The Gonggong Finance Bureau is full of financial layout, but it once again stepped on the problem of information compliance
Recently, Guizhou Truck Gang Microloan***, a small loan company under the Full Gang Group, was fined 370,000 yuan by the Guizhou Branch of the People's Bank of China for "providing personal bad information without informing the information subject in advance".
It is reported that the truck gang small loan was fined because after the personal loan was overdue, before reporting the overdue information to the credit reporting system, it failed to inform the information subject in writing, text message or other forms that the credit reporting agency can confirm, in violation of Article 15 of the "Credit Information Management Regulations".
It is worth noting that the parent company of the truck gang small loan, the Full Bang, has suffered a big loss due to information compliance issues. In July 2021, the Full Gang went to the U.S. stock market to be listed, which coincided with the sensitive period of the Sino-US war, and the nature of the Manbang's business made it master a large number of Chinese people's private information, so the Cyber Security Review Office implemented a cyber security review in accordance with the "Cyber Security Review Measures".
In April and May of that year, the Full Gang was interviewed by relevant departments for issues such as unreasonable pricing mechanism, unfair operating rules, non-standard production and operation, non-implementation of main responsibilities, and suspected infringement of the legitimate rights and interests of truck drivers by some business behaviors. However, the cybersecurity review in July directly led to the fact that the Full Gang could not register new users for a year after that.
Today's Full Gang has only come out of the shadow of security review, but it has once again stepped on the problem of information compliance in the financial field.
For the first time in 2022, truckers complained
It is understood that there are two main types of profits, namely freight matching services and value-added services. The former is to match shippers and truck drivers to earn price differences or commissions, while the latter is to provide extended services for shippers and truck drivers, including oil trading, ETC card issuance, financial lending, etc.
However, the Full Gang has been losing money for a long time. From 2019 to 2021, the revenue of the Full Gang was 247.3 billion yuan, 258.1 billion yuan, 465.7 billion, net profit was -152.4 billion yuan, -347 billion, -365.5 billion. In the financial report, the full gang explained that it was affected by equity incentive expenses.
Some analysts have pointed out that the Full Gang relies too much on VAT refunds, and **tax refunds cannot be used as stable income generation**. According to statistics, from 2019 to 2021, the total amount of value-added tax paid by the Full Gang to the local government was 181.4 billion yuan, 183.3 billion and 351.1 billion yuan, and the tax rebates of the local ** were 86.1 billion yuan, 93.9 billion and 156 billion yuan.
Full Gang also admitted in the financial report that the company's profitability will continue to rely on the first tax rebate provided by the local financial department, and if it cannot obtain the subsidy or the subsidy level declines, its financial performance will be significantly adversely affected.
In order to promote the increase of income, the full gang has resorted to various methods to increase income. At first, the company allowed both shippers and drivers to use the platform for free, but from 2018 onwards, it charged an annual fee to shippers, and then took a commission from the driver's trading income. Another example is to use big data to reduce prices and force truck drivers to roll in.
In 2022, Full Gang will achieve a net profit of 411.9 billion yuan, turning losses into profits for the first time. Full Bang's financial business has also brought it a lot of income. In the first three quarters of 2023, Full Gang achieved interest income of 828.8 billion, an increase of 194 percent year-on-year60%。
But the driver's dissatisfaction with the full gang is also increasing day by day. Black Cat complaints show that there have been more than 200 complaints about the full gang line pipe, and many drivers have reported that the full gang maliciously lowers prices or has a bad attitude.
The stock price continues to be depressed and has been repeatedly questioned
In the first three quarters of 2023, Full Gang achieved revenue of 602.8 billion yuan, a year-on-year increase of 2530%；The net profit attributable to the parent company was 162.9 billion yuan, a year-on-year increase of 66497%。
However, such a bright performance did not have a good reflection of the market, and on the day of the announcement of the financial report on November 20, the full gang rose 1541% to 8$09 shares, but then continued for many trading days**, closing at 7 on December 5**$05 shares, up from an all-time high of $22$80 shares slipped nearly 7 percent.
There could be two reasons for this. On January 24, J Capital Research, a short-selling institution, released a short-selling report on the full gang. The report notes that the trading volume of the Full Gang may be exaggerated by a factor of 6 to 10, and that the income and trading volume disclosed by the Full Gang are not in line with taxes, commission income, or basic logic.
According to the report, in 2021, the Full Gang disclosed a GTV of up to 262.3 billion yuan. According to the country's official VAT rate of 9%, the completed GTV of 262.3 billion yuan must include 23.6 billion yuan of value-added tax. But in fact, the VAT levied on the Manbang in 2021 is only 25800 million yuan.
The report also cited claims from former executives and former salespeople of the Manbang Gang of setting up shell companies to create "deals" and inflate the number of orders.
Although the Full Gang responded quickly on January 25, it failed to respond positively to the short-seller report with facts, only to falsely accuse the report of being worthless and failing to give investors enough confidence.
What's even more deadly is that the executives of the Full Gang have cashed out many times before and after the listing in 2019-2021. Since 2023, four executives including Zhang Hui, the founder of the Full Truck Group, have made large amounts, with a cumulative "cash-out" amount of more than 6300 million RMB. Among them, the founder Zhang Hui alone is worth as much as 5100 million yuan.
On one side is suspected of counterfeiting GTV, and on the other hand, executives are cashing out and running away, and it is difficult for investors to stay away.
url: *in: Business Huaguan.
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