In March 2019, Chengdu Sports Industry Investment Group Co., Ltd. (hereinafter referred to as Chengdu Sports Investment) invested 1.3 billion yuan to become the owner of Lander Sports Development Co.Ltd(000558) (000558, SZ; yesterday’s closing price was 3.50 yuan). After a long time, the shareholding of Chengdu Sports investment has remained unchanged.
On February 9, 2022, Lander Sports Development Co.Ltd(000558) announced that Chengdu Sports investment plans to reduce the company’s shares by no more than 12118700 shares.
The reporter of the daily economic news noted that this is the first time that Chengdu Sports has thrown out the reduction plan after it invested in the main Lander Sports Development Co.Ltd(000558) , which has aroused great concern of investors. Based on the current stock price analysis of listed companies, Chengdu Sports investment has a small floating profit.
reduction of due to “capital arrangement needs”
According to Lander Sports Development Co.Ltd(000558) announcement, the company recently received the notification letter of share reduction plan issued by the controlling shareholder Chengdu Sports Investment. Chengdu Sports investment plans to reduce the total shares of the company by means of centralized bidding transaction or block transaction within 6 months after 15 trading days from the date of announcement disclosure, that is, no more than 12.1187 million shares, that is, no more than 0.94% of the total share capital of the company. So far, Chengdu Sports investment has held 385 million Lander Sports Development Co.Ltd(000558) shares, with a shareholding ratio of 29.9%.
For the reasons for the reduction, Chengdu Sports Investment said it was due to its own capital arrangement needs, and the reduction price will be determined according to the market price and transaction mode at the time of reduction. As of the closing on February 10, Lander Sports Development Co.Ltd(000558) shares closed at 3.50 yuan / share. Based on this estimate, Chengdu Sports investment will reduce its holdings or cash out about 43 million yuan.
Compared with the original equity transfer price, the shareholding of Chengdu Sports investment has a floating profit.
Reviewing the history, Chengdu Sports Investment Co., Ltd. signed the share transfer agreement with the then controlling shareholder of Lander Sports Development Co.Ltd(000558) reinda holdings on March 11, 2019, and transferred 385 million shares of the listed company held by reinda holdings. Meanwhile, reinda holdings unconditionally relinquishes the voting rights corresponding to its Lander Sports Development Co.Ltd(000558) 64.4612 million shares (accounting for 5% of the total share capital of the listed company). The price of equity transfer is 3.44 yuan / share, and the total price is 1.326 billion yuan.
In June 2019, the above shares completed the transfer registration procedures, and Chengdu Sports Investment replaced laiyinda holdings as the new controlling shareholder of Lander Sports Development Co.Ltd(000558) . Chengdu culture and tourism group, the parent company of Chengdu Sports Investment, is the only platform for the integration of cultural, tourism and sports resources of Chengdu municipal government, Lander Sports Development Co.Ltd(000558) which has become a platform for listed companies under Chengdu state-owned assets.
For a long time after Chengdu Sports Investment, the stock price of Lander Sports Development Co.Ltd(000558) was in a downward trend. At the end of April 2020, the company’s share price once fell below the threshold of 2.5 yuan / share. Although it has rebounded since then, it once fell below 2.5 yuan / share by the end of July 2021. However, since August 2021, Lander Sports Development Co.Ltd(000558) share price has rebounded significantly, reaching 5.64 yuan / share briefly in early January 2022. Since mid January, Lander Sports Development Co.Ltd(000558) share price has dropped, but it is still higher than the aforementioned input share price of Chengdu Sports Investment.
when to resume asset injection is of concern
As it is the first time that Chengdu Sports investment has thrown out the reduction plan, it has attracted great attention among Lander Sports Development Co.Ltd(000558) investors. Some investors linked this matter with the company’s large pre loss of performance.
Earlier, Lander Sports Development Co.Ltd(000558) released a performance forecast on January 29, saying that it is expected that the annual net profit loss in 2021 will be 80 million yuan ~ 110 million yuan, a year-on-year decrease of 11.54% ~ 53.37%; The net profit loss after deducting non profits was 85 million yuan to 115 million yuan, and the loss increased year-on-year. If the above performance is finally implemented, Lander Sports Development Co.Ltd(000558) will suffer a loss of net profit for two consecutive years (net profit loss of 71.72 million yuan in 2020), and the net profit after deduction will suffer a loss for five consecutive years.
For the performance in 2021, Lander Sports Development Co.Ltd(000558) is attributed to factors such as the operation and depreciation of Lishui sports center living hall, the increase of labor cost compared with the same period of last year, and the decrease of stock real estate leasing and sales revenue.
The performance of Lander Sports Development Co.Ltd(000558) is directly related to the company’s transformation of the sports industry. Lander Sports Development Co.Ltd(000558) formerly known as Rhine real estate, mainly engaged in real estate business. In 2015, real estate ushered in market regulation, and Rhine real estate lost 358 million yuan. Gao Jisheng, then the actual controller of the company, said: “the company should diversify beyond the main real estate industry”.
In August 2015, Rhine real estate announced to change its name to ” Lander Sports Development Co.Ltd(000558) “, and announced to adjust and dispose of the real estate business and concentrate resources on the development of sports. From 2015 to 2018, Lander Sports Development Co.Ltd(000558) has successively arranged at least five sports towns, one international outdoor sports base and two sports complexes across the country, which is jokingly called “the first share of China’s sports towns”.
Although the Lander Sports Development Co.Ltd(000558) transformation movement is powerful, it has little actual effect. From 2017 to 2019, Lander Sports Development Co.Ltd(000558) net profit after deduction of non-profit losses were 56.3718 million yuan, 90.2324 million yuan and 126 million yuan respectively. During this period, Gao Jisheng also played a retreat and sold his control of listed companies to Chengdu Sports Investment.
“We recognize the development strategy of listed companies and are optimistic about the future development of the company, and are willing to provide assistance for the development of listed companies.” Chengdu Sports has made it clear when it invested in the main. In December 2020, Lander Sports Development Co.Ltd(000558) issued an asset purchase plan to purchase 63.34% of the shares of Chengdu Cultural Tourism Development Co., Ltd. (hereinafter referred to as Chengdu cultural tourism) from the indirect controlling shareholder Chengdu cultural tourism group by issuing shares. Chengdu cultural tourism is mainly engaged in skiing (grass skiing) projects and related supporting businesses in Chengdu Xiling Snow Mountain scenic spot. In the view of listed companies, after the completion of the transaction, it will further expand and strengthen ice and snow sports and related supporting businesses, and accelerate the integrated development of sports, culture, business and tourism.
However, the above transaction was suspended in June 2021. It is said that the covid-19 pneumonia epidemic had a great impact on the ski resort, resulting in the continuous impact on the performance of Chengdu cultural tourism. So far, there has been no new public progress in the transaction.
According to the semi annual report of Chengdu cultural tourism in 2021, the operating revenue of the company in the reporting period was 89.5403 million yuan, a year-on-year increase of 73.23%; The net profit attributable to the shareholders of the listed company was 28.1246 million yuan, a year-on-year increase of 1101.89%. Wei Jing, Secretary of the board of directors of Chengdu cultural tourism, told reporters that the overall operation of the company has been warming up since 2021. For when the transaction of Lander Sports Development Co.Ltd(000558) acquisition company will restart, he said that the announcement of listed companies is the main.
