It is said that the end of the universe is "examination editing". Under the tight employment situation this year, the scale of the army of examination editing has increased unabated. However, the performance of the three quarterly reports of big white horse and the first share of public examination and training Offcn Education Technology Co.Ltd(002607) has suddenly changed, recording a loss of nearly 1 billion, and the share price has also fallen 76% from the high point in February, with a market value of more than 200 billion vanishing.
Therefore, on December 13, the company received the attention letter from Shenzhen stock exchange for the second time, and seven questions were asked. Obviously, there are still problems to be solved in the reply to the first concern letter after the third quarterly report.
The reporter of China fund daily noted that the company's third quarterly report "double high deposits and loans" and whether there is malicious loan collection in training loans were asked. The company's land advance of 3.099 billion yuan and investment of 501 million yuan were also asked to explain.
Many netizens said that the concern letter "the problem is very professional", "asked the root", and others said "Kangmei welcomes you". On the evening of the 13th, the company also issued another announcement that the CSRC decided to terminate the review of the company's application for private placement. Previously, on December 6, the company took the initiative to terminate the fixed placement and apply for the withdrawal of relevant issuance materials.
there is money in the account, but there is a significant increase in debt
asked to explain the reason and rationality
In the case of abundant funds, large loans have been made, which has happened to Kangmei pharmaceutical and kangdexin.
There is also Offcn Education Technology Co.Ltd(002607) with "double high deposit and loan", which has also been concerned by regulators!
Since 2018, Offcn Education Technology Co.Ltd(002607) short-term borrowings have increased significantly. At the end of 2017, the company's short-term borrowings were 100 million yuan. At the end of 2018, 2019, 2020 and September 2021, the company's short-term loan balances were 1.607 billion yuan, 2.867 billion yuan, 3.976 billion yuan and 4.844 billion yuan respectively. In the same period, the company's monetary funds, time deposits and financial products totaled about 4.701 billion yuan, 6.402 billion yuan, 8.919 billion yuan and 3.42 billion yuan.
Why do you have to borrow a large amount of money when you have plenty of money?
Offcn Education Technology Co.Ltd(002607) the explanation given in the previous regulatory inquiry is that the company needs sufficient funds to deal with possible refund. However, in fact, the balance of monetary funds, time deposits and financial products at the end of 2018, 2019 and 2020 after deducting contract liabilities (Advances) was RMB 2.781 billion, RMB 3.768 billion and RMB 3.994 billion respectively, which was still greater than the amount of short-term borrowings.
Shenzhen stock exchange requires the company to specify the reason, purpose and rationality of the continuous and substantial increase of debt under the condition of abundant monetary capital.
In addition, in 2018, 2019, 2020 and January September 2021, Offcn Education Technology Co.Ltd(002607) cash outflow from investment activities was RMB 17.662 billion, RMB 27.775 billion, RMB 42.559 billion and RMB 9.841 billion. Shenzhen stock exchange requires the company to list in detail the specific content and rationality of cash paid for investment, and explain the recovery or construction of relevant investment so far.
The assets related to investment activities were also asked.
By the end of June 2021, the company's other non current assets were RMB 3.763 billion, mainly including land advance payment of RMB 3.099 billion and investment payment of RMB 501 million. Shenzhen stock exchange requires the company to explain the details of the above two large sums, the details of the counterparty, the reason and rationality of the transaction, the progress so far, and whether it is carried out according to the expected progress.
is there malicious lending and malicious collection?
Questions related to training loans carried out by the company in its operation were also asked.
In 2018, 2019, 2020 and the first three quarters of 2021, the company's financial expenses were - 03 million yuan, 204 million yuan, 431 million yuan and 384 million yuan respectively, of which the handling fees from 2018 to 2020 were 36 million yuan, 99 million yuan and 292 million yuan respectively. According to the company's previous periodic report, the handling fee includes the transaction handling fee and the interest cost borne by the company when the students pay the tuition through the loan.
Public information shows that the training services provided by Offcn Education Technology Co.Ltd(002607) are divided into ordinary classes and agreement classes. For agreement classes, there is a clause that the written examination or interview will not pass the refund.
According to the securities times, in 2019 Offcn Education Technology Co.Ltd(002607) on the basis of the agreement class, products such as "0 yuan admission" and "1 yuan seat occupation" were launched and widely publicized. These products are nominally free of money or can enjoy training services for only 1 yuan. In fact, they are training loan products - lixiangxue.
The core mode of Lixiang school is: students do not need to pay the training fee in cash in advance, but they can pay by applying for a loan, and the loan will be paid directly to Offcn Education Technology Co.Ltd(002607) ; If the enrollment is passed, the loan will be repaid to the fund party by the students themselves when the loan expires; If you fail in the recruitment, the loan will be repaid by Offcn Education Technology Co.Ltd(002607) for the students when it is due (equivalent to refunding the fees to the students); No matter whether the examination is passed or not, the interest during the duration of the loan shall be borne by Offcn Education Technology Co.Ltd(002607) .
For the above situations, SZSE requires the company to:
(1) List the specific details of the handling fees in the financial expenses of each year since 2018;
(2) (describe in detail the specific mode of student loan to pay tuition fees, the fund payment process, the interest rate of the loan, and the specific process in which the mode affects the company's financial expenses;
(3) Describe in detail the number of people participating in the company's training through loans, the amount of training fees collected in advance, the amount actually converted into income and the proportion in the total number of people, the total training fees collected in advance and the total income since 2018, and explain whether the refund rate formed by the loan model is different from the normal refund rate of the company;
(4) Explain the details of the loan financial institutions provided under the loan mode, including name, establishment time, shareholder structure, whether they are associated with the company and whether they have relevant qualifications, and check whether there are illegal business behaviors such as malicious lending and malicious collection in the loan mode, which has an adverse impact on the company.
the number of people enrolled in the provincial examination in 2021 is higher than that in 2019
and the number of participants and income of the company decreased
On October 30, Offcn Education Technology Co.Ltd(002607) released the third quarterly report of 2021. In the first three quarters, the operating revenue was 6.301 billion yuan, a year-on-year decrease of 15.29%; The net profit was a loss of 891 million yuan, down 167.45% year-on-year.
According to the single quarter data of the third quarter, the company's revenue in the third quarter of last year was 4.631 billion yuan, while that in the third quarter of this year was only 1.445 billion yuan, a sharp drop of 3.186 billion yuan; The company's net profit in the third quarter of last year was 1.554 billion yuan, which turned into a huge loss of 798 million yuan in the third quarter of this year, with a difference of 2.35 billion yuan.
Questions related to the big change in performance were naturally asked by the Shenzhen Stock Exchange.
According to public statistics, from 2018 to 2021, the number of people recruited in the provincial examination was 151300, 134700, 163700 and 158600 respectively. The number of people recruited in 2021 was higher than that in 2019. In the first three quarters of 2021, the number of participants and income of civil servants decreased by 16% and 11% respectively compared with 2019 and 42% and 21% compared with 2020.
Shenzhen stock exchange requires the company to explain the number of products and long-term class students provided for the civil servant sequence in 2021, explain the differences from 2019 and 2020, and explain the reasons and rationality of the decline in the number of civil servants and income in 2021 in combination with the changes in the number of applicants and examination in recent three years, and whether the company's market share has decreased.
In addition, in 2021, the revenue of the company's civil servants decreased by 849 million yuan year-on-year, but the company expects the collection amount of the provincial examination joint examination project to decrease by 2.5 to 3.5 billion yuan. Shenzhen stock exchange requires the company to specify the specific process of reducing the expected collection amount by 2.5 to 3.5 billion yuan and the impact of the reduction on operating revenue.
Finally, the details, reasons and rationality of changes in the company's contract liabilities (mainly training fees received in advance) at the end of each reporting period, and whether there are related party transactions in the cooperative development project were also asked.
netizen: asked about the root
For the above questions of Shenzhen Stock Exchange, netizens talked one after another.
Some netizens said that "the exchange is also too conscientious", "it is also to save listed companies", "don't fake, the cost of fraud is very high", and some said that "after asking the root, they finally started to deal with the finance of 19 and 20 years", "after answering these questions, they will become naked".
Some netizens are worried about Kangmei style fraud, "Kangmei welcomes you" and "it seems that there is a reason for major shareholders to reduce their holdings desperately".
According to the previous announcement, Offcn Education Technology Co.Ltd(002607) second shareholder Wang Zhendong, who is also the general manager of the company, reduced the proportion of shares of the company through block trading on June 15, 2021, September 23, 2021 and November 26, 2021. China fund daily reporter noted that as an important shareholder holding more than 5% of the company, Wang Zhendong did not pre disclose the reduction plan in advance according to the regulatory requirements.
On November 30 this year, Offcn Education Technology Co.Ltd(002607) received a warning letter from Anhui securities regulatory bureau. Because the amount of connected transactions between the company and related parties reached the disclosure standard, but failed to fulfill the approval procedures and information disclosure obligations of the board of directors and the general meeting of shareholders, the company was taken by Anhui securities regulatory bureau to issue a warning letter.
As a former big white horse, Offcn Education Technology Co.Ltd(002607) share price has continued to decline since February this year, from the highest 43 yuan (former restoration of rights) to 10.51 yuan closed on December 13, with a decrease of 76%. The market value has fallen from around 270 billion to only 64.9 billion at present, and the market value of more than 200 billion has evaporated.
(China Fund News)
