This article was first published in Zijin Business Review, authorized by Zijin Finance, **please indicate**).
Mei Jim, who used to be the "first stock of early education", is in prison.
On November 29, Meijim suddenly announced that Chairman Ma Hongying was missing.
According to the announcement, the company was unable to get in touch with Ms. Ma Hongying, the chairman of the board of directors, through **, WeChat and other means. After communicating with Ma Hongying's family, as of now, the company is not sure about the specific reason why Ma Hongying cannot be contacted.
It is worth noting that many people in the industry believe that the loss of the chairman of Meijim may be related to the investigation of the wealth company belonging to the "Zhongzhi Department" on suspicion of illegal crimes.
After all, in addition to serving as the chairman of Meijim, Ma Hongying also has the identity of the chief financial officer of Zhongzhi Enterprise Group.
Last month, Zhongzhi Group issued an open letter apologizing to investors, saying that the group was seriously insolvent, there were significant continuing risks, and the resources available to pay off debts in the short term were far below the overall debt scale.
On November 30, the headquarters of MGM issued a document stating that all functional departments of MGM (China) performed their duties stably and all lines were operating normally. As of today (December 1st)** Meijim stock price is 342 yuan, with a market capitalization of 281.2 billion yuan.
Shareholder "infighting".
It is reported that before Ma Hongying disappeared, Meijim was experiencing an infighting.
In November 2023, MGM issued an announcement on the public solicitation of voting rights by its controlling shareholder, Zhuhai Rongcheng, stating that Liu Junjun is no longer suitable to continue to serve as a director, member of the strategy committee of the board of directors, and general manager of the listed company MGM.
In the public solicitation of voting rights, MGM clearly pointed out that "in order to fully safeguard the interests of all shareholders and promote the healthy and sustainable development of the listed company, Liu Junjun is no longer suitable to continue to serve as a director, a member of the strategy committee of the board of directors and the general manager of the listed company." ”
And Liu Junjun is the core founder of the Meijim brand.
The Meijim early education brand was born in the United States. In 2008, Liu Junjun, who had worked in IBM, HP and other companies, and several others established the company to obtain the authorization of the Meijim brand in China and became the main franchisee of Meijim in China.
In 2009, Liu Junjun opened the first Meijim Center in BeijingIn 2014, Liu Junjun bought out the permanent operation rights of MGM Asia Pacific. Until 2018, when the "China Plant Department" became the owner, Liu Junjun was a core member of the team.
In the face of Zhuhai Rongcheng's statement, the founder team represented by Liu Junjun quickly counterattacked and submitted two proposals: "Proposal on Adjusting the Positions of Ms. Ma Hongying as a Director of the Sixth Board of Directors, Member of the Strategy Committee and Chairman of the Sixth Board of Directors" and "Proposal on Electing He Yi as a Non-Independent Director of the Sixth Board of Directors of the Company".
Liu Junjun said that in view of the company's urgent need for the founding team to stabilize people's hearts and conduct professional operation and management, the controlling shareholder's proposal to adjust the positions of Liu Junjun's directors and members of the strategy committee is inappropriate, and Liu Junjun's resignation will seriously affect the confidence of franchisees and affect the company's operation and management, which will have an adverse impact on the company's shareholders and consumers of Meijim.
In addition, Liu Junjun also pointed out that "Ma Hongying has no experience as a senior executive of a listed company, nor does she have a background in the early education industry, and lacks management experience in real economy enterprises." ”
In the end, in this power struggle, the founder team represented by Liu Junjun lost its new proposal in the form of shareholder voting, and the winner was Zhuhai Rongcheng of the "Zhongzhi system".
The wave of store closures is sweeping
Recently, there have been frequent problems with Meijim, and in addition to infighting, the company has fallen into a predicament of a large number of store closures and consecutive losses.
According to the Black Cat complaint platform, several netizens have complained that Meijim ran away, and one of them complained on November 10, 2023 that the Meijim Early Education Center in Xiangcheng District, Suzhou City, ran away. He said that the Meijim Early Education Center in Xiangcheng District, Suzhou City, was unilaterally closed without any publicity and did not fulfill its contractual obligations. As a result, my child's rights and interests in class were infringed, and the legal person evaded the corresponding responsibility in a scoundrel way, and I demanded a refund of the remaining class fees.
There are also netizens who complained that they spent 10,000 yuan in the Urumqi Times Square store of the Meijim Early Education Center to buy a one-year class for their children, from February 21 to August 25, their center notified the decoration for a month of suspension of classes, and resumed classes in mid-October, but until November 21, we have not received a notice of resumption of classes, and there is no one to check the store.
From the former "first stock of early education" to the closure of stores in many places across the country, Meijim has aroused consumer concerns. It's worth noting that the risks at Mergim seem to be much more than that.
Today's Meijim has also begun to have a big decline in performance.
According to the financial report, MGM's revenue in the first three quarters of 2023 will be 100 million yuan, a year-on-year decrease of 2142%；The net loss was 15.3 billion yuan, with a net loss of 16.7 billion yuan.
Looking at the longer term, according to MGM's 2022 annual report, its revenue is 15.4 billion yuan, net profit of -4400 million yuan, down 122 from the same period last year07%, net cash flow from operating activities for the same period -7094500,000 yuan;In the previous 2021 year, the company's net profit was also in a loss state.
In addition to this, Meijim has also experienced a wave of resignations this year. According to the company's announcement, in May, director Zhu Gujia resigned as a director and a special committee, and Chen Juan, deputy general manager of the company, resigned in the same monthIn July, Wen Shuai, chairman of the company's board of supervisors, resignedIn September, deputy general managers Li Shijie and Zhao Fen resigned. The reasons for the resignation of the above-mentioned personnel were all personal reasons.