After the loss in 2020 and the advance loss in 2021, Beijing Qianjing Landscape Co.Ltd(603778) ( Beijing Qianjing Landscape Co.Ltd(603778) , SH) may usher in a new owner.
On March 11, Beijing Qianjing Landscape Co.Ltd(603778) announced that Yang Jing and Hui Quanfu, the controlling shareholders of the company, signed the conditional share subscription agreement with Hainan Tourism Investment Development Co., Ltd. (hereinafter referred to as Hainan tourism investment). After the completion of the transaction, the controlling shareholder of the company will be changed to Hainan tourism investment, and the actual controller will be changed to Hainan SASAC.
The reporter of the daily economic news noted that as early as 2019, Yang Jing and Hui Quanfu planned to transfer the control right to Shaanxi SASAC, but the transaction died prematurely. Over the past two years, Beijing Qianjing Landscape Co.Ltd(603778) ‘s performance has deteriorated day by day. In 2020, the net profit loss attributable to shareholders of listed companies was 804491 million yuan. In 2021, the net profit attributable to shareholders of listed companies is expected to be – 255 million yuan to – 170 million yuan.
Hainan state owned assets plans to offer more than 1 billion
Beijing Qianjing Landscape Co.Ltd(603778) its main business is landscape engineering construction and landscape design. It has formed a whole industry chain business model integrating scientific and technological research and development, seedling planting and maintenance, landscape design and engineering construction.
The announcement shows that Hainan travel investment will control 30.71% of the voting rights after Beijing Qianjing Landscape Co.Ltd(603778) issuance by means of equity transfer, voting right entrustment and subscription of non-public shares, and become the new controlling shareholder of the company, with a total transaction amount of more than 1 billion yuan.
Specifically, Hainan travel investment will receive 108 million shares held by Yang Jing and Hui Quanfu, the controlling shareholders of Beijing Qianjing Landscape Co.Ltd(603778) at a price of 5.36 yuan per share, accounting for 16.85% of Beijing Qianjing Landscape Co.Ltd(603778) shares, with a transaction price of 580 million yuan. Meanwhile, huiquanfu entrusted the voting rights of the remaining 11.06% of its shares to Hainan tourism investment.
The reporter noted that as early as March 9, Beijing Qianjing Landscape Co.Ltd(603778) issued the suspension announcement of planning the change of control, and the closing price on that day was 4.58 yuan per share. In other words, Hainan tourism investment has not yet taken the ownership. From the price of the Transferred Equity, the floating loss is more than 80 million yuan, while Yang Jing and huiquanfu may successfully cash out nearly 600 million yuan (excluding taxes).
In order to further consolidate its control, Hainan tourism investment fully subscribed for 129 million Beijing Qianjing Landscape Co.Ltd(603778) non-public shares at a lower price, with a price of RMB 343 per share and a total transaction amount of RMB 440 million. Beijing Qianjing Landscape Co.Ltd(603778) said that this part of cash would be used to supplement working capital.
What is the origin of Hainan tourism investment? Hainan tourism investment is mainly engaged in investment project management, asset management, tourism exhibition services, hotel management, etc. it is 100% owned by Hainan SASAC. By the end of the third quarter of last year, the total assets of Hainan tourism investment were 13.651 billion yuan and the net assets were 8.448 billion yuan.
two years ago, the plan to change the owner failed, and the total loss in recent two years is about 300 million
In fact, this is not the first time that Beijing Qianjing Landscape Co.Ltd(603778) plans to change control.
As early as November 2019, Shaanxi water Group Co., Ltd. (hereinafter referred to as Shaanxi water) under Shaanxi SASAC proposed to take over the offer of RMB 2 billion in order to obtain the control of Beijing Qianjing Landscape Co.Ltd(603778) . However, in January 2020, the transaction was terminated because Shaanxi water was unable to handle the filing form necessary for the compliance confirmation of the subject share agreement transfer.
Why do Yang Jing and Hui Quanfu frequently plan to change control? The reporter noted that the operation of the company may not be optimistic.
In 2018, Beijing Qianjing Landscape Co.Ltd(603778) net profit loss was 6.25 million yuan. In 2020, there will be a loss of 804491 million yuan. The loss is expected to be 170 million to 255 million yuan in 2021, and about 300 million yuan may be lost in two years.
At the same time, Beijing Qianjing Landscape Co.Ltd(603778) ‘s cash flow continues to be tight. As of the end of the third quarter of last year, the company’s monetary fund balance was 849935 million yuan. In addition, the equity pledge rate of Yang Jing and huiquanfu is high. The data shows that Yang Jing’s shares have been fully pledged, and more than 50% of the shares held by huiquanfu are pledged.
For the reasons of poor operation, Beijing Qianjing Landscape Co.Ltd(603778) in the 2020 annual report, said that affected by the “covid-19 epidemic”, the commencement of construction was delayed and the construction progress of the project slowed down; Affected by external factors such as the macroeconomic environment and intensified market competition, the company has less newly signed contracts, reduced gross profit and narrowed profit space. In addition, due to the influence of the business mode of design and construction of EPC project, the cost increases and the gross profit decreases; At present, some maintenance costs are rising, resulting in a decline in gross profit.
In 2020, the Beijing Qianjing Landscape Co.Ltd(603778) change of ownership died prematurely. The press conference will continue to pay attention to whether Hainan SASAC can successfully take over the offer and whether Yang Jing and Hui Quanfu can “retreat from the whole body”.
