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98 companies have a pre-loss of over 1 billion A-shares, huge amount of impaired tricks

February 11, 2019 06:15

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[98 companies pre-loss losses of 1 billion A shares huge impairment of the big draw] According to incomplete statistics, after the loss of net assets, the net assets are guaranteed to be greater than 0, less than 50 million yuan, to temporarily retain the listing status There are 12 A-share companies. At the beginning of 2019, the first group of A-shares, "Black Swan", was earlier and more violent than in the past 30 years. As of the evening of January 30, more than 390 listed companies had reported losses, and the total loss was calculated at the upper limit, reaching 328.5 billion yuan. Among them, there are 41 companies with a pre-loss limit of over 2 billion yuan, and 98 companies with a pre-loss of over 1 billion yuan. (First Financial Daily)

According to the incomplete statistics of the First Financial Reporter, after the pre-loss, the net assets were wiped, just to ensure that the net assets were greater than 0 and less than 50 million yuan, and there were 12 A-share companies that could temporarily retain their listing status.

At the beginning of 2019, the first group of A-shares, "Black Swan", was earlier and more violent than in the past 30 years. As of the evening of January 30, more than 390 listed companies had reported losses, and the total loss was calculated at the upper limit, reaching 328.5 billion yuan.

Among them, there are 41 companies with a pre-loss limit of over 2 billion yuan, and 98 companies with a pre-loss of over 1 billion yuan.

Not unexpected? Surprise?

This Yang A-share group "Black Swan" made the account of the 3.7 billion yuan receivables of Sichuan Changhong 15 years ago, and the disappearance of the 1 billion scallops of Zhangzi Island five years ago. The difference is that in the past, the black swan event was “shaped and only shadowed”. This time, the “black swan” was in groups.

Goodwill is only one of the reasons for the huge losses. The related guarantees are dragged down, inventory, accounts receivable, and subsidiaries are out of control. Various “extraordinary” asset impairments and accrued liabilities are flying, and there are even simple and rude pre-payments through suspected associations. Assets receivable, such as receivables, are accrued for bad debts.

In the long list of pre-loss A-shares, there were more than 25 companies with losses exceeding net assets. There are also many losses that exceed the total market value. Many listed companies holdingshareholderI have already pulled off the last fig leaf - the broken jar broke, not playing.

Most listed companies suffer huge losses, but the shell still has to be guaranteed. Where there is life, there is hope.

According to the incomplete statistics of the First Financial Reporter, after the pre-loss, the net assets were wiped, just to ensure that the net assets were greater than 0 and less than 50 million yuan, and there were 12 A-share companies that could temporarily retain their listing status.

According to the net assets ranking at the end of 2017, the reporter sorted out the situation of the top 8 companies, and see how these companies get sufficient “free discretionary space” through accounting games, and maintain a balance between the huge losses and the net assets.

LeTV: Using fair value changes or correcting net assets

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In 2017, LeTV had a huge loss of 13.9 billion yuan. At that time, the net assets of the mother returned only 663 million yuan. The semi-annual report in 2018 continued to lose money. The net assets of LeTV's consolidated statements were RMB-20 million, and the net assets of the returning mothers were -4.77 billion yuan.

Just as people think that LeTV's 2018 annual report will be delisted due to the negative net assets of its mother, LeTV has killed a returning rifle - the 2018 annual report is expected to return to the mother's net assets will not be negative.

In the 2018 annual report, LeTV.com lost 608 million yuan to 613 million yuan. Even with a loss limit of 613 million yuan, LeTV's net assets will still be positive at about 49.8 million yuan. In other words, LeTV may not be delisted due to negative net assets.

How did LeTV do it? Because LeTV's loss of music and new control rights generated by the investment income is large enough to offset the operating losses.

LetvannouncementIt is said that the investment income generated by Le Rong’s new watch is between 681 million and 3.516 billion yuan.

Why is the same transaction generating such a huge difference in investment income? The reason is that Le Rong is newEquity transferThere have been many valuations in the financing market. LeTV.com said that if the calculation of the value of 9.660 billion yuan in the financing of the new 2018 financing, the impact on the current investment income will be 3.516 billion yuan. If the evaluation report at the time of the equity judicial auction is taken as the standard, that is, with a valuation of 1.872 billion yuan, the impact on the current investment income will be 681 million yuan.

LeTV's annual report has a loss of 608 million to 613 million yuan, which is calculated based on the average of the two evaluation values ​​of 5.766 billion yuan. Although the auditor's attitude towards the final annual report is still uncertain, the management skillfully uses the accounting standards, and through the huge discretion between the two valuations, the “discretionary” intention of “delisting or not delisting” is obvious. .

On January 23, 2018, the First Financial Report reported that “Le Rong’s new listing or the correction of LeTV’s net assets, but the debt risk is still overwhelming” pointed out that once the music is released, it will lead to LeTV. The "magic effect" of net assets twisting. Le Rongzhixin has been valued several times with huge valuation methods, resulting in LeTV's subsequent annual report.PerformanceAnd net assets, with greater self-discipline.

In the LeTV listing system, Lerong has always been a big loss. The semi-annual report for 2018 shows that the net assets of LeTV's consolidated statements are -200 million, of which only -22 billion yuan will be generated by Le Rong. Le Rong made a new appearance, first of all, the package of -22 billion net assets was published; secondly, the original book was negative.Long-term equityIf the investment is sold at a high premium, it will gain a lot of investment income. Once again, after Lerong’s new release, LeTV’s 36.4% of the shares will be converted into a new equity, which will be changed from cost method to The equity method of fair value measurement. Its book value appreciation is also considerable.

Nanning Sugar Industry: Suspected to carefully manipulate asset impairment shells

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On January 28th, Nanning Sugar released a performance forecast that the huge loss in 2018 was 1.31 billion yuan to 1.395 billion yuan.

If calculated according to the huge loss of 1.395 billion, the net assets of Nanning Sugar Industry may only be more than 600 million yuan.

Why is the sugar company so huge? Two main reasons: inventory impairment, goodwill impairment.

Nanning Sugar said that during the reporting period, the price of sugar products in the main product mechanism in 2018 fell sharply compared with the same period of the previous year, while the purchase price of sugarcane developed by the government price department decreased less than the same period of the previous year, resulting in the company's mechanism of sugar sales.interest rateSignificant year-on-year decline. At the same time, due to the drop in sugar prices and the decline in gross profit, the company also made provision for the inventory price decline of the mechanism sugar, and made provision for the depletion of consumable biological assets to the farmers to lease the land to operate the sugarcane planting base, and made provision for the acquisition of Huanjiang Yuanfeng Sugar Company. Goodwill impairment provision.

As of press time, the total market value of Nanning Sugar Industry is only 1.67 billion yuan. The amount of this loss is close to the total market value of the company. Nanning Sugar's 2017 annual report is also a loss, which raises doubts about the industry: Is its asset impairment “designed”? In 2018, it is better to lose money in 2018. It is better to lose money in the coming year. If the net assets are not negative, it will not be negative, and it will not be difficult to turn losses in 2019.

*ST Fukong: huge losses due to external guarantees

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* ST Fukong's 2017 annual report returned to the mother's net assets of 1.988 billion yuan, and the 2018 annual report predicted a huge loss of 1.98 billion yuan. If this notice is accurate, its net assets at the end of 2018 will be more than 8 million yuan.

If the A-share listed company's annual report in 2018 is a huge loss, but the net assets remain at a small positive value, thus maintaining the "God Operation" ranking of the listing status, *ST rich control manipulation "accuracy" is second only to Nanning Sugar.

Different from Nanning Sugar, *ST Fukong has been profitable for eight consecutive years. Since May 3, 2018, Fukong Interactive has changed to *ST Fukong Control, because the company's 2017 annual financial report has been issued by the accounting firm "unable to express opinions" audit report.

As a listed company under the Chinese Technical Department, *ST Fukong is the "association premium" directed by Yan Jinggang, the actual controller of the Chinese Technology Department.Merger", "Association Guarantee" made a great contribution. Some insiders even suspect that *ST Fukong's huge losses at the end of 2018 may indicate that the profits of the first eight years are illusory.

In the huge loss of 1.98 billion in 2018, *ST Fukong provided guarantees to Shanghai Zhongji Pile Industry Co., Ltd. (hereinafter referred to as “Zhongji Pile Industry”) and its subsidiaries, with an estimated liability of approximately RMB 1.1 billion.

As early as two years ago, *ST Fukong has transferred control of Zhongji Pile Industry. However, a huge loss announcement in 2018 indicated that the original transfer was just a piece of paper, called transfer. In fact, the liabilities of Zhongji Pile Industry were still guaranteed by the listed company. Although the agreement stipulates that the listed company is responsible for the completion of the 1.1 billion guarantee responsibility, it can recover from Zhongjing Group and its actual controller Yan Jinggang. However, in addition to the listed company, the China National Technology Group has already become an empty shell, and the recovery may be just empty talk.

"This is a trick that many listed companies will play. All liabilities and losses are borne by a subsidiary or affiliate. The listed company system creates a beautiful profit figure. In fact, once the subsidiary's liabilities and losses are broken, where is the listed company? Can get rid of the relationship." A financial professional explained to the first financial reporter.

In addition, *ST Fukong acquired the Jagex assets of overseas game company twice in 2016 and 2017 to the company controlled by Yan Jinggang's spouse Liang Xiuhong. The valuation of the acquisition can be described as "the sesame blossoms are high," and in September 2015, Jagex's valuation was still 2.25 billion yuan. In March 2016, *ST Fukong received a valuation of approximately 3.36 billion when it acquired the Hongtou network. By March 2017, this overall valuation reached 4.55 billion yuan.

For this acquisition, the goodwill of *ST Fukong's book is as high as 2.574 billion, while the net assets of the company's consolidated statements are only 1.558 billion yuan (end of the end of the third quarter of 2018).

JagexOperating incomeIt accounts for 92.50% of *ST Fukong's 2017 annual operating income, and its operating status is very important to *ST Fukong. Even so, the equity of Jagex’s parent company, *ST Fukong’s subsidiary, Hongtou Network, has been fullyPledge.

According to the financial report, from January to June 2018, Jagex's sales revenue and profits showed a downward trend. Jagex achieved sales revenue of 41.843 million pounds during the period, a decrease of 4.39% year-on-year;Net profit2033.19 million pounds, a year-on-year decrease of 14.54%.

This time, the huge loss of *ST rich control, actually did not move a good reputation. And even if its goodwill is slightly impaired, the company's net asset value at the end of the year is likely to be negative.

In addition, *ST Fukong also has a rubber stamp full of flying. According to the announcement, the company's subsidiaries Chengshen Commerce and Trade Co., Ltd. totaled 550 million bank time deposit funds were deducted. The above-mentioned fund deduction involved two pledge guarantees for the related companies. The *ST Fukong said that the above pledge guarantee company did not know.

Renzhi Shares: The full amount of the deposit is accrued “God Operation”

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At the end of 2017, Renzhi’s net assets attributable to the parent company were 674 million, and the annual report for 2018 was 660 million to 510 million yuan. If the final annual report is a loss-making ceiling of 664 million, the net assets of Renzhi will be only about 10 million.

The overwhelming loss of Renzhi's 2018 annual report is that it has a bad debt loss of 360 million yuan to 420 million yuan for other receivables and advances in the bulk trading business.

According to the third quarterly report of 2018, the total assets of Renzhi Co., Ltd. at the end of September was only 944 million yuan, but other receivables reached 524 million yuan. The company explained that the increase in other receivables was mainly due to the increase in bulk commodity trade during the reporting period and the increase in margin paid to suppliers.

The 2017 annual report shows that the company's first customer for the year-end other receivables was Huzhou Trade Union Machinery Equipment Co., Ltd., which was established in March 2015 with a registered capital of only 10 million yuan.

In 2017, Renzhi shares entered the field of bulk commodity trade. The sales revenue of bulk commodities in the company surged from 186 million in 2016 to 3.142 billion yuan.

In just over a year, it is necessary to accrue $300 million to $420 million in bad debts. And if it is 10% of the margin, it is almost a guarantee for all the trade in bulk commodities in 2017. In 2017, the gross profit generated by the company's bulk commodity trade was only over 25 million yuan. The “writing off” of the trade margin also means that the company will not be able to make it for 15 years.

The exchange has inquired about the authenticity of Renzhi's 2017 trade business income. For this huge amount of accruals, the industry said that the company is doubtful, I am afraid that not only the authenticity of income.

Yangtze River Investment: FixedfundLost 96%

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In the 2018 annual report, Changjiang Investment is expected to lose between 500 million and 700 million yuan. According to the loss limit of 700 million yuan, the net assets of Changjiang Investment will be reduced by only about 25 million yuan.

Changjiang Investment said that the company's shareholding is divided into Changyi Huizhi Asset Management Partnership (Limited Partnership) (hereinafter referred to as "Changxin Huizhi") fixed-income fund, due to the large decline in the market value of small and medium-sized stocks in 2018, resulting in the market value of the fund The serious provision for impairment was 488 million yuan. The Yangtze River Investment has a corresponding proportion of investment losses of 290 million yuan.

The asset impairment of Changxin Huizhi can be described as a microcosm of the tragic decline in the A-share secondary market. Established in August 2016, Changxin Huizhi, the main profit-making business is the fixed-income business of participating listed companies. The company paid 508 million yuan of funds, and the provision for impairment was 488 million yuan in 2018. 96% of the wealth was wiped out. .

In addition, the supply chain business of the Yangtze River Investment Subsidiary has also incurred a large amount of bad debts for accounts receivable. The 2018 annual report is expected to accrue bad debts of 150 million to 350 million yuan. The net profit attributable to shareholders of listed companies decreased by 120 million yuan to 320 million yuan.

In 2017, Changjiang Investment's annual supply chain operating income was only 625 million yuan.

Due to the incomplete publication of the financial data of the subsidiaries, it is impossible to judge the bad debts of the accounts receivable of 150 million to 350 million yuan, which is the proportion of all accounts receivable of the supply chain subsidiaries. However, the accounts receivable from the company's consolidated statements can be seen in a glimpse.

At the end of the third quarter of 2018, Changjiang invested in all accounts receivable on the books, but only 740 million yuan, with an accrual of 150 million to 350 million yuan, indicating that the proportion of the provision reached 20% to 50%.

It is worth noting that the 2017 annual report of Changjiang Investment also has a large amount of bad debts for accounts receivable. In 2017 annual report, the total provision for bad debts of accounts receivable was 175 million yuan.

Changjiang Investment, which is "inappropriate investment", suffered a huge loss in 2018 after the second year of 2017. The huge amount of bad debts for accounts receivable for two years was set aside for the next year.

Feile sound: 28 years of hard work for one year

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In the year of 2018, Feile Audio, which has been profitable for 28 years, has not been guaranteed in the "late night" and joined the ranks of "getting huge losses".

Feile Audio expects that the company's net profit attributable to shareholders of listed companies in 2018 will be about 3.326 billion yuan, and the net assets of the company at the end of 2017 will be 3.365 billion yuan. The financial department estimates that the net assets attributable to shareholders of listed companies at the end of 2018 are expected to be around 40 million yuan.

Since its listing in 1990, Feile Audio has never suffered a loss in its net profit. From 1990 to 2017, the net profit attributable to the total was 2.735 billion yuan, and the pre-loss in 2018 reached 3.326 billion yuan. Fei Le audio lost a year, and all the 28 years of operating efforts were lost.

In the 2018 annual report, Feile Audio will estimate the full depreciation of the goodwill of 1.04 billion yuan formed by the acquisition of Beijing Shenan Investment Group Co., Ltd. (hereinafter referred to as “Beijing Shenan”).

Feile Audio acquired Beijing Shenan in December 2014. According to the information previously disclosed by the Exchange, Beijing Shenan’s income fraud is serious: in 2017, the project has been cancelled after the confirmed income, and the bidding process is not performed in time to confirm the income, and the estimated progress of the completion is biased and the income is multi-income. In total, the total operating income was as high as 1.742 billion yuan, which is 12 times of its actual total operating income.

This fact shows that Beijing Shenan, which was originally acquired at a high premium, is like a "paper paste."

In addition, in 2015, Feile Audio also acquired the Xiwannian Group in the LED lighting industry at a premium price. In 2018, Feile Audio will fully deduct the 480 million yuan of goodwill formed by the acquisition of Xiwannian Group.

In 2017, Xiwannian Group's revenue declined, but the rate was not large, only about 10%. In the third quarter of 2018, Feile Audio announced that the operating performance of Xiwannian Group from January to September 2018 was lower than that of the previous year. However, it did not explain the specific decline. Feile Audio has fully deducted its 480 million goodwill. I don’t know if the management expects it to be too pessimistic or take the opportunity to “big bath”.

In addition to the 1.52 billion goodwill, Feile Audio will also make impairment on inventory and accounts receivable. However, even if the one-time loss is 3.326 billion yuan, it may still retain the listing status because of the net assets. In 2019, it may be a happy year for the Fei Le sound that has been bathed.

ST nine: factor company out of control and huge loss

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ST 9 has a 2018 annual report forecasting a huge loss of 255 million yuan. Its net assets at the end of 2017 were 299 million yuan. According to this loss, the net assets of the annual report in 2018 are about 40 million yuan, which is also a precise wipe.

In January 2019, Jiuyou Co., Ltd. took the initiative to ask for a cap because its subsidiary, Runtai Supply Chain, was out of control. At the end of January, the annual report predicts that ST Jiuyi will make a corresponding estimated liability for the impairment of the 77 million goodwill of the Runtai supply chain and the debt of 314 million yuan guaranteed by the Runtai supply chain.

In fact, the Runtai supply chain has been out of control as early as July 2018, so that the three quarterly reports of ST9 and 2018 can only be compiled according to the data of the 2018 semi-annual report of the Runtai supply chain.

The out-of-control of the subsidiary's Runtai supply chain seems to be the intention of the listed company's management. The First Financial Reporter had previously sorted out that when the nine shares were acquired in Runtai in 2016, Runtai was already insolvent. Even so, the listed company still relied on a high-value cash purchase to allow the original shareholders to cash in; in addition, the real gold After the acquisition of the silver, the listed company did not control the control of Runtai, and its control was still in the hands of the original shareholders who had already cashed in. It is even more doubtful that the listed company also provided a huge guarantee for Runtai in a free way.

According to the data at the end of 2017, the total assets of Jiuyou Co., Ltd. was 4.548 billion yuan, the total assets of Runtai were 4.138 billion yuan, and the latter accounted for 91% of the former. Runtai is out of control, and the nine-share building will be dumped.

In addition to Runtai's loss of control and accrual losses, ST Nine will also deduct the impairment of the goodwill of its subsidiary, Bo Lixin. Since the acquisition of Bo Lixin, a mobile phone camera manufacturer in 2015, the business of Jiuyou has been mainly supported by Bo Lixin. In the first half of 2018, Bo Lixin was unable to support alone and began to suffer losses. In the 2018 annual report, ST Jiu will conduct an impairment test on the acquisition of the 75 million yuan goodwill formed by Bo Lixin and make provision for impairment.

Great Wall Anime: Goodwill far exceeds net assets

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In the 2018 annual report, Great Wall Animation expects a loss of 350 million yuan to 450 million yuan. The company's net assets at the end of 2017 were 438 million yuan. If the loss limit is 450 million yuan, the net assets of the Great Wall Anime 2018 annual report will be only about 30 million yuan.

The huge losses of Great Wall Animation are mainly due to the impairment of goodwill. The estimated impairment value for this year is 250 million to 300 million yuan.

In 2015, Changcheng Anime acquired seven animation, animation and game companies at a price of 1.016 billion yuan in cash, forming a goodwill of 623 million yuan.

The performance commitment period of these companies has expired in the 2017 annual report, and the performance commitments have been successfully completed in the three-year commitment period. In 2018, Great Wall Anime still relied on the incentive policy of the company to achieve the desired effect during the reporting period, and the impairment of goodwill was accrued. In the first three quarters of 2018, the net profit of Great Wall Animation was only more than 19 million yuan. It can be seen that the Great Wall Anime’s “getting huge losses” and “taking a bath” means more than the aforementioned companies.

In the year of the acquisition of the above-mentioned companies in 2015, the goodwill formed by Great Wall Animation Acquisition has fully exceeded the net assets of listed companies. At the end of 2015, the goodwill of Great Wall Animation Consolidation Report was 623 million yuan, and the owner's equity was only 345 million yuan.

As of December 29, 2018, major shareholders have already heldEquity pledge99.33%.

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(Article source: First Financial Daily)

                (Original title: Loss of net assets: A-share huge impairment of the trick)

                (Editor: DF155)

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