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Source: Voice of Securities Daily
On the evening of December 18th,Emerging equipmentThe announcement stated that Dai Yue, the controlling shareholder, intends to transfer part of the company’s shares he holds to Chang’an Huitong Co., Ltd. Voting rights for the remaining shares held.
If the above matters are finally achieved, Changan Huitong will hold 18.58% of the company’s shares, and the company’s control will change. It is reported that Chang’an Huitong belongs to the investment and asset management industry. The State-owned Assets Supervision and Administration Commission of the Shaanxi Provincial People’s Government holds 100% of Chang’an Huitong’s equity and is the actual controller of Chang’an Huitong.
In other words, Changan Huitong may become the controlling shareholder of Xinxing Equipment, and the actual controller of the company will also change from Dai Yue to the State-owned Assets Supervision and Administration Commission of the Shaanxi Provincial People’s Government. Emerging equipment will be suspended from the market opening on December 19, 2022, and the suspension is expected to last no more than 2 trading days.
The “Securities Daily” reporter called Xinxing Equipment several times on this matter, but no one responded. Wu Wanying, a senior researcher at Tianyi Digital Economy Think Tank, told reporters: “Considering that the new controlling shareholder Chang’an Huitong has a strong capital background and resource strength, and because of its ‘regional investment bank’ target positioning, and has successfully helped many listed companies Therefore, theoretically, this change of actual controller is conducive to improving the operating conditions of emerging equipment and promoting the healthy development of the company.”
Performance has declined for three consecutive years
In fact, the Shaanxi Provincial State-owned Assets Supervision and Administration Commission’s entry into Emerging Equipment can be traced back to December 16, 2021. At that time, the controlling shareholder Dai Yue and his concerted parties transferred 5.80% of the company’s total share capital to Chang’an Huitong through an agreement transfer. Since then, Xinxing Equipment has introduced the state-owned capital behind Changan Huitong into the company.
According to public information, Xinxing Equipment was listed on the main board of the Shenzhen Stock Exchange in August 2018. Its main business is research and development, production, sales and related services of aviation equipment products with servo control technology as the core. The main products include airborne equipment and technical services and other two categories. The products are mainly used in the field of aviation equipment such as helicopters, fixed-wing aircraft and unmanned aerial vehicles.
From the perspective of performance, the revenue and net profit of emerging equipment have declined for three consecutive years, and the rate of decline has increased year by year.
straight flushThe data shows that from 2019 to 2021, its revenue decreased by 2.4%, 13.4%, and 23.1% year-on-year; , a loss of 1.842 million yuan.
In this regard, Xinxing Equipment explained in the performance forecast of the year that the company is in the replacement stage of new and old products, and the batch-produced original core equipment products are affected by changes in user procurement demand plans. The operating income of the current period decreased significantly compared with the same period of the previous year. At the same time, among the products recognized as revenue, the proportion of some high-cost products has increased.
In the first three quarters of this year, emerging equipment continued to lose money, and the net profit attributable to the parent company dropped sharply by 786.3% year-on-year to -33.07 million yuan. At the same time, the cash flow from operating activities turned from positive to negative, which was -14.058 million yuan; as of the end of the third quarter of this year, the debt was 280 million yuan.
Under the loss-making operation, Xinxing Equipment used bank loans to meet the daily operating turnover, and changed the use of part of the raised funds to supplement working capital.
Just before the announcement of the suspension of the planning change of control, the announcement of emerging equipment, the company and ChinaConstruction BankSigned a loan contract with a loan amount of 400 million yuan and a loan period of 60 months to meet the needs of daily production and operation turnover.
At the same time, the company announced on December 14 that the remaining 120 million yuan of funds raised from the previous initial public offering of shares will be used to permanently replenish working capital, accounting for 20.77% of the net proceeds of the initial public offering of shares.
On the one hand, the cash flow is tight, and on the other hand, the company’s controlling shareholder pledges shares for personal capital needs. The announcement shows that Dai Yue, the controlling shareholder, pledged 10.31% of the company’s total share capital on December 13, 2021. It was due to expire on December 13 this year, but the company announced on December 13 that the pledged shares were postponed to 2023. Repurchased on June 13. And this share pledge is used for his personal funding needs.
In addition, in November this year, the top ten shareholders Zhang Jiandi and Zhang Jin successively reduced their holdings of the company’s shares to no more than 1.7255 million shares (accounting for 1.47% of the company’s total share capital) and 2.4458 million shares (accounting for 2.08% of the company’s total share capital).
Involved in rumors of “backdoor listing” of Xifeng Liquor
The reporter noticed that Chang’an Huitong, as the equity transferee, has inextricably linked with Xifeng Liquor in the change of control over the emerging equipment planning. As a result, there are voices from the outside world speculating that the change of control over the emerging equipment planning may be related to the rumors of Xifeng Wine’s “backdoor” listing.
As one of the “Four Famous Wines”, Xifeng Liquor launched its restructuring and reorganization in 2009, but failed to hit the market four times since then. Recently, Xifeng Wine may start to increase its capital and share, which has aroused speculation from the outside world. It is understood that the controlling shareholder of Xifeng Wine is the State-owned Assets Supervision and Administration Commission of the Baoji Municipal People’s Government.
According to the official website, Changan Huitong was established in February 2020 with a registered capital of 20 billion yuan. It is the only provincial state-owned capital operation company in the province approved by the Shaanxi Provincial Government and the Provincial State-owned Assets Supervision and Administration Commission. According to media reports, Changan Huitong obtained a 15% shareholding ratio from Shaanxi Didian Equity Investment Co., Ltd. in March 2022 and became the second largest shareholder of Xifeng Wine.
Therefore, Chang’an Huitong plans to transfer the controlling stake in Xinxing Equipment this time, which has aroused speculation about the “backdoor” listing of Xifeng Liquor.
Liu Yangfang, deputy director of Shangzheng Hengtai Law Firm, told reporters that the controlling shareholders of Changan Huitong and Xifeng Liquor are different.
Li Mingjin, a senior investment advisor of Jufeng Investment Consulting, also believes that based on past cases, if it is only the second shareholder, it is unlikely that Xifeng wine will be injected into emerging equipment. condition.
Liu Yangfang analyzed that backdoor listing, as a major asset reorganization of a listed company, needs to be reviewed and approved by the board of directors and the general meeting of shareholders in the future. As a major event of a listed company, it must be approved by more than two-thirds of the voting rights held by shareholders attending the general meeting of shareholders. Finally, it needs to be reviewed and approved by the Securities Regulatory Commission. “As a joint stock limited company, Xifeng Liquor needs the consent of the major shareholder who holds 44% of Xifeng Liquor’s equity in theory for backdoor listing,” she said.
She also mentioned that although Changan Huitong currently intends to own 18.58% of Xinxing Equipment shares and become a controlling shareholder, it does not mean that the approval of the general meeting of shareholders is a sure win, so it is currently only in the “backdoor” conjecture stage. However, Mr. Dai Yue, the original controlling shareholder of Xinxing Equipment, gave up the voting rights of the remaining shares held by him within 36 months, and Zhang Jin and Zhang Jiandi, the top ten shareholders of Xinxing Equipment in November this year, plan to reduce their general shares. Whether it will continue to acquire the shares of the original shareholders and effectively use voting rights to promote the “backdoor” listing of Xifeng Wine has a certain room for imagination.
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