Storm executives all quit: loss of 650 million in the first three quarters, cash only 3.3 million

category:Finance
 Storm executives all quit: loss of 650 million in the first three quarters, cash only 3.3 million


At the same time, shareholders, senior executives and institutions are reducing their shares. With the keywords of underweight and pledge, search for storm related announcements, and there are nearly 70 results.

As of September 30, storm group still has 63500 shareholders. However, Stormwind group fell for two consecutive days on October 30 and 31, with 31 daily closing at 4.67 yuan and market value of 1.539 billion yuan, down by more than 90% compared with the market value once exceeding 40 billion yuan.

Senior executives cashed out over 100 million yuan and Feng Xinchao pledged 95% of shares

As we all know, the turning point of the storm came in 2015.

After landing on GEM, Stormwind group gained 36 price limit boards in 40 days, with the share price rising to 327.01 yuan from 7.14 yuan. According to 36 krypton, within two months of listing, there were 10 billionaires, 31 multimillionaires and 66 millionaires born in Stormwind. Feng Xin, chairman of the board of directors, has a book worth of more than 10 billion yuan. Employees count by calculators every day and see how much they own.. But until now, the storm has been questioned whether it has strong enough business. Feng Xin himself once said that storm used to be a second-class video platform, and later made storm magic mirror and storm TV. Today, it is not very solid. If market value is a bubble, then coming and going will be like a gust of wind. According to wind data, from 2015 to 2017, there were 228 companies whose growth enterprise market declined by more than 50%, accounting for 38% of the total number of listed companies on the whole growth enterprise market. Storm group is one of them. Now the wind is gone, and people are falling or leaving. According to the announcement in November 2018, 95.35% of the total shares held by Feng Xin have been pledged, accounting for 20.35% of the total share capital of the company. But Feng said only a few of them are for home use and the rest are for business development.

In addition, shareholders and senior executives of the company are reducing their shares. According to China economic network, in the three years since listing, all executives have not seen an increase in their holdings, and the amount of cash arbitrage has exceeded 100 million yuan. According to wind data, as of the third quarter of last year, the fund held a total of 9.4468 million shares of Stormwind group, leaving only 310900 shares in the mid-2019 report.

Loss of 650 million in the first three quarters, close to delisting

If you look at the third quarter report released on the 30th, the reason to leave seems quite sufficient.

According to the third quarter report, in the first three quarters of 2019, the companys operating revenue was 93.605 million yuan, down 90.95% year-on-year; the net profit attributable to shareholders of listed companies was - 650 million yuan, down 184.50% year-on-year. The main reasons are the provision for impairment of goodwill, provision for impairment of long-term equity investment, provision for bad debts, etc. according to the operating conditions of the invested company and creditors, as well as the companys advertising business income less than expected, etc.

In addition, as of the end of the third quarter, the monetary capital of storm group was 3.3171 million yuan, a decrease of 67.48% over the end of the previous year; the total assets were 360 million yuan, a decrease of 71.05% over the end of the previous year; the net assets were - 633 million yuan, a decrease of 2713.84% over the end of the previous year. According to relevant regulations, if the companys net assets at the end of 2019 are negative, the listing may be suspended. Although the situation in the fourth quarter is uncertain, according to the announcement released by storm 29, the companys recent main business income has declined sharply, the recovery of accounts receivable is difficult, the fund is tight, the debt is heavy, the normal operation of the company is difficult to maintain, and the possibility of a reversal seems unlikely. In July this year, Feng Xin also answered the question of will the company delist? and said that the company is actively carrying out production and operation activities, insisting on coping with the difficulties, and has not touched the delisting conditions at present. In his view, rainstorm is not always day, wind is not always, storm will pass.. Source: editor in charge of Caijing Tianxia weekly: Chen Hequn, nb12679

In addition, as of the end of the third quarter, the monetary capital of storm group was 3.3171 million yuan, a decrease of 67.48% over the end of the previous year; the total assets were 360 million yuan, a decrease of 71.05% over the end of the previous year; the net assets were - 633 million yuan, a decrease of 2713.84% over the end of the previous year.

According to relevant regulations, if the companys net assets at the end of 2019 are negative, the listing may be suspended. Although the situation in the fourth quarter is uncertain, according to the announcement released by storm 29, the companys recent main business income has declined sharply, the recovery of accounts receivable is difficult, the fund is tight, the debt is heavy, the normal operation of the company is difficult to maintain, and the possibility of a reversal seems unlikely.