After nearly 4 years of losses, what is the effect of the new management after the "war"?
Author |Wu Lijuan.
Editor丨Gao Yan.
* |Bronco Finance.
2 years ago, Wantong Technology (002331SZ) major shareholders and two shareholders have staged one drama after another in order to compete for actual control.
Due to being labeled by the market as four popular concepts such as intelligent driving, vehicle-road collaboration, data elements, and Huawei concepts, Wantong Technology has been very lucky, and has gained four consecutive daily limits since November 23. However, the company urgently issued a clarification announcement, saying that it did not master unmanned driving and vehicle-road coordination technology.
Since February 2022, when the "head" of Century Jinyuan became the owner, the control of Wantong Technology has stabilized. However, the "sequelae" of infighting is still continuing, and in recent years, the company's profits have declined, business has been blocked, and the operating situation has not undergone fundamental changes. Now, getting rid of military assets and starting to build a large transportation industry ecosystem, can Wantong Technology reverse its decadent performance under the leadership of the "new owner"?
With the rapid development of new energy vehicles, the related industrial chain has exploded, and the unmanned driving sector has also shone in the A** field. On November 22, the unmanned driving concept sector performed well, and Wantong Technology, which was labeled as an "unmanned concept stock", was also stained.
On the evening of November 28, Wantong Technology issued an announcement on abnormal stock price fluctuations, saying that within the existing business scope, unmanned driving and vehicle-road collaboration are only technical concepts, and the company currently does not have direct business income generated by the above technical concepts.
The next day after the announcementOn November 29th, Wantong Technology opened with a daily limit in the morning, and dived in the afternoon, staging a "sky floor" ** drop limitThe turnover on the day exceeded 1.7 billion yuan, and the turnover rate reached 37%. On November 30, it fell again. On the same day, the company reiterated on the official website of Interactive Easy that the company does not have business income generated by vehicle-road coordination. As of December 1, Wantong Technology fell 303% to close at 961 yuan shares, with a market value of 3.9 billion yuan.
A person from the ** department of Wantong Science and Technology said,The company does not master unmanned driving and vehicle-road collaboration technology, and only a small part of the patents involve this content, but it is not the core technology
Coincidentally, 4 days before the harvestOn November 22, the second largest shareholder, Southern Silver Valley Technology, referred to as "Southern Silver Valley"), expired。According to the announcement, from November 3 to November 22, Southern Silver Valley **5.49 million shares. At present, Southern Silver Valley holds 2281 Wantong Technology590,000 shares, with a shareholding ratio of 785% down to 556%。
According to the 2023 semi-annual report, Wantong Technology is a leading full-scenario intelligent solution and Internet integrated service provider for China's large transportation industry. Before the two major shareholders of Nanfang Yinggu and Jingyuan Enterprise Management (hereinafter referred to as "Jingyuan"), Wantong Technology has been engaged in system integration, application software development and operation and maintenance business in the field of highway information construction.
In 2017, after the "new love of the military industry" Saiying Technology, a series of changes such as equity wars and rotation of helmsmen also occurred.
The wind rises at the end of the green pings!Wantong Technology's palace fighting drama began in 2017.
At that time, Wang Zhongsheng, Yang Shining, Yang Xinzi and others, the original actual controllers of Wantong Technology, were optimistic about the military electronics track, and they fell in love with Saiying Technology, believing that it had a good synergy with Wantong Technology, which is mainly engaged in transportation information construction and maintenance. This company is engaged in the business of military electronic information and transportation informatization, and is good at the development, design, production, sales and service of embedded software-based microwave hybrid integrated circuits, complete machines and systems. The most valuable thing is that the quality of the military salaries of Saiying Technology is complete.
At that time, Yi Zenghui, the actual controller of Saiying Technology, also wanted to achieve a curve listing through capital operation, and the two sides hit it off.
With the approval of the Bureau of Science, Technology and Industry for National Defense, the founding management team of Saiying Technology reached an asset acquisition and restructuring agreement with Wantong Technology, and Saiying Technology became a wholly-owned subsidiary of Wantong Technology. As a result, Wantong Technology has entered the field of military electronics.
However, when Wang Zhongsheng, Yang Shining and Yang Xinzi were preparing to acquire Saiying Technology, the funds in the hands of Wantong Technology were not abundant.
As a result, in December 2018, it adopted a restructuring plan for the purchase of Saiying Technology by private placement of shares, and Yi Zenghui, the actual controller of Saiying Technology, obtained 1434 from Wantong Technology390,000 shares, and became a director of a listed company, and the follow-up on the board of directors of **Jingyuan and Southern Silver Valley, also entered the market at the same time.
Among them, Southern Silver Valley was founded in 2004, is a technology company engaged in subway wifi solutions and mobile advertising, the "peanut subway wifi" app is its important product, the actual controller Zhou Development is one of the founders of Southern Silver Valley, born in 1980, has worked for Shenzhen Special Economic Zone Newspaper Group, "Shenzhen Evening News", "Shenzhen Metro News". **Jingyuan's shareholding structure is relatively simple, with only 2 shareholders - Huang Tao and Huang Shiying, with a shareholding ratio of %, respectively, the two are brothers, but their identities are not ordinary, and they are the sons of Huang Rulun, the founder of Century Jinyuan
*: Canned Picture Gallery.
At that time, Southern Silver Valley obtained 2401320,000 shares, holding 583%, the largest shareholder of Wantong Technology. **Jingyuan also participated in the fixed increase of Wantong Technology and obtained 1390520,000 shares, holding 337%。
From March to June 2020, Zhen Feng and Liao Kai, the directors nominated by Southern Silver Valley, suddenly turned against each other, and Zhou Development, the actual controller at the time, was successively removed from the position of chairman and director, and lost the actual control of the listed company in August of that year.
From February 2021 to July 2021, **Jingyuan "made a comeback" and regained control of the board of directors.
February 2022, Wantong Technology ended the 16-month-long "ownerless" situation**Jingyuan became the new controlling shareholder of the listed company, and Huang Tao also became the actual controller of the listed company
Southern Silver Valley has carried out many rounds in the secondary market in recent years, and the willingness to fade out is obvious, while Jingyuan has increased its holdings on the contrary, and its shareholding ratio has risen to 4 by the end of 201885%。
But in fact, it is difficult to say who is the real winner in this protracted struggle. Even during the period, both parties had the idea of quitting.
The 21st Century Business Herald once reported that both Southern Silver Valley and **Jingyuan have retreated, "Both sides don't want to continue to entangle, and until now, neither side has reaped the benefits." **Jingyuan wants to transfer equity, and Southern Silver Valley also wants **equity. ”
In July 2021, due to the turmoil of the "fake central enterprise" in Anhui Zhongzhan, the proposed equity transferor, the two sides terminated the agreement after only 8 days of cooperation, and Jingyuan's exit plan was aborted. After that, the Huang brothers officially remained on the board.
For now**Jingyuan holds 1997% has become the largest shareholder of Wantong Technology, higher than the 556% stake
Although the battle for actual control has been settled, Wantong Technology has damaged its vitality. Since the beginning of infighting in 2020, the company's performance has taken a sharp turn. At present, the operating pressure of Wantong Technology is still large, and its operating income from 2020 to the first three quarters of 2023 is 157.6 billion yuan, 100.7 billion yuan, 9$8.3 billion and $47.3 billion yuan, declining year by year. At the same timeNet profit also continued to lose, which was -18.7 billion yuan, -8332290,000 yuan, -9817$970,000 and -7562850,000 yuan, nearly four years agoThe accumulated loss amounted to 44.4 billion yuan。If it reports a loss again in 2023, Wantong Technology will lose money for 4 consecutive years.
In the first three quarters of this year, the operating cash flow of Wantong Technology has been net outflow of up to 27.2 billion yuan. Previously, in 2021 and 2022, its operating cash flow was -7896860,000 yuan, 151450,000 yuan, more than two years, the cumulative net outflow of operating cash flow is 3500 million yuan.
Financial commentator Guo Shiliang once analyzed,Infighting in listed companies is not conducive to the healthy operation of listed companies, which will cause the public to seriously question the daily decision-making, work order and development prospects of listed companies
Bai Wenxi, chief economist of IPG China, also said that factional struggles at the corporate governance level are very detrimental to maintaining the stability of corporate governance and the implementation of strategies, and will also affect the stability of corporate operations and even management.
In fact, after the Huang brothers successfully took power, the new management team of Jingyuan Fang came to power, and in order to increase the company's business volume, Wantong Technology also made a number of adjustments. Including the establishment of a new headquarters in Beijing, the expansion of projects, the integration of information, and the formation of a linkage effect with the Hefei headquarters. In addition, the Group will also weaken the original structure of the three business divisions and establish three business centers (customer center, delivery center and software center) to further revitalize resources, integrate manpower, and break the cost constraints of the original business unit's R&D team.
In the first half of this year, the company successively won the bid for the construction of a number of highway toll stations and mechanical and electrical engineering construction projects inside and outside the province. At present, the company's smart high-speed network layout covers more than 20 provinces across the country.
On February 28, 2022, Wantong Technology announced that the actual controller was changed to Huang Tao, who has the right of permanent residence abroad. According to the relevant regulations, this situation will have an impact on the survival of the military salary quality of Saiying Technology. At the beginning of the acquisition, Saiying Technology originally undertook the important task of seeking new growth in performance for the parent company, but a series of changes such as the equity war and the rotation of the helm of Wantong Technology that broke out afterwards not only did not make it maintain its original scale, but also cast a shadow on the future of this military electronics company.
In April of this year,Wantong Technology officially transferred 100% of the equity of Saiying Technology and divested the military electronic information business
* At the same time of military assets, Wantong Technology is also rapidEntered the field of smart environmental protection business
In February this year, Wantong Technology threw out a merger and acquisition plan, which was intended to be 18.8 billion yuan in cash to acquire 70% of the equity of Huatong Lisheng (Beijing) Intelligent Testing Group, hereinafter referred to as "Huatong Lisheng"), to promote the strategic transformation of the main business. And on March 15, the first equity transfer payment of 37.66 million yuan was paid. Wantong Technology once said on the interactive platform that the acquisition of Huatong Lisheng is conducive to improving the company's profitability, and it can create synergies with Huatong Lisheng in the future to enhance the company's profitability.
Do you pay attention to the equity wars of listed companies?Are you optimistic about Wantong Technology under the leadership of the Huang brothers?Leave a message and chat!