Apple's concept stock Jinlong Electromechanical has been infinitely beautiful, doubled its performance for two consecutive years, and its share price has soared three times. Now its performance has changed, and the controlling stake will change hands.
After more than three months of suspension, Jinlong Electromechanical announced on Tuesday that the controlling party has conducted due diligence on the company, which means that the GEM company, which has been listed for more than 8 years, is about to face the change of ownership. This year's high-growth Apple concept stock suddenly showed a big change in performance at the beginning of the year. From the first three quarters of last year, it earned 300 million to nearly 200 million in the whole year, which is staggering. With the decline in the company's performance in the last two years, the stock price has plummeted, and it has plummeted by 60% in two years. Now it is embarrassing to fall into the position of the owner.
Transfer of controlling stake after a high percentage of pledgeOn November 27 last year, Jinlong Electromechanical suddenly announced that it had suspended trading due to major issues, and now has suspended the trading for more than three months.
According to the announcement, the company is planning the transfer of the company's equity due to the controlling shareholder Jinlong Group, which may involve changes in the company's control. At present, the transferee of Jinlong Group intending to transfer the equity of Jinlong Electromechanical has launched due diligence work on the company. Jinlong Group and the equity transferee are actively discussing the trading plan, and the company's shares continue to be suspended.
It is worth mentioning that the controlling shareholder Jinlong Group has almost all pledged its shares. As of December 13 last year, Jinlong Group held a total of 318 million shares (accounting for 39.57% of the total share capital), and the number of shares in the pledge state was nearly 296 million shares, accounting for 93.09% of the total number of shares held, accounting for the total share capital. 36.84%.
The announcement shows that since November last year, Jinlong Group has had more than 20 pledges involving a number of brokers, banks and asset management companies. For example, on November 23 last year, Jinlong Group pledged 605.363 million shares held by it to BOC Assets. On November 24, it pledged 1.715 million shares to Essence Securities. The purpose of the pledge was financing.
The frequent pledge of Jinlong Group indicates that its funds are relatively tight, and it is still unclear whether the transfer of the controlling share is related to the high proportion of pledge of Jinlong Group. However, such a high proportion of pledges, once the stock price falls after the resumption of trading, the risk is self-evident.
At the end of January this year, the company said it plans to acquire a 51% stake in Zhongke Guangxin, a semiconductor laser manufacturer in China. Founded in 2011, Zhongke Optical is the only optical chip developer and manufacturer in China. The company stated that this transaction will not result in a change in actual control.
It is worth mentioning that Zhongke Guangxin's performance is not good and it has been losing money in recent years. The acquisition is highly controversial. In this regard, the company admitted that Zhongke Guangxin is in the growth stage. Due to the large investment in research and development in recent years, no benefits have been generated, but the prospects are promising.
Perhaps the performance of Zhongke Guangxin was questioned. The company said on Wednesday evening that, in view of the unsatisfactory conditions, it decided to terminate the plan to purchase assets for the issue of shares, but it will not rule out the purchase of its shares in cash in the future.
At the time when the controlling share is about to be transferred, the company’s executives seem to have decided to resign, and they have announced their resignation. On October 27 last year, the company said it received a resignation report from Wang Binsheng, a securities representative. On January 23 this year, the company said that it received the resignation report of deputy general manager Zhang Yuze. On February 27, the company said that it received the resignation report of Dong Juan and deputy general manager Huang Juan.
Earnings of 300 million yuan became a loss of nearly 200 millionAccording to the data, Jinlong Electromechanical Co., Ltd. was listed on the GEM on December 25, 2009. It is one of the earliest GEM companies. The company is mainly engaged in linear motor products. In 2014, the company began to provide linear motors for Apple, which is a well-known Apple concept stock.
Under the aura of Apple's concept, the company's stocks have been favored. In 2013 and 2014, the company's stock has risen by more than 80%. In 2015, it has soared by 236%, becoming a well-deserved big bull. However, in the past two years, with the decline in performance, the stock price has fallen by as much as 60%, and today it is less than 30% of the historical high.
The company's performance turning point appeared in 2016. The data shows that before 2016, the company's performance was brilliant. In 2014, the company's operating income increased by 175.1% year-on-year, and net profit surged by 450.8% year-on-year. In 2015, the company's revenue and net profit doubled, and its net profit surged by 180.6%. However, in 2016, the company's performance began to decline, and its net profit fell sharply by 58.3%.
In the first three quarters of last year, the company's performance improved, achieving a net profit of 307 million yuan, a year-on-year increase of 117%. However, the performance report released at the end of February this year showed that in the past quarter alone, this figure has turned into a loss of 192 million yuan. In a short quarter, the loss was as high as nearly 500 million yuan! When the news came out, the market was in turmoil.
The performance report shows that the company's total operating income last year was 3.91 billion yuan, a year-on-year increase of 15.94%, but the net profit was a loss of 192 million yuan. For the performance change, the company explained that it was mainly due to the impairment of goodwill for wholly-owned subsidiaries. In addition, the company's linear motor product gross profit margin decreased; provision for impairment of long-term equity investment; provision for depreciation of inventory.
The company's performance surge in the past few years is related to the continuous outreach of mergers and acquisitions. In 2015, Jinlong Electromechanical revenue surged from 1.226 billion yuan to 3.033 billion yuan, and net profit also surged 180%. It was officially reflected in the benefits of the acquisition of Bo Yi Optoelectronics and Jia Ai Motor.
However, as the so-called "Cheng Yi Xiao He defeated Xiao He", last year's massive accrual was the previously acquired Bo Yi Optoelectronics and Jia Ai Motor. Both companies did not realize the expected profit last year, so they were heavily accrued for goodwill impairment provision. .
In recent years, Jinlong Electromechanical has been expanding its profits to achieve high profit growth. However, the hidden risks of mergers and acquisitions, the provision of goodwill directly caused its performance losses. Now that the company's controlling stake is about to change hands, investors can only hope that the new major shareholders will make the company regain its glory.
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