Recently, many media have summarized a list of layoffs of listed companies based on the 2021 annual report disclosed by listed companies. It is pointed out that Hna Technology Co.Ltd(600751) , with the highest reduction in the number of employees, has plummeted from 36992 to 66, accounting for 99.82%, which can be called the “king of A-share layoffs”.
The reporter consulted the annual report of Hna Technology Co.Ltd(600751) 2021 and found that in the disclosure of employees, the number of employees of Hna Technology Co.Ltd(600751) ‘s parent company is indeed only 66, including 8 production personnel, 5 sales personnel, 18 financial personnel, 29 administrative personnel and 6 management personnel. The number of active employees in major subsidiaries is 0.
In the Hna Technology Co.Ltd(600751) 2020 annual report, the number of employees of its parent company is 67, and the number of on-the-job employees of its main subsidiaries is as high as 36925.
This means that the total number of Hna Technology Co.Ltd(600751) employees in the media has plummeted from 36992 to 66, mainly due to the “disappearance” of employees in its subsidiary.
The reporter called the annual report of China and China subsidiary in 2020 and China said in this regard by the end of 2020, Hna Technology Co.Ltd(600751) completed the sale of INMARSAT international, and the number of employees in the subsidiary in the 2021 annual report will naturally be zero.
acquired the Fortune 500 and sold it four years later
In other words, Hna Technology Co.Ltd(600751) the total number of employees decreased sharply from 36992 to 66, mainly due to the sale of subsidiaries
Hna Technology Co.Ltd(600751) , formerly known as Tianhai investment, was the main listing platform of HNA logistics. Many years ago, due to the continuous downturn of the shipping market, the company has been brewing transformation. In December 2016, the company acquired Yingmai international, the leader of American it supply chain. After the acquisition, INMARSAT international withdrew from the NYSE and became a holding subsidiary of Hna Technology Co.Ltd(600751) .
The total price to be paid for the acquisition is about US $5.982 billion. The sources of funds for the acquisition include the company’s own funds, joint investment and bank loans, of which the company’s own funds are 8.7 billion yuan, the joint investor Guohua life insurance has an investment of 4 billion yuan, and the rest are bank loans.
As one of the world’s largest IT distributors, Yingmai International’s main businesses include providing customers with global IT product distribution and technical solutions, mobile devices and life cycle management, e-commerce supply chain solutions and cloud services. The acquisition of Yingmai international, which was already one of the world’s top 500 enterprises at that time, once made HNA Group into the world’s top 100.
From 2017 to 2019, Yingmai international also became the main revenue source of Hna Technology Co.Ltd(600751) the company, and more than 90% of the company’s revenue and net assets were contributed by Yingmai international.
However, in 2020, Hna Technology Co.Ltd(600751) announced the sale of Yingmai international, which has something to do with the high capital cost of acquiring Yingmai international.
From 2017 to 2020, Hna Technology Co.Ltd(600751) the financial expenses reached 1.188 billion yuan, 3.727 billion yuan, 3.903 billion yuan and 2.221 billion yuan respectively. As the dividend amount of Yingmai international is not enough to cover the repayment of the principal and interest of the M & a loan, the listed company needs to provide funds to repay the M & a loan and its interest. From 2017 to 2020, Hna Technology Co.Ltd(600751) provided about 51 million yuan, 107 million yuan, 1474 million yuan and 1001 million yuan respectively.
Finally, Hna Technology Co.Ltd(600751) completed the sale of Yingmai international in December 2020, with a total transaction consideration of US $1.95 billion.
without the main business, how to reshape
Although the sale of Yingmai international eased the financial pressure of Hna Technology Co.Ltd(600751) the company, the company became “no specific main business”.
In 2020, Yingmai International’s main business income accounted for 100% of Hna Technology Co.Ltd(600751) revenue, while after the sale of Yingmai international, the main assets of Hna Technology Co.Ltd(600751) were only cash.
It is worth noting that Hna Technology Co.Ltd(600751) had announced before the announcement of the sale of Yingmai international that it planned to purchase 100% equity of Yanjing Hotel and two dry bulk carriers respectively through asset replacement and cash, with a total transaction price of about 2.3 billion yuan.
This is considered to be the preparation for the company to find a new main business after the sale of Yingmai international. However, due to the loss and increasing loss trend of Yanjing Hotel for three consecutive years, under the opposition, Hna Technology Co.Ltd(600751) finally cancelled the 100% equity transaction of Yanjing Hotel and submitted it to the shareholders’ meeting of the company for deliberation.
The purchase of two dry bulk carriers with about 290 million cash did not need to be submitted to the general meeting of shareholders because it accounted for more than 5% of the absolute value of the company’s latest audited net assets.
According to the annual report of Hna Technology Co.Ltd(600751) 2021, the main assets of the company are the two dry bulk carriers, the equity of a guarantee company invested and several real estate in Tianjin.
“At present, dry bulk cargo ships belong to the shipping department of listed companies. In the future, we must inject new assets, and the main business must be reshaped,” the above staff told reporters. “But now, due to the repeated epidemic, the adjustment of asset injection will be limited. In addition, we are also more cautious about the reshaping of the main business, and we are also responsible to investors and shareholders.”
As for the reporter’s question on “whether there are assets that can be injected at present”, the above personnel said that it is not convenient to disclose in advance, “it is not clear yet. They are all advancing, and will be announced when there is progress.”
In 2021, the net profit of Hna Technology Co.Ltd(600751) was 3.08 billion yuan, while in the first quarter of 2022, the net profit of Hna Technology Co.Ltd(600751) without Yingmai was only 81.357 million yuan, a year-on-year decrease of 79.84%.
In terms of stock price performance, Hna Technology Co.Ltd(600751) has entered a deep correction since its highest rise to 19.2 yuan in 2015. The latest closing price on May 19 was 2.66 yuan, down more than 80% from the historical high.
