Produced｜Sohu Finance

Author｜Wu Ya

On June 21, Jiakai City Group Co., Ltd. (000918.SZ, referred to as “Kakai City”) announced that in order to solve the problem of horizontal competition with listed companies, the controlling shareholder Guangzhou Kailong Real Estate Co., Ltd. (abbreviated as “Kay City”) announced that “Long Real Estate”) intends to transfer 29.90% of the company it holds to Shenzhen Huajian Holdings Co., Ltd. (referred to as “Huajian Holdings”).

According to the announcement, Kailong Real Estate’s shareholding in Kakai City will be reduced to 27.85% after the transfer of the aforementioned equity, and will voluntarily waive the voting rights of the above shares. At this point, Kailong Land will no longer be the direct controlling shareholder of Kakai City.

Earlier, Jiakai City announced that the company intends to plan a change of control. Trading of the company’s shares will be temporarily suspended from the opening of the market on June 21. Trading will resume after the company discloses relevant announcements through designated media. At the time of the announcement, Jiakai City’s share price For 4.65 yuan / share, the total market value is about 8.389 billion yuan.

The story of Kailong Real Estate and Kakai City began in 2017. At that time, in order to solve the problem of competition in the industry, Evergrande Real Estate (acquired 52.78% of Kakai City shares in 2016 for 3.6 billion yuan) transferred its shares in Kakai City To Kailong Real Estate, Kailong Real Estate became the controlling shareholder of Kakai City. According to the company’s AP, Kailong Real Estate currently controls Evergrande Real Estate with a shareholding ratio of 59.42%.

After Jiakai City was acquired by Evergrande Real Estate, it embarked on a road of transformation. Among them, “de-real estate” to cooperate with Evergrande Real Estate to solve the problem of “competition in the same industry” has become the primary task of Jiakai City for a long time. Since then, the sale of equity and asset packages has become the norm in Kakai City, with a total amount of over 11 billion yuan. However, the problem of horizontal competition between the two parties has not been resolved smoothly. In July 2019, Kakai City also announced that it would postpone the resolution of horizontal competition with Evergrande Real Estate before August 1, 2021.

The commitment period is approaching. As the direct controlling shareholder of Kakai City, Kailong Real Estate transferred some of its shares. An insider of Evergrande Real Estate told Sohu Finance that “the major shareholder transferred out the relevant shares to become a non-controlling shareholder. The signed agreement on resolving horizontal competition is beneficial and can solve the problem of horizontal competition among listed companies.”

“Transfer of shares and waive voting rights has nothing to do with the company’s capital issues”

According to the announcement, in this equity transfer, Kailong Real Estate intends to transfer its 57.7% equity in Kakai City and transfer 29.9% of it; after the transfer is completed, Kailong Real Estate’s shareholding in Kakai City will be reduced to 27.8%, no longer the direct controlling shareholder of Jiakai City, and will voluntarily waive the voting rights of the above shares.

The acquirer is Shenzhen Huajian Holdings, which is mainly engaged in equity investment business, and the actual controller is Wang Zhongming. Among them, Huajian Holdings is the holding company of Shenzhen Cuilin Investment Holding Group Co., Ltd., and Cuilin Investment has had a lot of intersection with Evergrande before.

According to the data combed by Zongheng Plus, starting from the end of December 2016, Evergrande has introduced 3 rounds of battles for Shenzhen Real Estate in less than a year. There are a total of 24 strategic investment companies with a total amount of 130 billion yuan, which is the largest financing scale in the real estate industry. Among them, there is Huajian Holdings, with an investment of 5 billion yuan.

In September 2016, Evergrande Group issued an announcement on the Hong Kong Stock Exchange to sell “non-main business of grain, oil, dairy products and mineral water” for a total consideration of approximately 2.7 billion yuan. 600 million yuan was sold to Shenzhen Lailai Industrial Co., Ltd.; Dairy Group Company sold to Shenzhen Mingsheng Torino Trading Co., Ltd. and Sunlight Property Management Limited for 300 million yuan; the total consideration of Mineral Water Group Company was 1.8 billion yuan, and the buyer was Shenzhen Sunway Turing Automobile Sales Service Co., Ltd. and Lipu (HongKong) Limited.

Inquiring into the national corporate credit information publicity system, we can find that the three companies that took over this time are related to the same company, Cuilin Real Estate; and Cuilin Real Estate is related to Cuilin Investment.

For example, Wang Haijiao, the legal representative of Shenzhen Lailai Industrial Co., Ltd., is also a director of Cuilin Real Estate; Shenzhen Sunway Turing Auto Sales Service is one of the legal shareholders of Cuilin Real Estate Investor Shenzhen Judan Industrial Development Co., Ltd. 1. Wang Weimin, the legal representative of Shenzhen Mingsheng Turing Trading Co., Ltd. who took over the dairy products, is also a director of Shenzhen Kaifeng Commercial Construction Investment Co., Ltd., a subsidiary of Cuilin Real Estate.

According to the enterprise search app, Cuilin Real Estate is 100% owned by Shenzhen Judan Industrial Development, and after the equity penetration, it is wholly-owned by Cuilin Investment Holdings. The legal representative of Cuilin Investment is Wang Zhongxin.

At that time, some media questioned that Evergrande’s move was playing a left-handed-to-right-hand trick, saying that Evergrande’s mineral water, grain and oil business had been sold to “owners.” According to the Enterprise Check App, Wang Zhongxin is also the current legal person of Evergrande Agriculture and Animal Husbandry Group Yichang Co., Ltd.

Jiakaicheng said that matters related to this transaction still need to pass the review of the concentration of operators by the State Administration for Market Regulation. In view of the uncertainties in the matter, in order to ensure fair information disclosure and safeguard the interests of investors. Since the market opened on June 21, trading of the company’s stocks is expected to be suspended for no more than 5 trading days.

The timing of the transfer of part of the equity held by Jiakaicheng’s controlling shareholders is also more subtle.

According to the data, Jiakai City was formerly known as Yahua Seed Industry (formerly renamed Yahua Holdings). In 2009, Jiakai City was led by Zheshang Group and injected many real estate companies such as International Jiaye, Zhongkai Group, Mingcheng Group, etc. , And sold *ST Yahua’s original agricultural assets to repay part of the debt, thus realizing a backdoor listing.

But only seven years later, in 2016 Kakai City ushered in the second major asset reorganization. At that time, Evergrande Real Estate acquired a 52.78% stake in Jiakai City for 3.6 billion yuan, and thus became the controlling shareholder of Jiakai City.

At that time, Evergrande Real Estate stated in related announcements that by acquiring 52.78% of Jiakai City, it can enrich its own land reserve resources and further increase the proportion of projects in first- and second-tier cities. “The company will have a domestic capital market A-share listing platform. , And through the strategic integration of the two parties, it will further enhance the company’s continued profitability.”

At the time of the acquisition, there was a certain degree of horizontal competition in real estate business between Jiakai City and Evergrande Real Estate and its actual controllers. Therefore, in order to solve the problem of horizontal competition, in February 2017, Evergrande Real Estate The 52.78% shares in Jiakai City were transferred to Kailong Real Estate at a total price of RMB 6.53 per share and a total price of RMB 6.2 billion.

Through this transfer, Kailong Real Estate directly holds 52.78% of the shares of Jiakai City and is the direct controlling shareholder of Jiakai City; this is also an equity transfer between different entities controlled by the same actual controller, combined with the 2016 Evergrande Judging from the cost price of the 3.6 billion yuan of real estate in Jiakai City, Evergrande Real Estate made a profit of nearly 2.6 billion yuan from the transfer.

In addition to changing the direct controlling shareholder through equity equipping, Jiakai City after the acquisition has also embarked on a road of transformation. Among them, “de-real estate” to cooperate with Evergrande Real Estate to solve the problem of “competition in the same industry” has become the primary task of Jiakai City for a long time. Since then, the sale of equity and asset packages has become the norm in Kakai City.

Statistics from Sohu Finance found that during the four years from 016 to 2019, there were 15 subsidiaries with sold equity disclosed in the annual report of Jiakai City, and the above-mentioned sales transactions involved a total of approximately 11.011 billion yuan.

In October 2020, Jiakai City was also revealed that its residential and commercial assets were packaged for sale, involving about 10 billion yuan. However, Jiakai City did not respond to this news.

However, solving the problem of horizontal competition is not an easy task. In July 2019, Jiakai City announced an announcement that it would postpone two years to resolve horizontal competition with Evergrande Real Estate. According to the announcement, the overall stock asset size of Jiakai City has been reduced from 30 billion yuan in the initial acquisition of Evergrande Real Estate to about 13 billion yuan (as of the end of 2018), and the remaining stock is mainly commercial assets.

Jiakaicheng said that the reasons for not fulfilling the commitments were that real estate regulation and other factors led to the inability to clear its real estate sales in a timely manner, and that the second main industry cinema business was still in the cultivation stage. Therefore, Guangzhou Kailong and Xu Jiayin promised to resolve the issue of horizontal competition with Jiakai City in various ways permitted by laws and regulations at that time within 2 years from August 1, 2019.

In other words, before August 1 this year, the time limit agreed upon by both parties is approaching; in this way, there is only about one month left.

An insider of Evergrande Real Estate revealed to Sohu Finance that “the transfer of shares and the waiver of voting rights are mainly to solve the problem of competition among listed companies.” The insider also said that “share transfers are not for cashing out, and have nothing to do with the company’s capital problems.”

Since May of this year, there have been constant negative news surrounding Evergrande, and various rumors have been fermented around the sale of houses at discounts, Evergrande’s operating conditions, and capital chain. On June 7, Evergrande issued a statement to refute the rumors, saying that the company’s production and operation are all normal. In the 25 years since its establishment, there has been no case of late payment of loan interest or overdue return of principal.

Evergrande also stated that since March last year, the company has implemented a development strategy of “high growth, scale control, and debt reduction”, and its interest-bearing debt has dropped by nearly 300 billion yuan in a year; before the end of this month, the company’s Interest-bearing liabilities are expected to fall from last year’s highest of 874.3 billion yuan to less than 600 billion yuan, and at least one of the three red lines will turn green.

Revenue in the first quarter increased by 130%, and the stock price reached 9.14 yuan during the year

In fact, when the issue of horizontal competition between Jiakai City and Evergrande will be resolved, it has always been an issue of concern to investors. Prior to this, Jiakai City had repeatedly expressed to investors on platforms such as Hudongyi that the company is continuing to promote the resolution of related problems, and will accelerate the strategic positioning of its main business to continuously improve its future sustainable development capabilities.

Behind the concerns, there are more concerns about Kakai City’s performance and the company’s development. From the perspective of financial data, the performance of Jiakai City since 2016 is not optimistic. From 2016 to 2020, Jiakai City’s revenue fell from 3 billion yuan to 1 billion yuan; the net profit attributable to the parent company turned from profit to loss, and the year-on-year decline in 2020 was 1202.64%.

The latest annual report shows that in 2020, Kakai City’s revenue is 1 billion, a year-on-year decrease of 39.5%, and the decline is larger than the same period last year; net profit attributable to the parent is -1.26 billion, compared with 110 million in the same period last year, failing to maintain profitability ; Gross profit margin was -4.2%, a year-on-year decrease of 27.1 percentage points; net profit margin was -128.3%, a year-on-year decrease of 130.9 percentage points.

Jiakai City has also developed a “second main business”, that is, the theater business. Among them, in July 2018, Jiakaicheng acquired 100% equity of Beijing Star Times Cinema Investment Co., Ltd. and Aimee (Beijing) Cinema Investment Co., Ltd., and formally stepped into this field.

According to the annual report data, in 2019, 99 cinema companies under Kakai City opened newly opened cinemas, and a total of 117 cinemas have been opened. In the same year, about 14.44 million people watched movies in cinemas, and the box office accounted for about 0.78% of the national market.

Reflected in terms of performance, in 2018, Jiakaicheng film and television projection business revenue was 31 million yuan, accounting for 1.87% of revenue; in 2019, Jiakaicheng film and television projection business revenue was 619 million yuan, a year-on-year increase of 1896.7%; gross profit margin 97.58% , Far exceeding 36.21% of the real estate business in the same period.

However, just as Jiakai City’s second main business theater line business is still in the cultivation stage, and the proportion of revenue and profit of this business is also small, at present Jiakai City’s main business is still real estate, and its revenue contribution ratio in 2020 60.28%.

As of the first quarter of 2021, Jiakai City’s total operating income was 360 million, a year-on-year increase of 130.1%; net profit attributable to the parent was -160 million, compared with -310 million in the same period last year, and the loss narrowed; operating cash flow increased from -190 million Increased to 160 million, an increase of 183.2% year-on-year.

Jiakaicheng believes that the company’s film and television projection business has gradually returned to normal in the first quarter of 2021; in addition, the company’s interest-bearing liabilities have decreased compared with the same period last year, and financial expenses have decreased.

Since the beginning of this year, Jiakai City has experienced high-level personnel changes. On January 26, Jiakai City announced that Shi Shouming was elected as the new chairman of the board. Shi Shouming, 46 years old, has served as Vice President of Evergrande Real Estate Group and Chairman of Inner Mongolia Company, Hainan Company, Beijing Company, President of Evergrande Real Estate Group and Chairman of Sichuan Company, etc.; previously, Shi Shouming worked due to work The reason for the transfer resigned as chairman of Evergrande Automobile (00708.HK).

Also on January 8th, Jiakai City also announced that director Li Huaibin had been recommended by more than half of the directors and became the acting chairman of Jiakai City. Li Huaibin is currently the vice president of Evergrande Real Estate Group. From January 11 to January 20 after the announcement, in these 8 trading days, Jiakai City received a total of 5 daily limit, and the stock price rose from 3.29 yuan to 5.29 yuan, an increase of about 60.79%.

The stock price information shows that this is a rare rise for Kakai City. Since 2019, Jiakai City’s stock price has shown a downward trend as a whole.On February 2 this year, although the stock price had risen to 9.14 yuan /Share high point, but the stock price has declined overall since then.

As of the trading day before the suspension on June 21, Jiakai City reported 6.45 yuan per share. In the past five months, the share has fallen 29%, and the total market value has shrunk by more than 8 billion yuan.

Produced | Sohu Finance

Author | Tianlun Chen

A few days ago, WuXi AppTec, the leader of CRO, broke a big thunder, and its shareholders illegally reduced their holdings to cash out by nearly 3 billion, which aroused public outrage among shareholders.

On the evening of June 11, WuXi AppTec issued an announcement regarding shareholders’ violation of their commitments to reduce their shareholding in the company and an apology through the company. From May 14th to June 8th this year, the company’s shareholder Shanghai Yingyi Investment Center (hereinafter referred to as “Shanghai Yingyi”) reduced its holdings by approximately 17,249,700 shares, accounting for 0.6962% of the company’s total share capital. The price range for the reduction is From 143.49 yuan/share to 176.88 yuan/share, the total amount of reduction is 2.894 billion yuan.

After the reduction, as of the announcement date, Shanghai Yingyi only held 4,174,600 shares of WuXi AppTec, accounting for approximately 0.1419% of the total share capital.

Since May 10 this year, WuXi AppTec’s stock price has continued to rise, from 140.31 yuan/share (without restoring rights) to 180.99 yuan/share (without restoring rights), an increase of nearly 30%. The reduction of Shanghai Yingyi happened during the period when the stock price soared.

Before the implementation of this reduction, as a delegated voter, Shanghai Yingyi did not notify WuXi AppTec in advance, nor did it disclose relevant procedures such as the announcement of the implementation of the reduction plan through the company 15 trading days in advance.

WuXi AppTec said that after the company obtained the latest shareholder register sent by China Securities Depository and Clearing Co., Ltd. on June 8 due to the implementation of the 2020 equity distribution, it noticed the change in the number of shares held by Shanghai Yingyi and immediately approved the issue. Check with Shanghai Yingyi by letter and telephone inquiry and remind the relevant rules and the commitments it has made.

The feedback given by Shanghai Yingyi was that before the reduction, Shanghai Yingyi’s shareholding accounted for 0.8381% of the company’s total share capital, which was less than 1% of the total share capital. When the A-shares were listed, the commitment to reduce the shareholding of the company was made, and relevant regulations of the China Securities Regulatory Commission should be applied, which led to this violation of the commitment to reduce the shareholding. At present, the share reduction has been stopped, and I sincerely apologize for the impact on the company and all shareholders of the company due to the violation of the commitment.

WuXi AppTec’s prospectus shows that, as shareholders of the company, companies such as Shanghai Yingyi have made promises regarding the lock-up and reduction of the company’s shares:

“If the company reduces its holdings of the company’s shares issued before the company’s initial public offering, if the company uses a centralized bidding transaction method, it will disclose its shareholding reduction plan in advance 15 trading days before the first shareholding reduction, and reduce its holdings by other means. The company’s stocks will be announced three trading days in advance. The company is willing to bear the legal liabilities arising from the violation of the above-mentioned commitments. In the event of a situation that requires compensation to investors, the company shall bear the full liability for compensation.”

Public information shows that the executive partner of Shanghai Yingyi is Jiangsu Ruilian Investment, and its legal representative, Chen Zhijie, was the head of the M&A business and investment banking department of Huatai United Securities. Such professionals are not familiar with market rules, and this apology is naturally unacceptable to investors.

Attorney Zhang Yuanzhong, director of Beijing Wentian Law Firm, said that Shanghai Yingyi’s approach has clearly violated the provisions of Article 8 of the “Regulations on Share Reduction of Shareholders of Listed Companies, Directors, Supervisors, and Senior Executives” on the disclosure of information on reductions: “Listing The company’s major shareholders, directors, supervisors, and senior executives plan to reduce their shareholdings through a centralized bidding transaction on the stock exchange, and they shall report to the stock exchange 15 trading days before the first sale and disclose the share reduction plan in advance, and the stock exchange shall put it on record.”

Regarding this incident, Zhang Yuanzhong stated that relevant provisions of Article 197 of the Securities Law should be applied to impose fines and warnings. Since it is the shareholder’s own behavior to reduce shares in violation of regulations, listed companies do not need to bear the responsibility.

Article 197 of the “Securities Law” stipulates that if the information disclosure obligor fails to submit the relevant report or fulfill the information disclosure obligation in accordance with the provisions of this law, it shall be ordered to make corrections, be given a warning, and impose a penalty of more than 500,000 yuan and 5 million yuan. The following fines; the directly responsible persons in charge and other directly responsible persons shall be warned and imposed a fine of not less than 200,000 yuan but not more than 2 million yuan.

But in fact, incidents of illegal shareholding reduction are not uncommon. There are many reasons for violations, and the ultimate punishment is mostly thunder and rain.

In February of this year, Marumi’s third largest shareholder and largest tradable shareholder, L Capital Guangzhou Beauty Ltd., reduced its holdings by 260,000 shares in violation of regulations. The reason was that its staff changes were not handed over in time before and after the Spring Festival, and it was mistaken that it was still in the implementation period of the reduction plan. .

In early June, the incident had a result, and shareholders who violated the regulations received only one warning letter.

Attorney Zhang Yuanzhong said that the increasing number of shareholders’ illegal shareholding reductions is due to insufficient law enforcement, which is difficult to achieve from the perspective of prevention. The key is that follow-up punishments must be implemented in order to truly play the role of “killing chickens and monkeys.”

It is worth mentioning that at the same time that Shanghai Yingyi’s illegal shareholding reduction incident was announced, WuXi AppTec’s report on changes in equity disclosed that 22 companies including actual controllers, persons acting in concert, and delegated voting parties were involved as information disclosures. Obligors still have plans to reduce their holdings of WuXi AppTec’s shares in the next 12 months. They will reduce their holdings of WuXi AppTec’s shares according to market conditions and perform relevant information disclosure obligations; and they will not increase their holdings in the next 12 months. Mingkangde shares plan.

The announcement showed that after Shanghai Yingyi reduced its holdings, WuXi AppTec’s actual controllers Li Ge, Zhao Ning, Zhang Chaohui, and Liu Xiaozhong collectively controlled 25.16% of WuXi AppTec’s voting rights through these 22 institutions.

As of midday’s close, WuXi AppTec’s stock price fell 1.37% to close at 144.02 yuan, with a total market value of 423.5 billion yuan.

“Investor Net” Jordan

On June 6th, on the black cat complaint, a large number of complaints against Yonghui Supermarket (601933.SH) online shopping platform Yonghui Life APP suddenly emerged, referring to the launch of Yonghui Life APP on June 5 The live broadcast activity of 10,000 people who purchase wine for 999 yuan and get 1499 yuan to purchase Feitian Moutai is suspected of “false propaganda” and “deceptive consumers”, and induce consumption through “false” Moutai purchase qualifications. According to the rough statistics of “Investor Net”, more than 240 people have complained about the live broadcast event. If the minimum consumption is 999 yuan, the amount involved in this part of the consumption is more than 240,000 yuan. This is the second time that Yonghui Supermarket has been criticized by consumers for Moutai related issues this year. In addition, Yonghui Supermarket has also frequently reported food quality problems recently, which has once again triggered a crisis of consumer trust.

The investors in Yonghui Supermarket were also stinged. As of the close on June 11, 2021, Yonghui Supermarket closed at 5.32 yuan per share, and its market value has fallen by more than 20 billion yuan from its highest point since the beginning of this year. In fact, including chairman Zhang Xuansong, Yonghui Supermarket has actively implemented practical actions such as increase in holdings and repurchase to maintain the stock price this year, but it does not seem to bring confidence to the market. “In the embarrassing situation, many investors rushed into the market to increase their shareholding and repurchase, but they were deeply involved. Under this circumstance, investors on the interactive platform began to question Zhang Xuansong’s “left and right hand” behavior. Although Zhang Xuansong increased his holdings of 150 million shares through concerted actions recently, after several operations, he finally held The number of shares of some has decreased by 340 million shares from before the announcement of the increase in holdings.

Consumers accused of “flicking” with Moutai

The above live event was hosted by Yongyuehui Winery, which specializes in high-end liquors under Yonghui Supermarket, and was carried out on the Yonghui Life APP, starting at 18:00 on June 5th. The rule of the event is to purchase 999 yuan of drinks during the live broadcast, and the top 10,000 will be eligible to purchase a 500ml bottle of Feitian Moutai 53 degrees for 1499 yuan. ,

Screenshot of Yonghui Life APP live broadcast

However, according to Black Cat’s complaint, many consumers believe that they have met the conditions, but Yonghui Life APP refused to redeem Moutai coupons.

The user with the ID name “xlli2012” stated in the black cat complaint that he paid at 18:04 and completed an order of 1096 yuan, and the anchor also claimed that there were 2000 people remaining at around 18:06, and Emphasize that consumers who pay before 18:05 are eligible for Moutai coupons. However, until the end of the live broadcast, xlli2012 did not receive Moutai coupons. It asked the customer service. The other party said that due to the hot buying, there was a serious system delay in the payment of the order at the beginning of the event, resulting in delays in the actual ranking broadcast. The display shall prevail, and the coupon will not be renewed if it is not obtained, and the originally purchased drinks are not allowed to be returned. Regarding the situation encountered by itself, xlli201 stated in the complaint that the Yonghui Life APP “deceived customers and made false sales.”

User complaints about live events on Yonghui Life APP. Picture source: Black Cat Complaints

The experience of other complainants is similar to that of xlli2012. They all stated that the payment was completed before the anchor claimed that there were 2,000 places left, but without exception, they did not receive Moutai coupons. The consumer with the ID name “秦Qin岭Lin” said that he successfully paid at 18:04:50 but was not eligible to buy Moutai, while those who paid at 18:08 and paid at 18:11 both purchased For Moutai qualifications, “Qin Qin Ling Lin” was very puzzled about this and asked Yonghui Life APP to “disclose the top 10,000 information and fulfill its promise!”

User complaints about live events on Yonghui Life APP. Picture source: Black Cat Complaints

The rules of the above live broadcast show that the first 10,000 users are satisfied with the “payment completion time”. Why is Qin Ling Lin who paid at 18:04 is not in the top 10,000, but at 18:08 and Are consumers who paid at 18:11 in the top 10,000? In this regard, “Investor Net” tried to contact Yonghui Supermarket to find out the situation, but the other party did not reply.

In response to the above situation, Ding Mengdan, a lawyer at Beijing Yingke (Hangzhou) Law Firm and a special researcher of the E-commerce Research Center of Net Economics, told Investor.com, “Yonghui Life APP provides purchase qualifications to consumers who meet the shopping conditions of 999 yuan. , In order to achieve a competitive advantage by selling goods and gaining traffic, it is a rewarded sales behavior. And Yonghui Life APP should clearly announce the participation conditions, participation methods, qualification redemption time, redemption methods and other information before the reward sales. Before the live broadcast event In the process, Yonghui shall also publicize these contents in a timely manner to ensure the timeliness, effectiveness and accuracy of the live broadcast.”

In addition, if the live broadcast personnel are inconsistent with the real order data and subscription qualification exchange in the background during the oral broadcast process, they should promptly adopt other methods to publicize the list of users who have redeemed qualifications. However, if Yonghui false propaganda, fictitious qualifications and exchange quantity, time, etc., it may be suspected of false propaganda, and its behavior is regulated by the “Anti-Unfair Competition Law” and “Interim Regulations on Regulating Promotional Behavior”. Ding Mengdan added to “Investor Net.”

According to Black Cat’s complaint, the appeals of the 240 consumers mentioned above have been responded to by Yonghui Supermarket. The content of the response has not been made public, and the progress of the complaint of a small number of people has been completed. Although Yonghui Supermarket quickly responded to the demands of these consumers on the Black Cat complaint, it triggered a crisis of trust among some consumers. This is not the first time that Moutai was overturned in Yonghui Supermarket. In March of this year, Beijing Commercial Daily reported that many consumers placed an order on the Yonghui Life APP to buy 53-degree Flying Moutai, but they were told that they could not pick up the goods at the time of delivery. No refunds, questioned Yonghui Supermarket’s “use of Maotai powder”.

Frequent quality problems have seen a significant decline in market value

At the same time, Yonghui Supermarket has been repeatedly named by the supervision and management for food quality problems this year.

On June 1, the Shaanxi Provincial Market Supervision Administration issued a notice on the unqualified 9 batches of food on its official WeChat account. The notice stated that 441 batches of samples of 11 categories of food were inspected for food safety supervision. 9 batches of samples of 5 categories were unqualified, and illegal use of prohibited substances, excessive veterinary drug residue limits, and illegal use of prohibited veterinary drugs were detected, and the quality was not up to standard. The problem of excessive use of food additives. The food sold by the two branches of Shaanxi Yonghui Supermarket Co., Ltd. (hereinafter referred to as “Shaanxi Yonghui”) has been on the “black list.” Among them, one batch of sulfonamides (total) and trimethoprim sold by Guangshun free-range black-bone chicken sold by Shaanxi Yonghui Xi’an West Chang’an Street Branch did not meet the national food safety standards; Shaanxi Yonghui Hanzhong Xixin Street Branch The sold ice wing root (food category: chicken), a batch of volatile basic nitrogen does not meet the requirements of national food safety standards.

Since the beginning of this year, Shaanxi Yonghui has been named by the regulatory authorities many times. Searching on the WeChat official account of the Shaanxi Provincial Market Supervision Administration with “Yonghui” as the key word, you can find that in addition to the June announcement, it was reported on February and April this year. The food non-conformity notices in January and May are on the list. According to the company’s inquiry, Shaanxi Yonghui is a wholly-owned subsidiary of Yonghui Supermarket.

Image source: WeChat public account of Shaanxi Provincial Market Supervision Administration

In addition, according to People’s Daily Online, in the first quarter of this year, Yonghui Supermarket had 15 batches of unqualified foods in Fuzhou, Putian, Longyan and other locations in Fujian. The number of unqualified product inspections reached 8 times, and the unqualified items of the random inspections involved ofloxacin, enrofloxacin, cadmium, etc.

Yonghui Supermarket, which is plagued by negative news, also suffered a sharp setback this year. In the first quarter of this year, Yonghui Supermarket’s revenue was 26.3 billion yuan, down 9% year-on-year; net profit was 23.32 million yuan, down 98% year-on-year. The stock price has also begun to drop, and the market value has been shrinking. In order to maintain the stock price and increase investor confidence, Yonghui Supermarket announced on November 4, 2020 that it will repurchase at a price of no more than 2.7 billion yuan in a bidding transaction. The company shares 150 million-300 million shares. Affected by the positive repurchase, Yonghui Supermarket’s share price rose 4.13% the next day to close at 8.12 yuan per share. The announcement of the company’s chairman Zhang Xuansong’s shareholding increase was issued on February 2, 2021. He plans to increase his holdings of the company’s shares by 75 million to 150 million shares within the next six months, at a price not exceeding 9 yuan. On the day of the announcement, the company’s stock price rose 5.97% to close at 7.28 yuan per share. However, it can be seen from the longer-term stock price trend that the company’s repurchase plan did not bring about a continuous rise in the stock price, but showed a general downward trend.

Yonghui Supermarket’s repurchase plan was announced on May 22, 2021. The company spent a total of 2.69 billion yuan to repurchase 390 million shares. Zhang Xuansong’s shareholding increase plan was announced on June 3 and completed. People acting in concert increased their holdings of 150 million shares of the company through bidding transactions. At this time, Zhang Xuansong and people acting in concert held a total of 1.557 billion shares of Yonghui Supermarket, accounting for the total. 16.3% of share capital. As of June 3, the company’s repurchase and shareholding plan came to an end. At this time, the stock price had fallen from a high of 8.12 yuan before the repurchase to 5.58 yuan. As of the close on June 11, the company’s stock price closed at 5.32 yuan per share.

The stock price continues to decline, and many investors questioned the company’s chairman Zhang Xuansong’s behavior of “hands on each other” and “selling high and buying low” on the interactive platform. The question stems from the company’s announcement on the completion of an internal equity transfer plan announced on June 3rd. Due to family asset planning needs, Zhang Xuansong has internally transferred the 350 million shares he owns to persons acting in concert through a block transaction. , Namely Xishirun Herun private equity fund product. According to the company’s inquiry, the investor of Xishirun’s private equity fund products is Shanghai Xishirun Investment Management Co., Ltd., and the majority shareholder Han Chun, who holds 80% of the company’s shares, is also associated with a company called “Beijing Sequoia Yade Equity Investment Center (Limited) Partnership)” company (hereinafter referred to as “Beijing Sequoia Yade”), and Zhang Xuansong holds 1% of the shares of Beijing Sequoia Yade.

After the above-mentioned equity changes, the total shareholding ratio and number of Zhang Xuansong and the concerted person Xishirun Herun private equity fund products have not changed, while Zhang Xuansong’s own shareholding has dropped from 1.407 billion shares to 1.061 billion shares. It also dropped from 14.79% to 11.16%. In addition to the 150 million shares previously increased, Xishirun Herun Private Equity Fund products currently hold a total of 490 million shares of Yonghui Supermarket, accounting for 5.2%.

It is worth noting that according to the announcement made by Yonghui Supermarket on June 8, Zhang Xuansong intends to continue to increase his holdings of the company’s shares by 150 million yuan to 300 million yuan in the next six months. On June 9, Yonghui Supermarket closed up 0.33. %, it closed down 0.74% on June 10. Regarding whether the shareholding increase plan in the next 6 months will continue to be implemented by Xi Shirun Herun private equity fund products, which are acting in concert? “Investor Net” sent a letter to Yonghui Supermarket for verification, but no response was received. (Produced by Thinking Finance)■

The medical beauty business is growing fast, and women’s clothing is still the company’s largest business

Longzi shares three major business segments: fashion women’s clothing, medical beauty and green babies and children. Thanks to the popularity of medical beauty concepts, since 2020, the stock price of Langzi shares has risen by as much as 600% in the last 250 trading days. Langzi shares believes that this is related to the rapid growth of the company’s medical beauty business and the gradual increase in its contribution to the company’s overall profit.

The annual report of Longzi shares shows that in 2020, the company will achieve operating income of 2.876 billion yuan, a decrease of 4.35% from the same period of the previous year; net profit of 142 million yuan, an increase of 141.65% from the same period of the previous year. At a time when the revenue of women’s clothing and other businesses has declined due to the impact of the epidemic, the net profit of the medical beauty business, which is the second largest in revenue, reached 68,867,900 yuan, which contributed nearly half of the net profit of Langzi.

In its reply, Longzi shares stated that as of the end of 2020, the company has 19 medical aesthetics institutions, and the medical aesthetics business sector is also the key development direction in the near future, but it still needs long-term continuous intensive cultivation. The executives of Longzi shares also stated in investor relations activities that medical aesthetics is a long-term, heavy investment industry, and you must be patient with returns. The company will not change its long-term development strategy due to short-term market fluctuations. The development direction and strategic layout of Longzi Medical Beauty is very determined, that is, it adheres to the combination of endogenous growth and extensional expansion to implement the brand expansion plan.

At the same time, Longzi also clearly pointed out that as of the end of the first quarter of 2021, among the company’s three major business segments, women’s clothing is still the company’s largest business segment, and the company’s fundamentals have not undergone major changes.

Purpose of liquidation and reduction of holdings: It is to express the true meaning of supporting the children’s business

The fundamentals of Langzi shares have not undergone major changes. Since June, the stock price has changed its upward trend and has begun to fall, and it has even reached its limit for two consecutive trading days. The fuse that caused the stock price of Langzi to fall into a one-word limit is the company’s controlling shareholder, actual controller Shen Dongri and actual controller Shen Jinhua’s father Shen Bingyun’s clearance plan.

On June 4, Langzi disclosed the “Announcement on the Pre-Disclosure of Shareholding Reduction Plan for Shareholders” (hereinafter referred to as the “Announcement of Shareholding Reduction”), announcing that Shen Bingyun, the third largest shareholder of the company in the past eighty years, was based on his life It is planned to reduce all the shares held for the needs of arrangement and asset planning.

After the two lower limits on June 7 and June 8, the “Announcement on Receipt of Commitment Letters from the Actual Controller and Controlling Shareholders Acting in Concert” (hereinafter referred to as the “Commitment Announcement” According to China, Shen Bingyun promised that after the implementation of its share reduction plan, it will assist the strategic implementation of the medical aesthetics business of Langzi with no less than 500 million yuan through compliance channels and appropriate methods. In the view of the Shenzhen Stock Exchange, Shen Bingyun’s use of funds to reduce holdings is inconsistent.

In its reply, Longzi shares stated that Shen Bingyun confirmed that the real reason for the reduction was due to his advanced age and the needs of his own living arrangements and asset planning. The allocation of no less than 500 million yuan to support the development of the medical beauty business of Langzi shares is based on Shen Bingyun’s careful consideration and confidence in the company’s future development prospects and the development of the company’s medical beauty business, as well as supporting its children’s business. There is no conflict with the reason for the reduction in the real meaning made, and there is no inconsistency.

In the response, Shen Dongri, Shen Jinhua and Shen Bingyun all denied using the “Announcement of Commitment” to maintain the company’s stock price and cooperate with the share reduction.

In addition, in response to some non-compliance statements in the “Commitment Announcement” pointed out by the Shenzhen Stock Exchange, the supplementary announcement issued on June 15 by Longzi shares also clarified the performance method and time. Within 2 years of the expiry of the holding reduction period of this share reduction plan, Shen Bingyun will support the development of the company’s medical beauty business by providing loans and participating in the company’s establishment of a medical beauty industry fund. If after the expiration of the commitment period, Shen Bingyun provides the company with less than 500 million yuan in financial support, Shen Dongri promises to provide the company with the difference in financial support within one month according to the same performance method.

Longzi Medical’s 2020 performance commitment has been changed from “achieved” to “not touched on performance compensation”

In addition to supplementing some of the contents of the “Commitment Announcement”, Longzi shares also issued a correction announcement on the company’s “Expressions on the Performance Commitment of the 2020 Annual Report”.

In August 2019, Longzi shares issued shares to Shen Dongri and 4 other counterparties to purchase the remaining 41.19% of the shares of Longzi Medical and raised funds. Shen Dongri promised that the audited non-net profit of Langzi Medical from 2019 to 2021 shall not be less than 55.7 million yuan, 68.1 million yuan and 70.4 million yuan respectively. If the accumulated net profit achieved by Longzi Medical as of the current year does not reach the cumulative committed net profit as of the current year, the compensation obligation of Shen Dongri will be triggered in the current year.

In the 2020 annual report, the audited non-net profit of Longzi Medical in 2020 is 67,019,300 yuan, and the cumulative net profit from 2019 to 2020 is 133 million yuan, and the cumulative committed net profit is 124 million yuan. Longzi shares call it “Performance commitment has been fulfilled.” In its reply, Longzi changed the above expression to “the cumulative realized net profit is greater than the cumulative committed net profit, and performance compensation has not been touched”.

In addition, in view of the mismatch between the net profit and the net cash flow generated by operating activities in the first to fourth quarters of 2020, the company replied that the main reason was the impact of the epidemic, as well as the company’s women’s clothing business and medical beauty business. It is caused by the time difference between cash flow and operations, which is consistent with the company’s actual operating conditions. In addition, the fourth quarter net profit of Longzi shares was significantly higher than that of the previous three quarters, which was also related to the sales income generated by the sale of 7.14% of L&P’s equity in 2020.

As of the close of June 15th, Langzi shares closed at 45.52 yuan per share, a decrease of 1.11%, and the market value was about 20.1 billion yuan.

Beijing News reporter Wang Zhenzhen

Editor Zheng Yijia proofreads Yang Xuli

Benefiting from multiple mergers and acquisitions business expansion and scale improvement, Country Garden’s performance continued to rise, but the company’s revenue growth rate fell for the first time in three years, and the growth rate of net profit attributable to the parent company declined for two consecutive years. In addition, subject to the integration of mergers and acquisitions, the company’s urban service business gross profit margin has also declined.

Since the company went public in 2018, Country Garden Services’ stock price has risen more than 8 times. As of April 22, the company’s total market value reached 231.38 billion Hong Kong dollars, surpassing the parent company Country Garden. As a “first listed property company”, behind the frequent acquisitions of Country Garden Services, it is not difficult to see that scale is still the core demand for the development of property companies at this stage, and the property management industry may enter the peak of mergers and acquisitions in the future.

Although mergers and acquisitions are an effective way to accelerate expansion, this kind of performance growth brought about by acquisitions cannot be replicated. Under the sustained rapid growth in recent years, for Country Garden’s services, which have formed a relatively high base in various indicators, how to maintain “quality” while pursuing “quantity” is a bigger problem.

It is worth noting that the major shareholder of Country Garden Services JPMorgan Chase & Co. and the company’s president Li Changjiang have successively reduced their holdings of Country Garden Services stocks since 2021, and the two have reduced their holdings by more than 10 million shares in total.

Scale expansion, performance growth, revenue and profit growth slowdown

During the reporting period, in addition to the “three supply and one industry” business, Country Garden’s service property contract management area reached 821 million square meters, an increase of 136 million square meters from the end of 2019; the property charge management area reached 377 million square meters, which was newer than the end of 2019 An increase of 101 million square meters. As of December 31, 2020, the company managed a total of 3277 properties, a year-on-year increase of 36.26%.

Benefited from the expansion of the scale of property management, the company’s performance continued to rise, but the growth rate has slowed down. The annual report shows that the company’s operating income in 2020 was 15.6 billion yuan, a year-on-year increase of 61.75%; the net profit attributable to the parent was 2.686 billion yuan, a year-on-year increase of 60.78%. Among them, the company’s revenue growth rate fell for the first time in three years, and the revenue growth rate fell by about 40% year-on-year; the net profit growth rate attributable to the parent fell by about 20% year-on-year, which has been declining for two consecutive years.

The proportion of revenue from basic property management services declines and focuses on businesses outside the concept of traditional real estate

From the perspective of changes in the revenue structure in the past three years, property management services are the main source of income for Country Garden services. In the past three years, the proportion of revenue from this business has exceeded 50%, but the proportion has been declining year by year, from 73.7% in 2018 to 55.17% in 2020.

Among them, income from properties developed by Country Garden Group accounted for approximately 72% of total property management service income, and income from properties developed by independent third-party developers accounted for 28% of total property management service income, an increase of 3.7% from the same period last year and compared with 2018 An increase of 16.6%. In the company’s total new contract area, brand expansion accounted for 53.3%, while the area from the Country Garden system accounted for 35.1%. The company’s dependence on the parent company’s residential incremental market has decreased.

In addition, Country Garden Services has developed many businesses beyond the traditional concept of real estate, including commercial asset operations, urban services, community group purchases, community media, house leasing, insurance brokerage, etc.

The annual report shows that the company’s urban service business has increased significantly. The company’s urban service business revenue increased from 68 million yuan in 2019 to 884 million yuan in 2020, with a revenue share of 5.67% (approximately 0.71% in the same period in 2019), an increase of 1192.5%, mainly due to business growth brought about by acquisitions To.

In 2020, the company’s community value-added service revenue will be 1.731 billion yuan, and the total revenue will account for 11.1%. The amount of revenue will increase by 100.10% year-on-year, becoming the company’s second largest revenue growth point. Among them, the company’s value-added service innovation business revenue increased by 268.6% year-on-year, and community media service revenue increased by 273.6% year-on-year.

It is worth noting that the company’s revenue from non-owner value-added services has declined. Revenue from this business dropped from 1.422 billion yuan in 2019 to 1.370 billion yuan in 2020, a year-on-year decline of about 3.7%. The company stated that it was mainly due to the change in the consulting service business model in this service.

Mergers and acquisitions “double-edged sword”: urban service gross margin declines due to accelerated expansion, adding more than 3 billion goodwill

In response to high-performance plans and high-growth demands, Country Garden Services has made multiple mergers and acquisitions in the past year, with the intention of increasing scale and expanding its business.

According to data, in September 2020, the company acquired 65% of the equity of City Zongheng (Shanghai) Culture Media Co., Ltd. (hereinafter referred to as “City Zongheng”) to increase its community media service business. In October of the same year, the company acquired 70% of the equity of Country Garden Manguo Environmental Technology Group Co., Ltd. (hereinafter referred to as “Manguo”) and 60% of Fujian Dongfei Environmental Group Co., Ltd. (hereinafter referred to as “Dongfei”), a leading company in the sanitation industry. Equity. In addition, the company also acquired Wenjin International Insurance Brokers Co., Ltd. (hereinafter referred to as “Wenjin Insurance Brokers”) and several other property management companies.

Since 2021, Country Garden’s service has continued to increase its size on the material enterprise track. On April 13, Country Garden Services announced the acquisition of four commercial management subsidiaries of Country Garden Holdings for 20 million yuan. On April 19, the company spent over 4 billion yuan to complete the acquisition of 71.17% shares of Blu-ray Garbo Services.

It is worth noting that although mergers and acquisitions are an effective way to accelerate expansion, this kind of performance growth brought about by acquisitions cannot be replicated. In addition, subject to third-party acquisitions and acquisitions of the target asset quality, the future profitability of property companies will also be affected. Data shows that with the company’s overall gross profit margin growth, the company’s gross margins in community value-added services, “three supplies and one industry” business, and urban service segments all declined. Among them, due to the low gross profit margin of the Manchuria and Dongfei businesses acquired during the year, the gross profit margin of the company’s urban service segment decreased from 38.7% in 2019 to 32.5%.

In addition, due to multiple acquisitions of Country Garden Services in 2020, the company’s new intangible assets will reach 4.672 billion yuan, including 3.145 billion yuan in new goodwill. If the performance of the acquired target in the later period is not as good as expected, Country Garden Services will have a certain risk of goodwill impairment.

Increase in income tax rate affects profits, important shareholders successively reduce their holdings

In 2020, the income tax rate of Country Garden’s main subsidiary of Country Garden Services will be changed from the preferential tax rate of 15% in the same period of the previous year to 25%. Corporate income tax expenses rose from 358 million yuan in 2019 to 933 million yuan, a year-on-year increase of approximately 160.84%. If the 25% income tax rate continues in the future, the profitability index of Country Garden Services will also be under pressure as the scale grows.

In addition, WIND data shows that since the beginning of this year, all shareholders have reduced their holdings of 11.508 million shares of the company. Among them, President Li Changjiang reduced his holdings of 240,000 shares on April 1, with an average price of about 80 Hong Kong dollars per share; the third largest shareholder JPMorgan Chase & Co. successively reduced their holdings of 11.2608 million shares. In the past year, Li Changjiang has reduced his holdings of 2.12 million shares, and has cashed out approximately HK$87,277,400.

The actions of leading companies are the vane of industry development. From the annual report of Country Garden Services, it can be seen that the current mergers, acquisitions, outsourcing and multi-format simultaneous development are still the new trends of the current property management industry, and the industry may enter the era of great integration in the future.

Disclaimer: This article is for information sharing only and does not constitute any investment advice to anyone.

Copyright statement: The copyright of this work belongs to Bread Finance, and it is not allowed to reprint, extract or use other methods to use this work without authorization.

Visual China

Reporter | Tao Zhixian Edit | Chen Feiya Reporter | Tao Zhixian Edit | Chen Feiya On the evening of April 22, SF Holdings (002352.SZ) announced the highly anticipated quarterly report for 2021. Data show that the company’s operating income was 42.62 billion yuan, a year-on-year increase of 27.07%; the net loss attributable to shareholders of listed companies was 989 million yuan, compared with a profit of 907 million yuan in the same period last year. In addition, the company’s business volume increased by 44% year-on-year. Since SF Holdings announced its pre-losing performance forecast on April 9, the stock price has fallen by 21.49%. Since the Spring Festival, the stock price has fallen by 40.46%, and the market value has evaporated by nearly 200 billion. Now that the quarterly report of “worth” 200 billion yuan has been finalized, why did SF Holdings lose money? Behind the sharp drop in stock prices, who is the “beneficiary”? Time-sensitive parts business falls short of expectations The most fundamental reason for the loss of SF Holdings is that its high-margin aging parts business is not as good as expected. Time-sensitive parts mainly refer to businesses such as SF Express and SF Express, and are the company’s most important source of profit. In the first quarter of 2020, due to the impact of the epidemic, many physical stores closed, and consumption was mainly online, which drove the growth of express delivery business. In addition, the rapid growth of medical equipment, masks and other businesses has also promoted the company’s business development. As the epidemic in my country has been effectively alleviated, many offline consumption have resumed, which has caused the company’s business to fall short of expectations during the same period.

Competition during the Spring Festival has also become more intense. In 2020, Santong Yida was affected by the epidemic, and its franchisees were slow to resume work and basically did not participate in the previous logistics competition. At that time, SF Express logistics showed a huge advantage and occupied the majority of the market. This year, the Tongda Department participated in the Spring Festival logistics war, and to a certain extent diverted SF Express, which caused its business volume to fall.

The fierce competition during the Spring Festival is also reflected in subsidies to front-line logistics employees. SF Holdings responded to the advocacy of the Spring Festival in situ to meet the service needs of e-commerce platforms and customers not closing during the Spring Festival. It increased the number of staff on duty, such as collection staff, warehouse managers, and transfer operators, so it gave higher subsidies to first- and second-line staff , Increased the related costs to a certain extent. The company’s cash paid to employees in the first quarter of 2021 was 8.872 billion yuan, an increase of 28.86% from the 6.885 billion yuan in 2020. Both the increase and the value are the highest in the company’s history.

After the electronic invoices and commercial insurance policies, SF Holdings also lost some of its customers. In recent years, the electronicization of invoices and commercial insurance policies has affected part of the original business. High-end commercial items represented by luxury goods have not been filled in time, so the overall growth rate has been affected to a certain extent. For the express delivery industry, fixed-end costs such as the fixed part of employee compensation, self-owned vehicles, space leasing, and depreciation and amortization account for about 60%. Once a large amount of production capacity is invested, there will be a sharp decline in gross profit if the income is less than expected. .

In order to supplement the source of customers, SF Holdings sinks the e-commerce market to participate in price wars, which affects gross profit. Prior to this, SF Holdings has always been the absolute leader in the field of commercial express delivery, and the company’s comprehensive gross profit margin has been maintained at 16% to 18%. In contrast, Yunda (002120.SZ), which is mainly engaged in e-commerce, has a gross profit margin of only 9.99% in the third quarter of 2020. Since last year, SF Holdings has begun to sink into the e-commerce market, and its gross profit margin has fallen from 17.42% in 2019 to 16.35% in 2020, while only 7.16% in the first quarter of 2021. Take the company’s single ticket price in March this year as an example. The single ticket price of its express logistics business was 15.74 yuan, a 12.12% drop from 17.91 yuan in the same period last year. Operating income increased from 12.163 billion yuan to 13.792 billion yuan, an increase of 13.39%. Obviously, SF Holdings has adopted a business strategy of trading price for volume. In this regard, the company also said that its sinking e-commerce market demand is strong, and the business volume of economic express delivery products special distribution is growing rapidly. Therefore, the proportion of parts of this part of the low-priced products has increased rapidly, which puts a certain pressure on the overall gross profit.

Data source: WIND, Interface News Research Department “Benefit” fixed increase party

Business disruption can only affect the company’s gross profit, and the lack of real-time returns on a large amount of investment has led to SF Holdings’ losses. In recent years, the company has actively implemented a large logistics strategy. In order to expand new business and expand market share, it has increased its pre-investment in new business, including network construction of express, Fengwang, intra-city express delivery, warehouse network, and integration of various stations and lines. , In order to improve the timeliness of land transportation services. Taking the construction in progress as an example, SF Holdings increased by 1.079 billion yuan in the first quarter of 2021 compared with the third quarter of 2020, an increase of 23.76%.

SF Holdings’ large-scale production capacity is for the future. In the future, many logistics businesses, including e-commerce parts, will follow SF’s own logistics lines. Therefore, since the fourth quarter of last year, the company has increased the automation construction of the transit yard, and increased the production capacity processing scale, and the investment in fixed assets such as venues and equipment. This leads to an increase in amortization and depreciation costs, and in the initial stage of the integration of various businesses, there is a phenomenon of overlapping resources, which leads to an increase in costs.

Wang Wei, the actual controller of SF Holdings, has previously stated that he will certainly not lose again in the second quarter of this year, but the annual profit will not return to the same period last year. It is expected that through the integration of various network resources and with the growth of business scale, the performance is expected to gradually release the scale effect in the second half of this year. As for next year, SF Express may continue to implement the policy of expanding production and increasing capacity. In other words, the performance of SF Holdings in the past two years will have been under pressure.

The sharp drop in the stock price of SF Holdings has attracted much attention to the company’s ongoing fixed growth. On February 10 this year, SF Holdings issued a plan for non-public issuance of stocks. It plans to raise 22 billion yuan, mainly for capacity construction and supplementary liquidity. The relevant issuance price is not lower than the average stock transaction average of the 20 trading days before the pricing benchmark. 80% of the price, the pricing base date is the first day of the issuance period and the day after the sponsor sends the subscription invitation. SF Holdings still needs to respond to the CSRC’s project review, so the pricing benchmark will be based on SF’s stock price after the sharp drop. The recent sharp drop in stock prices will “benefit” the future fixed-increasing party in disguise.

It is worth mentioning that Wu Weiting, the chief financial officer of SF Holdings, was transferred. Since April 24, he has resigned from the posts of member of the audit committee, chief financial officer and deputy general manager of the company’s board of directors. He will continue to serve as a director of the company, and at the same time, the company will hire Wu Weiting as a capital operation consultant for the company’s logistics industrial park.

According to statistics from Tianxiang Investment Consulting, as of the end of the first quarter, the top ten major stocks of 3544 actively investing in partial-equity funds included in the statistics were: Kweichow Moutai, Wuliangye, Hikvision, China Freedom, Luzhou Laojiao, Mindray Medical, WuXi AppTec, Midea Group, Longji. Among them, Kweichow Moutai continues to be the largest stock in public funds. At the end of the first quarter, a total of 1,476 funds held Kweichow Moutai, holding a total of 69.937 million shares, an increase of 7,319,700 shares from the previous quarter; total fund holdings The market value is 140.503 billion yuan, an increase of 15.394 billion yuan compared to the market value of positions held at the end of the fourth quarter of last year. The stock rose 0.55% in the first quarter of this year.

It is worth mentioning that in addition to Kweichow Moutai, liquor stocks also include Wuliangye and Luzhou Laojiao in the list of the top ten heavy warehouse stocks. It is reported that at the end of last year, Wuliangye was the second-largest stock in public funds, and the position of Luzhou Laojiao rose one position from the seventh-largest to the sixth-largest stock. Among them, the total market value of the fund holdings of the two stocks is 101.561 billion and 46.302 billion respectively.

In addition to three liquor stocks, which continue to be in the top ten stocks list, there are also the top ten stocks of new funds such as Hikvision and WuXi AppTec. According to data from Tianxiang Investment Consulting, as of the end of the first quarter, there were 505 active equity funds holding Hikvision, an increase of 231 from the previous quarter, and the market value of fund holdings reached 61.230 billion yuan; while the active equity funds holding WuXi AppTec had a total of 505 active equity funds 474, an increase of 78 from the previous month, and the market value of fund holdings exceeded 40 billion yuan.

According to data from Tianxiang Investment Consulting, as of the end of the first quarter, the 50 stocks with the largest increase in active equity funds were mainly concentrated in several sub-sectors such as banking, information technology components, and biological products.

If there is an increase in holdings, there will be a decrease in holdings. In the first quarter, Luxshare Precision suffered a massive sell-off. According to data from Tianxiang Investment Consulting, at the end of the first quarter, a total of 222 active equity funds held Luxshare Precision, holding 49,303.06 million shares; and at the end of the fourth quarter of last year, Shigekura held as many as 627 Luxshare Precision Funds. The number of shares is also as high as 702,371,400 shares. It can be seen that there has been a sharp drop in the number of funds held and the number of shares held.

1. 2020 data of Lingnan Holdings Hotel Three Musketeers

1. Guangzhou Garden Hotel

   (1) Operating income 279,914,500 yuan -39.79%

   (2) Net profit -35,266,000 yuan-180.06%

2. China Hotel, Guangzhou

   (1) Operating income 168,803,300 yuan -39.48%

   (2) Net profit -29,505,300 yuan -244.10%

3. Guangzhou Dongfang Hotel

   (1) Operating income 134,585,800 yuan -41.85%

   (2) Net profit -50,782,000 yuan -1173.73%

4. Historical data of the Three Musketeers of Lingnan Holdings Hotel

5. Guangzhou Garden Hotel

   In August 1985, the hotel opened.

   In September 2006, the hotel was renovated.

   Renovated again in 2014.

   There are 828 guest rooms, 150 apartments, 8 multifunctional halls, 1 conference center, 9 restaurants, and a commercial area of ​​20,633 square meters.

   (1) Operating income

   446.5815 million yuan in 2014

   464,412,400 yuan in 2015 +3.99%

   2016 459,768,400 yuan -1.00%

   2017 469.8458 million +2.20%

   461,774,500 yuan in 2018 -1.72%

   2019 464.8792 million +0.67%

   In the first half of 2020, 83,568,900 yuan -59.15%

2020 279,914,500 yuan -39.79%

(2) Net profit

44,644,400 yuan in 2014

2015 RMB 43,168,700 -3.31%

2016 46,677,800 yuan +8.13%

2017 RMB 53.2836 million +14.15%

2018 53.353 million yuan +0.13%

2019 44,051,000 yuan -17.43%

(Renovation of 189 guest rooms on the 11th to 17th floors)

In the first half of 2020-37,030,300 yuan -235.97%

2020 -35,266,000 yuan -180.06%

1. China Hotel, Guangzhou

   There are 850 rooms, 155 apartments, 6 restaurants, and a commercial area of ​​35954 square meters.

   (1) Operating income

   312,123,600 yuan in 2014

   303.5559 million yuan in 2015 -2.74%

   2016 274,477,600 yuan -9.58%

   2017 291,262,600 yuan +6.12%

   2018 290,115,500 yuan -0.39%

   2019 278,899,900 yuan -3.87%

   In the first half of 2020, 46,432,600 yuan-62.10%

   2020 RMB 168,803,300 -39.48%

   (2) Net profit

   In 2014, 8,277,600 yuan

   2015 8,935,800 yuan +7.95%

   2016 7,493,300 yuan -16.14%

   2017 15.1944 million +102.77%

   2018 19.1841 million yuan + 26.26%

   2019 20.4752 million yuan +6.73%

   In the first half of 2020-28,808,300 yuan -455.27%

   2020 -29,505,300 yuan -244.10%

2. Guangzhou Dongfang Hotel

   (1) Operating income

   2019 23143.34-4.26%

   (160 guest rooms remodeled)

   In the first half of 2020, 34,167,700 yuan-67.83%

   (2) Net profit

   2019 RMB 4,729,500-67.88%

   (160 guest rooms remodeled)

   In the first half of 2020 -32.956 million yuan -479.34%

   2020 -50,782,000 yuan -1173.73%

3. Attachment: Zhao Huanyan accepted 14 interviews from the media

4. “Beijing Business Daily” Guan Zichen and Wu Qiyun: “Release the hotel brand matrix, eLong Hotel gradually reveals the’ambition’ of the accommodation market”

   [Zhao Huanyan’s opinion in the media in 2021 76]On April 23, 2021, “Beijing Business Daily” Guan Zichen and Wu Qiyun cited Huamei consultants in the report “Release the hotel brand matrix, eLong Hotel gradually reveals the’ambition’ of the accommodation market” The data and opinions of Zhao Huanyan, the chief knowledge officer and senior economist of the organization are as follows:

   According to Zhao Huanyan, Chief Knowledge Officer of Huamei Hotel Consulting, the current hotel market is an era where new brands are blooming. However, whether it can stand out among a large number of new brands depends on the long-term perspective. In addition, the hotels with the best business are not the cheapest and high-quality hotels, so we must pay attention to brand characteristics.

5. “China Travel News” Wang Wei: “Ctrip went to Hong Kong for a second listing, and online travel is making a comeback”

   [Zhao Huanyan’s opinion in the media in 2021 75]On April 22, 2021, Wang Wei of China Travel News quoted the Chief Knowledge Officer and Senior Economics of Huamei Consulting in the report “Ctrip went to Hong Kong for a second listing, and online travel is back.” Teacher Zhao Huanyan’s data and opinions are as follows:

   Zhao Huanyan, Chief Knowledge Officer of Huamei Consulting, said that the secondary listing refers to a listed company listing some of its outstanding shares on another stock exchange that has not been registered. At the same time, “Chinese concept stocks” do exist in the U.S. stock market. The problem of being underestimated, therefore, for Ctrip, a secondary listing can increase cash flow, diversify risks, and is also an opportunity to strive for revaluation and increase market value.

6. Yu Wei from “Winner Real Estate”: “Atour Hotel, which has been out of financing for four years, went public in the United States. Can it turn around by raising 1.9 billion?”

   [Zhao Huanyan published opinions in the media in 2021 74]On April 22, 2021, “Wind Real Estate” Yu Wei listed in the “Atour Hotel, which has been out of financing for 4 years, went public in the United States. Can it turn over by raising 1.9 billion?” The data and opinions of Zhao Huanyan, the chief knowledge officer and senior economist of Huamei Consulting, are as follows:

   Zhao Huanyan, chief knowledge officer and senior economist of Huamei Consulting Group, also said that from the perspective of poor financing and guidance on replacement listing, Atour Hotel has some problems that affect the listing plan. However, in order to respond to investors’ expectations, listing cannot be avoided, so we choose an easy path.

7. “China Business News” Le Yan: “Entering the hotel industry, with Cheng Yilong in the’next big game’?”

   [Zhao Huanyan’s opinion in the media in 2021 73]On April 22, 2021, “China Business News” Le Yan quoted the chief executive of Huamei Consulting in the report “Entering the hotel industry, with Cheng Yilong in the’next game’?” The data and opinions of Zhao Huanyan, a knowledge officer and senior economist, are as follows:

   Tongcheng has already deployed online travel, offline travel agencies, aviation, and lifestyle. There are also frequent interactions between various sectors. For example, Tongcheng Airlines has recently made new moves in the integration of the “aviation + tourism” industry. With the support of Hunan Provincial Airport Management Group and other units, the Travel Cooperation’s Tongcheng Travel and Hunan Airlines have created the “Air-Rail Combined Transport Red Tourism” project. During the Ching Ming holiday this year, the 98 yuan ticket blind box launched by Tongcheng Travel attracted more than 20 million users to enter the event page to snap up. Therefore, continuing to invest in the hotel sector is to complement the overall closed-loop element of’food, lodging, travel, shopping and entertainment’ that complements the entire tourism industry chain, as well as to further divert online and offline customer sources. “Analysis by Zhao Huanyan, Chief Knowledge Officer of Huamei Consulting.

   The competition is definitely fierce, but it is worth noting that the entry of hotels and other related assets can increase the asset scale and valuation of the entire same process system. For the same process system, it is necessary to consider the overall benefits, not Just look at the hotel sector. “Zhao Huanyan thought.

8. “Beijing Business Daily” Guan Zichen and Wu Qiyun: “The decline in performance is still accelerating the layout, can domestic hotel giants usher in the year of recovery”

   [Zhao Huanyan’s opinion in the media in 2021 72]On April 21, 2021, “Beijing Business Daily” Guan Zichen and Wu Qiyun cited Huamei in the report “The decline in performance is still accelerating the layout, can domestic hotel giants usher in a year of recovery” The data and opinions of Zhao Huanyan, the chief knowledge officer and senior economist of the advisory body are as follows:

   According to Zhao Huanyan, Chief Knowledge Officer of Huamei Hotel Consultants, hotel groups are all asset-light operations, that is, they do not invest and manage hotels with brand output to obtain management fees and franchise fees. Therefore, the more layout expansion is, the more the better, because the more managed hotels are More, the more management fees and franchise fees can be collected.

   Zhao Huanyan also believes that with the recovery of the tourism industry this year, the performance of the hotel industry and hotel groups will rise.

9. “Beijing Commercial Daily” Guan Zichen and Wu Qiyun: “Listed in Hong Kong, revaluated the market value, Ctrip accelerated its expansion to grab the market”

   [Zhao Huanyan’s opinion in the media in 2021 71]On April 20, 2021, Guan Zichen and Wu Qiyun of the “Beijing Business Daily” quoted the chief executive of Huamei Consulting in the report of “listing in Hong Kong, revaluation of market value, and Ctrip speeding up expansion to seize the market.” The data and opinions of Zhao Huanyan, a knowledge officer and senior economist, are as follows:

   Zhao Huanyan, chief knowledge officer and senior economist of Huamei Consulting Agency, believes that the suspension of outbound travel has indeed affected its imagination of rising performance, but the recovery of domestic travel has given Ctrip a certain amount of performance support.

10. “Beijing Business Daily” Guan Zichen and Wu Qiyun: “The delisting process will be launched just two years after listing. Can Kaiyuan Hotel, the largest private high-end hotel, go where it will go?

    [Zhao Huanyan’s opinion in the media in 202170]On April 19, 2021, Guan Zichen and Wu Qiyun of the Beijing Commercial Daily “started the delisting process after two years of listing. Can Kaiyuan Hotel, the largest private high-end hotel, where to go?” The report quoted the data and opinions of Zhao Huanyan, chief knowledge officer and senior economist of Huamei Consulting, as follows:

    Zhao Huanyan, chief knowledge officer and senior economist of Huamei Hotel Consulting, pointed out that in terms of the previous situation, the stock price of Kaiyuan Hotel was not very satisfactory. The main reason is that Kaiyuan Hotel is biased towards traditional industries and its development is relatively slow. limited. This time, Kaiyuan Hotel withdrew from the capital market because it was acquired and the main body of the acquisition was a private equity fund. The purpose of the acquisition was to change its original development trajectory with the power of capital, in order to achieve faster development and achieve greater valuation. .

    In Zhao Huanyan’s view, Kaiyuan Hotel has always developed more traditionally, and its brand genes are difficult to change in the short term. But it is also possible to change through other means, that is, how to change the current situation where the layout is mainly in Zhejiang Province, so as to develop faster throughout the country.

11. “36Kr”: “Atour joins forces with Vanke to actively explore new ways of’hotel + real estate'”

    [ZhaoHuanyan’sopinioninthemediain202169]On April 16, 2021, “36Kr” quoted the chief knowledge officer and senior executive of Huamei Consulting in the report “Atour and Vanke, Actively Explore New Gameplay of “Hotel + Real Estate” The data and opinions of economist Zhao Huanyan are as follows:

    From a set of data previously released by Zhao Huanyan, Chief Knowledge Officer of Huamei Consulting, it is not difficult to find that the return on investment of five-star hotels in China from 2010 to the end of 2018 hovered between 0.3% and 4%.

12. “Beijing Business Daily” Guan Zichen and Wu Qiyun: “Foreign-funded hotels withdraw their licenses, domestic-funded hotels take over, and local hotels usher in a rising moment in the recovery market”

    [Zhao Huanyan’s views in the media in 2021 68]On April 13, 2021, “Beijing Business Daily” Guan Zichen and Wu Qiyun reported on “Foreign hotels withdrawing their licenses, domestic hotels taking over, and local hotels ushering in a rising moment in the recovery market” Quoting the data and opinions of Zhao Huanyan, chief knowledge officer and senior economist of Huamei Consulting, are as follows:

    Zhao Huanyan, Chief Knowledge Officer of Huamei Hotel Consulting Agency, also analyzed and pointed out that with the changes in the customer source structure of the domestic high-end hotel market, in the case of unsatisfactory operation of foreign hotels, the owners will consider changes and terminate the management contract early. At the same time, this can also be done. Reduce management expenses. Next, there may be more and more hotel withdrawals, and the industry has also begun to enter a reshuffle period.

13. “China Business News” Le Yan: “Ctrip went to Hong Kong for a second listing, striving for value revaluation”

    [Zhao Huanyan’s opinion in the media in 2021 67]On April 6, 2021, “China Business News” Le Yan quoted the chief knowledge officer and senior executive of Huamei Consulting in the report “Ctrip went to Hong Kong for a second listing, striving for value revaluation”. The data and opinions of economist Zhao Huanyan are as follows:

    “Secondary listing is when a listed company lists part of its outstanding shares on another stock exchange that has not been registered. For Ctrip, the secondary listing can increase cash flow and diversify risks. At the same time, we also look at it. In view of the problem that China’s concept stocks are undervalued in the U.S. stock market, Ctrip’s second listing in Hong Kong is also seeking opportunities for itself to be revalued and increase market value.” Zhao Huanyan, Chief Knowledge Officer of Huamei Consulting, told No.1 Financial reporter.

14. “Beijing Business Daily” Guan Zichen and Wu Qiyun: “Performance plummeted, personnel adjustments, how does Jinjiang impact the global hotel’boss'”

    [Zhao Huanyan’s opinion in the media in 2021 66]On April 2, 2021, “Beijing Business Daily” Guan Zichen and Wu Qiyun cited Huamei consultants in their report on “Performance plummeted, personnel adjustments, how Jinjiang impacted the global hotel’s “big boss”” The data and opinions of Zhao Huanyan, the chief knowledge officer and senior economist of the organization are as follows:

    “It’s definitely not enough to have a hotel scale. If you look at the world, Jinjiang still needs to work hard on hotel service quality and brand influence.” Analyst Zhao Huanyan, Chief Knowledge Officer of Huamei Hotel Consulting.

15. “Economic Observer” Deng Jun: “To join hands with Sunac to attack the high-end, is there an opportunity for Huazhu to’go up’?”

    [Zhao Huanyan’s opinion in the media in 2021 65]On April 1, 2021, “Economic Observer” Deng Jun said in “Joining Sunac to attack the high-end, is there an opportunity for Huazhu to “go up”?” The report quoted The data and opinions of Zhao Huanyan, chief knowledge officer and senior economist of Huamei Consulting, are as follows:

    Zhao Huanyan, Chief Knowledge Officer of Huamei Hotel Consultants and senior hotel professional, believes that unlike mid-to-high-end and below hotels where there is a steady supply of property supply, it is prone to oversupply, real estate is the entry barrier for high-star hotels. Therefore, from a long-term perspective, he is more optimistic about the development prospects of Gaoxing Hotels. He believes that the high ground for competition in China’s hotel industry is high-star hotels.

    However, Zhao Huanyan also said that the current domestic high-star hotel brands are basically still marginalized, and their influence is not as good as that of international hotel brands. At the same time, the proportion of domestic brands is relatively low and the regional advantages are relatively obvious, such as Kaiyuan in Zhejiang and Jinling in Jiangsu.

    Regarding Yonglehua’s main asset-light brand output model after the construction of its flagship store, Zhao Huanyan told Economic Observer that the success of this model depends first on whether the two hotels in Changsha can be made to attract owners and have obvious benefits. flagship store. As for the diversion of high-star hotel consumer groups that many people worry about in the future, Zhao Huanyan believes that there is no need to worry too much. “The increase in consumption levels, the increase in hotel supply, and the increase in tourism consumption will all cause dynamic changes in the relationship between supply and demand in the hotel market. .”

16. “Travel.com”: “The turning point has come, and the market structure of mid-to-high-end hotel stock market changes again”

    [Zhao Huanyan published opinions in the media in 202164]On April 1, 2021, Travel Search.com cited the Chief Knowledge Officer and Senior Economics of Huamei Consulting in the report “The turning point has come, and the market structure of mid-to-high-end hotel stock is changing again.” Teacher Zhao Huanyan’s data and opinions are as follows:

    “The development of mid-range hotels has four elements to be identified.” Zhao Huanyan, Chief Knowledge Officer of Huamei Hotel Consultants, said that functional upgrades, matching market segment positioning, and optimized upgrade content are the key to mid-range hotels’ competition, which can be divided into four points. : The second space outside the first guest room, such as gymnasium, book bar, tea house, film and television social area; second, the second element of high-quality products beyond basic needs, such as innovative catering and health-related additional services; third , Multi-element humanistic experience, such as design, culture, and environment; fourth, the improvement of service quality.

17. Lei Bu Tong, “Space Secret Quest”: “The’pseudo mid-range’ brands are rampant, are mid-to-high-end hotels still worth investing in?”

    [Zhao Huanyan’s opinion in the media in 2021 63]On March 26, 2021, Lei Bu Tong of “Space Secret Detective” was in the “Pseudo Mid-range” brand, is it worth investing in mid-to-high-end hotels? The report cited Huamei consultants The data and opinions of Zhao Huanyan, the chief knowledge officer and senior economist of the organization are as follows:

    According to analysis by Zhao Huanyan, Chief Knowledge Officer and Senior Economist of Huamei Consulting, many budget hotels have a payback period of more than 5 years, and many mid-range hotels can achieve cost recovery in about 5 years. Therefore, mid-range hotels are currently the most cost-effective. One of the hotel investment and development models.

    

    [View Zhao Huanyan’s 978 original articles]”View historical news” to go forward.

    [Zhao Huanyan]Chief Knowledge Officer and Senior Economist of Huamei Consulting. More than 17 years of research experience in the headquarters of large hotel groups, and more than 12 years of research experience in hotel consulting companies. Won the “Top 100 Most Influential Experts” in the first “Value China” on June 13, 2008, and “One Hundred People Affecting Chinese Hotels” on December 4, 2008 at the 30th Anniversary of China Hotel Industry Reform and Opening-up Conference, September 2016 20th China Hotel and Commercial Kitchenware Industry Conference “Lifetime Achievement Award”, November 4, 2016 CHTA Global 2016 Annual Conference “Special Outstanding Contribution Award”, April 23, 2017 “China Hotel Outstanding Contribution Golden Dragon Award”, 2018 October 19 “Annual Industry Development Contribution Award”, December 7, 2018 “Data Value Think Tank Award” of Sino-Swiss Hotel Management School, and “Outstanding Contribution Award” of GBE Forum on March 20, 2019.

    [Main honorary positions]Eju Kerrui Asset Management Expert Consultant, China Real Estate Association Consultant of China Hotel Industry Excellent Purchasing Alliance, Special Researcher of Hotel Industry Research Center of Zhongrui Hotel Management College, Chief Consultant Expert of Guangxi Hotel Management Society, Shaanxi Province Tourism Professional consultant of the Accommodation Industry Association, Honorary President of Yunnan Tourism Hotel Industry Association, etc.

    [Work pursuit]At the top of the profession, turn wisdom into methods.

    [Basic data]The principle of openness and authority.

    [Zhao Huanyan gave 217 speeches]Among them, 3 times in 2008, 4 times in 2009, 9 times in 2010, 16 times in 2011, 21 times in 2012, 25 times in 2013, 25 times in 2014, 32 times in 2015, and 2016 24 times in a year, 20 times in 2017, 15 times in 2018, 19 times in 2019, 2 times in 2020, and once from 2021 to January 12.

    [Zhao Huanyan published 795 articles (excluding his own original self-media articles)]including 1 in 2004, 28 in 2005, 9 in 2006, 33 in 2007, 17 in 2008, 34 in 2009, 47 in 2010, 39 in 2011, 34 in 2012, 45 in 2013, 54 in 2014, 82 in 2015, 88 in 2016, 209 in 2017, 66 in 2018, 8 in 2019, 1 in 2020.

    [Zhao Huanyan was interviewed and published opinions in newspapers 2818 times]Among them, 8 times in 2006, 18 times in 2007, 11 times in 2008, 42 times in 2009, 50 times in 2010, 82 times in 2011, 175 times in 2012, and 2013 210 times, 272 times in 2014, 314 times in 2015, 372 times in 2016, 288 times in 2017, 318 times in 2018, 316 times in 2019, 267 times in 2020, and 76 times from 2021 to April 23.

After SF’s chairman Wang Wei apologized for the company’s losses, SF Holdings seemed to be turbulent.

On the evening of April 22, SF Holdings announced that in the first quarter of 2021, the company achieved revenue of 42.62 billion yuan, a year-on-year increase of 27.07%; a net profit loss of 989 million yuan, a profit of 907 million yuan in the same period last year, a year-on-year decrease of 209%. At the same time, SF Holdings stated that the board of directors has recently received a job transfer notice from Wu Weiting, the chief financial officer. Due to personal reasons, Wu Weiting has applied for resignation from the positions of member of the audit committee, chief financial officer and deputy general manager of the company’s board of directors from April 24, 2021.

SF Express said that before the company’s board of directors appoints a new financial officer, director Chen Fei temporarily assumed the duties of the company’s financial officer.

Earlier, at the 2020 annual general meeting of shareholders held by SF Holdings, SF’s chairman and general manager Wang Wei apologized to investors for the loss of the stock price and frankly had negligence in management. Similar problems will not occur a second time. As of the close of April 22, SF Holdings reported 63.18 yuan per share, with a market value of 287.876 billion yuan. The stock price fell nearly half from the February 18 high, and the market value had evaporated by more than 270 billion yuan.

In this regard, netizens said: What is the financial matter? Finance is too difficult.