Recently, some investors complained to the "Value Line" that Xinhaiyi (full name "Suzhou Xinhaiyi Communication Technology Co., Ltd."), which was just approved by the China Securities Regulatory Commission last month, also has suspected speculations, less than 500 million. The stock placement project has exhausted many popular themes such as LED, e-commerce, mobile games and 4G. However, in contrast to its main business and net profit increase, it has shown a rapid decline. It is necessary to be alert to Xinhaiyi’s “true speculation, false transformationâ€.
It is noteworthy that Zhang Yibin, the chairman of Xinhaiyi, is also a master of capital operation. Zhang is also the chairman of the PE institution Haifu Investment, and the LP or investment committee members of many other PE institutions, and has many successful exits. In the case of 2013, the first PE “gambling†case in the country was won the attention of the world with Gansu Shiheng (full name “Gansu Shiheng Nonferrous Recycling Co., Ltd.â€). But I don't know if too much investment involves its energy. The decline of Xinhaiyi's main business is also starting from 2013. Whether Zhang Yibin has to turn to invest but not to turn to industry has become a question in the minds of investors.
The performance is not up to the "frozen theme" turned over?
Xinhaiyi's main communication equipment products were launched in the small and medium-sized board in December 2006. Its original main business was mainly for Huawei, but it gradually went to Huawei, according to the company's statement: the future transformation direction is mobile games, software outsourcing, LED, 4G.
Correspondingly, on August 10, 2013, the board of directors of Xinhaiyi announced the rights issue plan, and the fundraising funds were invested in many popular fields such as mobile games, LED and 4G. Xinhaiyi intends to raise funds of no more than 480 million yuan in this allotment, and invested in four projects, including high-efficiency energy-saving semiconductor lighting integrated light source project, with an investment of 173 million yuan. Yisibo's innovative business support platform construction project plans to invest 152 million yuan. The company's traditional business 4G communication equipment production base construction project plans to invest 84.8 million yuan, supplementing the working capital of 70.06 million yuan.
After the announcement of the allotment plan, although the company's controlling shareholders Zhang Yibin and Ma Lingzhi promised to withdraw 168 million in cash to fully subscribe for the allocated shares, they expressed full confidence in the market. However, compared with the weak main business whose net profit has been declining continuously, Xinhaiyi’s repeated involvement in hot topics has been widely questioned by the market.
The 2013 semi-annual report disclosed by Xinhaiyi in August showed that the company's revenue and profits both declined, with revenue falling by 9.28%, net profit attributable to shareholders of listed companies falling by 38.19%, and deducting non-net profit falling by as much as 76. %. According to the latest performance report released by Xinhaiyi on February 27 this year, the company's revenue growth rate was 0.76%, lower than 4.07% in 2012; net profit attributable to shareholders of listed companies fell 26.93%, compared with 39.10% last year. Compared with a slight improvement, the distance from growth to growth is still far away.
At the same time as the share placement plan was disclosed, Xinhaiyi also disclosed a “Feasibility Study Report on the Use of Raised Fundsâ€. The company’s optimistic view on the project’s prospects is beyond words, saying that through this allotment, the company will expand its LED, software business and 4G products. Scale, LED, e-commerce, mobile Internet mobile games, etc. will become the company's new business growth point. The economic benefits of the project are also very impressive. Excluding the supplementary circulation funds, the sum of the average annual profit of the other three projects (operation period) exceeds 106 million yuan, which is almost the same as the company's 2012 net profit of 110 million yuan.
A brokerage researcher told reporters that the project of Xinhaiyi's share placement financing is currently a hot topic, but the profit analysis in the announcement is only a prediction. For example, in the fields of e-commerce and mobile games, the prospects are good and the competition is fierce. The company has not been involved too much before, and it is bound to face various challenges. Nowadays, there are too many companies that invest in hot topics. It is only the subject matter that has aroused the interest of the market, or it depends on the actual performance.
Then, for the analysis of the economic benefits of the projects mentioned in the announcement, how confident is Xinhaiyi to achieve? Is there any suspicion that the fundraising project will over-consider the market? The above-mentioned brokerage researcher said that investors are still cautious when Suning’s cloud business is in the forefront.
It is worth noting that as of June 30, 2013, the balance of Xinhaiyi's special account for additional issuance in 2010 was 27.1745 million yuan, deducting the interest income from the special account for raised funds of 4,899,600 yuan, and the balance of the previous fund raised by the company was 22,156,900 yuan. Accounted for 7.38% of the total funds raised. The unused funds have been mainly due to the slowdown in the implementation of the “3G-based video surveillance system project†and “ICT software products and services business projectâ€, which further highlights the difficulty of the company's transformation and is not a one-off event.
Zhang Yibin plays the investment and does not turn the industry
As the actual controller of Xinhaiyi, Zhang Yibin and Ma Lingzhi both boarded the “Hurun Rich List†twice in 2009 and 2010, ranking 935 and 964.
In addition to serving as the chairman of Xinhaiyi, Zhang Yibin also served as chairman of the PE institution Haifu Investment and a number of PE institutions LP or investment committee members, and more than one successful exit case. It can be said that Zhang Yibin's A-share market has a strong track record, which is no less than the partner of most first-line PE funds.
In October 2007, Haifu Investment was granted a capital contribution of 18 million yuan from Tianma Group held by Tianma Group for 18 million yuan, and Suzhou Guofa Innovation Capital Investment Co., Ltd. and Shenzhen Venture Capital Group, respectively, with the same shareholdings, respectively. For the beginning of 4 yuan and 2.45 yuan. Tianma Jinghua was listed in July 2010. Tianma Jinghua Co., Ltd. held by Haifu Investment was lifted in July 2011, and then Haifu Investment successively sold shares. Tianma Jinghua’s share price was mostly above 20 yuan. Therefore, the investment of Haifu Investment has achieved at least 20 times return.
Almost at the same time, Haifu Investment invested 7.5 million yuan in Shanghai Shengwan Investment Management Co., Ltd. (hereinafter referred to as “Shengwan Investmentâ€), accounting for about 11% of its capital contribution. Shengwan Investment official website shows that Zhang Yibin has served as a member of Shengwan Investment Investment Committee. Shengwan Investment is also engaged in investment in the primary and secondary markets. It has invested in Yitong Technology and Tangren God, and Zhang has made a lot of returns.
In November 2009, Haifu Investment invested 5 million yuan to save energy and exchanged 2.6 million shares. Scorpio Energy Savings was successfully listed on June 28, 2012.
In summary, in addition to the “gambling†dispute with Gansu Shiheng in 2012, Zhang Yibin is generally smooth in the field of private equity investment. In addition, in 2013, Xinhaiyi took out 50 million yuan for entrusted loans in the first half of the year and loaned it to Wujiang Caizhi Real Estate Development Co., Ltd., with a loan interest rate of 12%. In addition, the company has 5 million yuan for entrusted financial management.
On the one hand, the implementation progress of Xinhaiyi's “3G-based video surveillance system project†and “ICT software products and services business project†slowed down, highlighting the transformation bottleneck; on the other hand, Xinhaiyi management also put a lot of energy into lending and Financial management, so the market's doubts about Xinhaiyi's good investment but not good industry seems to be reasonable.
The reporter had issued an interview request to Xinhaiyi on the above issues, but by the time of writing, no reply had been received from Xinhaiyi.
( This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED . Readers need to verify the relevant content by themselves. )
It is noteworthy that Zhang Yibin, the chairman of Xinhaiyi, is also a master of capital operation. Zhang is also the chairman of the PE institution Haifu Investment, and the LP or investment committee members of many other PE institutions, and has many successful exits. In the case of 2013, the first PE “gambling†case in the country was won the attention of the world with Gansu Shiheng (full name “Gansu Shiheng Nonferrous Recycling Co., Ltd.â€). But I don't know if too much investment involves its energy. The decline of Xinhaiyi's main business is also starting from 2013. Whether Zhang Yibin has to turn to invest but not to turn to industry has become a question in the minds of investors.
The performance is not up to the "frozen theme" turned over?
Xinhaiyi's main communication equipment products were launched in the small and medium-sized board in December 2006. Its original main business was mainly for Huawei, but it gradually went to Huawei, according to the company's statement: the future transformation direction is mobile games, software outsourcing, LED, 4G.
Correspondingly, on August 10, 2013, the board of directors of Xinhaiyi announced the rights issue plan, and the fundraising funds were invested in many popular fields such as mobile games, LED and 4G. Xinhaiyi intends to raise funds of no more than 480 million yuan in this allotment, and invested in four projects, including high-efficiency energy-saving semiconductor lighting integrated light source project, with an investment of 173 million yuan. Yisibo's innovative business support platform construction project plans to invest 152 million yuan. The company's traditional business 4G communication equipment production base construction project plans to invest 84.8 million yuan, supplementing the working capital of 70.06 million yuan.
After the announcement of the allotment plan, although the company's controlling shareholders Zhang Yibin and Ma Lingzhi promised to withdraw 168 million in cash to fully subscribe for the allocated shares, they expressed full confidence in the market. However, compared with the weak main business whose net profit has been declining continuously, Xinhaiyi’s repeated involvement in hot topics has been widely questioned by the market.
The 2013 semi-annual report disclosed by Xinhaiyi in August showed that the company's revenue and profits both declined, with revenue falling by 9.28%, net profit attributable to shareholders of listed companies falling by 38.19%, and deducting non-net profit falling by as much as 76. %. According to the latest performance report released by Xinhaiyi on February 27 this year, the company's revenue growth rate was 0.76%, lower than 4.07% in 2012; net profit attributable to shareholders of listed companies fell 26.93%, compared with 39.10% last year. Compared with a slight improvement, the distance from growth to growth is still far away.
At the same time as the share placement plan was disclosed, Xinhaiyi also disclosed a “Feasibility Study Report on the Use of Raised Fundsâ€. The company’s optimistic view on the project’s prospects is beyond words, saying that through this allotment, the company will expand its LED, software business and 4G products. Scale, LED, e-commerce, mobile Internet mobile games, etc. will become the company's new business growth point. The economic benefits of the project are also very impressive. Excluding the supplementary circulation funds, the sum of the average annual profit of the other three projects (operation period) exceeds 106 million yuan, which is almost the same as the company's 2012 net profit of 110 million yuan.
A brokerage researcher told reporters that the project of Xinhaiyi's share placement financing is currently a hot topic, but the profit analysis in the announcement is only a prediction. For example, in the fields of e-commerce and mobile games, the prospects are good and the competition is fierce. The company has not been involved too much before, and it is bound to face various challenges. Nowadays, there are too many companies that invest in hot topics. It is only the subject matter that has aroused the interest of the market, or it depends on the actual performance.
Then, for the analysis of the economic benefits of the projects mentioned in the announcement, how confident is Xinhaiyi to achieve? Is there any suspicion that the fundraising project will over-consider the market? The above-mentioned brokerage researcher said that investors are still cautious when Suning’s cloud business is in the forefront.
It is worth noting that as of June 30, 2013, the balance of Xinhaiyi's special account for additional issuance in 2010 was 27.1745 million yuan, deducting the interest income from the special account for raised funds of 4,899,600 yuan, and the balance of the previous fund raised by the company was 22,156,900 yuan. Accounted for 7.38% of the total funds raised. The unused funds have been mainly due to the slowdown in the implementation of the “3G-based video surveillance system project†and “ICT software products and services business projectâ€, which further highlights the difficulty of the company's transformation and is not a one-off event.
Zhang Yibin plays the investment and does not turn the industry
As the actual controller of Xinhaiyi, Zhang Yibin and Ma Lingzhi both boarded the “Hurun Rich List†twice in 2009 and 2010, ranking 935 and 964.
In addition to serving as the chairman of Xinhaiyi, Zhang Yibin also served as chairman of the PE institution Haifu Investment and a number of PE institutions LP or investment committee members, and more than one successful exit case. It can be said that Zhang Yibin's A-share market has a strong track record, which is no less than the partner of most first-line PE funds.
In October 2007, Haifu Investment was granted a capital contribution of 18 million yuan from Tianma Group held by Tianma Group for 18 million yuan, and Suzhou Guofa Innovation Capital Investment Co., Ltd. and Shenzhen Venture Capital Group, respectively, with the same shareholdings, respectively. For the beginning of 4 yuan and 2.45 yuan. Tianma Jinghua was listed in July 2010. Tianma Jinghua Co., Ltd. held by Haifu Investment was lifted in July 2011, and then Haifu Investment successively sold shares. Tianma Jinghua’s share price was mostly above 20 yuan. Therefore, the investment of Haifu Investment has achieved at least 20 times return.
Almost at the same time, Haifu Investment invested 7.5 million yuan in Shanghai Shengwan Investment Management Co., Ltd. (hereinafter referred to as “Shengwan Investmentâ€), accounting for about 11% of its capital contribution. Shengwan Investment official website shows that Zhang Yibin has served as a member of Shengwan Investment Investment Committee. Shengwan Investment is also engaged in investment in the primary and secondary markets. It has invested in Yitong Technology and Tangren God, and Zhang has made a lot of returns.
In November 2009, Haifu Investment invested 5 million yuan to save energy and exchanged 2.6 million shares. Scorpio Energy Savings was successfully listed on June 28, 2012.
In summary, in addition to the “gambling†dispute with Gansu Shiheng in 2012, Zhang Yibin is generally smooth in the field of private equity investment. In addition, in 2013, Xinhaiyi took out 50 million yuan for entrusted loans in the first half of the year and loaned it to Wujiang Caizhi Real Estate Development Co., Ltd., with a loan interest rate of 12%. In addition, the company has 5 million yuan for entrusted financial management.
On the one hand, the implementation progress of Xinhaiyi's “3G-based video surveillance system project†and “ICT software products and services business project†slowed down, highlighting the transformation bottleneck; on the other hand, Xinhaiyi management also put a lot of energy into lending and Financial management, so the market's doubts about Xinhaiyi's good investment but not good industry seems to be reasonable.
The reporter had issued an interview request to Xinhaiyi on the above issues, but by the time of writing, no reply had been received from Xinhaiyi.
( This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED . Readers need to verify the relevant content by themselves. )
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