External compensation of loss embankment in embankment

Absrtact: A large Internet financial news official told reporters that the gold online flow of small, less users, and financial Web site after several years of development, has entered the bottleneck period. Market resources have been divided up, to product. Compared with rivals, CICC

A large Internet financial news official told reporters that the gold online flow of small, less users, and financial sites after several years of development, has entered a bottleneck. Market resources have been divided up, to product. Compared with competitors, CICC has fewer online resources, less data, fewer users and weaker products.

"Now Big Wisdom (601519.SH), flush (300033.SZ), net (300059.SZ) are not making money, this is an excessively competitive industry, let alone CICC online." "35 interconnection (300051.SZ) after the acquisition of CICC Online, Beijing, a securities brokerage in charge of the" first financial daily reporter said. May 4 evening, 35 Internet release assets reorganization plan, to 210 million yuan to buy CICC online 100% equity. Such a company from an excessive competition in the field, into another area of excessive competition, although the news, the company's share price has been three consecutive trading, but there are people in the industry to reporters that can not be optimistic about, and even through the linked transactions are suspected.

Coincidence of timing.

According to the company's assets reorganization plan, proposed 210 million yuan acquisition of CICC online 100% equity. The plan shows that the 35 interconnection is to be issued by the company's own shares and pay cash to purchase 99% of CICC online, by the company's wholly owned subsidiary 35 Tianjin to pay cash to buy gold online 1% equity, and the company intends to not more than 10 investors issued shares to raise supporting funds. The underlying asset transaction price is temporarily 210 million yuan.

But the timing of the company's release of the acquisition news, just catching up with the ban on the company's restricted shares, May 8 night, 35 Internet release of restricted shares issued notice, the company lifted the number of restricted shares of 85.8421 million shares, accounting for 53.48% of total equity. According to the bulletin, the total number of shareholders of the lifting of the shares is 10, 9 of the natural person shareholders, 1 corporate shareholders. The restricted shares can be listed on the circulation date of May 10, 2013.

On the other hand, there is a close relationship between the 35 interconnection and the CICC online shareholders. Shen Wen, who holds more than half of CICC's shares, holds 35 of the 3.23%-share stake and is the Chairman of the Board of Supervisors with 35 interconnected; Wang Ping, the third largest shareholder in CICC, is the 35 vice chairman of the Internet, and the 35 Internet sponsor, the chairman of the branch, and the Han Hualin is the same

Excessive competition

35 The beginning of the Internet listing, many brokers published research report recommended that the company's market, the prospect of a better. But because the company's current SaaS model is being accepted by many enterprise customers, the market concentration is low, the competition is intense. and large manufacturers of the market's growing concern, increased the operational risk of small enterprises. Especially in the field of management software (such as CRM, etc.), SAP, Micro, Oracle, Ufida, Kingdee, Alibaba and other enterprises have carried out the relevant business, in the fierce competition, the company is Wang Chinese New year, less than one year.

Buying CICC Online, institutional investors say, is entering another overly competitive market. Similar listed enterprises, the Oriental Wealth because the original launch of the weapons stocks, in the financial and information arena occupies a place, but the first quarter of this year net profit loss of 14.8506 million yuan. The great wisdom of owning trading software (601519.SH) lost 91.8986 million yuan in the first quarter of this year. In contrast, the two companies have their own weapons. There is no special feature of the CICC online, in the fierce competition of the network financial information services industry how to survive, is still a problem.

A large Internet financial news official told reporters that the gold online flow of small, less users, and financial sites after several years of development, has entered a bottleneck. Market resources have been divided up, to product. Compared with competitors, CICC has fewer online resources, less data, fewer users and weaker products.

External compensation of loss embankment in embankment

The announcement showed that the company achieved a net profit of 6.7472 million yuan (unaudited) in 2012, compared to the loss of peers, assuming that this profit is reasonable, but in this year's depressed economic situation, the media advertising business significantly reduced, CICC online real control Shen Wen Commitment, CICC online 2013, The net profit attributable to the shareholders of the parent company in 2014 and 2015 is not less than 25 million yuan, 30 million yuan and 40 million yuan respectively. It is doubtful how this can be done. The announcement also acknowledges that this is much higher than the target, and also higher than the projected net profit for the assets of the current trading earnings forecast for the successful bidder from 2013 to 2015.

In this respect, Shen Wen is committed to the target of the company commitment period of the actual net profit of the number of net profit promised to make up the part of the listed companies in cash, but the target company commitment period can achieve the above promised profitability level is uncertain, Once the underlying company has committed a period of failure to meet the above promised profitability, Mr Shen Wenze is unable to make a cash payment to the listed company.

In this respect, the above-mentioned capital management to reporters that the capital market can be realized, the embankment loss, outside the embankment to supplement. Losses in other places can be earned back in the two market. Do not exclude this transaction, there are officials in advance into the capital market ambush, even in the real transaction losses, can also be made up in the two-tier market.

In fact, as early as January 2011, 35 Interconnection acquisition of Beijing Central Asia Interconnection 60% Equity, the Central Asian interconnection of the original shareholders promised 2011 and 2012 respectively to achieve net profit of 23 million yuan and 27 million yuan, otherwise the original shareholders in cash, But since then the Central Asian interconnection to achieve only 13.177 million yuan and 3.4001 million yuan net profit. According to the 2012 tracking report, the issue of compensation for the acquisition of interconnection in Central Asia has been delayed by agreement. And that is clearly a potential danger to the future of the deal.