China Economic Net Beijing July 1st (Reporter Guo Xiaowei) As the 36th listed company in Yantai, after logging into the capital market, Lu Yitong's financial situation has not been optimistic.
When it was listed in 2015, Lu Yitong raised 227 million yuan, after deducting expenses, it was 190 million yuan. In April last year, Lu Yitong used 70 million of them to supplement working capital. According to the 2015 annual report, the current revenue of Luyitong was 314 million, the net profit after deduction was 41.548 million, and the net cash flow from operating activities was 24,224,800. As of the end of the period, the company's monetary fund was 137 million. In addition, the data shows that from last year to the first quarter of this year, Lu Yitong's profitability has continued to decline.
At this time, Lu Yitong chose to spend more than 3 billion to acquire Jia Nan Zhi Zhi, who relied on the production of bitcoin chips.
On June 9, Lu Yitong announced that as of April 30 this year, the owner's equity of Jianan Zhizhi was 205 million, with an estimated value of 3.077 billion, a value increase of 13.99 times, and a transaction price of 3.06 billion. Among them, cash payment of 1.061 billion, issued shares paid 1.99 billion; Lu Yitong, whose cash flow is not sufficient, also plans to raise 1.67 billion to pay cash considerations and subsequent development of the company.
The value of the standard Fang Jianan is quite questionable in the capital market. Materials show that the company was founded in 2013, and a large number of businesses are launched in the second half of 2015. In a change in equity in January 2016, Jianan’s total valuation was only 170 million yuan; in just three months, it received a transaction consideration of 3.06 billion, a jump of 18 times.
At the same time, because the main business of Jia Nan Zhi Zhi is to produce chips for digging bitcoin, this has made the market more talkative. However, despite this, the target party has given a net profit of not less than RMB 180 million, RMB 260 million and RMB 350 million in 2016-2018, respectively, with a total performance commitment of not less than RMB 790 million.
In addition to the constant questioning of the market, the plan has also received attention from the regulatory authorities. On June 22, the Shenzhen Stock Exchange issued a letter of inquiry to Lu Yitong. On June 25, Lu Yitong announced that it would postpone the inquiry letter and continue to suspend trading.
In response, the China Economic Net reporter called Lu Yitong’s secretarial office and the call was not answered.
Lu Yitong raised investment funds and stretched
When it was listed last year, Lu Yitong said that it would publicly issue 22 million ordinary shares of RMB to the public at an issue price of RMB 10.30 per share, raising a total of 227 million yuan. The funds are mainly used for smart electrical equipment construction projects and research and development. Central construction projects and working capital projects related to the main business and repayment of bank loans.
After deducting the underwriting and sponsorship fees, the fund had a balance of 200 million and was entered into the designated account by the underwriter on February 13. In addition, after deducting a series of expenses such as issuance, the net proceeds raised were 190 million yuan.
However, Lu Yitong did not follow the prospectus to use up the funds raised.
On April 23, Lu Yitong said that it is planned to temporarily use some of the idle funds to supplement the working capital.
The announcement shows that in order to improve the efficiency of the use of raised funds, reduce financial costs, and meet the demand for temporary liquidity, the company plans to use 60 million yuan of idle funds raised from the construction of smart electrical equipment and 10 million of idle funds for R&D center construction projects. Yuan, used to temporarily replenish working capital, the term of use shall not exceed 12 months from the date of approval by the board of directors, and the maturity will be returned to the special fund raised by Luyitong.
In other words, 70 million of the 200 million fund-raising funds were used by Lu Yitong to supplement the cash flow. On April 30 this year, the funds were deposited back into the designated account.
Declining profitability after listing
In terms of business operations, Lu Yitong is faced with the dilemma of a decline in net profit growth.
According to the financial report, in 2014 and 2015, Luyitong's operating income was 304 million yuan and 314 million yuan respectively, with year-on-year growth rates of 15.42% and 3.33%, respectively; the net profit after deduction was 39.458 million yuan and 41.548 million yuan, respectively. The year-on-year growth rates were 29.89% and 5.30%, respectively, and the profit growth rate slowed down significantly.
In the first quarter of this year, Lu Yitong’s data is not optimistic.
Data show that in the first quarter of 2016, Luyitong's revenue was 28.43 million yuan, down 48.54% year-on-year; the net profit after deduction was only 1.492 million yuan, down 66.44% year-on-year.
Regarding the decline in both revenue and net profit, Lu Yitong explained that operating income and profit decreased year-on-year due to changes in downstream customer demand and project delivery schedule.
In terms of cash flow, Lu Yitong is also not well-off.
According to the 2015 annual report data, the company had a total of 137 million monetary funds and a net cash flow of 24,224,800 in the current period. In this financial situation, Lu Yitong threw a 3 billion yuan acquisition order.
Jia Nan’s worth is 18 times higher in 3 months.
On June 9, Lu Yitong, who was suspended, disclosed the transaction plan and planned to buy the entire share capital of Jianan Zhizhi. Among them, the company intends to acquire the entire share capital of Jianan Zhizhi from the hands of 14 people including Zhang Nanxuan in the form of cash payment of 1.061 billion yuan and the issuance of shares of 1.999 billion yuan. The total transaction price is 3.06 billion yuan.
At the same time, Lu Yitong will also raise matching funds, “to pay for the cash consideration of this transaction, to build blockchain ASIC chip industrialization and other projects, as well as payment agency service feesâ€, the total amount of fundraising does not exceed 1.67 billion yuan. .
According to the information, Jianan Zhizhi was established in 2013. Throughout 2014, Jia Nan’s performance has not improved. In 2014, Jianan Zhizhi's operating income was 340,500, net profit loss was 233,000, and net profit after deduction was 21.72 million.
In 2015, Jia Nan’s performance broke out and he accumulated enough capital for his high-priced sales. In 2015, the company's revenue reached 55.173 million, net profit was 2,247,700, and net profit after deduction was 2,045,700.
In the first four months of 2016, Jianan’s performance continued to soar. In the current period, the company achieved a total revenue of 159 million, a net profit of 44.515 million, and a net profit of 445.26 million.
Prior to the acquisition, Jia Nan Yu Zhi experienced several equity changes. In January 2016, Yao Yongjie and Yingyi Investment transferred their equity of 1.18% and 2.32% of the company they held to Kong Jianping for 2 million yuan and 3.95 million yuan respectively. Based on this calculation, the total valuation of the target is still 170 million yuan.
The evaluation date of the acquisition is the end of April. In other words, in just three months, the value of Jia Nan’s intellectual property has soared by 2.89 billion.
Bitcoin's wealth myth?
The main business of Jia Nan Zhi Zhi is also a difficult topic to avoid.
According to the announcement, the main trademark owned by Jianan Zhizhi is “Avalon Mining Machineâ€, and the legal representative of the company is Zhang Nanxuan. The Avalon mining machine is mainly used as "bitcoin mining", and Avalon is essentially a chip for double counting. Jia Nan Zhi Zhi is responsible for the design and sales of the chip, and the foundry part is completed by TSMC.
Straightforward, Jia Nan’s main product is the chip used in the Bitcoin mining machine, and this is the starting point of Zhang Nan’s career.
A person familiar with Zhang Nanyu said that in 2011, Zhang Nanzhen, who specializes in circuit design, is studying in Beihang. Before touching Bitcoin, Zhang Nanyi "life is very boring" "often use animation to pass the time." In the same year, after learning about Bitcoin, Zhang Nanyu began to make a coin-splitting machine. It is also in this context that Jia Nan Zhi Zhi came into being in 2013.
In addition, before the acquisition, Zhang Nanyu was known as the “Zhut Zhang†nickname. However, no one expected that an acquisition made Zhang Nanxuan's rich dream.
In this way, with the equity in the hands, the four natural person shareholders of Jianan Zhizhi jumped to hundreds of millions of net worth.
According to the trading plan, Zhang Nanyi received a total of 498 million considerations, including a consideration of 425 million shares and a cash payment of 73 million yuan. Li Jiaxuan also received a consideration of 495 million yuan, of which the share price was 425 million, and the cash payment was 0.73. Liu Xiangfu received a total of 495 million considerations, of which the share price was 4.22. Billion, cash payment of 73 million; Kong Jianping's total consideration of 103 million in the hands, are all issued by way of issuing shares.
Bitcoin mining technology, can you support the rich dream of "Pumpkin Zhang"? For the time being, it still takes time to verify.
Big customer information puzzle
In addition, Jia Nan’s large customer information has also received media attention.
According to the announcement data, in fact, Jia Nan Zhi Zhi began to operate in large numbers in 2015. Jia Nanzhi said, “After the development of the AvalonMiner digital blockchain computing equipment (ie Avalon mining machine) in the second half of 2015 and the sale in the market, the number of customers and orders increased, and revenues increased significantly.â€
However, in the list of major clients announced by Jia Nan Zhizhi, natural persons occupy the majority of places.
In 2015, Jianan's top five customers contributed sales income of 44.969 million yuan, accounting for 81.29% of the total revenue of the year. Among them, natural person Yang Zhiyong and Wu Gang contributed sales income of 6.687 million yuan and 4,493,300 yuan, respectively, accounting for total revenue. 12.09% and 8.12%, ranking third and fifth largest customers.
From January to April 2016, Jianan's top five customers contributed sales income of RMB 913,697,700, accounting for 57.49% of the total revenue ratio. Among them, natural persons Chen Jian, Liu Hui and Chen Jing contributed sales income of 3,372.35 million yuan and 13.401 million yuan respectively. And 9,092,300 yuan, accounting for 21.25%, 8.43% and 5.72% of the total revenue, respectively, ranking the first, fourth and fifth largest customers.
Among the corporate customers, Tianjin Garment Import and Export Co., Ltd. is on the list in both settlement periods. And this foreign trade enterprise engaged in the import and export business of clothing, fabrics, blankets, carpets, stone carvings, etc., why is it related to Jia Nan? China Economic Net contacted Tianjin Garment Import and Export Co., Ltd., one of the other employees said, “No one in our department buys a machine to dig bitcoin. But the company has 30 departments and it is recommended to ask other departments.â€
In addition, among the corporate customers, Hangzhou Weibo Information Technology Co., Ltd., the second largest customer in the first four months of 2016, is a related party of Jianan Zhizhi, and the actual controller of the company officially one of the four natural persons of Jianan Zhizhi. Kong Jianping.
In terms of accounts receivable, natural persons also occupy a large proportion. In the first four months of 2016, only Chen Jian’s accounts receivable reached 13.23 million, accounting for 58.93% of the total.
High performance commitment was questioned Lu Yitong extended reply
In the announcement, the target Fang Jianan Zhizhi promised a net profit of not less than RMB 180 million, RMB 260 million and RMB 350 million in 2016-2018, respectively, totaling not less than RMB 790 million.
The "Securities Market Weekly" pointed out in the report that "after the hot speculation in 2013, the Bitcoin market began to cool down, and whether it can achieve a net profit of 790 million yuan and an annual growth rate of about 40% in the next three years. There is a big question."
In addition, the main business is the manufacture and sale of high and low voltage electrical equipment. Lu Yitong suddenly acquired a company that is more than a special currency chip. It is also generally regarded as suspected of “hypeâ€.
On the regulatory level, not long ago, Jiang Yang, vice chairman of the China Securities Regulatory Commission, publicly stated that it would strengthen supervision over flicker restructuring and follow-up reorganization, guide the listed companies to operate in a standardized manner, and honestly do their main business.
The Shenzhen Stock Exchange also paid close attention to this matter and issued an inquiry letter to Lu Yitong on June 22.
However, on June 25, Lu Yitong announced that it would organize various intermediary agencies and transactions after receiving the letter of inquiry from the Shenzhen Stock Exchange.
The parties have jointly verified, implemented and responded to the problems involved, and supplemented and improved the relevant documents. However, due to the relatively large workload, the company’s reply to the Shenzhen Stock Exchange will be postponed accordingly. The stock will continue to be suspended.
When it was listed in 2015, Lu Yitong raised 227 million yuan, after deducting expenses, it was 190 million yuan. In April last year, Lu Yitong used 70 million of them to supplement working capital. According to the 2015 annual report, the current revenue of Luyitong was 314 million, the net profit after deduction was 41.548 million, and the net cash flow from operating activities was 24,224,800. As of the end of the period, the company's monetary fund was 137 million. In addition, the data shows that from last year to the first quarter of this year, Lu Yitong's profitability has continued to decline.
At this time, Lu Yitong chose to spend more than 3 billion to acquire Jia Nan Zhi Zhi, who relied on the production of bitcoin chips.
On June 9, Lu Yitong announced that as of April 30 this year, the owner's equity of Jianan Zhizhi was 205 million, with an estimated value of 3.077 billion, a value increase of 13.99 times, and a transaction price of 3.06 billion. Among them, cash payment of 1.061 billion, issued shares paid 1.99 billion; Lu Yitong, whose cash flow is not sufficient, also plans to raise 1.67 billion to pay cash considerations and subsequent development of the company.
The value of the standard Fang Jianan is quite questionable in the capital market. Materials show that the company was founded in 2013, and a large number of businesses are launched in the second half of 2015. In a change in equity in January 2016, Jianan’s total valuation was only 170 million yuan; in just three months, it received a transaction consideration of 3.06 billion, a jump of 18 times.
At the same time, because the main business of Jia Nan Zhi Zhi is to produce chips for digging bitcoin, this has made the market more talkative. However, despite this, the target party has given a net profit of not less than RMB 180 million, RMB 260 million and RMB 350 million in 2016-2018, respectively, with a total performance commitment of not less than RMB 790 million.
In addition to the constant questioning of the market, the plan has also received attention from the regulatory authorities. On June 22, the Shenzhen Stock Exchange issued a letter of inquiry to Lu Yitong. On June 25, Lu Yitong announced that it would postpone the inquiry letter and continue to suspend trading.
In response, the China Economic Net reporter called Lu Yitong’s secretarial office and the call was not answered.
Lu Yitong raised investment funds and stretched
When it was listed last year, Lu Yitong said that it would publicly issue 22 million ordinary shares of RMB to the public at an issue price of RMB 10.30 per share, raising a total of 227 million yuan. The funds are mainly used for smart electrical equipment construction projects and research and development. Central construction projects and working capital projects related to the main business and repayment of bank loans.
After deducting the underwriting and sponsorship fees, the fund had a balance of 200 million and was entered into the designated account by the underwriter on February 13. In addition, after deducting a series of expenses such as issuance, the net proceeds raised were 190 million yuan.
However, Lu Yitong did not follow the prospectus to use up the funds raised.
On April 23, Lu Yitong said that it is planned to temporarily use some of the idle funds to supplement the working capital.
The announcement shows that in order to improve the efficiency of the use of raised funds, reduce financial costs, and meet the demand for temporary liquidity, the company plans to use 60 million yuan of idle funds raised from the construction of smart electrical equipment and 10 million of idle funds for R&D center construction projects. Yuan, used to temporarily replenish working capital, the term of use shall not exceed 12 months from the date of approval by the board of directors, and the maturity will be returned to the special fund raised by Luyitong.
In other words, 70 million of the 200 million fund-raising funds were used by Lu Yitong to supplement the cash flow. On April 30 this year, the funds were deposited back into the designated account.
Declining profitability after listing
In terms of business operations, Lu Yitong is faced with the dilemma of a decline in net profit growth.
According to the financial report, in 2014 and 2015, Luyitong's operating income was 304 million yuan and 314 million yuan respectively, with year-on-year growth rates of 15.42% and 3.33%, respectively; the net profit after deduction was 39.458 million yuan and 41.548 million yuan, respectively. The year-on-year growth rates were 29.89% and 5.30%, respectively, and the profit growth rate slowed down significantly.
In the first quarter of this year, Lu Yitong’s data is not optimistic.
Data show that in the first quarter of 2016, Luyitong's revenue was 28.43 million yuan, down 48.54% year-on-year; the net profit after deduction was only 1.492 million yuan, down 66.44% year-on-year.
Regarding the decline in both revenue and net profit, Lu Yitong explained that operating income and profit decreased year-on-year due to changes in downstream customer demand and project delivery schedule.
In terms of cash flow, Lu Yitong is also not well-off.
According to the 2015 annual report data, the company had a total of 137 million monetary funds and a net cash flow of 24,224,800 in the current period. In this financial situation, Lu Yitong threw a 3 billion yuan acquisition order.
Jia Nan’s worth is 18 times higher in 3 months.
On June 9, Lu Yitong, who was suspended, disclosed the transaction plan and planned to buy the entire share capital of Jianan Zhizhi. Among them, the company intends to acquire the entire share capital of Jianan Zhizhi from the hands of 14 people including Zhang Nanxuan in the form of cash payment of 1.061 billion yuan and the issuance of shares of 1.999 billion yuan. The total transaction price is 3.06 billion yuan.
At the same time, Lu Yitong will also raise matching funds, “to pay for the cash consideration of this transaction, to build blockchain ASIC chip industrialization and other projects, as well as payment agency service feesâ€, the total amount of fundraising does not exceed 1.67 billion yuan. .
According to the information, Jianan Zhizhi was established in 2013. Throughout 2014, Jia Nan’s performance has not improved. In 2014, Jianan Zhizhi's operating income was 340,500, net profit loss was 233,000, and net profit after deduction was 21.72 million.
In 2015, Jia Nan’s performance broke out and he accumulated enough capital for his high-priced sales. In 2015, the company's revenue reached 55.173 million, net profit was 2,247,700, and net profit after deduction was 2,045,700.
In the first four months of 2016, Jianan’s performance continued to soar. In the current period, the company achieved a total revenue of 159 million, a net profit of 44.515 million, and a net profit of 445.26 million.
Prior to the acquisition, Jia Nan Yu Zhi experienced several equity changes. In January 2016, Yao Yongjie and Yingyi Investment transferred their equity of 1.18% and 2.32% of the company they held to Kong Jianping for 2 million yuan and 3.95 million yuan respectively. Based on this calculation, the total valuation of the target is still 170 million yuan.
The evaluation date of the acquisition is the end of April. In other words, in just three months, the value of Jia Nan’s intellectual property has soared by 2.89 billion.
Bitcoin's wealth myth?
The main business of Jia Nan Zhi Zhi is also a difficult topic to avoid.
According to the announcement, the main trademark owned by Jianan Zhizhi is “Avalon Mining Machineâ€, and the legal representative of the company is Zhang Nanxuan. The Avalon mining machine is mainly used as "bitcoin mining", and Avalon is essentially a chip for double counting. Jia Nan Zhi Zhi is responsible for the design and sales of the chip, and the foundry part is completed by TSMC.
Straightforward, Jia Nan’s main product is the chip used in the Bitcoin mining machine, and this is the starting point of Zhang Nan’s career.
A person familiar with Zhang Nanyu said that in 2011, Zhang Nanzhen, who specializes in circuit design, is studying in Beihang. Before touching Bitcoin, Zhang Nanyi "life is very boring" "often use animation to pass the time." In the same year, after learning about Bitcoin, Zhang Nanyu began to make a coin-splitting machine. It is also in this context that Jia Nan Zhi Zhi came into being in 2013.
In addition, before the acquisition, Zhang Nanyu was known as the “Zhut Zhang†nickname. However, no one expected that an acquisition made Zhang Nanxuan's rich dream.
In this way, with the equity in the hands, the four natural person shareholders of Jianan Zhizhi jumped to hundreds of millions of net worth.
According to the trading plan, Zhang Nanyi received a total of 498 million considerations, including a consideration of 425 million shares and a cash payment of 73 million yuan. Li Jiaxuan also received a consideration of 495 million yuan, of which the share price was 425 million, and the cash payment was 0.73. Liu Xiangfu received a total of 495 million considerations, of which the share price was 4.22. Billion, cash payment of 73 million; Kong Jianping's total consideration of 103 million in the hands, are all issued by way of issuing shares.
Bitcoin mining technology, can you support the rich dream of "Pumpkin Zhang"? For the time being, it still takes time to verify.
Big customer information puzzle
In addition, Jia Nan’s large customer information has also received media attention.
According to the announcement data, in fact, Jia Nan Zhi Zhi began to operate in large numbers in 2015. Jia Nanzhi said, “After the development of the AvalonMiner digital blockchain computing equipment (ie Avalon mining machine) in the second half of 2015 and the sale in the market, the number of customers and orders increased, and revenues increased significantly.â€
However, in the list of major clients announced by Jia Nan Zhizhi, natural persons occupy the majority of places.
In 2015, Jianan's top five customers contributed sales income of 44.969 million yuan, accounting for 81.29% of the total revenue of the year. Among them, natural person Yang Zhiyong and Wu Gang contributed sales income of 6.687 million yuan and 4,493,300 yuan, respectively, accounting for total revenue. 12.09% and 8.12%, ranking third and fifth largest customers.
From January to April 2016, Jianan's top five customers contributed sales income of RMB 913,697,700, accounting for 57.49% of the total revenue ratio. Among them, natural persons Chen Jian, Liu Hui and Chen Jing contributed sales income of 3,372.35 million yuan and 13.401 million yuan respectively. And 9,092,300 yuan, accounting for 21.25%, 8.43% and 5.72% of the total revenue, respectively, ranking the first, fourth and fifth largest customers.
Among the corporate customers, Tianjin Garment Import and Export Co., Ltd. is on the list in both settlement periods. And this foreign trade enterprise engaged in the import and export business of clothing, fabrics, blankets, carpets, stone carvings, etc., why is it related to Jia Nan? China Economic Net contacted Tianjin Garment Import and Export Co., Ltd., one of the other employees said, “No one in our department buys a machine to dig bitcoin. But the company has 30 departments and it is recommended to ask other departments.â€
In addition, among the corporate customers, Hangzhou Weibo Information Technology Co., Ltd., the second largest customer in the first four months of 2016, is a related party of Jianan Zhizhi, and the actual controller of the company officially one of the four natural persons of Jianan Zhizhi. Kong Jianping.
In terms of accounts receivable, natural persons also occupy a large proportion. In the first four months of 2016, only Chen Jian’s accounts receivable reached 13.23 million, accounting for 58.93% of the total.
High performance commitment was questioned Lu Yitong extended reply
In the announcement, the target Fang Jianan Zhizhi promised a net profit of not less than RMB 180 million, RMB 260 million and RMB 350 million in 2016-2018, respectively, totaling not less than RMB 790 million.
The "Securities Market Weekly" pointed out in the report that "after the hot speculation in 2013, the Bitcoin market began to cool down, and whether it can achieve a net profit of 790 million yuan and an annual growth rate of about 40% in the next three years. There is a big question."
In addition, the main business is the manufacture and sale of high and low voltage electrical equipment. Lu Yitong suddenly acquired a company that is more than a special currency chip. It is also generally regarded as suspected of “hypeâ€.
On the regulatory level, not long ago, Jiang Yang, vice chairman of the China Securities Regulatory Commission, publicly stated that it would strengthen supervision over flicker restructuring and follow-up reorganization, guide the listed companies to operate in a standardized manner, and honestly do their main business.
The Shenzhen Stock Exchange also paid close attention to this matter and issued an inquiry letter to Lu Yitong on June 22.
However, on June 25, Lu Yitong announced that it would organize various intermediary agencies and transactions after receiving the letter of inquiry from the Shenzhen Stock Exchange.
The parties have jointly verified, implemented and responded to the problems involved, and supplemented and improved the relevant documents. However, due to the relatively large workload, the company’s reply to the Shenzhen Stock Exchange will be postponed accordingly. The stock will continue to be suspended.
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