The use of capital market for the frying of online games

October 24, the plum Blossom umbrella announced that it is intended to be owned by the assets and liabilities sold to Xiamen Plum Industrial Co., Ltd., and the private issue of shares in the way to buy Shanghai travel Information Technology Co., Ltd. (hereinafter referred to as "travel information") 100% of the equity.

This means that once the deal is completed, the harness manufacturer and mining company in Jinjiang, Fujian province, is transformed into an online gaming company. Affected by this message, October 24 after the card, the plum Blossom Umbrella has 7 consecutive trading, as the "China Business newspaper" reporter Deadline November 13, only 15 trading days, the stock price soared at one time more than 100%.

And then, the distance from the plum blossom Parachute suspension planning and reorganization matters only 1.5 months time, the reporter learned that two companies can "speed" success, in addition to the use of the East Wind online, the "shell" resources are relatively "clean" is also an important factor.

Three to four years selling shell

As one of the leading enterprises of sunny umbrella in China, the plum Blossom umbrella was listed in Shenzhen in 2007, the net profit for the first year of listing is 22.9369 million yuan, which has been hovering around 10 million yuan for several years, and has fallen to 1.9283 million yuan in 2011 years. Although the 2012 Plum Blossom Umbrella implemented a major industrial restructuring, the big foray into the gold mining industry, but also failed to bring much help to the company's profits, the net profit was only increased by 3 million yuan.

According to the company's latest 2013 three-quarter report, 2013 years ago three quarters, plum blossom umbrella to achieve operating income of 833 million yuan, a year-on-year increase of 49.43%, net loss of 12.4708 million yuan, loss of 0.15 yuan per share.

At the same time, the company expects 2013 annual loss will reach 20 million ~2500 million.

Since the listing of the main business of the downturn, but also the actual control of several times the initiation of "retreat", in fact, "net" before the plum Blossom umbrella has twice planned reorganization matters, but eventually for various reasons and "fetal death in the belly."

August 10, 2009, the plum Blossom Umbrella Bulletin said that the proposed disclosure of major matters suspended for one day. The next day said the controlling shareholder was planning a major asset reorganization for the company, which would be disclosed before September 8.

As of September 8, the company continued, because the major assets reorganization program involves a broader range of assets, procedures more complex, can not be completed in a specified period of time necessary to complete the plan, decided to terminate the planning of major assets reorganization matters.

"In 2009 the company, which was going to borrow a plum blossom umbrella, then chose another company and has now completed its reorganization," he said. A staff member of the club's umbrella office told reporters, but for the reasons for the restructuring failure, the person responded to reporters by uninformed.

Although the reorganization object, however, the company sold the shell of the road did not stop, since 2011, the plum Blossom umbrella began cross-industry strategic transformation, follow the hype at that time very popular "gold mine." "At the end of 2011, the company announced the decision to acquire Fujian Tianbao Mining Group Holdings of Jiangxi Tianbao Mining 51% stake."

"Gold-plated" after the company's gold performance small, 2012 4 to December, Tianbao mining to achieve sales revenue of 36.1545 million yuan, net profit of 4.0104 million yuan. In addition, in April 2012, the plum Blossom Umbrella also signed a strategic cooperation agreement with the Jiangxi Geological and mineral Exploration and Development Bureau, and agreed to jointly carry out mineral exploration and development, and participate in the acquisition and cooperation of mineral projects in and out of the territory. And the Jiangxi Geological and Mineral Bureau Geophysical Exploration Brigade holds 40% stake in Tianbao Mining.

When the market thought that the plum blossom umbrella would be in the mining field, the plum Blossom umbrella was suspended August 27 this year to plan a major asset reorganization, and to "traditional business profitability decline, industrial restructuring has not achieved the expected effect", the implementation of selling shells, and in 1.5 months after the "speedy net."

More strange is that the major asset restructuring on the eve of the suspension, the plum umbrella issued three quarterly bulletin. According to its three-tier report, the first three quarters of this year, its net profit was-12.47 million yuan, a sharp decline of 752.92%, and is expected to lose 20 million to 25 million yuan a year. July 13, adjusted to a loss of 3 million to 4 million yuan. The plum blossom umbrella, which is profitable year after year, has been in a loss situation.

Six year net assets several unchanged

Cao Xin, an industry insider in the southwest, told reporters, "net profit from profit to loss, not only significantly reduce the net assets, but also the outlook for asset profitability and quality of the valuation of adverse impact, but for the buyers are very good, will be more to the quality of the asset decline and the industry continues to deteriorate feeling, No longer care about the previous low valuation reasons. ”

"This may be a lesson from the failure of the previous two restructurings," Cao Xin. In fact, major asset restructurings will normally begin to reach a consensus within two months of the suspension. ”

In fact, the control of the initiation retreat, the concept of online games is only the backdoor more smooth external causes, and the cause may be with plum blossom Umbrella "shell" the quality of resources is not unrelated.

Public data show that the September 2007-listed Plum Blossom umbrella, the net asset has changed little. 2007 Annual report shows that the company net assets of 218 million yuan, 6 years apart, the transaction assessment base day net assets increased by only 18.3971 million yuan.

And since the IPO, total equity has not expanded to 82.93 million shares.

After the sale of assets, the main business of the plum Blossom umbrella is fully vacated, leaving only a very clean "shell" for the travel information. This "cage", plum Blossom umbrella Actual control will be changed from Susino to travel information Chairman Lynch, Susino control of plum Blossom umbrella big shareholder of Plum Blossom Industrial Group shareholding ratio, will be reduced from 46.71% to 12.79% after the transaction, retreat to the second largest shareholder, but Plum Blossom Industrial group in the plum Blossom umbrella has not changed the number of shares, Remains at 38.7385 million shares.

In addition, the plum Blossom umbrella IPO only umbrella production base construction project, May 2011 to reach the intended use of the state. The original controlling shareholder of the plum Blossom umbrella only buys the plum umbrella assets at an evaluation value above the net assets of 13.91%, while its shareholding in the listed company changes little.