“The sales of edible mushrooms such as Flammulina velutipes have obvious periodicity. The sales in the second and third quarters of each year are not good, and the company is losing money. However, liquor products are more anti-cyclical. There is no obvious off-peak season and can be effective. Supplement the company’s operations.” A related person from Zhongxing Fungi told Times Finance.

After rubbing shoulders with Yuancheng Gold (600766.SH), the Shengjiao Liquor Industry, a wine company in Moutai Town, was spotted by another listed company. This time the buyer was a company that sells enoki mushrooms.
Image source: Visual China
On the evening of June 20, Zhongxing Fungus (002772.SZ), whose main business is the cultivation of Flammulina velutipes and Agaricus bisporus, issued an announcement stating that it intends to acquire Guizhou Maotai Town Shengjiao Wine Co., Ltd. (hereinafter referred to as “Shengjiao Wine”) in cash. Industry”) 100% equity.
Why did a company selling enoki mushrooms and other agricultural products suddenly intervene in the liquor industry?
In an interview with Times Finance and Economics on June 21, a relevant person of Zhongxing Fungus Industry stated that the purpose of acquiring Shengjiao Wine Industry is mainlyIn order to expand the second revenue growth point, butAt present, the parties to the merger and acquisition have only reached a preliminary intention, and the specific purchase price has not yet been determined.
“The sales of edible mushrooms such as Flammulina velutipes have obvious periodicity. The sales situation in the second and third quarters of each year is not good. The company often loses money, and the consumption of liquor products is more anti-cyclical, and there is no obvious off-peak season. , Can effectively supplement the company’s revenue.” The person said.
Shengjiao Winery Curve goes public?
inCrowdXingBefore the announcement of the acquisition by Fungus Industry, Shengjiao Wine Industry was almost in the pocket of “the smallest A-share listed company” Yuancheng Gold to achieve a curve listing.
On September 22, 2020, Yuancheng Gold, which has only 20 employees, announced that it intends to acquire 100% equity of Shengjiao Wine Industry.But after 2 months, Yuancheng Gold announced the acquisitiontermination, The reason is that the two parties in the transaction cannot reach an agreement on the valuation.

In addition to backdoor A-share listed companies, Shengjiao Wine Industry has also revealed its plans to list in Hong Kong. In September 2018, at the Sino-Chongqing Liquor Exchange Center Promotion Conference and Shengjiao Shares 2020 listing briefing held by Xinfeitian Winery Group, the parent company of Shengjiao Wine Industry, in Nanjing, Xinfeitian Wine Industry Group stated that in order to speed up Shengjiao Wine For the development of the industry, the company plans to be listed on the Hong Kong Main Board in 2020. However, the company’s latest statement on this is that it originally planned to go public in Hong Kong, but taking into account the impact of various factors such as the epidemic, it suspended its plan to go public in Hong Kong. Today, Shengjiao Wine Industry has become one of the wine companies that the Renhuai Municipal Government of Guizhou promotes to go public. In June of this year, Shengjiao Winery, together with Guotai Winery, Xiaohuduxian Winery, Zhenjiu Winery, Yanbo Winery Co., Ltd. and many other well-known wine companies in Guizhou, appeared in the Guizhou Province listing announced by the Guizhou Local Financial Supervision and Administration Bureau. Listed in the list of backup enterprise resource libraries. In October 2020, Wang Nengke, deputy secretary and mayor of Renhuai City, also held a listing work scheduling meeting in Shengjiao Wine Industry to listen to and study and solve the difficult problems in the listing process of Shengjiao Wine Industry. He said that all relevant departments in the city It is necessary to vigorously support the listing of Shengjiao Wine Industry, under the principle of not touching the bottom line and not touching the red line, special and urgent matters must be handled quickly. Relevant departments must go deep into the enterprise site to find out the situation of the enterprise, and solve the problems of taxation, asset reorganization, and precise land use and location in accordance with the law. After rubbing shoulders with Yuancheng Gold, Zhongxing Mushroom has become another hope for Shengjiao Wines to be listed on the curve. Fineness to be tested The move to seek listing is quite positive, but the fineness of the Shengjiao wine industry has yet to be tested. Public information shows that Shengjiao Wine Industry was established on June 30, 2011, with a registered capital of 144 million yuan (RMB, belowSame), Liu Jian and Liu Liangyue hold 99.5% and 0.5% of the shares respectively. Shengjiao Winery is located in the core production area of ​​7.5 square kilometers of soy wine in Maotai Town. Currently, it has achieved a production capacity of 60,000 tons of wine and 3,500 tons of annual wine. CrowdXingIn the above announcement, Fungus Industry stated that the sauce-flavored liquor products such as “Holy Cellar”, “Imperial Saint Cellar” and “Hundred Years Saint Cellar” of Shengjiao Liquor Industry have been rated as “the first most internationally popular Chinese wine appraisal activity in 2012.” “Gold Award”, “Chinese Consumer Satisfaction Famous Special Excellent Liquor”, “Leading Brand of Chinese Liquor Industry”, “Top Ten Famous Products of Chinese Liquor Industry”, “China Famous Brand” and other titles. However, according to the brewing process of Maotai-flavored liquor, the general production cycle of Maotai-flavored new liquor takes 1 year, and the new liquor produced will not enter the market until it is stored for about 5 years. For example, it usually takes a bottle of Moutai from production to delivery. It took 5 years. Shengjiao Wine Industry was only established in 2011. How did it win the above awards in one year? In addition, the publicXingThe statement in the announcement by Fungus Industry that “Shengjiao Wine Industry has achieved a national distribution of sales channels” is also worthy of scrutiny. Times Finance noted that the number of fans in the flagship store of Tmall Shengjiao is only 892. The store sells more than 10 types of Shengjiao wines, priced from 43 yuan/bottle to 4999 yuan/bottle, of which the highest sales volume is “53 degrees”. “Daqu sauce-flavored liquor tasting small bottle” is priced at 43 yuan per bottle, and the monthly sales volume is only 82, while the monthly sales of most other products are 0.On JD.com, another e-commerce platform, Times Finance did not inquire about the relevant products of Shengjiao Winery. At the same time, some liquor dealers in Guangzhou, Zhengzhou and other places think that the Shengjiao wine industry is somewhat unknown. They told Times Finance that they rarely see Shengjiao Winery’s products locally. When Yuancheng Gold acquired Shengjiao Winery, it also received an inquiry letter from the Shanghai Stock Exchange due to the strange growth of the latter’s performance. According to the data previously disclosed by Yuancheng Gold, Shengjiao Winery lost 2.794 million yuan in 2018 and turned a profit of 8.1103 million yuan in 2019. 2020In the first 8 months,Shengjiao Winery made a profit of 10.148 million yuan again. However, Yuancheng Gold did not explain why the performance of Shengjiao Wine Industry has seen explosive growth in the past two years. In the impression of local people in Moutai Town, Shengjiao Wine Industry is more like a liquor sales company than a liquor company that integrates production and sales. “They usually buy wine from other wineries to make OEM products for sale. It is rare to hear that they produce and sell themselves.” On June 20, a Moutai town wine shop operator told Times Finance and Economics. As for the specific asset strength and operating conditions of Shengjiao Winery, the above-mentioned people from Zhongxing Fungus Industry said that they are not clear about Times Finance. “We have just sent an audit and accounting team to the past. After the statistics and inventory are completed, we will have a clear understanding of the Shengjiao Wine Industry, and then decide whether to acquire it in the end.” The person also told Times Finance that the company has understood that the acquisition of Shengjiao Winery and Yuancheng Gold was finally discontinued due to the failure to negotiate the valuation, but it is not clear about the proposed acquisition between Shengjiao Winery and Yuancheng Gold. price. He also emphasized that now the two parties have only reached a preliminary intention, and the acquisition has not officially started. Why do mushroom sellers sell liquor? Unlike Yuancheng Gold, which has an annual revenue of only more than 10 million yuan, Zhongxing Fungus has a solid industry and market. Public information shows that Zhongxing Fungus Industry is located in Tianshui City, Gansu Province. It is a factory modern agricultural enterprise specializing in the research and development, production and sales of edible fungi. As of December 31, 2019, the daily production capacity of Zhongxing Mushroom edible fungi was 905 tons, of which the daily production capacity of Flammulina velutipes was 745 tons and the daily production capacity of Agaricus bisporus was 160 tons. According to the financial report, in 2020, Zhongxing Fungus Industry achieved revenue of 1.483 billion yuan, a year-on-year increase of 28.32%, and a net profit of 189 million yuan, a year-on-year increase of 176.24%. A local government official in Tianshui City told Times Finance that Zhongxing Fungus Industry is currently one of only three listed companies in Tianshui City. The local government has a lot of support. In addition to tax exemption, certain financial subsidies will be given every year. Why did a little-known liquor company with doubts about the product market become the “sweet pastry” in the eyes of a mushroom manufacturer after missing the Yuancheng rice wine? Many investors believe that after the acquisition of Shengjiao Liquor, Zhongxing Mushroom can be stained with today’s hot liquor concept and raise its stock price and market value. “As long as the liquor can take off, the daily limit will definitely not be less,” said some investors. The above-mentioned people from Zhongxing Fungus Industry told Times Finance: “The sales of edible mushrooms such as Flammulina velutipes are obviously cyclical. The sales in the second and third quarters of each year are not good, and the company often loses money. And the anti-cyclical nature of liquor products Stronger, there is no obvious off-peak season, which can effectively supplement the company’s operations.” Times Finance checked the financial reports of Zhongxing Fungus Industry over the years and found that Zhongxing Fungus Industry made a loss in the second quarter of 2020, the second quarter and the third quarter of 2019. In addition, the high gross profit margin of liquor products also makes mushrooms and other agricultural products unmatched. The financial report shows that the gross profit margin of Zhongxing Fungus Industry in 2020 is only 27.60%. In contrast, the gross profit margin of many listed liquor companies exceeds 70%, and the gross profit margin of Moutai is more than 90%. Zhongxing Fungus Industry also told Times Finance that despite the support of taxation and other financial policies, the gross profit margin of fungus products is much lower than that of liquor products. It should be pointed out that in terms of sales channels and marketing, mushrooms and other fungus products are very different from liquor. If it succeeds in acquiring Shengjiao Winery, how will Zhongxing Fungus deal with the relationship between the two major businesses in the future? The above-mentioned people from Zhongxing Fungus Industry told Times Finance that, like Fosun and other foreign capitals acquiring liquor companies, if the acquisition is successful, the company will not intervene in the specific sales and channels of Shengjiao, and will completely leave it to the original team for operation. We just use baijiu as a supplement to revenue.” As of June 20, the stock price of Zhongxing Fungus Industry had a daily limit of RMB 9.64 per share. From June 15th to June 18th, the stock price of Zhongxing Bacteria has risen for four consecutive days. The content on this website (including but not limited to text, pictures, audio and video), except for reprinting, are all copyrights of Times Online. Reprinting, linking, reposting, or other use is prohibited without the authorization of a written agreement. Anyone who violates the above statement will be held accountable by this website. For other media, websites or personal use, please contact Mr. Ding on this website: chiding@time-weekly.com

The outbreak of the epidemic also made us realize the faces of many businessmen. For example, Jack Ma’s Alibaba donations and materials counted a total of one billion yuan, but in Alibaba, I don’t know how many companies donated money and materials. And we ordinary people have also extended a helping hand, and even many people who live by picking up trash have donated their only savings.

But such an enterprise became an iron cock when the Chinese people needed their help the most. Of course, Guo Taiming was retaliated soon, and suffered a lot, because most of the Foxconn employees in this epidemic were unable to resume work normally.

Foxconn is famous for relying on the foundry iPhone, but in recent years iPhone sales have fallen and domestic labor costs have risen, and Foxconn has gone to India for development. First, 5 billion was invested in India, but the Indian factory plan was still blocked. At the time when Foxconn deployed the Indian market, BYD, a new domestic giant, rose rapidly. BYD is not only an automobile factory, but also a large mobile phone foundry.

The CEO of BYD is an automobile factory in the eyes of many people. In fact, BYD is involved in a lot of industries. BYD wants to step into new fields and acquire the latest popular mobile phone software, from thousands of dollars of Adidas Nike and other sports shoes to major fashion brands. , And then to LV Rolex and other famous bags and watches that cost tens of thousands of yuan, it only costs one or two hundred on the purchase of goods.Everyone crazy download

In 2018, BYD achieved 19.5 billion yuan in revenue, becoming the second largest mobile phone foundry after Foxconn.

However, BYD is different from Foxconn in that it insists on independent research and development of core technologies, continuously improves its foundry strength, and creates its own characteristic production line, which Foxconn did not expect. Terry Gou also realized that Foxconn’s position is being impacted.

Now BYD has won orders from mobile phone giants such as Samsung, Apple, and Huawei, and its foundries are not limited to domestic ones. BYD factories have been built in India, Romania and other places. BYD’s early global deployment is worthy of being a new giant that can threaten Foxconn. Gou did not expect that BYD was quietly rising when he was deploying in India.

Foxconn first took a fancy to the Indian market. The low labor force in India can reduce a lot of costs. However, Foxconn has recently suffered setbacks in India and wants to return to the domestic market. It’s easy to leave and it’s hard to turn around. Gou made a wrong calculation this time. The new foundry giant has already swallowed most of the orders, and it’s hard to come back.

It can be said that the Chinese people also taught Guo Taiming a lesson this time. It is not that the mainland cannot do without him, but he cannot do without us.

On April 10, some media broadcasted a live video of Guo Jingjing and Huo participating in an event with his mother and younger brother.

In the video, she stands in the middle with her mother, and Guo Jingjing and her brother-in-law stand on both sides. The family members are very good-looking and temperamental, which makes people suspect that the penetrating style of the old-fashioned giants is really unusual.

Guo Jingjing attended the formal occasion, wearing a red dress, smiling and looking good. The three-dimensional pattern and the right tailoring make this skirt look different, showing Guo Jingjing’s good figure and elegant temperament. Guo Jingjing chose a pair of flat shoes, which was a bit surprising, but seeing her mother-in-law Zhu Lingling standing in the middle, she probably understood that Guo Jingjing was not the protagonist of this event, so she did not deliberately wear high heels to avoid being too bright.

Standing next to his wife Huo was wearing a dark blue suit and white sneakers, plain and decent. Huo and Guo Jingjing both hold a book in their hands, and they even hold the book in the same posture on the left and right. Even the small details are full of love and tacit understanding, and the relationship between husband and wife is really enviable.

Compared with children dressed in low-key, 63-year-old Chu Lingling is too smart. Zhu Lingling wears a light gold coat, gray pants and a pair of small gold high heels. She looks elegant and expensive, making people think that she is born to be a beauty pageant champion. Even if she is old now, her image and temperament are one of the best.

However, although her mother-in-law is smart, Guo Jingjing’s aura is not weak at all, even if she stands on the side, she will not be ignored in the slightest.on the one hand

It is due to Guo Jingjing’s extraordinary achievements as an Olympic champion. On the other hand, it is because Guo Jingjing gave birth to two daughters and one child after marrying Huo Qigang. Her son Huo Zhongxi is also the grandson of Huo’s parents. Her status in the wealthy family is unshakable.

But in fact, the most important thing is that Huo Qigang and Guo Jingjing’s relationship has always been very good. Huo Qigang’s love and respect for his wife exist in every bit of daily life. For example, before the two moved out of the Huo family house to live independently with their children, I believe Huo Qigang also fought with the parents. Looking at the children’s education issues nowadays, both Huo Qigang and Guo Jingjing’s young couple decided on their own. Even the grandfather Huo Zhenting took the time to visit the children during his busy schedule. Guo Jingjing asked his grandpa to wait and meet after the children finished their homework. It can be seen that Guo Jingjing’s right to speak at home is very large.

Master Lin said: It is said that Guo Jingjing married well, but in fact Guo Jingjing has become a winner in life before marrying Huo Qigang. Guo Jingjing and Huo Qigang are actually two equally good people attracting each other, and it is by no means either one of them is climbing high.

Disclaimer: The article is original by Master Lin’s entertainment team, plagiarism and reprinting are prohibited. The picture is from the Internet. Please contact to delete the infringement. More entertainment information is available in Master Lin.

Friends who like to travel should not be unfamiliar with wind and rain covered bridges in minority areas, because they are a very common bridge construction. These covered bridges not only allow people to walk through rivers and streams, but also provide shelter for passers-by. The place of rain is also a resting place for pedestrians who have traveled long distances in the depths of the mountains. There are many well-known covered bridges in China, especially those ethnic minority autonomous counties in Guizhou. Almost every cottage has wind and rain covered bridges, and there are many famous ones. However, as far as the wind and rain covered bridges in Guangxi are concerned, it has to be said that they are located in Sanjiang, Liuzhou. Chengyang Yongji Bridge. Yongji Bridge is a wind and rain covered bridge for the Dong nationality. It is located at the Linxi River in Chengyang Bazhai (Ma’anzhai), Linxi Township, Sanjiang Dong Autonomous County, Guangxi. The bridge is 96 meters in length, 4 meters in width and 7 meters in height. It is preserved in Guangxi. One of the most perfect stone arch bridges so far, it is now a national key cultural relics protection unit, and it was also included in the country’s preliminary list of declarations of world cultural heritage to the United Nations in 1997. Yongji Bridge is a representative gallery bridge built by the Dong compatriots over thousands of years, which contains super-high architectural skills and wisdom. Maybe some friends don’t know much about the Dong nationality. In fact, it is a relatively ethnic minority living in southwest my country. The total population exceeds 2.5 million. The Dong nationality compatriots are good at wooden construction. In their Dong villages, there are many buildings everywhere. Drum Tower, Zhaimen, Dajiaolou and Fengyu Bridge with peculiar shapes and rigorous structure. According to the staff, Yongji Bridge is also known as Chengyang Bridge or Chengyang Fengyu Bridge because it is located at the entrance of Chengyang Bazhai. The bridge was built in 1912 and has a history of 109 years. From the structure of the bridge Look, the lower part of the bridge is composed of two piers and three piers built with blue stones. The piers are six-sided columns. The upstream and downstream are all pointed, with an angle of attack of 68 degrees. Therefore, the design is extremely scientific, even if it encounters no matter how large the water is. Its scouring force will also be quickly removed. As a national key cultural protection unit and a quasi-world cultural heritage, Chengyang Yongji Bridge is not only a landmark of Chengyang Bazhai, but also one of the landmarks of Sanjiang County. The villagers in the village are also full of affection for it, and often also Some grand and grand welcoming ceremonies are held on this bridge. For example, the picture above is the situation encountered when Yu Fan went to visit. The beautiful Dong family girl stopped the bridge head of Yongji Bridge with a red rope, and the tourists entered the village. Either drink, or sing in antithesis, otherwise you will not be allowed to enter the village. A very interesting welcome ceremony. There are five bridge pavilions in Yongji Bridge, and the tops of these bridge pavilions and the corners of the eaves are inlaid with beautiful ornaments. Tung oil, lime, and glutinous rice syrup are used as raw materials to create lifelike auspicious birds. According to the old people in the stockade, these gourds and auspicious birds have good meanings, such as a bunch of gourds, which symbolizes a good weather, a lot of fruits, and a good harvest every year. And the auspicious birds are like spreading their wings and want to fly, which is a good embellishment for the beautiful pictures of Wind and Rain Bridge. The length of Yongji Bridge is 77.6 meters, the width is 3.75 meters, and the height is 20 meters. Its structural technology and plastic art form a high degree of unity. In those days, the ink masters and craftsmen did not need to draw, make molds, or nail or rivet. They all relied on a wooden square called “fragrant pole” by the locals to measure, draw, chisel, and saw to make the structure complex and majestic. The magnificent wind and rain bridge was built. At the bridgehead of Yongji Bridge, there is a red inscription, which is said to be inscribed by Mr. Guo Moruo. In 1965, after Mr. Guo Moruo saw the model of Chengyang Bridge in Beijing, he was pleasantly surprised and happily wrote the three characters “Chengyang Bridge”. And praised with poems: Yan said the Linxi Wind and Rain Bridge, which is twenty feet long and four feet long. The Zhongling Liange is pleasant and ingenious, and the columns flow into Wangyao. Bamboo and wood are stronger than iron, and the tea forest will grow new seedlings forever. When you can get to the Three Rivers Road, learn how to use plows and work hard. At the bridgehead of Yongji Bridge, we saw pieces of bluestone tablets erected on them, which recorded the names of the donors of the villages and villages when the Fengyu Bridge was built. According to the “Sanjiang County Chronicles”: Actively strive to be the first… The supply of materials is regardless of the rich or the poor, the service does not count the sun and the moon, men and women, old and young, only do their best, and never stop without prejudice.” The Dong family’s love of public welfare, solidarity and friendship can be seen from this. This is the treasure of Chengyang Bazhai town-Yongji Bridge. As a wind and rain bridge spanning the river with all stone and wood structure, it has a long history and is beautiful in appearance, exquisitely crafted and well-preserved. It may become a world cultural heritage in the future. It’s just a matter of time. If you have the opportunity to visit Liuzhou, you can stop here.

The outbreak of the epidemic also made us realize the faces of many businessmen. For example, Jack Ma’s Alibaba donations and materials counted a total of one billion yuan, but in Alibaba, I don’t know how many companies donated materials. And we ordinary people have also extended a helping hand, and even many people who live by picking up trash have donated their only savings.

But such an enterprise became an iron cock when the Chinese people needed their help the most. Of course, Guo Taiming was retaliated soon, and suffered, because most of the Foxconn employees in this epidemic were unable to resume work normally.

Foxconn is famous for relying on the foundry iPhone, but in recent years, iPhone sales have fallen and domestic labor costs have risen. Foxconn has gone to India for development. First, he spent 5 billion in India, but the Indian factory plan was still blocked. Just as Foxconn deployed the Indian market, BYD, a new domestic giant, rose rapidly. BYD is not only an automobile factory, but also a large mobile phone foundry.

The CEO of BYD is an automobile factory in the eyes of many people. In fact, BYD is involved in a lot of industries. BYD wants to step into new fields and acquire the latest popular mobile phone software, from thousands of dollars of Adidas Nike and other sports shoes to major fashion brands. , And then to the LV Rolex and other famous bags and watches that cost tens of thousands of yuan, only one or two hundred in the shopping.Everyone crazy download

In 2018, BYD achieved 19.5 billion yuan in revenue, becoming the second largest mobile phone foundry after Foxconn.

But BYD is different from Foxconn in that it insists on independent research and development of core technologies, continuously improves its foundry strength, and creates its own characteristic production line, which Foxconn did not expect. Terry Gou also realized that Foxconn’s position is being impacted.

Now BYD has won orders from mobile phone giants such as Samsung, Apple, and Huawei, and its foundries are not limited to China. BYD factories have been built in India, Romania and other places. BYD’s early global deployment is worthy of being a new giant that can threaten Foxconn. Gou did not expect that BYD was quietly rising when he was deploying in India.

Foxconn first took a fancy to the Indian market. India’s low labor force can reduce a lot of costs. However, Foxconn has recently suffered setbacks in India and wants to return to the domestic market. It’s easy to leave and it’s hard to turn around. Gou made a wrong calculation this time. The new foundry giant has already swallowed most of the orders, and it’s hard to come back.

It can be said that the Chinese people also taught Guo Taiming a lesson this time. It is not that the mainland cannot do without him, but he cannot do without us.

On April 11, some media reported that Guo Xudong, the former “first sister of the China Securities Regulatory Commission”, had officially joined Wuhan Modern Technology Industry Group Co., Ltd. (hereinafter referred to as Modern Group), one of the largest private enterprises in Hubei, and served as the vice chairman of the board. .

Prior to this, Guo Xudong served in the China Securities Regulatory Commission for 21 years, and was in charge of the IPO issuance review work in the Issuance Department for many years, and served as a five-term issuance review committee. In August 2019, Guo Xudong was revealed to have submitted his resignation to the Securities Regulatory Commission. Since the identity of the supervisory cadre is more sensitive, Guo Xudong’s whereabouts have been confusing. However, in September last year, a report on the official website of Contemporary Group Sun Company accidentally revealed Guo Xudong’s next stop.

The joining of Guo Xudong also makes Contemporary Group and founder Ai Luming become the focus of market attention. Accompanied by arduous entrepreneurship and dazzling capital operations, Dangdai Group started from a small research institute established in 1988 with a start-up capital of 2,000 yuan, and finally grew into one of the largest private enterprises in Hubei with multiple listed companies and 100 billion assets. One. However, cross-industry operations and a large number of mergers and acquisitions activities have also made Modern Group’s goodwill and debt high, and internal troubles are deeply hidden. Now that Guo Xudong’s arrival can help Contemporary Group to eliminate financial “hidden worries”, perhaps it is particularly worthy of attention.

In the past, the “first sister of the trial” joined the contemporary group

Guo Xudong is no stranger to many listed companies. According to public information, Guo Xudong served as a member of the 9th, 10th, 11th, 17th, and 18th issuance review committees, and he can be described as a “five dynasty veteran.”

In 2007, Guo Xudong’s name appeared for the first time on the list of the Issuance Examination Committee of the China Securities Regulatory Commission as a part-time member, and was re-elected as a part-time member of the Issuance Examination Committee in 2008 and 2009. In 2010, Guo Xudong temporarily left the front line of IPO review, and has since served as Deputy Inspector and Deputy Director of the Non-listed Public Companies Department of the China Securities Regulatory Commission and Deputy Director of the Public Companies Department of the China Securities Regulatory Commission. After seven years away from the front-line issuance review work, Guo Xudong returned to the issuance review committee again in September 2017. At this time, her position was the deputy director of the issuance supervision department of the China Securities Regulatory Commission and ranked first on the list of the issuance review committee. Because of its professional skills and strict requirements on investment banking business, it is known by the market as the “iron-clad issuance review committee” and the “IPO gatekeeper”.

However, in early August 2019, it was reported that Guo Xudong had formally submitted his resignation to the Securities Regulatory Commission and was approved in September of the same year. However, it was not until July 2020 that the China Securities Regulatory Commission officially released an announcement to remove Guo Xudong as a member of the 18th Issuance Examination Committee.

Due to the sensitive identity of the supervisory cadres, Guo Xudong’s whereabouts after leaving his post has attracted much attention from the market, but it has always been an unsolved mystery. During this period, there were many rumors that it would accept the invitation of the brokerage company to “go into the sea”, but to no avail. It was not until September last year that Guo Xudong’s next stop was revealed in a news report by a Sun company under the Modern Group.

On September 11, 2020, the official website of Yichang Sanxia Pharmaceutical Co., Ltd. published a report titled “Leaders of Contemporary Group and Renfu Pharmaceutical Group Investigating Neomycin Sulfate Industrial Base”, which mentioned On August 18, Guo Xudong, Vice Chairman of Contemporary Group, and other senior executives went to the company’s factory for investigation. It is reported that Sanxia Pharmaceutical is a wholly-owned subsidiary of Renfu Pharmaceutical, a subsidiary of Modern Group. According to recent media verification, Guo Xudong in the news report is the former “first sister of the Issuing Examination Committee” Guo Xudong. However, the above report has been taken down by it.

What’s interesting is that, unlike the previous regulatory officials who usually went to the sea to devote themselves to financial institutions such as securities firms and funds, Guo Xudong’s choice seemed a bit “alternative.” Some analysts said that this may be due to its three-year “circumvention period” transitional arrangement, and other arrangements may be made once the “circumvention period” has passed.

“Buy Out” Wuhan Contemporary Department

Regardless of whether Guo Xudong’s joining is a temporary act or a long-term act, this has undoubtedly made Contemporary Group the focus of market attention.

As one of the largest private enterprises in Hubei, Contemporary Group is strong. According to the 2020 Hubei Top 100 Private Enterprises List released by the Hubei Federation of Industry and Commerce in October last year, according to the 2019 revenue ranking, Contemporary Group ranked ninth in Hubei Province. According to the official website of Modern Group, as of September 30, 2020, the total assets of the group have exceeded 100 billion yuan.

Behind the hundreds of billions of assets is the dazzling capital operation of Contemporary Group. To a certain extent, the development of Contemporary Group can be said to be a history of mergers and acquisitions.

In 1988, the founder Ai Luming and six Wuhan University alumni registered and established the Institute of Contemporary Biochemical Technology in Hongshan District, Wuhan with 2,000 yuan. The main business is to extract urokinase from urine and export it to Japan. This is also regarded as Ai Luming and his The starting point for the fortune of Wuhan Modern Group.

In 1993, Ai Luming and others established Wuhan Contemporary Technology High-tech Industry Co., Ltd. (hereinafter referred to as “Contemporary Technology”). Four years later, Modern Technology successfully landed on the capital market. This is today’s “Human Welfare Medicine”, and it is also the first listed company under the Modern Group.

After accumulating a certain amount of capital in the medical field, the contemporary group began to expand its territory through various capital operations, and gradually accelerated its deployment in the textile, real estate, tourism, cultural and sports, financial and other fields, and a huge “contemporary” empire in Wuhan is about to emerge.

In 2010, Modern Group spent 900 million yuan to bid for a 36.77% stake in Anhui Huamao Group, and indirectly held shares in its listed company Huamao, and entered the textile industry.

In the same year, Dangdai Group held 5.818 million shares of Sante Ropeway through the transfer of Wuhan Optics Valley Ventures, becoming the third largest shareholder of Sante Ropeway and stepping into the tourism industry. In 2013, Dangdai Group increased its shareholding ratio from 4.85% to 10.5% through participation in Sante Ropeway, second only to 11.71% of the largest shareholder, and only one step away from holding Sante Ropeway. Unexpectedly, a “Cheng Yaojin” came out halfway, and then the three special ropeway was raised by Meng Kai, the actual controller of the situation in Hunan and Hubei. After fierce competition, contemporary technology finally won. At the end of 2013, Modern Technology increased its shareholding by subsequent increase, and its total shareholding ratio with those acting in concert rose to 14.82%, becoming the largest shareholder, and finally taking the controlling stake in Sante Ropeway.

In May 2015, Dangdai Group signed a capital increase agreement with Xinxing Hanyi, the largest shareholder of Daobo Co., Ltd. (renamed Dangdai Mingcheng in May of the following year, now Dangdai Style), and Dangdai Group invested 300 million yuan to subscribe for the new registration of Xinxing Hanyi Capital. After the capital increase is completed, Dangdai Group becomes the controlling shareholder of Daobo Co., Ltd. to deploy the cultural and sports industry. In addition, Modern Group also indirectly holds shares of Tianfeng Securities through Renfu Medicine, and it is involved in the financial industry.

In fact, the above is just the tip of the iceberg of contemporary group investment and merger cases. According to the company’s data, the number of companies directly controlled by Contemporary Group is as many as 609, and the number of companies indirectly holding shares is as high as 1,000.

Under hidden worries, refinancing frantically “tonic blood”

Modern Group, which operates and manages many subsidiaries across industries, also has internal worries. The impairment of goodwill caused by a large number of mergers and acquisitions in the past few years has been the first to bear the brunt.

Take Renfu Medicine, the core asset of Contemporary Group, as an example. In 2018, the company had a net loss of 386 million yuan due to a provision of 3.561 billion yuan in asset impairment losses. As of the end of the third quarter of 2020, Renfu Pharmaceutical still has 3.408 billion yuan in goodwill, which is more than three times the net profit of 1.044 billion yuan in the first three quarters of last year.

At the group level, as of the end of the third quarter of 2020, The scale of Goodwill of Modern Group dropped by nearly half compared with the same period of the previous year, but still 4.171 billion yuan, accounting for 8.95% of non-current assets, more than three times the net profit of 1.213 billion yuan in the first three quarters of last year, facing a larger business Reputation impairment risk.

In addition to the high reputation of goodwill, the debt problem of the contemporary group has also been criticized. As of the end of the third quarter of 2020, Modern Group’s total assets were 100.329 billion yuan, total liabilities were 68.186 billion yuan, and the asset-liability ratio was 67.96%, an increase of 2.21 percentage points from the same period last year. The core asset Renfu Medicine also has a heavy debt burden, and the debt-to-asset ratio continues to rise. As of the end of the third quarter of last year, Renfu Pharmaceutical’s total liabilities reached 24.95 billion yuan, exceeding the annual figures for 2018 and 2019, and the debt-to-asset ratio further rose to 71.4%.

At the same time, the poor performance has cast a shadow over Renfu Pharmaceutical’s reduction of its asset-liability ratio. In the first three quarters of 2020, the company achieved operating income of 14.8 billion yuan, a year-on-year decrease of 7.81%; net profits attributable to shareholders of listed companies were 613 million yuan, a year-on-year decrease of 17.83%.

It is worth noting that as of March 10 this year, Renfu Pharmaceutical’s controlling shareholder, Modern Group pledged approximately 388 million shares, accounting for 79.93% of the total number of shares in the company. Nearly 80% of the holdings of the controlling shareholder have been pledged, which shows that the company’s use of funds is relatively tight.

In addition, the performance of several other listed companies under the contemporary group is also lackluster. In 2020, the revenue of Sante Ropeway plummeted by more than 40% year-on-year. Due to the transfer of the equity of 5 participating and holding companies during the reporting period, the company’s net profit surged 150% last year, but after deducting non-recurring gains and losses, it was at a loss, with a net loss of 160 million yuan. Another listed company, Contemporary Style and Sports, turned profits into losses last year, with an estimated net loss of 1.55 billion to 1.95 billion yuan.

In this context, in recent years, Human Welfare and Pharmaceuticals has continuously stripped off non-core assets, accelerated the withdrawal of funds, and optimized the asset structure. The contemporary department’s demand for “blood supplementation” through refinancing activities has become more urgent. Therefore, for the refinancing and other capital operations of contemporary listed companies, the joining of Guo Xudong, who has rich contacts and professional experience, appears to be “just in time” and has a different meaning.

According to incomplete statistics, in the past year or so, before and after Guo Xudong joined the Modern Group, Modern Group and its listed companies have conducted at least four refinancing activities, raising a total of more than 2.5 billion yuan.