The downturn of the real estate industry and the throes of enterprise transformation have made the experience of Shenzhen Wongtee International Enterprise Co.Ltd(000056) ( Shenzhen Wongtee International Enterprise Co.Ltd(000056) , SZ; yesterday’s closing price of 7.83 yuan) of Shenzhen’s old real estate enterprises in the past year quite bumpy.
A few days ago, Shenzhen Wongtee International Enterprise Co.Ltd(000056) again received a letter of concern from the Shenzhen Stock Exchange, asking to explain whether the annual report and other related matters can be disclosed on schedule.
This is the third letter of concern that Shenzhen Wongtee International Enterprise Co.Ltd(000056) has received intensively since the beginning of the year. Previously, the company also attracted high attention from regulators and the market due to problems such as transformation and investment in semiconductor chips, liquidity risk and sustainable operation ability.
company has a bumpy transition
As one of the representatives of Chaozhou merchants, chairman Zheng Kanghao once became famous in the first World War of Shenzhen real estate market because of the competition for power of Shenzhen landmark Huangting square Shenzhen Wongtee International Enterprise Co.Ltd(000056) in the early years, it was also called Shenzhen Guoshang. Jingdao project, which is now Huangting Plaza and Shenzhen Rongfa investment, is the holding assets of Shenzhen Guoshang.
Because Jingdao is close to the Shenzhen Citizen Center and has the advantage of location, it was once known as Shenzhen puwang, which triggered the competition of business leaders such as Huang Maoru of Maoye group, Zheng Kanghao of Huangting, and Xiao Guangsheng, the former major shareholder of Malaysia and the boss of Chang father and son Co., Ltd. after several changes in the company’s equity, Zheng Kanghao finally fell.
Zheng Kanghao’s ownership brought a turnaround and financing channels for listed companies. After obtaining the actual control of the company, some securities companies also rated it as “black chicken into phoenix”. Zheng Kanghao also lived up to his high expectations. He raised more than 10 billion yuan from trust institutions in the past ten years. At the same time, he also revived the Crystal Island project that was shut down in the early stage due to capital problems. Jingdao project was officially opened in the name of Huangting square in 2013. In 2015, the listed company Shenzhen Guoshang was officially renamed Shenzhen Wongtee International Enterprise Co.Ltd(000056) .
Since then, Shenzhen Wongtee International Enterprise Co.Ltd(000056) has set the main business of the strategy as the development and operation of commercial real estate. However, with the increase of debt burden and the decline of traditional commercial performance, Shenzhen Wongtee International Enterprise Co.Ltd(000056) began to look for the second growth curve.
In 2015, affected by the capital wind direction, Shenzhen Wongtee International Enterprise Co.Ltd(000056) decided to cross into the financial field. First, it became the largest shareholder of Tongxin fund by means of equity acquisition. At the same time, it controlled Tongxin refinancing under Tongxin fund and indirectly obtained the financial license of small amount refinancing. Later, it obtained multiple business licenses such as small amount refinancing, direct loan, financing guarantee, financial leasing, insurance brokerage and so on.
At that time, the market heat made Shenzhen Wongtee International Enterprise Co.Ltd(000056) ‘s financial business flourish and brought profits. However, with the impact of stricter supervision, the financial business of Shenzhen Wongtee International Enterprise Co.Ltd(000056) began to decline and became the business burden of the company. Then, it had to transfer and replace the equity of many of its loss making funds, and the position of financial business in listed companies was gradually marginalized.
And Shenzhen Wongtee International Enterprise Co.Ltd(000056) also paid a price for strategic cross-border. In May last year, CITIC Trust applied to seal up its core asset Huangting square because Shenzhen Wongtee International Enterprise Co.Ltd(000056) failed to pay the loan principal and interest overdue, and Shenzhen Wongtee International Enterprise Co.Ltd(000056) also intends to refocus on returning to the main track of commercial real estate.
While observing how Shenzhen Wongtee International Enterprise Co.Ltd(000056) will return to stabilizing the basic business market, to the surprise of the outside world, Shenzhen Wongtee International Enterprise Co.Ltd(000056) announced to enter the semiconductor industry, cross-border acquisition of part of the equity of Yifa power, a semiconductor company, and investment in Yuanhe semiconductor, which triggered a letter of concern from the Shenzhen Stock Exchange questioning the hot spot speculation of stock price.
core asset acquisition disk
Behind the urgent transformation to find new growth points is the performance pressure of Shenzhen Wongtee International Enterprise Co.Ltd(000056) high debt and losses.
According to the third quarterly report of 2021, the ending balance of Shenzhen Wongtee International Enterprise Co.Ltd(000056) monetary funds was 90.7 million yuan, the amount of overdue debts was 3.257 billion yuan, and some bank accounts were frozen.
While Shenzhen Wongtee International Enterprise Co.Ltd(000056) pre disclosed that the net loss attributable to shareholders of Listed Companies in 2021 was 1.1-1.5 billion yuan, with a loss of 292 million yuan in the same period of last year, and the loss continued to increase.
After the debt crisis, the flow of assets held by Shenzhen Wongtee International Enterprise Co.Ltd(000056) in the market is also greatly limited.
In February this year, Zhongyuan bank auctioned 190 million yuan of trust beneficial rights of Shenzhen Wongtee International Enterprise Co.Ltd(000056) for no interest. The puwang Huangting square, which was once proud and the core under Shenzhen Wongtee International Enterprise Co.Ltd(000056) name, has also been listed on the stock exchange for public trading. In just one week or so, the reference price has also decreased from 7.493 billion yuan to 5.62 billion yuan.
According to the annual report of Shenzhen Wongtee International Enterprise Co.Ltd(000056) 2020, the rental income of Huangting Plaza held by the financial development investment of Shenzhen Wongtee International Enterprise Co.Ltd(000056) subsidiary is 270 million yuan, and the assessed fair value is 7.728 billion yuan.
According to the 2021 interim report of financial development investment, the total assets during the reporting period were 8.093 billion yuan, the total liabilities were 5.212 billion yuan, and the operating revenue was 148 million yuan, a year-on-year increase of 17.48%; The net profit attributable to the parent company was -119162 million yuan, a year-on-year increase of – 130.27%.
On March 23, Shenzhen Wongtee International Enterprise Co.Ltd(000056) announced that the reference price was 7.493 billion yuan according to the announcement of intention to solicit 100% equity transfer of financial development investment issued by the stock exchange; On March 29, Shenzhen Wongtee International Enterprise Co.Ltd(000056) issued another announcement. However, the reference price of 100% equity transfer of financial development investment became 5.62 billion yuan.
The direct price reduction is nearly 1.9 billion yuan. Compared with the surrounding projects, the value of Huangting square may have been underestimated. The intention of Shenzhen Wongtee International Enterprise Co.Ltd(000056) rapid return of funds is obvious, which makes it in a passive position in price negotiation.
At the moment of fierce competition in the transfer and sale of projects of real estate enterprises in danger, whether Huangting Plaza can quickly find clear intended customers and help Zheng Kanghao jump out of the debt quagmire will be the focus of continuous attention of the market.
