State-owned assets to take over private enterprises is not to engage in charity but market behavior, spending money, but also to talk about the return on investment, however, the shopping mall "fakes" rampant, real and false are difficult to distinguish, state-owned assets do not have a keen eye, "stepping on the pit" is inevitable.
In 2019, Huarong Investment (Tianjin Pilot Free Trade Zone), a subsidiary of the state-owned Huarong Property, won a controlling stake in Yanhua Intelligence, a listed company, at a price of 630 million yuan through judicial auction.
At that time, the industry thought that Huarong had picked up a bargain, after all, the equity that Huarong auctioned was bought by the former owner at a price of 1.62 billion from the former actual controller of Yanhua Intelligence.
However, this "cheap", Huarong only took it for two years and wanted to sell it.
On the last day of 2021, Huarong announced that it would openly solicit transferees, in other words, it was a public sale, and the industry was also embarrassed: how could the "cheap" picked up become a "hot potato" in a blink of an eye.
What's even more unexpected is that this "hot potato" has been sold for two years and no one cares about it, and it is still in the hands of Huarong.
It has been two years, and the matter of public selling has been forgotten by people, but recently Yanhua Intelligent was administratively punished by the Securities Regulatory Commission, which once again reminded this dusty past.
The reason for Yanhua's punishment was that there were false records in the 2022 financial report and the risk of failing to disclose the risk of foreign equity investment in a timely manner.
Due to the asset impairment provision half a year late, resulting in the middle of the semi-annual report and the third quarter report inflated profits of about 50 million, the annual report is no problem, and those deliberately falsified compared with the real is not a big deal, but the penalty is not light.
Yanhua Intelligent was fined 2 million, and the then chairman, president, chief financial officer and secretary of the board of directors were fined 1 million, 750,000 and 500,000 respectively.
Last year, Guannong, which is also a state-owned enterprise, committed financial fraud of 2 billion, and the company was fined 2.1 million, and the chairman was fined 750,000.
The administrative penalty of the CSRC is divided into two steps, first issue a penalty notice in advance, if you are not satisfied, you can plead, and then issue a penalty decision according to the defense results, which is the final conclusion.
As a result, after Yanhua Intelligent received the prior notice of punishment in early December 2023, the company and the relevant responsible persons requested a hearing and initiated a defense, but the result was that all the defenses were rejected and the original judgment was upheld.
It is worth mentioning that after the failure of the defense, before the CSRC's penalty decision was issued, the financial director of Yanhua Intelligent resigned.
Chunjiang Plumbing Duck Prophet, what is the actual situation of a company, the finance should be the clearest, I am afraid this is not just a coincidence after the administrative penalty.
In fact, since Huarong took over Yanhua Intelligence, it has not seen any money back in its main business, and it has been deducting non-losses for 4 consecutive years, and it is only in 2023 that the loss is expected to turn losses into profits for the first time.
But even if the profit will not be much, it will be on the order of several million, the undistributed profit of Yanhua Intelligent is -540 million, and the company must first fill in the undistributed profit before it can pay dividends.
Of course, if it's just a drum and a pass to sell the equity, then the calculation method is different.
Because of its relationship with Huawei, Yanhua Intelligent adapts to Huawei's HarmonyOS system, and as the general integrator of Huawei's smart city solutions, it has also become a Huawei concept stock.
Since November 2023, the stock price has risen a lot, from more than 3 yuan to more than 7 yuan at the highest, and the current market value of Huarong's holdings is nearly 770 million, which has a floating profit of 140 million compared with the beginning.
However, the market value of the capital market is like a flower in the mirror, a moon in the water, and it is all virtual if it is not in the pocket, and Huarong must first find the next receiver.
When it comes to taking over, the biggest winner has to be Hu Liming, the original actual controller of Yanhua Intelligence.
According to the media, Hu Liming didn't do anything else after he went public with Yanhua Intelligence, and he devoted himself to studying insider trading.
As early as 2017, Hu Liming was sentenced to 3 years for insider trading, with a three-year reprieve.
First, 840 million yuan sold part of the equity, and at the same time, the entrusted voting rights gave up the position of the actual controller.
After that, he sold another part of the equity for more than 1.1 billion, and after cashing out 2 billion, he became the third largest shareholder.
It didn't take long for the receiver to have a debt crisis, and the equity was auctioned by the judiciary, and there was a drama that Huarong took over at the beginning.
As the third largest shareholder, Hu Liming is a free cash-outer, and he can sell when he wants to, and he is quite comfortable.
According to incomplete statistics, Hu Liming will cash out about 80 million in 2023, and currently has 6.72% equity on the account, with a market value of about 300 million based on the current stock price.
It is said that the predecessors planted trees and the later people enjoyed the shade, and the stock market suffered after digging a pit in the front, some people were at ease, and some people were unlucky when they stepped on the pit, when the pit of Yanhua Intelligence could be filled, it depends on how long Huawei's wind can blow.
For Huarong, there may still be a little tangled at present, whether to continue to sell or carry on, although there are two options A and B, but it is not a simple choice question.