The controlling shareholder's equity was frozen due to a dispute over a loan contract.
Author |Yu Qi.
Editor丨Gao Yan.
* |Bronco Finance.
China's largest private telecom operator" Dr. ST Peng (600804SH) Going to change bosses?
On the last day before the Spring Festival, on February 8, Dr. Peng said that he received a notice from the shareholder Heguang Yizhi that the company he held was 5The 14% stake was frozen by the Chengdu Intermediate People's Court in Sichuan Province on February 7.
Heguang Yizhi is one of the controlling shareholders of Dr. Peng, and he is also acting in concert with Xin Pengyun, Pengbo Industry, Juda Yuan, Qianhai Hongda, Yun Yihui and Yang Xueping, the actual controller of the company. At present, the above-mentioned shareholders and their persons acting in concert together hold 2709%，Among them, the frozen shares account for 16 of the company's total share capital22%。
Dr. Peng said that combined with the freezing of the shares held by the company's actual controller and controlling shareholder acting in concertThere is uncertainty about the change in the actual control of the company.
However, many investors expressed optimism about this news, some investors said, "the bottom is bearish", "Dr. Peng's worst time has passed", and even investors hope that there are state-owned assets to take over Dr. Peng.
*: Share it. At the opening after the holiday, Dr. Peng rose for 2 consecutive days, although it fell by 1 on February 2183%, but 3$21 sharesThe stock price is still up 5 percent from February 825%, with a total market capitalization of 53200 million yuan.
Is Dr. Peng, whose performance has just picked up, going to change?
This time and Guang Yi to hold Dr. Peng 514% of the shares were frozen by the judiciary because of a dispute over a loan contract. The announcement shows,The outcome of this lawsuit is the first trial, and the final outcome cannot be judged.
However, before that, because of the formation of a concerted action with KazukoPengbo Industrial and China Construction Bank (601939SH) Shenzhen Branch's loan dispute, China Construction Bank has filed a lawsuitAt present, the litigation case has not yet been heard, and the applicant has applied for pre-litigation preservationThe 38.86 million shares of Dr. Peng held by Pengbo Industry were frozen.
In addition, due toPengbo Industrial and Agricultural Bank of China (601288SH) Shenzhen Nanshan Sub-branch's loan dispute, Agricultural Bank of China Shenzhen Nanshan Sub-branch has filed a lawsuitAt present, the applicant has not yet applied for pre-litigation preservation9.72 million shares of Dr. Peng** held by Pengbo Industrial and 55.28 million shares of Dr. Peng** held by Judayuan were frozen.
*: Dr. Peng's announcement.
At present, 100% of the shares of Dr. Peng held by Pengbo Industry have been frozen by the judiciary, and the shareholding ratio accounts for 6% of Dr. Peng's total share capital94%；Juda Yuan holds Dr. Peng's 9971% of the shares were frozen by the judiciary, accounting for 334%。
Heguang Yizhi, Pengbo Industry, and Judayuan are all companies actually controlled by Yang Xueping. According to the enterprise investigation, Yang Xueping indirectly holds 34 Pengbo Industries55% of the shares, and owns 6581% of the voting rights. He is the actual controller of Dr. Peng, a listed company.
Heguang Yizhi is a wholly-owned subsidiary of Pengbo Industrial, and Yang Xueping's beneficial shares and voting rights are 3455% and 100%. Judayuan is also Yang Xueping's through Pengbo Industrial Holding Company, and Yang Xueping's beneficial shares and voting rights are 1974% and 5714%。
Yang Xueping's 100% shareholding in Dr. Peng has also been frozen by the judiciary, and his shares account for 08%。
Calculated accordinglyYang Xueping himself and through Heguang Yizhi, Pengbo Industry, and Juda Yuan hold a total of 564% of the shares were frozen.
According to the enterprise investigation, Yang Xueping's ultimate beneficial stake in Dr. Peng was 896%, that is, Yang Xueping is about 62 to Dr. Peng95% of the shares have been frozen.
*: Enterprise Chacha.
Just over 5 months ago, on August 31, 2023, Yang Xueping, the actual controller of the company, received the "Notice of Case Filing" issued by the China Securities Regulatory Commission, involving Dr. Peng's illegal information disclosure.
Up to now, the SFC's investigation is ongoing, and Dr. Peng and Yang Xueping have not yet been dealt with.
Dr. Peng is the largest private listed company in China in terms of value-added telecommunications services, mainly engaged in Internet access services, data center business and related Internet value-added services.
Founded in 1985 and listed in 1994, it has also developed with the help of Great Wall Broadband and the three major operators, and is known as the "fourth largest operator" in China after China Mobile, China Unicom and China Telecom, and "China's largest private telecom operator".
Dr. Peng's boss and actual controller, Yang Xueping, has a lot of qualifications. He graduated from the Department of Scientific Instruments of Zhejiang University in July 1988. From 1990 to 1997, Yang Xueping worked in Shenzhen Economic Development Bureau; From the beginning of 1997 to March 2000, he served as the general manager of the investment department of Shenzhen Commerce and Trade Holding Group Company; From May 2000 to October 2001, he served as the general manager of Shenzhen Lanjin Technology Co., Ltd.
Until October 2001, Yang Xueping became the chairman of Dr. Peng and has led Dr. Peng's development to this day.
Currently,Yang Xueping directly holds Dr. Peng's 08% shares, and indirectly holds shares of Dr. Peng through its subsidiaries Xin Pengyun, Pengbo Industrial, Heguang Yizhi, Yun Yihui and Judayuan Investment, and is the actual controller of Dr. Peng.
As for the reason why Yang Xueping was filed, according to the announcement, it was becauseDr. Peng is suspected of violating laws and regulations in information disclosure。WhileIn just four months from May to September 2022, Dr. Peng had three information disclosure violations.
*: Canned Picture Gallery.
It is worth noting thatYang Xueping was first selected into the "Hurun Report" in 2016, and his wife Chen Yuru ranked 1371st with a wealth of 3 billion yuan. In the following two years, Yang Xueping's family won the list. However, with the decline in telecom operating income, Dr. Peng's performance and stock price have shrunk, and Yang Xueping's worth has also been greatly discountedSince 2019, it has fallen out of the rich list.
On July 14 last year, Dr. Peng also received the "Notice of Case Filing" issued by the China Securities Regulatory Commission, and the reason for filing the case was also the same"The company is suspected of violating laws and regulations in information disclosure".
According to the provisions of the Civil Code, the Law and the judicial interpretation of the Supreme People's Court on civil compensation for false statements, listed companies, controlling shareholders, actual controllers, directors, supervisors and senior executives and their intermediaries shall bear civil liability for compensation if the rights and interests of investors are damaged due to fraudulent acts such as false statements, and the scope of compensation includes: investment differences, commissions, stamp duty and interest losses. Investors can file a civil recovery lawsuit in court.
At present, lawyer Song Yixin of Shanghai Hanlian Law Firm and lawyer Luo Jianxin of Guangdong Jinqiao Baixin Law Firm have begun to solicit claims and litigation for the injured investors of Dr. Peng.
Lawyer Luo Jianxin pointed outThe conditions of the claim are tentatively set as: Dr. St Peng (600804.) before July 18, 2023SH)** and damaged investors who sell or hold after July 18, 2023 may be able to claim compensation from the company. Lawyer Luo Jianxin also reminded that the statute of limitations in this case is 3 years, after which the investor will lose his rights.
July 18, 2023 is the time when Dr. Peng was announced, and lawyer Song Yixin said that the final claim conditions depend on the penalty decision of the CSRC, and investors who buy and sell within the time limit of the claim conditions and suffer losses can claim compensation from Dr. Peng. Now that the actual controller Yang Xueping has also been filed, the actual controller can also be included in the scope of recovery claims.
*: Canned Picture Gallery.
Dr. Peng and the actual accuser, Yang Xueping, were both filed and were not wronged. Dr. Peng's most glorious days were under the leadership of Yang Xueping, but with the decline in revenue from telecom operations, Dr. Peng initiated business transformation. Since 2022, the company has been "making noise" in terms of information disclosure.
In recent years, Dr. Peng's three disciplinary announcements and more than ten risk warning announcements are almost all related to "letter disclosure".
For example, on May 13, 2022, Dr. Peng released undisclosed matters related to hydrogen energy industry cooperation through the official WeChat***. A week after that,The company's ** has been limited for 6 consecutive trading days。After regulatory supervision, the company submitted an announcement stating that the two parties only signed a framework agreement, which is not mandatory and binding, the details of the cooperation have yet to be clarified, there are major uncertainties in the follow-up implementation progress and content, and the agreement itself does not generate specific benefits.
On July 6, 2022, Dr. Peng released the undisclosed big data industrial park project through the official WeChat, saying that the company's big data industrial park project has a planned total investment of 30500 million yuan, planning to cover an area of 175 acres, and reported by a number of ***. On the same day, the company's *** limit. After regulatory supervision, Dr. Peng submitted a clarification announcement, stating that the project is still in its early stages and no other agreements have been signed except for the cooperation agreement; The total planned investment is 30500 million yuan is the total amount of the project, not the actual investment amount of the company.
Only two months later, on September 27, 2022, Dr. Peng once again released the undisclosed telecom operator cooperation through the SSE interactive platform, saying that he intends to carry out strategic cooperation with China United Network Communications *** Ningxia Hui Autonomous Region Company. On the same day, the company's *** limit. After regulatory supervision, the company issued a risk warning announcement, saying that the two parties only signed an intentional framework document for cooperation, which is not mandatory and binding, does not involve specific business, and there are major risks in whether the cooperation can be implemented.
*: Canned Picture Gallery.
Dr. Peng proposed "transformation" in 2022, which can be found that for the future layout,Dr. Peng's "plans" and "cooperations" are always on the hot spots of the industry, and they are disclosed through unofficial channels, and the stock price has been stimulated to soar.
On November 14, 2022, the Shanghai Stock Exchange issued a Disciplinary Decision on Dr. Peng's letter disclosure violationsIt is said that Dr. Peng has repeatedly disclosed sensitive information that has not yet been disclosed through channels such as self-disclosure and SSE e-interaction, and the information disclosure of external cooperation matters is unfair and the risk warning is insufficient.
In addition to the suspected concept speculation and driving up the stock price, on May 12 last year, Dr. Peng received an "inquiry letter" from the Shanghai Stock Exchange on the disclosure of the company's annual report. The direction of inquiry focuses on capital transactions, inventory, fixed assets, projects under construction, joint ventures, associates and other aspects, and requires the company to answer whether there is a flow of funds to the controlling shareholder, actual controller and other related parties.
As a 39-year-old listed company, Dr. Peng has undergone many business transformations and has tasted the sweetness in the process of transformation.
Dr. Peng, formerly known as Chengdu Gongyi Metallurgical Co., Ltd., was originally a main business of special steel smelting, and it was not until 2007 that he entered the field of Internet value-added services under the leadership of Yang Xueping.
In 2009, after Dr. Peng divested traditional businesses such as special steel smelting, his tentacles gradually penetrated into Internet access, data center business and related Internet value-added service business. Since then, Dr. Peng has ushered in a stage of rapid development.
As the largest private telecom operator in China, Dr. Peng stepped on the wave of "optical fiber network instead of copper communication cable", and won the Great Wall Broadband twice in the same year, and undertook the work of broadband access, the "last mile" of "Broadband China" construction.
Under the tuyere of the times,Dr. Peng's revenue began to take off in 2013 and reached 88 in 2016500 million yuan.
Its share price also rose along with the performance, standing at 4907 yuan The high point of the stock, the total market value exceeds 80 billion yuan.
*：wind
However, with the rapid increase in the penetration rate of fiber broadband in China's households, the market increment has gradually shrunk. In the stock market, Dr. Peng can be said to be an egg to hit a stone in the competition with the three major operators in the asset-heavy telecommunications field. Its operating income has been declining since 2016, and its net profit has also been in the red since 2019.
Shen Meng, director of Chanson Capital, believesDr. Peng's problem lies in the business direction and strategy, and the analysis and judgment of policy guidance and trends affect the space for business development, especially for some industries that are not suitable for private enterprises to get involved in and have a large investment deposition effect, may belong to the blue ocean, but the strength of private enterprises is not enough to support it.
In the end, Dr. Peng chose to "survive with a broken arm", and in 2020, he abandoned the Great Wall broadband at a low price, and only retained the Great Wall broadband services in Beijing, Shanghai, and Shenzhen, and began to connect the best data center assets.
In February 2022, Dr. Peng sold the Pacific submarine fiber optic cable project that he had invested in for 4 years; In November of the same year, Dr. Peng planned to transfer 100% of the equity of Pengyun Technology, the core asset, accounting for half of the company's net assets. Upon completion of the transfer, Dr. Peng and his subsidiaries will no longer own the completed data center assets and businesses.
Shen Meng believes that "Dr. Peng lacks a clear idea of transformation, and the management has unrealistic expectations for transformation, so the results of both daily operation and transformation and development are not ideal." At present, Dr. Peng can only develop prudently based on the existing operating assets, or carry out a more thorough asset restructuring. ”
At the same time as selling assets, in 2022, Dr. Peng proposed to shift the data center business to the computing network and computing center businessAccelerate the transformation of data centers to "asset-light, operation-heavy".
In July 2022, Dr. Peng landed the Northwest 5G Big Data Industrial Park project in Yuzhong County, Lanzhou, with a total planned investment of 30500 million yuan. In November, Dr. Peng moved the registered place of the group to Qingdao Blue Valley, filling the gap of listed companies in Blue Valley. In 2022, Dr. Peng also released Cloud Computing Strategy 20 and series of Pengyun products, and established a digital intelligence cloud company. On January 10, 2023, Dr. Peng's Digital Intelligence Cloud headquarters has settled in Zhongguancun Science City, Beijing.
It is reported that the construction of Dr. Peng's Northwest 5G Big Data Industrial Park project adopts a small step and fast running mode, and the first phase is expected to be completed and put into operation in July 2024. On January 17 this year, the main leaders of Lanzhou City also investigated Dr. Peng's Northwest 5G Big Data Industrial Park.
At the service level, Dr. Peng claims to have formed a nationwide service network, with 500+ cloud certified engineers and thousands of network certified engineers active in the front line. Dr. Peng is working hard to get rid of heavy assets and build a new asset-light business model of cloud + network + data center + industrial park.
*: Canned Picture Gallery.
The transformation to asset-light has indeed improved Dr. Peng's performance. On January 30, Dr. Peng issued an announcement sayingThe net profit in 2023 will be about 31.25 million yuan, a loss of 4 compared with the same period last year5.3 billion yuan compared toAchieve a turnaround.
As for the reasons for the pre-profit performance, Dr. Peng said that in terms of main business, on the one hand, the company's interest-bearing liabilities decreased year-on-year last year, asset impairment losses decreased, and the investment income of joint ventures increased compared with the same period last yearNet operating profit increased by approximately 4$1.4 billion。In addition, the impact of non-operating profit and loss is also an important factor in the change in performance. Dr. Peng's non-operating profit and loss last year was about 66.18 million yuan, a decrease of 32.2 billion yuan.
However, Zhang Yi, CEO and chief analyst of iiMedia Consulting, believes that Dr. Peng has really grasped the tuyere very well in the past few years through optical fiber networks, but in the past few years, the company has not been able to lay out the next strategic business in the future, and there are very strong opponents in the layout of data centers and cloud computing, such as Alibaba, Tencent, Huawei, or the three major telecom operators, etc., they are very powerful. So Dr. Peng chose a direction that was highly competitive or close to the Red Sea.
To get out of the quagmire, Dr. Peng still has to make good use of limited funds to lay out some emerging innovative businesses, which may have greater opportunities. Zhang Yi said, "In the IT field, all the dividends that can be imagined at present have been robbed of this fully competitive market, so to seek change, it is still necessary to innovate, as for how to innovate, I think the team still needs to spend more energy and time to consider." ”
Now Dr. Peng's transformation into asset-light has achieved initial results, and his performance has picked up"Soul Man" Yang Xueping and his subsidiaries held by Dr. Peng 1622% of the shares were frozen, and the company was at risk of changing bossesWhat will be the future of Dr. Peng? Let's talk in the comment section.
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