On March 11, Beijing Teamsun Technology Co.Ltd(600410) ( Beijing Teamsun Technology Co.Ltd(600410) , SH) disclosed that the interim Board of directors of the company passed a proposal to approve the wholly-owned subsidiary Huasheng Xintai Information Industry Development Co., Ltd. (hereinafter referred to as Xintai industry) to repurchase 44.44% equity of Beijing Teamsun Technology Co.Ltd(600410) holding subsidiary Beijing Huasheng Xintai Data Technology Co., Ltd. (hereinafter referred to as Xintai data), with a total price of 52 million yuan. The reporter of the daily economic news noted that due to the major shareholders of the company among the trading objects, the repurchase constitutes a related party transaction, and the related directors Wang Weihang and Lian Xu avoided voting.
Why is the underlying equity repurchased? Listed companies said that Xintai data did not achieve its business objectives.
The subsidiary repurchases the equity of the target company
It is understood that Xintai industry will repurchase 44.44% equity of Xintai data held by Beijing Zhongyu zhaotuo equity investment center (limited partnership) (hereinafter referred to as top industry fund), with a total repurchase amount of 52 million yuan.
However, what makes people confused is that in the list of shareholders of Xintai data disclosed by the company, top industry fund is not among them, but 44.44% of the shares are held by the economic and technological market development center of Beijing Economic and Information Technology Commission.
Qixinbao shows that Wang Weihang, the actual controller of the general partner of top industry fund, is the Beijing Teamsun Technology Co.Ltd(600410) major shareholder, and the repurchase of equity constitutes a connected transaction. According to the announcement, as of December 31, 2021, the unaudited net assets of top industry fund were 797 million yuan, and the operating revenue and net profit in 2021 were 316 million yuan and 311 million yuan. Among the eight partners, Huasheng Xintai Technology Co., Ltd. contributed the most, with an amount of 224 million yuan, accounting for 35.54%.
According to the announcement, as of September 30, 2021, the unaudited net assets of Xintai data were RMB Zhubo Design Co.Ltd(300564) million, the operating income from January to September 2021 was RMB 402800, and the net profit was RMB -117518 million.
Why does Xintai industry buy back Xintai data Beijing Teamsun Technology Co.Ltd(600410) announced that Xintai data triggered relevant provisions.
Equity repurchase due to incomplete gambling
In September 2018, according to the announcement disclosed by Beijing Teamsun Technology Co.Ltd(600410) disclosure, Xintai data, Xintai industry and top industry fund signed the capital increase agreement, and the top industry fund added 40 million yuan into Xintai data. After the capital increase, top industry fund will hold 44.44% equity of Xintai data.
However, the capital increase is conditional. It is understood that Xintai data needs to meet the audited net profit loss after deducting non recurring profits and losses of no more than 5 million yuan from June 1 to December 31, 2018; The audited net profit after tax after deducting non recurring profits and losses in 2019 and 2020 shall not be less than 10 million yuan and 18 million yuan respectively. If Xintai data fails to reach 80% of the 2019 and 2020 targets, top industry fund has the right to require Xintai industry or its designated entity to repurchase all or part of its equity. Obviously, Xintai data has not achieved its business objectives.
Why did the original capital increase of 40 million yuan, but now the repurchase needs 52 million yuan. The reporter of the daily economic news learned from the announcement in September 2018 that according to the relevant provisions, the repurchase price increases by 10% every year on the basis of the original capital increase. If the top industry fund holds the equity of Xintai data for three years (the part more than 6 months but less than one year is calculated as one year), the repurchase price is 130% of the original.
Beijing Teamsun Technology Co.Ltd(600410) annual report shows that the company's main products in 2020 are enterprise IT system solutions and cloud computing products and services, accounting for 79.15% and 20.85% of operating revenue respectively. In the first three quarters of 2021, the company achieved an operating revenue of 2.449 billion yuan, a year-on-year decrease of - 4.22%; The net profit attributable to the shareholders of the listed company was -696454 million yuan, a year-on-year decrease of - 154.62%.
Source of cover picture: photo taken by Liu Guomei of the daily economic news (information picture)
On March 11, Beijing Teamsun Technology Co.Ltd(600410) ( Beijing Teamsun Technology Co.Ltd(600410) , SH) disclosed that the interim Board of directors of the company passed a proposal to approve the wholly-owned subsidiary Huasheng Xintai Information Industry Development Co., Ltd. (hereinafter referred to as Xintai industry) to repurchase 44.44% equity of Beijing Teamsun Technology Co.Ltd(600410) holding subsidiary Beijing Huasheng Xintai Data Technology Co., Ltd. (hereinafter referred to as Xintai data), with a total price of 52 million yuan. The reporter of the daily economic news noted that due to the major shareholders of the company among the trading objects, the repurchase constitutes a related party transaction, and the related directors Wang Weihang and Lian Xu avoided voting.
Why is the underlying equity repurchased? Listed companies said that Xintai data did not achieve its business objectives.
The subsidiary repurchases the equity of the target company
The total equity repurchased by Zhongxin Taiyu (hereinafter referred to as "Zhongxin Taiyu") Investment Co., Ltd. (hereinafter referred to as "Zhongxin Taiyu") will be 5.4 million yuan, which will be repurchased by Zhongxin Taiyu Investment Co., Ltd.
However, what makes people confused is that in the list of shareholders of Xintai data disclosed by the company, top industry fund is not among them, but 44.44% of the shares are held by the economic and technological market development center of Beijing Economic and Information Technology Commission.
Qixinbao shows that Wang Weihang, the actual controller of the general partner of top industry fund, is the Beijing Teamsun Technology Co.Ltd(600410) major shareholder, and the repurchase of equity constitutes a connected transaction. According to the announcement, as of December 31, 2021, the unaudited net assets of top industry fund were 797 million yuan, and the operating revenue and net profit in 2021 were 316 million yuan and 311 million yuan. Among the eight partners, Huasheng Xintai Technology Co., Ltd. contributed the most, with an amount of 224 million yuan, accounting for 35.54%.
According to the announcement, as of September 30, 2021, the unaudited net assets of Xintai data were RMB Zhubo Design Co.Ltd(300564) million, the operating income from January to September 2021 was RMB 402800, and the net profit was RMB -117518 million.
Why does Xintai industry buy back Xintai data Beijing Teamsun Technology Co.Ltd(600410) announced that Xintai data triggered relevant provisions.
Equity repurchase due to incomplete gambling
In September 2018, according to the announcement disclosed by Beijing Teamsun Technology Co.Ltd(600410) disclosure, Xintai data, Xintai industry and top industry fund signed the capital increase agreement, and the top industry fund added 40 million yuan into Xintai data. After the capital increase, top industry fund will hold 44.44% equity of Xintai data.
However, the capital increase is conditional. It is understood that Xintai data needs to meet the audited net profit loss after deducting non recurring profits and losses of no more than 5 million yuan from June 1 to December 31, 2018; The audited net profit after tax after deducting non recurring profits and losses in 2019 and 2020 shall not be less than 10 million yuan and 18 million yuan respectively. If Xintai data fails to reach 80% of the 2019 and 2020 targets, top industry fund has the right to require Xintai industry or its designated entity to repurchase all or part of its equity. Obviously, Xintai data has not achieved its business objectives.
Why did the original capital increase of 40 million yuan, but now the repurchase needs 52 million yuan. The reporter of the daily economic news learned from the announcement in September 2018 that according to the relevant provisions, the repurchase price increases by 10% every year on the basis of the original capital increase. If the top industry fund holds the equity of Xintai data for three years (the part more than 6 months but less than one year is calculated as one year), the repurchase price is 130% of the original.
Beijing Teamsun Technology Co.Ltd(600410) annual report shows that the company's main products in 2020 are enterprise IT system solutions and cloud computing products and services, accounting for 79.15% and 20.85% of operating revenue respectively. In the first three quarters of 2021, the company achieved an operating revenue of 2.449 billion yuan, a year-on-year decrease of - 4.22%; The net profit attributable to the shareholders of the listed company was -696454 million yuan, a year-on-year decrease of - 154.62%.
