Recently, some we media summarized a list of layoffs of Listed Companies in the 2021 annual report disclosed by listed companies. It is said that Hna Technology Co.Ltd(600751) , with the highest reduction in the number of employees, has plummeted from 36992 to 66, with a reduction of 99.82%, which can be called the "king of A-share layoffs".
Did Hna Technology Co.Ltd(600751) really lay off so many employees?
decrease in the total number of employees due to the sale of subsidiaries
According to the annual report of Hna Technology Co.Ltd(600751) 2021, the number of employees of the company'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 on-the-job 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.
According to China first finance, 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.
In this regard, the reporter dialed Hna Technology Co.Ltd(600751) investor relations. The relevant staff said that the subsidiaries mentioned in the 2020 annual report mainly refer to Yingmai international. At the end of 2020, Hna Technology Co.Ltd(600751) completed the sale of Yingmai international. Naturally, the number of employees in the subsidiary in the 2021 annual report will be zero .
why sell important subsidiaries
The number of employees with more than 36000 people is quite large for an enterprise. Such a subsidiary is bound to play an important role. Why does Hna Technology Co.Ltd(600751) want to sell Yingmai international?
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 2016, Hna Technology Co.Ltd(600751) acquired Yingmai international, the leader of American it supply chain, for us $5.982 billion. After the acquisition, INMARSAT international withdrew from the NYSE and became a holding subsidiary of Hna Technology Co.Ltd(600751) .
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 December 2020, Hna Technology Co.Ltd(600751) announced that it would sell INMARSAT international. The reason may be that Hna Technology Co.Ltd(600751) borrowed too much debt when buying Yingmai international.
According to the Securities Daily, the capital sources of Hna Technology Co.Ltd(600751) acquisition of Yingmai international are 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 invested 4 billion yuan, and the rest are bank loans.
After the transaction, Hna Technology Co.Ltd(600751) increased a large number of bank loans, resulting in a surge in asset liability ratio and financial expenses, and the overall working capital of listed companies was under pressure. As of March 31, 2021, Hna Technology Co.Ltd(600751) asset liability ratio reached 96.57%. In 2020, the company's financial expenses reached 2.221 billion yuan, and in 2018 and 2019, they reached 3.727 billion yuan and 3.848 billion yuan.
What's more suffocating is that Hna Technology Co.Ltd(600751) has to repay the principal and interest year by year before 2023 for the acquisition loan of tens of billions of yuan, which puts great pressure on the company's debt repayment.
On June 24, 2021, the sale of Yingmai international was approved at the general meeting of Hna Technology Co.Ltd(600751) shareholders. According to Hna Technology Co.Ltd(600751) annual report, the net profit of Hna Technology Co.Ltd(600751) was 3.08 billion yuan in 2021. At that time, Hna Technology Co.Ltd(600751) said that it sold the equity of its subsidiary Yingmai international, returned cash and paid off a large amount of debt, effectively reducing the company's debt risk, and Hna Technology Co.Ltd(600751) 2021 was able to turn loss into profit.
return to the "old line" of shipping
According to the annual report of Hna Technology Co.Ltd(600751) 2021, the company's main assets are mainly two dry bulk carriers, the equity of an investment guarantee company and several real estate in Tianjin.
Previously, while realizing Yingmai international, Hna Technology Co.Ltd(600751) purchased the Cape of good hope dry bulk cargo ship leased by Puhang, a subsidiary of HNA.
According to the financial report, at present, Hna Technology Co.Ltd(600751) operates two Cape of good hope bulk cargo ships with a total capacity of more than 300000 DWT. It is mainly engaged in the global dry bulk cargo route transportation and has long been engaged in the dry bulk cargo transportation in Australia, Brazil, the United States, Canada and Indonesia. The main transportation goods are iron ore, coal, grain, steel, bauxite, etc. At present, the financing loans of the two ships have been fully paid off. In 2021, the gross profit margin of the company's ship transportation business was as high as 39.22%.
It is worth noting that Hna Technology Co.Ltd(600751) this wave of operation has a feeling of "returning to the old line". In the 2021 financial report, the company also mentioned that the company, formerly known as Tianjin Shipping Co., Ltd., has been based on shipping since its establishment, and its main business is international ocean container liner transportation, China coastal container liner transportation, shipping agency and freight agency.
On interactive trading, some investors asked sharply, "now the company has two bulk carriers supporting the operation of listed companies. Is there too much management and too high operating cost of the company, resulting in making ends meet and sitting on empty seats?"
Hna Technology Co.Ltd(600751) said, "the company doesn't have the situation you described. Thank you for your attention to the company."
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.
