The real estate developer Shenzhen Wongtee International Enterprise Co.Ltd(000056) ( Shenzhen Wongtee International Enterprise Co.Ltd(000056) . SZ) entered the semiconductor industry across the border and was sent a letter of concern by the Shenzhen Stock Exchange.
The day after the announcement of the investment news (i.e. March 2), the Shenzhen Wongtee International Enterprise Co.Ltd(000056) share price opened lower and went lower. As of the closing, the company’s share price fell 5.97%, and the market was not optimistic about this investment. On the same day, the Shenzhen Stock Exchange issued a letter of concern to the company, asking the company to explain the basis for the evaluation of the underlying company’s assets and whether there was any hot spot behavior.
Shenzhen Wongtee International Enterprise Co.Ltd(000056) recently signed an investment agreement with Yuanhe (Guangzhou) semiconductor technology Co., Ltd. (hereinafter referred to as the target company), which plans to invest 50 million yuan to the target company at a valuation of 500 million yuan to hold 9.09% of the equity of the latter.
The target company is a newly established holding subsidiary of huaxiaxin (Beijing) General Processor Technology Co., Ltd. (hereinafter referred to as “huaxiaxin”). After the completion of this transaction, Shenzhen Wongtee International Enterprise Co.Ltd(000056) will become the third largest shareholder of the target company.
Figure: equity changes of the target company before and after the transaction
Specifically, Shenzhen Wongtee International Enterprise Co.Ltd(000056) this investment has many risks.
First of all, the subject company was established only half a month ago and the registered capital has not been paid in. On February 17, the subject company was established. Up to now, the subject company has not carried out substantive business, no assets and business. Its main business in the future is the design, development and sales of core chips in AR, VR and other application fields, without involving production and manufacturing.
In this regard, the Shenzhen stock exchange requires the company to explain whether its production, operation and investment comply with relevant national industrial policies, as well as the rationality and basis for the pre investment evaluation of the subject assets of no less than 500 million yuan in the case of not completing the evaluation work.
Second, Shenzhen Wongtee International Enterprise Co.Ltd(000056) can exempt the preconditions of this investment. Specifically, the preconditions include that the business of the target company has not changed significantly and negatively, and the documents on which the target company reaches the valuation basis of RMB 500 million before investment.
Shenzhen stock exchange requires the company to explain the review procedures and judgment criteria of the exemption preconditions, whether the setting of this clause is in line with the commercial logic and whether it can protect the legitimate rights and interests of listed companies and minority shareholders; Combined with the pre investment valuation, it further explains whether there are flickering trading, rubbing hot spots and hyping stock prices.
Thirdly, Shenzhen Wongtee International Enterprise Co.Ltd(000056) starts to acquire the controlling interest of Party B after the target company achieves the scale operation target. In this regard, the Shenzhen stock exchange requires the company to explain the specific judgment of model business indicators and whether the company has signed an intentional agreement with relevant shareholders.
In addition, the Shenzhen Stock Exchange also paid attention to Shenzhen Wongtee International Enterprise Co.Ltd(000056) fundamentals.
Recently, Shenzhen Wongtee International Enterprise Co.Ltd(000056) company has repeatedly disclosed that it plans to carry out strategic transformation. Previously, the company invested in the acquisition of Dexing Yifa Power Semiconductor Co., Ltd., and the company had paid 25 million yuan as of February 12; On February 8, the company planned to transfer the equity of its subsidiary by listing, one of the reasons is “realizing industrial strategic transformation”.
Shenzhen stock exchange requires Shenzhen Wongtee International Enterprise Co.Ltd(000056) to explain whether it has the necessary capabilities and resources to carry out relevant business, the progress of investment in semiconductor industry up to now, the impact of relevant investment on the company’s performance in 2022, and whether there are situations such as investment falling short of expectations or speculation in stock prices.
Shenzhen Wongtee International Enterprise Co.Ltd(000056) the capital source of this investment is also concerned. By the end of the third quarter of 2021, the balance of monetary capital of the company was 90.7 million yuan. Meanwhile, the amount of overdue debts of the company was 3.257 billion yuan. Some bank accounts were frozen and the ability to pay and repay debts was poor.
Shenzhen stock exchange requires Shenzhen Wongtee International Enterprise Co.Ltd(000056) combined with its own financial situation, to explain whether it has sufficient payment capacity, whether the transaction meets the conditions for further promotion, the compensation measures to be taken if the company fails to pay the money on time, and fully prompt the relevant risks.
Shenzhen Wongtee International Enterprise Co.Ltd(000056) main businesses include commercial real estate operation management business, asset management business and various supporting service businesses. In 2021, the company’s fundamentals continued to deteriorate and its loss increased. The performance forecast shows that the company expects to realize a net profit attributable to shareholders of listed companies of – 1.1 billion yuan to – 1.5 billion yuan in 2021 and – 292 million yuan in the same period in 2020.
there are three main reasons for Shenzhen Wongtee International Enterprise Co.Ltd(000056) losses: first, the company’s financing cost increased due to the influence of financing environment and policies and some financing lawsuits, and the interest accrued was 360 million yuan; Second, due to changes in the fair value of the company’s investment real estate, the net profit decreased by 530 million yuan; Third, the debt receivable from Tongxin fund and Tongxin re loan was impaired by 330 million yuan.
