Having bought tulips for 1.5 billion, and now the net assets are negative, the new culture is easy to change

Having bought tulips for 1.5 billion, and now the net assets are negative, the new culture is easy to change
On the afternoon of May 20th, the new culture, which is realizing Dingzeng Yizhu, received the annual report inquiry letter issued by the Shenzhen Stock Exchange, which mainly involved the performance of the subsidiary Tulip Advertising Communication (Shanghai) Co., Ltd. (hereinafter referred to as “Tulips”)Issues such as the provision of bad debts and the accounting treatment of Xinhua’s own assets and liabilities.There was a $ 1.5 billion acquisition of tulips, and now the net worth is negative. Back in 2014, the new culture that abandoned the IPO refused to invest 1.5 billion. It issued shares and paid cash to buy 100% shares of Tulip Spread and 100% shares of Dakos Advertising., Of which, pay cash 62985.120,000 yuan, issued 3364 shares.The consideration for the payment transaction of 840,000 shares was 87014.After the acquisition, the main business of the listed company expanded from the field of film and television business to the outdoor LED media advertising business.All shareholders of Tulip promised that Tulip ‘s net profit attributable to shareholders of the parent company after citing non-recurring gains and losses in the audited consolidated statements realized in 2014, 2015, 2016 and 2017 shall be no less than 6916.250,000 yuan, 8604.300,000 yuan, 10812.860,000 yuan and 13,320.410,000 yuan.From 2014 to 2016, Tulip completed its performance commitments. In 2017, Tulip replaced the non-recurring gains and losses with a net profit commitment of 13320 attributable to shareholders of the parent company.410,000 yuan, after excluding non-recurring gains and losses, the actual net profit attributable to shareholders of the parent company was 9804.220,000 yuan, did not complete the promised performance that year.From 2014 to 2017, the tulip gradually broke through the non-recurring gains and losses and the net profit commitment number attributable to shareholders of the parent company was 39653.820,000 yuan, after excluding non-recurring gains and losses, the actual net profit attributable to shareholders of the parent company was 36,657.840,000 yuan, a gradual completion rate of 92.44%, gradually failing to complete the promised performance.In 2018, tulips may be 3538.08 million yuan, in 2019, Tulip achieved operating income of 38220.460 thousand yuan, possibly 36584.430,000 yuan, with a net asset of -4641.460,000 yuan.It has been six years since the transformation of the 1.5 billion tulip acquisition. Tulip has contributed -468 to listed companies.Net profit of 690,000 yuan.The new culture required by the Shenzhen Stock Exchange, combined with the industry’s development status and the tulip’s own operating status, supplements the reasons and rationality of its continued performance.In addition, New Culture reported 1 on the tulip and Dacos.9 trillion of goodwill impairment, and 12708 against tulips.Dividends of 410,000 receivable stocks were fully accrued for bad debts. The Shenzhen Stock Exchange also expressed concern in the inquiry letter of the annual report.Profitability can’t keep up with debt growth. New Culture was established in December 2004. It is a company that focuses on film and television production, distribution as the core, film, variety, new media, outdoor advertising, industrial investment, and other major businesses.It was listed on the Shenzhen Stock Exchange in May and was the first listed company in Shanghai for film and television production.The 2019 annual report shows that the report merged and the new culture realized operating income5.5.6 billion US dollars, net profit attributable to shareholders of listed companies was -9.4.8 billion US dollars, the net profit attributable to shareholders of listed companies to replace non-recurring gains and losses is -9.2.4 billion.Since its listing, New Culture has gradually realized net profit1.With US $ 6.7 billion, the potential for 2019 swallowed the vast majority of the net profit of the competition.The days of the new culture in 2019 are not easy. Under the condition of insufficient profitability, the resistance of the new culture is too high to invade the new culture.As of December 31, 2019, the balance of monetary funds of New Culture was 7874.300,000 years ago, it fell by 89.95%, the company explained that it was mainly due to the repayment of some corporate bonds and the repayment of bank loans.The short-term loan surplus is 3.3 billion US dollars, 4 bonds payable.8.7 billion, with long-term borrowing of 60 million. In the case where monetary funds cannot cover interest-bearing debts, the liquidity of the new culture may face a crisis.In the inquiry letter of the annual report, the Shenzhen Stock Exchange requires the new culture to explain whether there is liquidity risk in combination with the company’s cash flow status, working capital requirements and impedance conditions.Terrorism, in order to alleviate the pressure of New Culture’s debt redemption, New Culture borrowed from the controlling shareholder Shanghai Qufeng International Trade Co., Ltd.US $ 500 million, specifically used for corporate bond resale, excluding interest, deducting the maturity date not earlier than the redemption date of the “16 Culture 01” corporate bonds (August 5, 2021), the company canRepayment in advance.Easy to lead the game?In capital markets, it is not uncommon to replace actual controllers with fixed increases.At the end of September 2019, New Culture released a fixed increase plan to date investors, and said it would not affect the company’s control change. Over the past six months, New Culture revised the fixed increase announcement, and the company’s control rights are planned to change in the case of strategic investors.The announcement shows that the target of this non-public offering is Shuangchuang Culture Film and Television, Shuangchuang Baoli and Wenpeng Investment.All the issuers subscribed for the shares issued at the same price, and all subscribed by cash.The number of non-public offerings this time does not exceed 1.300 million shares (including 1.300 million shares), not exceeding 30% of the company ‘s total share capital before this non-public offering.The budget of funds raised this time does not exceed 56030.2 million yuan (including 56030.2 million), after deducting the issuance expenses, the net proceeds will be used to supplement working capital.In this non-public offering, the company dated Shuangchuang Culture Film and Television, Wenpeng Investment, Yipa Consulting, Weimeng Investment and Chen Qiang participated in this non-public offering as subscription objects.The new fixed increase announcement has reduced the number of issued objects, the number of issued shares has also decreased, and the raised funds have accumulated more, but they are also used to supplement working capital.The biggest difference between the two fixed increases is that in the new fixed increase announcement, New Culture stated that Shuangchuang Culture Film and Television, Shuangchuang Baoli, Wenpeng Investment and Shifen Naturally are all companies controlled by Zhang Saimei and constitute a concerted action.This non-public offering will cause the company’s control rights to change, and the company’s actual controller will be changed from Yang Zhenhua to Zhang Saimei.In September last year, the fixed increase price of New Culture was not less than 90% of the average price of the company ‘s stocks in the first 20 trading days before the first day of the issue period.The price increase is about 3.About 6 yuan / share, the latest fixed increase announcement shows that the issue price is 80% of the average price of the company’s stocks 20 trading days before the pricing base date.However, after the previous increase, although after the refinancing of the new regulations, the issue price fell to 80% of the average price of the company’s stocks 20 trading days before the pricing base date, but the issue price still increased to 4.31 yuan / share.Conducted, people in the secondary market told Sauna and Yeewang that some listed companies themselves raised money from fund companies, and the fixed price increase was better. After the new culture’s fixed price increase was higher, the corresponding original controller heldThe equity is reduced by the amount of income, and the market value of the equity held is higher.Sauna, Ye Wang Zhang Yanbian editor Wang Jinyu proofreading Li Ming