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Financial investment brings a loss of 3 billion! Two Hong Kong stock companies cross-shareholding stocks plummeted "all losses and damage"

January 12, 2019 02:02
source: Securities Times Network

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Summary
A shares have a huge loss of stocks, Shanghai Lai Shi, H shares also have long-sleeved Shanhuan Holdings (00607), last year in the financial investment to eat a "big loss."

K picture 00607_21

K picture 02098_21

A shares have a huge loss of stocks, Shanghai Lai Shi, H shares also have long-sleeved Shanhuan Holdings (00607), last year in the financial investment to eat a "big loss."

On the evening of January 11, Fung Shing Holdings disclosedannouncementIt is said that the investment Zall Group is expected to record a net loss of approximately HK$3.4 billion, or approximately RMB2.981 billion. Considering that Fung Shing Holdings has just emerged from the debt crisis of the "companion brothers" company, the "New Year" and "Zall" are not calm.

  A huge loss of 3 billion yuan

According to the latest announcement of Fung Shing Holdings, the company continues to own 494 million shares of Zall Zhilian (Zhuo Zhilian, 02098), equivalent to 8.13% of Zall's total share capital.

  Based on the closing price of the Zall Group Shares at the end of last year on the Stock Exchange's daily statement (ie HK$4.25) and the preliminary assessment of the tax impact, it is expected that the company will record a net loss of approximately 34 for the investment of the company. HK$100 million, equivalent to approximately RMB 2.981 billion.

This huge loss is related to the accounting treatment of Zhuang Zhilian. Fung Shing Holdings said that at the end of 2017, the company's shareholding in Zall Zhilian was “financial assets for trading”, which was calculated based on the closing price of Zall at the end of 2017 (ie HK$8.54 per share).

Therefore, the entire 2018 Zall Zhilian share price took a "roller coaster", but also directly affected the rich holdingsPerformance. After the close of HK$8.54/share in 2017, the stock price of Zall shares all the way up at the beginning of 2018. By the end of March 2018, the “Zall Group” announced that it would be renamed “Zall Zhilian”, and the Zall stock price reached 11.93. Hong Kong dollar/shares became the first enterprise in Wuhan with a market capitalization of over 100 billion yuan.

Zall Zhilian is an important layout of the “Zall” in the Hong Kong stock market. Previously, there was a “three-year market value increase of 16 times”. Since 2016, Zall Zhilian has successivelyMergerWell-known cross-border e-commerce Lanting Gathering (NYSE: LITB), holding China's largest agricultural product e-commerce company Shenzhen Zhongnong.com, China's leading chemical and plastic raw materials trading platform, plastic exchange, and the establishment of steel and other black commodity trading platform Zhuogang chain , into the country's largest seafood trading platform "fresh fresh" and so on. On June 27, 2017, Zall agreed to acquire the 8.36% stake in Zhongnong.com from the counterparty's agricultural products at a cash consideration of 307 million yuan, increasing the control over Zhongnong.com, but the deal has not yet been completed.

In the past few years, Fung Shing Holdings has held a stake in Zall Holdings through “Rich Unicorn Holdings Limited”. During 2015-2017, the share price of Zall Holdings has risen sharply, which has become an important source of substantial book profits.

  However, in 2018, Zall Holdings can be considered a bad year. In addition to repeated delays in acquisitions, the company and Dong Jiangao were also condemned by the Hong Kong Stock Exchange. The stock price continued to decline in the market's doubts about performance and cash flow, and finally reached HK$4.25/ The stock closed, which also led to a loss of RMB 3 billion from Full Holdings.

  Zall is also "injured"

It is worth noting that Zall Zhilian and Rich Holdings have been cross-shareholding for many years and have been the focus of market disputes. Mutual shareholding has brought about a big increase in profits for both parties, and the stock price has plummeted.

The share price of Fung Shing Holdings in 2018 is also in a downtrend, and Zumer’s 2018 results are not immune to investment losses.

  According to the data, Zall Zhilian also holds a 3.53% stake in Fung Shing Holdings and a 0.17% stake in China High Speed ​​Transmission, which is owned by Fung Holdings. Although it seems that the shareholding ratio is not high, it has greatly affected the performance of Zall Zhilian. In 2017, due to the decline in the share price of Full Holdings, Zall Zhilian confirmed an investment loss of 146 million yuan.

At present, Zall Zhilian has not announced the investment in Full Holdings in 2018. On the first day of 2018, Fung Shing Holdings closed at 3.42 yuan / share. During the year, Fung Shing Holdings only increased its share price before and after it announced the sale of its China High Speed ​​Transmission to Xinguang Yuan, a subsidiary of Xinguang Group. In 2012, Fung Shing Holdings finally closed at the price of 1.80 yuan / share, which is basically "waist."

  This means that Zall Zhilian’s investment in Full Holdings last year may also have a large loss. On the other hand, Zall Zhilian and Fusheng Holdings fell sharply at the end of 2018, which was related to the debt crisis of the “Nanjing Fengsheng Group”, a sister company of the company.

Beginning on December 25 last year, the market began to spread that “Nanjing Fung Industrial Holdings Group Co., Ltd. has not cleared more than 1 billion debts in time, and became the third billion private enterprises in Nanjing after Yurun and Sancell Group fell into a liquidity crisis”. . By December 27th, Fung Shing Holdings had a 20% drop in the Hong Kong market, followed by a temporarySuspensionUntil January 31st to clarify. Zall Holdings also has a stock price change due to its relationship with Full Holdings.

In the clarification issued by Fung Shing Holdings on the morning of December 31, the company stated that Fung Shing Holdings and “Nanjing Fung Group” are the main entities of the two independent operations. Ji Changrong, the controller of Nanjing Fengsheng, is the younger brother of Jichang Group. On the one hand, Nanjing Fung Holdings has no equity relationship with Jichang Group, and on the other hand, it has no equity relationship with Fung Shing Holdings. In addition, with the support of the government, Nanjing Fully will fully repay the debts due until 28th.

  But the market does not seem to buy it. After the clarification on December 31, the share price of the company was boosted, but the first trading day of the New Year on January 2 closed down nearly 9%. As of January 11, the stock price has been as low as 1.33 Hong Kong dollars per share.

At present, the share price of Zall Zhilian has further dropped to 4.11 Hong Kong dollars per share. Fortunately, in the A-share market, the "Zall" and the actual controllers have achieved a good harvest: on January 2 this year, Zhai Zhi’s offer for the A-share listed company Hanshang Group expired, the first half of 2012 Into the present, it took seven years to complete the Hanshang Group.

(Article source: Securities Times Network)

                (Editor: DF142)

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