Tengxin Co., Ltd. (300392) was once a leader in the field of Internet marketing, and was also the king of the first stock in the A** field. However, since 2016, the company's performance has continued to decline, and its stock price has also been **, and it was finally terminated by the Shenzhen Stock Exchange in June 2024, becoming the first company to be delisted in the history of the GEM.
The glory days of Tengxin shares were in September 2014, when the company was 26The issue price of 1 yuan share was listed on the GEM, and in less than two months, the stock price soared to about 180 yuan, once surpassing Kweichow Moutai and becoming the first ** stock in the A** field. The company's performance is also quite impressive, from 2013 to 2015, the company's revenue and net profit have achieved steady growth, reaching 145.2 billion yuan and 14.7 billion yuan.
However, the good times did not last long, and since 2016, the company's performance has fallen off a cliff, and in 2016 and 2017, the company lost 26.6 billion yuan and 13.7 billion yuan, although it relied on one-time income to turn losses into profits in 2018, it still lost 90.93 million yuan after deducting non-profits. The reason for the decline in the company's performance is mainly due to the intensification of competition in the Internet marketing industry, the company's core business has been seriously impacted, and at the same time, the company's management also has many problems, such as pledge risk, capital occupation, related party transactions, etc.
In order to save the crisis, the company has twice tried to carry out major asset restructuring, but both have failed. In 2018, Xu Wei, the actual controller of the company, also tried to transfer control to Qingdao Haoji, a subsidiary of Qingdao State-owned Assets, but due to the lifting of the share ban and the restriction of **, in the end, only the second largest shareholder, Tessil, transferred its 57.6 million shares to Qingdao Haoji, and the transfer ** was 8$15 shares. At that time, the company said that the introduction of Qingdao Haoji would be conducive to the company's strategic transformation and rapid development, and improve the company's profitability and ability to continue operations.
But it turns out that the addition of Qingdao Haoji has not brought any change to the company, but has fallen into a deeper quagmire. From 2019 to 2022, the company lost money for three consecutive years, of which the loss in 2022 was as high as 9600 million yuan, the company's net assets also became negative, reaching -64.4 billion yuan. The company's financial situation has deteriorated dramatically, with a large number of debt defaults and lawsuits, resulting in the freezing of multiple of the company's bank accounts, the seizure of all properties, and a significant decline in operating income. Accountants have also expressed significant uncertainty about the company's ability to continue as a going concern.
Since the company's financial report has been issued with an audit report that cannot express an opinion for two consecutive years, which touched the situation of the Shenzhen Stock Exchange's ** termination of listing, the Shenzhen Stock Exchange decided to terminate the company's ** listing on June 7, 2024. The company's ** entered the delisting consolidation period on June 15, and the last trading date is expected to be July 7. As of the suspension of trading, the company's share price was only 099 yuan shares, compared with the ** at the time of listing, has fallen by 98%.
For Qingdao Haoji, this is also a painful investment. As of the end of March 2023, Qingdao Haoji still holds 57.6 million shares, but it has lost more than 87% and the loss amount is more than 4100 million yuan. This also made Qingdao state-owned assets a joke.