in sincerity from potential buyers.

However, Playtika itself is very controversial as a board game. In fact, Playtika is currently the world’s number one chess, card, and gambling mobile game company. The founder Robert Antokol is an industry veteran and has worked in CMate and Oberon Media successively. In 2010, Antokol founded Playtika with US$1.5 million. Within a year, the company was acquired by Caesars Interactive Entertainment for US$160 million, which was more than a hundredfold.

Its current main source of business income is five board games, namely “Slotomania”, “WSOP (Texas Hold’em Series)”, “HouseofFun (Slot Series)”, “CaesarsSlots (slot series)”, “BingoBlitz ( Bingo Slot Game Series)”.

The key issue of the acquisition may be Playtika’s “suspicion of gambling”. In 2019, the Securities Regulatory Commission gave two feedbacks on Giant Network’s application for issuing shares to purchase assets. They all commented on the virtual currency, recharge status, probability of winning or losing, and abnormal recharge during the operation of Playtika. Conduct key questions on behavior and other issues, such as whether the game in Playtika has the function of refunding currency or points, whether there is a situation where cash and other properties are used as prizes or cash and other properties are given to others by way of repurchasing prizes, whether there are other platforms or objects Assets, major shareholders, directors, supervisors, and other related parties provide services or conveniences for their refunds, refunds, transfer of points/game currency, and cash and other property rewards or transfers.

In addition, in July 2020, the Shenzhen Stock Exchange issued a letter of concern to Giant Network, asking whether Giant Network previously disclosed the “Material Asset Purchase and Related Transaction Plan” whether the underlying asset is suspected of gambling.

Therefore, the “suspicion of gambling” may be one of the reasons why the giant network’s acquisition transaction has been repeatedly rejected by the China Securities Regulatory Commission.

The acquisition did not go smoothly. In addition to the controversy in the project itself, there were also some hidden ups and downs. Earlier, there were rumors that Shi Yuzhu was taken away by the Hangzhou police for investigation in 19 years, causing shocks in the industry.

Later, Shi Yuzhu refuted the rumors on Weibo, saying that someone went to the Securities Regulatory Commission to discredit him in order to undermine the approval of the Giant Network’s major asset restructuring project and spread rumors that he was taken away by the police.

It took more than 4 years to install Playtika in an A-share listed company. Shi Yuzhu did not give up. Through the “curve” method, he acquired Playtika with a huge amount of money from a giant network affiliate.

According to Tianyan Check, Giant Network was established on July 22, 1997 with a registered capital of 2.024 billion yuan. The legal representative is Liu Wei, Chairman of the Investment Decision Committee of Giant Innovation Investment Fund. Its business scope includes the development and sales of computer game software; online game publishing Operation; use the Internet to sell game products; animation design, production, etc. In January 2021, a large equity pledge occurred. The number of pledged shares was 79.2 million shares, and the market value of pledged shares reached 1.367 billion yuan. The shareholders include Shanghai Giant Investment Management Co., Ltd., Shanghai Tengpeng Investment Partnership (Limited Partnership) and other 10 companies. Among them, the largest shareholder is Shanghai Giant Investment Management Co., Ltd., with a shareholding ratio of 27.87%. Giant Networks invested a total of 14 companies abroad, of which Fei Yongjun, Vice President of Giant Networks, served as the company’s legal person accounted for 8 companies.

According to the first quarterly report of Giant Network, the revenue of Giant Network in the first quarter was 567 million yuan, down 18.14% year-on-year; net profit was 320 million yuan, up 1.2% year-on-year. Total assets were 10.921 billion yuan, up 7.9% year-on-year; total liabilities were 1.246 billion yuan, down 30.53% year-on-year; operating cash flow was 97.935 million yuan, down 54.11% year-on-year; investment cash flow was -273 million yuan, and financing cash flow was -170 million yuan.

In addition, Giant Network Group Co., Ltd. holds 5.77% of shares in the special securities account for repurchase, Shanghai Rhenium Investment Consulting Center (Limited Partnership) holds 4.99% of shares; Shanghai Peng Teng Investment Partnership (Limited Partnership) holds 4.73% of shares , Shanghai Gaoyi Asset Management Partnership (Limited Partnership)-Gaoyi Linshan No. 1 Yuanwang Fund holds 4.22%; Shanghai Fuye Equity Investment Partnership (Limited Partnership) holds 3.52%, Hony Capital (Shanghai ) The equity investment fund partnership (limited partnership) holds 3.39% of the shares.

Among them, Giant Investment and Tengpeng Investment are both companies controlled by Shi Yuzhu, the actual controller of Giant Network, and Giant Investment and Tengpeng Investment constitute parties acting in concert. As of the end of 2020, Shi Yuzhu’s total indirect shareholding is approximately 35.828%.

Tianyan Check shows that in the past year, Shanghai CDH Fuyuan Equity Investment Partnership (Limited Partnership) reduced its shareholding in Giant Network by 1.32%, and Shanghai Zhongjin Yiyuan Investment Consulting Center (Limited Partnership) reduced its shareholding in Giant Network by 0.89. % Equity; Shanghai Peng Teng Investment Partnership (Limited Partnership) reduced its 2.83% equity in Giant Network, and Hony Capital (Shanghai) Equity Investment Fund Partnership (Limited Partnership) reduced its 2.83% equity in Giant Network.

Shanghai Rhenium Investment Consulting Center (Limited Partnership) reduced its holdings of 0.98% of Giant Networks, and Shanghai Fuye Equity Investment Partnership (Limited Partnership) reduced its holdings of 0.66% of Giants Networks.

This means that in addition to funds controlled by Shi Yuzhu, funds such as Hony and CDH are all selling the shares held by Giant Network.

Original 64 Chinese crew members were trapped in a gambling boat at sea for a year: Some people have ringworm on their bodies, and girls chase people with knives

editor — Thu, 22 Apr 2021 21:34:10 +0000

Summary: After sending off the third batch of Chinese crew members, Wang Qiang was one of the six Chinese who remained on the “ORIENTAL DRAGON” passenger ship. As the second officer, he sat in the wheelhouse in the morning and in the evening to ensure the normal operation of the ship, which had been suspended for 13 months. In the afternoon, he will spend one to two hours reading professional books, then going for a walk on the boat and going to the gym. Abandoned at sea for a year, these common habits are his way to ensure that he can survive the long days.

This Hong Kong passenger ship was originally a gambling ship. It started sailing at the end of 2019 to attract tourists along the route in Southeast Asia. After the outbreak of the epidemic, it did not operate well. It broke down in Penang, Malaysia in March 2020. More than 200 crew members have been trapped on the ship for more than a year, including 64 Chinese crew members.

These crew members went to the sea for a seemingly good income, but in the end, they were trapped in a jail for wages. After the fuel ran out, the crew endured the darkest hours, long nights without air conditioning, eating food with bugs, and missing their relatives. After a long period of confinement at sea, some people suffered from depression.

From March 25th to April 9th this year, the Chinese crew members were sent back to China in three batches, but labor disputes continued. Whether the wages owed can be recovered or whether they can be worth a year of life in prison at sea is unknown. . The other 6 drivers will continue to be stranded, and the return date is undetermined.

Text| Gu Xin intern Xu Qiaoli

Edit| Mao Yijun

A help video taken by the crew in February this year.Photo by Wang Qiang

furnace

At 5.41 degrees north latitude, every inch of the deck is hot.

A 171.5-meter-long, 30-meter-high medium-sized passenger ship is quietly anchored in the blue, calm sea, facing the waterfront of Penang, Malaysia, 3000 meters away. It is close to the equator, with less wind and waves, and the sun shines throughout the year. In the evening, the sky is full of clouds.

There seemed to be no one on the ship, no sound, no roar of the cabin engine. Some are just silent heat. On the edge of the pool, a yellow lifebuoy floated quietly.

People hid in the room, like moles in the hole, never coming out unless necessary. On this big ship, where the heat waves are everywhere, the air-conditioned dormitory of less than ten square meters on the third floor has become a refuge cell.

The meal was set at 11:20, and they walked from the small “holes” to the hot ground. The crew dining room is on the second floor near the bow of the ship. In order to reach the place to eat, Li Tingting tiptoed downstairs, carefully wading through the sewage. The sewer was broken and overflowing water was everywhere. Li Tingting frowned, trying to ignore the smell of shit and urine.

Leaking staff restaurant on board.Picture source video screenshot

In this restaurant, lunch is served in a rectangular utensil with a rice scoop on each side, crowded with people beside it. Li Tingting, who is small, can’t squeeze others, sometimes can’t grab the food, and will be severely stepped on her toes.

Pushes and quarrels happen every day. She is numb.

Worse things are behind. After the central air conditioner broke down eight times, it couldn’t be repaired completely. The air-conditioning crew dormitory was turned off, and the chest and back were soaked after five minutes. The crew was forced to move from the third floor to the sixth floor on the top floor. This floor was originally an exclusive area for VIPs, but now it has only an independent air-conditioning system on the ship, squeezing out 200 crew members, grouped together in luxurious casinos and Chinese restaurants.

They slept crampedly on the Chase bunk, between the mattress and the mattress just before they could get their feet off. They couldn’t wash the sheets due to lack of water. The restaurants and nightclubs are covered with thick carpets and perennial mold. After sleeping for a long time, gray-green raised bacteria particles grow on the skin. It is a kind of ringworm, which is extremely itchy.

The crew huddled together to sleep.Picture source video screenshot

People’s nerves are tense, because an inexplicable word can entangle each other for a month.

Once at noon, everyone was chatting and resting in the casino. A girl asked everyone if they had an electric rice cooker, and they all shook their heads. Later, a boy said, thinking about it, I know where it is. The girl thinks that the boy is deliberately teasing her, embarrassing her, is so angry, and threatens to get a knife.

There was also a girl who went to the cockpit every day to smash the door to ask for explanation, and smashed the cockpit telescope.

They looked for all the ways to pass the time, killing the Three Kingdoms, fighting the landlords, killing the werewolves, playing mahjong, and got bored after playing a few times.

The most depressed time is when many people are together, and everyone is talking about their own affairs. “I felt a little dissociated. No one thought the same as myself, everyone was talking about their own words.” Li Tingting recalled.

During the blockade, there were five or six more couples on the ship, and several couples were separated before the seal was unblocked. Although the takeaway can be delivered, the delivery fee is 200 MYR (400 yuan off). Many novice crew members ask for money from their families, but they also conceal their own situation.

Until March of this year, the Chinese Embassy stepped in and chartered a flight to send the crew home. After getting off the boat, the feeling of fear and fear did not stop. Li Tingting found that she had become irritable and insecure. After landing in Xiamen and being arranged for an expensive hotel as a quarantine point, Li Tingting was full of doubts, “Why not arrange a cheaper one?” She didn’t trust many people and sat downstairs in the hotel for 20 hours, but in the end it didn’t help.

Gambling post

The second mate Wang Qiang never expected that he would stay on the boat for so long. The predecessor of this passenger ship was the “Vostok Dragon”, which was registered under the name of Hong Kong shipowner, Du Wenlong, to run international routes. The veteran employees who have worked on the ship for more than ten years once recalled to him that the boss was very strong, and at the peak of 2004, he earned tens of millions a day.

Wang Qiang worked on the ship for four years. When he boarded the ship again in March 2019, the business on the ship was already beyond his means, but his wages were paid fairly promptly, and he was in arrears for two or three months by accident and was quickly settled. His wife persuaded him to go home and give up that little profit. He is not reconciled. Although he has heard that business has declined in the past two years, he is more at ease on the ship after several years of cooperation.

The cruise ship was a gambling ship at first. In the past two years, Hong Kong’s tourism industry has been bleak. The shipowner has changed the route from Malaysia to Thailand. Tourists have also changed from Hong Kong and mainland tourists to people from Southeast Asian countries. The street light poles on the seashore are filled with posters to solicit customers.

In November 2019, Wang Qiang received the last instruction before his vacation, asking him to ship the “ORIENTAL DRAGON” to Penang, Malaysia: Due to poor operation, the owner leased the ship to a company in Malaysia for a two-year charter period. year.

Before sailing to Malaysia, the shipowner recruited a group of new crew interns, who graduated from a junior college or bachelor degree in navigation, and were assigned to the ship through an intermediary company contacted by the school. 60% of them come to work as waiters, and many will see the sea for the first time and go abroad for the first time.

“ORIENTAL DRAGON” is indeed a very suitable ship for novices. Li Tingting, 20, had just completed school courses. She recalled that the recruitment requirements on board were “relatively wide”, and there was no need for a cruise ship major or experience requirements. Chen Wangdong had worked in sales for several years before. At the age of 25, he hoped to go out and make a fortune. At the beginning of his career as a seaman, he planned to accumulate a little experience.

After Li Wei worked as a soldier in Gansu for five years, he changed his job. The local Social Security Bureau introduced the job and received a pamphlet that included auxiliary police, seamen, and his family. The environment of the army was relatively closed. After five years of service, he was afraid that he would transfer. The local work is not experienced enough, and he is deliberately asked to “experience” outside. After boarding this boat, Li Wei, who was from an ordinary family, became the first person of the three generations to go abroad.

There are still remnants of luxury on the ship, soft burgundy carpets, round light bulbs in nightclubs, and abstract art paintings hung on the walls. The cold light from the tall buildings along the coast of Tsim Sha Tsui is enough to excite them and dizzy. Now, 300 yuan a day can be enjoyed by elderly passengers in some tour groups.

Except for seasickness, Li Wei lives well. He lives in a double room on the third floor, each room has its own bathroom, can take a shower, and has an electric water heater to boil water.

The life of the waiter is regular, with two shifts, morning and evening-from 11:30 to 6 pm, and from the evening to 6 o’clock the next day. On the way back to the dormitory after the night shift, you can see the weak sun, like a tender egg yolk emerging from the sea level. He always couldn’t help holding up his phone to take pictures of this scene, the layers of red and hot sunlight seemed to have weight, overwhelming the sea level.

Seafarers have their own lives, and ships will dock once or twice a week. They have three hours of free time on the shore. Most crew members eat and shop together. Li Wei will take his girlfriend ashore to eat Haidilao and go to the night market to eat barbecue, burritos, flying cakes, and ice cream.

In March 2020, they received news that the Malaysian government requested that the route be suspended, and the flight will resume when the situation is better. At that time, the epidemic was sweeping the world, and news of the suspension of cruise ships broke out every day.

After the suspension, everyone began to have fun. At that time, there were Chinese, Burmese and Ukrainians stranded on the boat. Because of language problems, everyone only socialized in their own circles. The Burmese played football on the deck, and Chen Wangdong and his friends played mahjong around the table.

“At the age of more than 20 years old, living a life of more than 60 years.” They teased themselves, apparently a group of young people who have just entered the society, but they have lived a life of early retirement. While walking on the deck, Chen Wangdong looked at the shore 3,000 meters away, and began to miss those non-authentic Chinese dishes. He and his friends will disembark every day to visit Penang. He always eats Chinese food, sometimes with a cup of iced coffee.

At first, they were not very worried, the world was paralyzed, they were just paralyzed at sea. At that time, there was a weekly supply of fuel and fresh water, which would be provided at the port of Ben Thanh as usual. The small boats were loaded with fresh vegetables and the meat sailed from Penang to the cruise ship. The agent of the Malaysian company that operates the route will board the ship for regular inspections every other week.

Tenant representatives in their 50s promised them that all problems would be resolved, and also “reminded” them that they are not allowed to go home before the signed contract expires.

Sea duckweed

Until August 2020, nearly half a year later, the ship still has not resumed sailing. They had hoped many times, but they failed one by one.

The crew has not received wages since April. The shipowner comforted them, the business was not good, let them understand, and the wages would be paid in two months after the capital turnover. Gradually, the types of their food are reduced, the cakes and fruits are gone, and they are curry chicken every day.

At that time, the epidemic eased, and the crew may have to resume sailing after receiving news. But hope failed again. The representative of the Malaysian operating company informed the crew that they and the Hong Kong shipowner’s company were in a lawsuit. For the crew, they have two plans, either take one month’s salary and go home at their own expense, or continue to wait on board for the outcome of the lawsuit. At that time, at least RMB 23,000 was required to return home at his own expense.

Hope again and again, disappointment again and again. Li Tingting counted, similar repetitions “no less than 8 times.” The heart of the crew was lifted high and thrown down again. Various rumors began on the boat, and people were panicked. Chen Wangdong heard that the Burmese threw the things on the boat into the sea; there was an emotional girl who was said to be jumping into the sea.

The harsh environment made Li Tingting’s mood worse. She started quarreling frequently, “I have never had so many quarrels in my life.” In the fiercest time, she quarreled with her friend until she was close to her body, and almost got into a fight because her friend was too arrogant to borrow her cosmetics. “It doesn’t matter much if I think about it now,” Li Tingting said, everyone tried to vent their inner emotions through quarrels, and there were constant quarrels and small quarrels.

The crew was crowded indoors.Picture source video screenshot

On September 4, a Ukrainian captain boarded the ship. Prior to this, the former captain negotiated with the owner and charterer, reached an agreement, and disembarked alone with the arrears of wages and air tickets. The new captain is 1.8 meters tall, in his 50s, and his blond hair has turned white. He continued to appease the turbulent crew for the charterer.

Wang Qiang and the first officer organized a sailor’s strike. After reaching the shore, they returned to their rooms and did not leave the port or work. Then the Ukrainian captain accused them, “You are illegal.” Then a meeting of sailors was urgently called to keep them on duty.

At that time, Wang Qiang decided that as soon as the renter’s representative came, he would negotiate with him, “request for payment of the wages we owe, as well as a shift plan, and book us a return flight ticket. These must be implemented.” The renter’s representative said, They can only pay them one month’s salary. When the negotiations broke down, Wang Qiang said to the Ukrainian captain, “Our today is likely to be your tomorrow.” The other party ignored it.

After entering the litigation period, the court sealed the ship. After the stalemate, Chuan Dongfang came forward. First persuade the crew to “it is more difficult now, understand it”, then make a promise “the money will arrive in a few days, not so fast”, and finally give a specific time “you wait another week”. Wang Qiang was moved.

Everyone spent a week in hopes, and the shipowner told them that the ship would not dock and the wages would not be paid. “We were quite surprised at the time.” Wang Qiang said. Since then, the opportunity to land once a week has been deprived, and they have become a helpless duckweed on the sea.

The bad news came on November 18 that Li Tingting’s grandma passed away. On this day of the previous year, Li Tingting asked her grandma to wait for her for a year, “I told her to come back in one year.”

Grandma is Li Tingting’s closest family. Growing up in a rural area in Hebei, Li Tingting grew up with her grandparents. The old lady was diligent and planted a lot of fruits in her yard, such as watermelon, sugar cane, lotus, corn… because Li Tingting envied other people’s fruits. Li Tingting has always hoped that when she grows up, she will work hard to earn money and let her grandma live a good life.

Li Tingting broke down when she heard the news of her grandma’s death. She started to call, the mayor’s hotline, labor and social security hotline, the Ministry of Foreign Affairs… the crew all called for help in October, and this time, the voices were the same as usual, and the answers were the same as before: “To you We have been paying attention to this matter, and now we are in an economic dispute, and we can’t get in.”

Every crew member missed a lot. Chen Wangdong’s grandmother also passed away during the epidemic. The local government demanded that everything be kept simple, but Chen Wangdong could not keep up with his grandmother’s funeral. Wang Qiang’s wife spent her birthday and the Spring Festival alone, and survived her mother’s hospital stay alone.

The days on the boat turned into a hazy waiting.

The last straw

After the Spring Festival this year, a girl sat down to the stern every day, looking at the sea. Wang Qiang found someone to look at her, fearing that she would fall. Later, the girl fought with a boy and chased each other in a full boat with a fruit knife, threatening “If you don’t arrange for me (returning to China), I will kill him.” The boy was so scared that he only dared to sleep next to the bridge and stay there. Next to Wang Qiang. After that, the girls began to “do not leave their hands”, wanting to exchange for a chance to go home.

Wang Qiang arranged a VIP guest room for the girl. He asked the manager of the housekeeping department to find a small air conditioner to slowly ease the girl’s emotions. He also negotiated with the insurance company. He paid the girl four months’ salary and arranged for her to go home at her own expense.

Then another girl came to the bridge to sit for one night because of her mother’s hospitalization. Wang Qiang went to the insurance company again and paid four months’ salary as well. Subsequently, ten, twenty…a large number of crew members began to “occupy” the bridge, at most there were more than fifty.

Wang Qiang took the video at that time, and the insurance company finally arranged an agent to board the ship to understand the situation. The agent was immediately surrounded by the crew, and a girl hugged the agent’s thigh tightly, as if holding the last straw.

After being not allowed to dock, Wang Qiang, the chief mate, and a security officer began to take turns to take over the crew’s major and minor matters, soothe everyone’s emotions, and contact various organizations for help at the same time. At the end of October, the captain issued a call for help to the International Transport Workers’ Federation (ITF). In November, Wang Qiang issued a notice of abandonment to the Penang Maritime Department.

Finally, the Japanese ITF organization replied to them. Under its leadership, their abandonment insurance took effect, and the insurance company in London began to distribute supplies to the crew.

In fact, crew members were abandoned by the shipowner from time to time. According to the International Labor Organization (ILO), there will be as many as 45 shipowners abandoning ships in 2020. In the absence of supplies for months or even years, no salary, or even full of security risks, survival becomes the only goal.

It was not until this time, on March 20, that Wang Qiang received an arrangement from the insurance company to organize repatriation.

The repatriated crew bid farewell to the “ORIENTAL DRAGON”.Photo courtesy of the interviewee

Two days later, the first officer and the second officer organized a meeting in the tourist restaurant on the sixth floor. Hearing the news of the deportation, everyone cheered briefly. Some people stood up and more people lowered their hair. Chen Wangdong felt a lot better for the first time. Before that, he hadn’t had the desire to exercise for a long time, because his nutrition couldn’t keep up, he felt that his body became poor.

As if she had a premonition, Li Tingting had a dream. She dreamed that she was going home. Her mother cooked several dishes, and she ate one bowl after another. Now, she tells her mother about the repatriation, and her mother returns to her: “About when will I be able to go home? The family also keeps a lot of vegetables for you, raises a lot of crucian carp, and your favorite shrimp.”

On March 25, 18 girls including Li Tingting left the ship in the first batch. They arrived in Kuala Lumpur by boat, and then flew to Xiamen where they were quarantined in a hotel for 14 days.

On the day of return, Li Tingting went to the bridge to give the first officer and Wang Qiang some snacks to thank them for their efforts. Wang Qiang watched them get on the boat from the bridge, took a video and put it in the circle of friends, with the text “No one can understand how hard they have gone through and want to cry without tears!”

The first group of repatriated crew members disembarked.Picture source video screenshot

The batch of repatriation was decided by the first officer and Wang Qiang. Chen Wangdong was given the opportunity to return in the third batch, and his friends got the second batch, and they could only say “goodbye by destiny” to each other. After this time, Chen Wangdong said that he would not consider being a seaman again.

On April 8, Chen Wangdong returned to Penang by boat. He posted seven or eight circles of friends, one of which said, “Since you can’t be the One Piece, then go home and be the king of passersby.” However, a year of drifting at sea, in Li Tingting. A shadow was cast in his heart, unable to heal. Li Tingting’s greatest wish is to go home and “see grandma”, but she decided to bury this experience in her heart because she was afraid that grandma in the sky would worry, “I think she wants me to live well.”

As the pilot, Wang Qiang needs to maintain the daily operation of the “ORIENTAL DRAGON” and cannot leave until the lawsuit between the owner and the charterer is over. The insurance company has a promise that when the repatriation of the third group of crew members is completed, it will start arranging the return journey of the six Chinese pilots, but Wang Qiang is not sure whether this will also be a bad check.

(The characters in the text are all pseudonyms)

Sunshine City slows down: “Ten years of gambling” to ensure profit, annual sales target increase by 0.9%; “three red lines” still step on one

editor — Tue, 20 Apr 2021 00:05:09 +0000

Image source: Internet

Produced｜Sohu Finance

Author｜Wu Ya

On April 15, Sunshine City Group (000671.SZ) released its 2020 annual report and held a 2020 annual performance briefing.

“Entering the profit-oriented development stage” became the signal released by Sunshine City at this performance meeting. “The low profit rate is not terrible, but the terrible thing is the loss.” Zhu Rongbin, Executive Chairman and President of Sunshine City, was at the performance meeting. Said so.

In 2020, the overall performance of Sunshine City increased significantly, with annual revenue of 82.2 billion yuan, a year-on-year increase of 34.60%; net profit attributable to the parent company was 5.2 billion, a year-on-year increase of 29.85%. However, the gross profit margin was 18.88% during the same period, a year-on-year decrease of 6.66%.

In 2020, Sunshine City will achieve full-caliber sales of 21.011 billion yuan, equity sales of 139.565 billion yuan, and equity accounted for 64.02%, reaching its annual sales target; in 2021, it will exceed 220 billion yuan in annual sales.

As of the end of 2020, Sunshine City’s debt-to-asset ratio of 79.1% after excluding advance accounts is still “stepping on the line”; Zhu Rongbin said that Sunshine City will continue to maintain its “yellow profile” in 2021.

“The most impressive highlight in 2020 is the company’s successful introduction of Taikang Life Insurance as a strategic shareholder.” After Shoukang became a strategic shareholder, Sunshine City also announced the “Two Five-Year Plans” for the first time under the “Ten Year Gambling Agreement”. The future development goals of the company.

Gross profit margin problem: low profits are not terrible, but the terrible loss is

In 2020, Sunshine City will achieve revenue of 82.171 billion yuan, a year-on-year increase of 34.60%. Among them, the construction industry segment revenue was 897 million yuan, a year-on-year increase of 193.56%; the real estate industry contributed 96.01% of revenue to 78.889 billion yuan, a year-on-year increase of 34.27%.

During the same period, Sunshine City achieved a double reduction in management expenses, marketing expenses and fee rates throughout the year. Among them, management expenses were 1.978 billion yuan, a year-on-year decrease of 9.58%, management fees were 2.41%, a year-on-year decrease of 1.18 percentage points; marketing expenses were 2.402 billion yuan, a year-on-year decrease of 6.49%; marketing expenses were 2.92%, a year-on-year decrease of 1.28 percentage points.

In 2020, Sunshine City realized a net profit of 5.22 billion yuan attributable to its parent, a year-on-year increase of 29.85%; deducting non-net profit of 5.191 billion yuan, a year-on-year increase of 32.52%.

Under the downward trend of the industry, the gross profit margin of Sunshine City in 2020 was 18.88%, a year-on-year decrease of 6.66%. Previously, from 2017 to 2019, this indicator was 18.73%, 20.48%, and 21.55%.

During the same period, Sunshine City’s net profit margin was 6.68%, a year-on-year decrease of 0.4%. Prior to 2017~2019, this indicator was 11.8%, 13.3%, and 12.19%, respectively.

Regarding this, Zhu Rongbin, executive chairman and president of Sunshine City Group, said frankly that in recent years, due to price restrictions and adjustments, the profit rate of the industry has indeed been declining. “Because our profit rate was not high in the past, we are still in a stable situation. “.

In his view, the real estate industry has bid farewell to the era of high dividends. After adapting to the regulation, the profit rate will remain stable after a period of decline.

He said that behind the expansion of the profit scale, it is important to ensure the realization of the safety of profits. “The low profit rate is not terrible, but the terrible thing is to generate losses.”

Insurance capital invested 94.2 billion in net profit of “10-year gambling”, and proposed two “five-year plans”

In fact, with Shoukang’s shareholding, under the “10-year gambling agreement”, for Sunshine City, “delivering on performance and profit growth promises” has become a top priority.

In 2020, the real estate market staged two “marriage” dramas between insurance funds and real estate companies. In the end, China Merchants Shekou failed to introduce Ping An, and Sunshine City successfully partnered with Taikang. At that time, Sunshine City introduced Taikang’s 3.4 billion war investment and signed a 10-year net profit gambling agreement of 94.2 billion.

Specifically, Sunshine City promises a “10-year commitment”: the total net profit attributable to the parent in the first 5 years will be no less than 34 billion yuan, and the cumulative net profit attributable to the parent in the next 5 years will reach 60.164 billion yuan, and the total net profit attributable to the parent in the 10 years Reached 94.223 billion yuan; and if the performance does not meet the target, Sunshine City must provide corresponding cash compensation to Taikang.

“The strongest highlight in 2020 is the successful introduction of Taikang Life Insurance as a strategic shareholder.” Zhu Rongbin said at the performance meeting that Taikang’s shareholding ratio exceeded 13%. At the same time, two directors were stationed to participate in the management of the company and optimize governance with modern company management concepts. The structure improves the management standard; on April 5, Taikang and Sunshine City also formally signed a strategic cooperation agreement to cooperate in various business sectors such as capital, project investment and property listing.

“Sunshine City has made a ten-year performance commitment. This will be a severe test for our operation and management.” He said that in accordance with the development goals, Sunshine City has formulated the company’s development plan for the next 10 years, namely two “five years”. Annual plan”.

Sohu Finance understands that in the planning of the first “Five-Year Plan” (2020 to the end of 2024), Sunshine City seeks “continuous and steady growth in profit scale” and “three red lines” all meet the standards, and “green smart home becomes IP “Achievement of other goals.

In the planning of the second “five-year plan” (2025 to the end of 2029), Sunshine City stated that it will open up a new track in real estate-related fields, have the ability to obtain stable income and sustainable development, and build a future-oriented, self-made blood. , An iterative sustainable development organization.

Sunshine City is a member of Fujian-based real estate companies. From 2016 to 2019, Sunshine City’s sales were 48.7 billion yuan, 91.5 billion yuan, 162.9 billion yuan, and 211 billion yuan, representing a year-on-year increase of 57%, 88%, 78%, 30%.

In terms of sales performance, in 2020, Sunshine City will achieve a full-caliber sales of 21.811 billion yuan. Although the annual sales target has been reached, the growth rate is only 3.3%; for the 2021 annual sales target, Sunshine City seeks “stability” and only sets it as “2200+” “If calculated at 220 billion yuan, this year’s sales growth rate is only 0.9% year-on-year.

The annual report shows that in 2020, Sunshine City will pay a total land price of 70.7 billion yuan for the whole year, of which the equity land price is 40.2 billion yuan, and the total supplementary equity land reserve is about 7.2596 million square meters; the total value of newly confirmed rights is 180 billion yuan, first- and second-tier goods The value accounted for about 70%, and the greater Fujian, the Yangtze River Delta, and the Pearl River Delta accounted for about 63%.

As of the end of 2020, Sunshine City’s accumulated land reserves totaled 42.519,700 square meters, a year-on-year increase of 3.7%. Among them, first- and second-tier cities are expected to account for 75.96% of the future saleable value.

“At the beginning of 2019, Sunshine City set a sales target of 200 billion yuan+. This is the cause of the epidemic on the one hand, and Sunshine City’s prediction of future development.” In Zhu Rongbin’s view, for real estate companies, the scale , Profit and financial indicators are the “impossible triangle” and it is impossible to take care of them all.

He said that in 2021, Sunshine City will strictly abide by the “three revenues and three expenditures”: investment, sales and replenishment based on sales; and to promote the “trillion-yuan reform” strategy. “In order to achieve this goal, Sunshine City has already completed the project at the beginning of this year. The organization of the marketing area is sinking, bringing the marketing command closer to the front line.”

Talking about the “Three Red Lines”: “Keep in the Yellow File in 2021”

In just four years, the sales of Sunshine City went from 30 billion yuan to 200 billion yuan, and the financial indicators once deteriorated. From 2016 to 2019, the debt-to-asset ratio of Sunshine City was above 83%; the net debt ratio was 259.93%, 252.25%, 182.22%, and 138.2%, respectively.

With the cash generated by sales growth and the deleveraging and structural adjustment since 2017, Sunshine City has achieved the “three red lines” from the “orange level” to the “yellow level” six months in advance.

In 2020, Sunshine City’s total assets were 352.301 billion yuan, a year-on-year increase of 14.55%; the net assets attributable to shareholders of listed companies was 306.93%, a year-on-year increase of 14.76%.

In the same period, the scale of Sunshine City’s interest-bearing liabilities was 106.039 billion yuan, a year-on-year decrease of 5.59%. Among them, the scale of short-term interest-bearing debt was 32.524 billion yuan, down 3.06% year-on-year; non-bank financing accounted for 24.94% compared to the end of last year, and continued to drop to 20.34%.

As of the end of 2020, Sunshine City’s asset-liability ratio was 83.18%, a year-on-year decrease of 0.25 percentage points; the interest-bearing asset-liability ratio reached 30.10%, a year-on-year decrease of 6.41 percentage points; the net debt ratio was 94.90%, a year-on-year decrease of 43.04 percentage points.

At the end of the period, Sunshine City’s book currency funds were 49.805 billion yuan, which could fully cover short-term interest-bearing liabilities of 32.524 billion yuan, and the cash short-term debt ratio was 1.53 (after deducting restricted funds of 9.290 billion yuan and pre-sale supervision funds of 6.021 billion yuan, cash short-term debts) The ratio is 1.06).

However, as of the end of 2020, Sunshine City’s debt-to-asset ratio after excluding advance accounts was 79.1%, a year-on-year increase that still did not meet the regulatory requirements, a year-on-year increase of 1.5 percentage points.

The annual report shows that in 2020, Sunshine City’s advance receipts are 68.94 billion yuan, a year-on-year decrease of 13.94% from the 80.11 billion yuan in 2019.

In this regard, Zhu Rongbin said, “It is possible to stay in the yellow file for a long time in the future, and it is indeed a bit difficult to strive for the first five years to achieve full compliance with the “three red lines”.

New track expansion: spin off property listings and force Mengxiangjia

At the performance meeting, Sunshine City revealed that it will expand in new tracks in 201. On the same day, Sunshine City disclosed the plan to spin-off its subsidiary, Shanghai Sunshine Zhibo Life Service Group Co., Ltd. (hereinafter referred to as “Sunshine Zhibo”) to list overseas (Hong Kong Stock Exchange).

According to the announcement, Sunshine Zhibo was established in July 2020. As of the announcement date, Sunshine City and its wholly-owned subsidiary Fujian Sunshine Real Estate Development Co., Ltd. hold 72.39% of its shares (including the direct shareholding ratio of Sunshine City). 71.68%).

In 2020, Sunshine Zhibo will achieve operating income of 1.371 billion yuan, a total profit of 226 million yuan, and a net profit of 173 million yuan, of which the net profit attributable to the owners of the parent company is 173 million yuan.

As of the end of 2020, Sunshine Zhibo’s consolidated total assets are 1.437 billion yuan, total liabilities are 814 million yuan, and net assets are 624 million yuan. Among them, the owner’s equity attributable to the parent company is 624 million yuan.

“After the independent listing of Sunshine Zhibo, it will not have any material adverse impact on the continuous operation of the company’s other business segments, and will not affect the company’s independent listing status.” Sunshine City said in the announcement that Sunshine Zhibo will continue to be listed overseas. Maintain a controlling interest in Sunshine Zhibo; after Sunshine Zhibo is listed overseas, it will help to enhance Sunshine Zhibo’s own market competitiveness.

At the performance meeting, Wu Jianbin, executive vice president of Sunshine City, said that the progress of the listing is currently being comprehensively arranged and promoted. “If it goes well, it can be completed this year.”

The spin-off and listing of property companies is currently the path that many real estate companies will choose. Sunshine Zhibo’s more detailed financial data and operating conditions will not be announced until the prospectus is submitted.

Mengxiangjia is a brand new business incubated by Sunshine City, dedicated to providing one-stop full-cycle home improvement and home integration services for urban families.

Real estate companies’ home improvement business is not a new thing. Before Sunshine City, Vanke “Wanke” and Country Garden “Orange Home” have entered the home improvement industry; Evergrande, Greenland, Poly and many other leading real estate companies have also entered into the home improvement industry. Home furnishing companies have cooperation.

The operating entity of Mengxiangjia is Shanghai Mengxiangjia Enterprise Development Co., Ltd., which was established in July 2019; In July 2020, Sunshine World Commercial Management Co., Ltd. (a wholly-owned subsidiary of Sunshine City) withdrew from the investment company Shanghai Mengxiang Home, Sunshine City is currently a wholly-owned holding company.

On March 5 this year, the Mengxiangjia Division officially announced that “the real estate industry in 2021 will still face many uncertainties, which requires our advanced strategic vision and wisdom to deal with it.” At that time, Zhu Rong said. .

Sunshine City slows down: “Ten years of gambling” to ensure profit, annual sales target increase by 0.9%; “three red lines” still step on one

editor — Mon, 19 Apr 2021 23:08:10 +0000