From high deposit and high loan to shyness in the pocket
The predecessor of Tianxia wisdom is the famous cosmetics brand Sofitel, which once invited stars such as Lin Xinru, Li Lianjie, Gutianle, Huang Shengyi and so on to be spokesmen. Although it was endorsed by celebrities, its performance before 2016 was not so good. Its net profit was occasionally profitable and barely preserved. In 2016, Sofitel spun off the original cosmetics and pharmaceutical circulation business, acquired Tianxia technology by means of non-public issuance of new shares, and entered the field of smart city industry. The stock was renamed as Tianxia smart for short.
According to the financial data disclosed by Tianxia wisdom, in the first two years (2016 and 2017) when the performance gambling was not completed, the performance was quite good. The operating revenue increased by 186.41% and 30.39% year-on-year respectively, and the net profit attributable to the parent increased by 12841.17% and 73.44% year-on-year respectively. By the end of 2017, the scale of monetary capital on the account had reached 1.465 billion yuan. However, in its performance is extremely eye-catching, gold and silver full warehouse behind there are not small doubts.
In terms of capital, the bank deposit of RMB 1.465 billion that can be withdrawn at any time on the account is absolutely rich for Tianxia wisdom, whose income scale is less than RMB 1.7 billion in that year. Whats suspicious is that in this year, the company increased short-term loan of RMB 405 million, which increased the amount of short-term loan to RMB 505 million in that year, including pledge loan of RMB 200 million and guaranteed loan of RMB 305 million u3002 If we say that these short-term borrowings are just short-term turnover and need to be used urgently, its enough to repay them in the second year after use. But the problem is that the company didnt end these short-term borrowings when there was a huge amount of monetary capital in the account at the end of 2017. Instead, by the end of 2018, the amount of short-term borrowings was further increased to 527 million yuan. When Tianxia wisdom has a large amount of funds on the account, it is a very typical phenomenon of high deposit and high loan that it would rather pay a large amount of bank interest than end the bank borrowing behavior. As you know, the most typical phenomenon of many companies explosion in recent two years is high deposit and high loan. For example, Kangmei pharmaceutical industry of explosion in 2019 once had the problem of high deposit and high loan. Finally, it was put on the hat of ST due to the illegal facts of virtual increase of monetary capital, virtual increase of operating income, interest income and operating profit; huazetui also had the problem of high deposit and high loan in 2015 Phenomenon, was finally verified, large shareholders wantonly illegal occupation of listed company funds can not be repaid, the company finally went to the Huaze retreat road.
Interestingly, the days when Tianxia wisdom has money are not as long as Huazes retirement. By the end of 2018, the monetary capital of Tianxia wisdom had been sharply reduced to 304 million yuan; by the end of the third quarter of 2019, it had been further reduced to 2.47 million yuan, and at the same time, the short-term loan in the account had also been greatly increased to 590 million yuan. In more than a year, the company has suddenly changed from a rich man with more money to a short man with less money. This abnormal change inevitably makes people worry about the future operation of the company.
The whereabouts of funds become a mystery
At the end of 2018, there was a monetary fund of 304 million yuan. By the mid-2019 report, the Monetary Fund in the companys account was less than 2.47 million yuan, a decrease of 99.17% compared with the beginning of the period. So, where is the huge fund of Tianxia wisdom?
In fact, this problem also attracted the attention of Shenzhen Stock Exchange and issued a letter of concern to it. In the reply letter, Tianxia wisdom said: in 2018, the company won the bid for the PPP project of urban management supporting facilities in Guiding County, Guizhou Province. Meanwhile, it signed a cooperation agreement with the commercial partners for the project, stipulating the signing of the cooperation contract, project construction, project operation and project Project procurement and other work; both parties signed a contract in March of this year, which stipulates that both parties jointly promote the signing of the formal contract of PPP project of urban management supporting facilities in Guiding County, Guizhou Province. In order to complete the signing of the contract as soon as possible, the contract agreed to pay 302 million yuan to the other party, which is only used for the payment of relevant funds for the performance of the stock debt of PPP project of Guiding County Education infrastructure and urban management supporting facilities, and in March and April this year, a total of 302 million yuan was paid. If it fails to sign the formal project contract with the owner before the end of 2019, it will refund all the payment to our company. That is to say, in order to facilitate the signing of a project contract, since the first half of 2019, Tianxia wisdom has used most of the funds in the account to fulfill the stock debt for others, while ignoring the nearly 600 million yuan of short-term debt that is about to mature in its own account. In addition, the account has been cash strapped since it paid in April. The problem is that in the remaining six months of 2019, the company will not carry out other businesses and will wait for the signing of this contract? It is obvious that the explanation of Tianxia wisdom is not at all wisdom, which inevitably makes people doubt the authenticity of its funds.
In addition, the payment was completed in April 2019. However, it has been more than half a year since its reply to the inquiry on November 7, 2019. For the payment of the payment, Tianxia wisdom has not disclosed it. It is important to know that this expenditure involves a huge amount of 302 million yuan. After this expenditure, the company has little money left, which has a huge impact on its liquidity and seriously affects the future business development and debt repayment ability of the enterprise. However, for such a significant expenditure, the company should not disclose it for a long time, which is obviously contrary to the relevant principles of information disclosure.
According to the information previously disclosed by Tianxia wisdom, the bid winning consortium of Guiding County Education infrastructure and urban management supporting facilities PPP project is Hangzhou Tianxia Technology Group Co., Ltd. (leader) and SMCC Jinhai Construction Co., Ltd., and the above-mentioned expenditure of 302 million yuan is to SMCC Jinhai Construction Co., Ltd. or the owner of the project Fang? The explanation given by the company in the reply is also vague. In addition, 2019 has ended. According to the announcement information of the company, there is no announcement officially signed by Tianxia smart to disclose the project. Then, whether the project exists or not, why is there no action?
In addition to the abnormal changes in monetary capital, the changes in other current assets of Tianxia wisdom are also questionable. At the end of 2018, the amount of other current assets of the company was 361 million yuan, but by the middle of 2019, the amount of other current assets suddenly increased to 954 million yuan, an increase of 164.48% compared with the beginning of the period, of which the balance of prepaid investment reached 952 million yuan. So, whats the matter?
According to the information disclosed in the reply letter of Tianxia wisdom to Shenzhen Stock Exchange, in December 2018, Tianxia wisdom subscribed 193 million shares of Beijing Haidian Science and Technology Financial Capital Holding Group Co., Ltd. (hereinafter referred to as Beijing haikejin), with a subscription amount of 350 million yuan and a shareholding ratio of 7.06%. The payment was actually paid in December 2018. Since the payment has been made by the end of 2018, 2019 has ended and 2020 has begun. It is reasonable that the industrial and commercial registration of change has been completed. If the company really holds 7.06% of the equity, it should be the fifth largest shareholder of the company. According to the information obtained by Tianyan, the reporter of red weekly shows that there are six shareholders in Beijing haikejin, none of which is Tianyan The figure of Xia wisdom. From the perspective of the companys equity change history, there is no trace that Tianxia wisdom has ever been involved. From this point of view, the so-called prepayment investment balance of Tianxia wisdom of 350 million yuan is very doubtful.
In addition to the suspicious equity subscription of 350 million yuan, Tianxia wisdom also disclosed in the reply letter that it signed an equity acquisition framework agreement with Liyang Hengxin Industrial Development Co., Ltd. in April 2019, and paid 50 million yuan as the advance payment for the acquisition as agreed, and 55 million yuan as the investment for the demonstration project of jointly developing smart office and smart park model project The development deposit, totaling 600 million yuan, has been paid on April 26, 2019. However, as of January 2, 2020, according to the information found by Tianyan, there is only one shareholder of Hengxin industry, that is Liu Peilong, its actual controller. As for Tianxia wisdom, from the perspective of its historical changes, there is no sign of intervention at all.
At the same time, since it has paid a total investment of 600 million yuan on April 26, 2019, where does the 600 million yuan come from? The monetary capital in its account has been introduced in the above section. In order to sign the project contract, 302 million yuan helped others to fulfill the outstanding debt, while in the first half of 2019, the cash flow generated by its business activities was 178 million yuan. Since the companys business still needs to seek support from other aspects, it is impossible for it to invest 600 million yuan. In terms of financing, it raised in the same year The amount of cash flow generated by investment activities is also negative, which is a net outflow of 16 million yuan, and there is no source of capital here. In the current years inflow of investment activities, only 499 million yuan of cash received from investment recovery, which is still more than 100 million yuan less than the 600 million yuan investment, so where does the extra 100 million yuan come from?
This is not over yet. According to Tianxia wisdom, it signed a capital increase agreement with Zhejiang Fengdao Investment Management Co., Ltd. in April 2019. Zhejiang Fengdao Investment Management Co., Ltd. is valued at 23 million yuan, with an investment of 2 million yuan, accounting for 8% of the registered capital of the company after the completion of this capital increase. The investment has been paid in April 2019. As mentioned above, from the perspective of its cash flow statement, there are still more than 100 million yuan of the above-mentioned projects coming from nowhere, and the source of funds of 2 million yuan is even more impossible. And from the information Tianyan found, we cant find Tianxia wisdom among the shareholders of Zhejiang Fengdao Investment Management Co., Ltd.
Is it true that Tianxia wisdom has become the wrong leader and hundreds of millions of yuan of investment has not even got a confirmed share right?
A large number of bank loans are overdue
Bad information disclosure
On December 2, 2019, Tianxia wisdom issued the announcement on overdue short-term loans and frozen bank accounts, which said: Tianxia wisdom and its subsidiaries, Tianxia technology, Chongqing Juying and Tibet zhitianxia, were affected by the slowdown of the overall economic development of the country and the limited financing scale, and continued construction projects and new projects were affected to some extent, resulting in the slowdown of construction speed, In addition, due to the impact of policy environment and credit tightening and other factors, some receivables that meet the collection conditions fail to be collected on time, resulting in a large increase in the balance of receivables in the reporting period compared with the same period of last year, resulting in the fund pressure that causes the companys short-term borrowings to be overdue and bank accounts to be frozen. The overdue amount is as high as 590 million yuan. Among them, a loan of RMB 60 million from Minsheng Bank is from December 25, 2017 to December 25, 2018, that is to say, the loan is actually overdue by the end of 2018. In addition, the final maturity of other bank borrowings is from March to June 2019. Since the bank loan is overdue, why doesnt Tianxia wisdom pay it back quickly? In this context, however, it can invest 952 million yuan of real gold and silver in the equity of other companies. There is a big problem in the rationality of the content explained in the inquiry letter to Shenzhen Stock Exchange.
In fact, the intelligence information disclosure in the summer has long been flawed. From June 2017 to February 2018, Tianxia wisdom provided guarantees for the external borrowings of Hangzhou QINSHANG Sports Culture Co., Ltd. and other related parties for five times. The relevant guarantee contracts were signed by Xia Jiantong, the then chairman of the board of directors, and stamped with the official seal of the listed company, with a total amount of 658 million yuan, accounting for 11.82% of the net assets audited in 2017. However, for this related guarantee, Tianxia wisdom did not perform the review procedures of the general meeting of shareholders and the board of directors, and did not disclose it in time.
On January 12, 2018, Tianxia wisdom and Jinzhou Hengyue Investment Co., Ltd. (hereinafter referred to as Jinzhou Hengyue), Hangzhou Ruikang Sports Culture Co., Ltd. (now renamed as Hangzhou QINSHANG Sports Culture Co., Ltd.), Ruikang Wenyuan Cable Co., Ltd. (now renamed as remote cable Co., Ltd.), as co borrowers, signed with Huzhou Sixin investment partnership Sign a loan contract and borrow 30 million yuan from it. On January 12, 2018, Jinzhou Hengyue received a loan of 30 million yuan. Jinzhou Hengyue holds 16.41% shares of Tianxia wisdom, but Tianxia wisdom did not disclose the joint loan in time.
Since June 2018, as a borrower or guarantor, Tianxia wisdom has been involved in private lending disputes related to the affiliated company controlled by Xia Jiantong, then chairman of the board of directors, and has been sued to the court by the relevant borrower. As of October 2019, there are 6 lawsuits involving Tianxia wisdom, with a total amount of no less than 650 million yuan. By August 6, 2018, guohou Financial Asset Management Co., Ltd. and Hefei Branch of China CITIC Bank sued Tianxia wisdom, and required to repay the principal and interest of the loan jointly, the accumulated litigation amount has reached 562 million yuan, which has reached the latest audited net amount (2017) 10.09% of assets. Meanwhile, Tianxia wisdom did not disclose the above-mentioned major litigation matters in time. Information disclosure violations occur frequently, so in October 2019, Guangxi Securities Regulatory Bureau issued a warning letter to it. With such a lot of bad information disclosure, the companys reputation has been seriously damaged, and the authenticity of the information disclosed has aroused deep suspicion. However, when there is a large amount of money in the companys account, it still borrows money from the bank, which is already very suspicious, but its explanation of the direction of the money is not reasonable. Whats more, under the pressure of huge liabilities, no matter the debt is overdue, it puts out a lot of funds to invest in other companies equity, which is a reasonable explanation? From these many signs, its hard to say that the wisdom of Tianxia will not be St Kangmei or huazetui in 2020! Source: Yang Qian, editor in charge of stock market red weekly
Since June 2018, as a borrower or guarantor, Tianxia wisdom has been involved in private lending disputes related to the affiliated company controlled by Xia Jiantong, then chairman of the board of directors, and has been sued to the court by the relevant borrower. As of October 2019, there are 6 lawsuits involving Tianxia wisdom, with a total amount of no less than 650 million yuan. By August 6, 2018, guohou Financial Asset Management Co., Ltd. and Hefei Branch of China CITIC Bank sued Tianxia wisdom, and required to repay the principal and interest of the loan jointly, the accumulated litigation amount has reached 562 million yuan, which has reached the latest audited net amount (2017) 10.09% of assets. Meanwhile, Tianxia wisdom did not disclose the above-mentioned major litigation matters in time.
With such a lot of bad information disclosure, the companys reputation has been seriously damaged, and the authenticity of the information disclosed has aroused deep suspicion. However, when there is a large amount of money in the companys account, it still borrows money from the bank, which is already very suspicious, but its explanation of the direction of the money is not reasonable. Whats more, under the pressure of huge liabilities, no matter the debt is overdue, it puts out a lot of funds to invest in other companies equity, which is a reasonable explanation? From these many signs, its hard to say that the wisdom of Tianxia will not be St Kangmei or huazetui in 2020!