At the closing on April 1, Easy Visible Supply Chain Management Co.Ltd(600093) fell 4.88% to close at 1.17 yuan, the share price hit a record low.
On the morning of April 2, Easy Visible Supply Chain Management Co.Ltd(600093) released the announcement of abnormal fluctuation of stock trading and risk warning, saying that the deviation of the closing price in three consecutive trading days on March 30, March 31 and April 1 exceeded 15%.
The announcement also said that according to the preliminary calculation of the company, the net assets of the company at the end of 2021 are expected to be -61995075 million yuan to -53437946 million yuan. At the end of 2021, if the audited net assets of the company are still negative or the non-standard events in previous years cannot be eliminated, the listing of the company's shares will be terminated in accordance with the stock listing rules of Shanghai Stock Exchange (revised in January 2022).
it is worth noting that up to now, Easy Visible Supply Chain Management Co.Ltd(600093) has prompted the termination of listing risk for 8 times. As the former first share of blockchain, the gross profit margin of blockchain related businesses of easy to see shares was once as high as 99.9%. Why is it now reduced to a net asset of more than negative 5 billion yuan, facing the risk of delisting
The reporter of blockchain daily tried to contact easy to see for an interview. As of press time, the other party had no response.
market value once reached 30 billion yuan
The full name of Yijian Co., Ltd. "Yijian Supply Chain Management Service Co., Ltd.". According to public information, the company is positioned as a supply chain management enterprise, focusing on providing supply chain management and supply chain financial technology services.
Yijian shares was formerly known as "Hejia shares", formerly known as Hejia shares, a listed company in Sichuan. Hejia Co., Ltd. was listed in 1997. It is a joint stock limited company jointly established by five units on the basis of the reorganization of Sichuan Shiwei Food Co., Ltd.
At the beginning of listing, Hejia Co., Ltd. was an agricultural enterprise with simple business. Its main business included the processing and sales of fruits, vegetables and other agricultural and sideline products, and the sales of food processing equipment.
In June 2012, Jiutian industry and trade (the predecessor of Jiutian holding) acquired 23.57% of Hejia shares (the former name of Yijian shares) for 317 million yuan, becoming the largest shareholder of Hejia shares.
In September 2014, Hejia Co., Ltd. announced a fixed increase plan of RMB 4.848 billion. Jiutian holdings, which is actually controlled by Leng Tianhui, subscribed for 330 million shares with RMB 2 billion. Leng Tianhui, the actual controller, also introduced two new shareholders, Yunnan Central Yunnan Industrial Development Group Co., Ltd. and Yunnan Industrial Investment Holding Group Co., Ltd.
It is worth noting that the two major shareholders of Yunnan Central Yunnan Industrial Development Group Co., Ltd. and Yunnan Industrial Investment Holding Group Co., Ltd. are Yunnan Central Yunnan New Area Management Committee and Yunnan SASAC.
After the issuance, the shareholding ratio of Jiutian holdings jumped from 23.57% to 36.17%, consolidating Leng Tianhui's actual control position, and Dianzhong group became the second largest shareholder with a shareholding ratio of 29.4%.
Easy to see shares rose from the low point of 3.23 yuan when Jiutian industry and trade entered the stock to the high point of 30.33 yuan in June 2015 (the prices are the resumption price). This share price has also become the highest price of easy to see shares so far, with a market value of 30 billion yuan at one time.
blockchain business gross profit was once as high as 99.9%
In 2016, Hejia Co., Ltd. carried out blockchain business and announced to cooperate with IBM to jointly develop "easy to see blocksystem 1.0" system. In this process, IBM provided an enterprise blockchain platform based on super ledger fabric. After that, the "easy to see block 1.0 system" was launched and officially put into operation in April 2017. Easy to see shares said that the "easy to see Block System 1.0" currently used has been partially commercial to provide services for pharmaceutical circulation and commodity financing.
Since 2017, Hejia Co., Ltd. has mainly engaged in supply chain management and commercial factoring. In order to reflect the industry and development needs of the company, Hejia Co., Ltd. was renamed easy to see in April of the same year.
Since the development of blockchain-4.0 and other "trusted" products of blockchain, it has relied on the independent development of blockchain and supply chain technology, and the use of blockchain-4.0 and other "trusted" products. In addition, "digital trusted warehouse" and "digital cloud" systems also use blockchain and other technologies, and are also early products of the digitization of industrial platforms.
Thus, easy to see shares are also famous in the market and become the "first share of A-share blockchain".
In September 2017, easy to see announced that it planned to establish a blockchain investment fund with Yunnan International Trust. The company expects to invest 1.05 billion yuan to promote the application of blockchain + supply chain finance.
In 2017, Yijian changed its business from supply chain management business, commercial factoring business and auto parts production and sales business to supply chain management, commercial factoring and new information services.
According to the 2017 annual report, the information service business is the company's holding subsidiary Shenzhen rongshidai Technology Co., Ltd. engaged in the promotion, application, operation and maintenance of "easy to see block system", which realized an operating revenue of 127 million yuan during the reporting period. It is worth mentioning that the gross profit margin of information service business in that year was 98.06%.
According to the 2018 annual report, the information service business reached 260 million yuan and the gross profit margin reached 99.9%. The gross profit margin of nearly 100% soon attracted inquiries from the Shanghai Stock Exchange. Yijian shares replied that with the increase of R & D expenditure, its cost will rise and the gross profit margin will gradually decline.
The 2019 annual report shows that the revenue of information services is 209 million yuan, with a gross profit margin of 93.4%. However, after that, the 2020 annual report showed that the revenue of information services was only 88 million yuan, and the gross profit margin fell to 77.69%. The financial report did not explain the reason for the decline in revenue.
According to the latest performance forecast disclosed on January 27, 2022, it is estimated that the revenue in 2021 will be 1.6 billion yuan to 1.96 billion yuan, the net profit will be 1.785 billion yuan to 2.604 billion yuan, and the net assets of the company at the end of 2021 are expected to be - 5.34 billion yuan to - 6.199 billion yuan.
eight delisting alarms
According to the announcement of Easy Visible Supply Chain Management Co.Ltd(600093) on March 30, after preliminary calculation, the net assets of the company at the end of 2021 are expected to be -5.34 billion yuan to -6.199 billion yuan. If the audited net assets at the end of 2021 are still negative, or the non-standard events in previous years cannot be eliminated, the listing of the company's shares will be terminated.
This is not Easy Visible Supply Chain Management Co.Ltd(600093) the first time to prompt delisting risk. Since January 28, the company has issued risk tips for delisting eight times. In addition to negative net assets, the company also faces multiple risks such as net profit loss in 2021 and "non-standard" audit opinion issued in 2020 annual report.
6 Beijing Centergate Technologies (Holding) Co.Ltd(000931) disclosed the performance forecast on January 27. It is estimated that the revenue in 2021 will be 1.6 billion yuan to 1.96 billion yuan, and the net profit will be 1.785 billion yuan to 2.604 billion yuan, mainly due to the proposed provision for impairment. Among them, it is estimated that the overdue uncollected factoring accounts receivable and prepayments will have an impact of about -1.942 billion yuan to -1.436 billion yuan; In addition, the loan interest and penalty interest of financial institutions and shareholders are expected to cause a loss of 508 million yuan.
In addition, due to the huge amount of funds occupied by the former controlling shareholder's Jiutian holding, the company's 2020 annual report was also issued with a "non-standard" audit opinion. According to the 2020 annual report, as of June 20, 2021, Jiutian holdings had occupied a total of 4.253 billion yuan (excluding asset capital interest) of the company and its subsidiaries through four customers of the listed company, resulting in a huge loss of about 12.1 billion yuan in net profit and a decrease in net assets from 8.6 billion yuan to - 3.5 billion yuan in 2020.
According to the latest regulations, if the loss cannot be reversed in 2021 and the non-standard opinions on the financial report of the previous year are eliminated, the listing of the stock will be terminated by the Shanghai Stock Exchange within 15 trading days after the disclosure of the 2021 annual report on April 30, 2022.
However, it is not easy for Easy Visible Supply Chain Management Co.Ltd(600093) to reverse losses and get out of the dilemma of insolvency.
According to the disclosure of 6 Henan Shenhuo Coal&Power Co.Ltd(000933) March 2, its subsidiary failed to pay the employee's housing provident fund and unpaid salary on schedule. Recently, Beijing housing provident fund management center and Xishan District human resources and social security of Kunming City paid off within a limited period and ordered to make corrections. However, the company said that at present, the unpaid salary has not been solved, and there is a risk of labor arbitration, which does not rule out the risk of other administrative penalties in the future.
More serious is the business dilemma. As of March 2, 45 bank accounts of Easy Visible Supply Chain Management Co.Ltd(600093) and its subsidiaries have been frozen, involving a total amount of 827 million yuan; The frozen amount is 5018900 yuan; In addition, part of the shares of five subsidiaries were frozen, involving a total amount of 216 million yuan, and the frozen shares involved a total amount of 156 million yuan. It does not rule out the subsequent new litigation or the freezing of other assets, thus aggravating the company's financial tension.
The reporter of blockchain Daily has repeatedly dialed the number of easy to see shares, and has been prompted "the number you dialed is busy, please dial later"; The reporter also sent an interview outline to the company by email. As of press time, no response has been received.
