This week, One point six Billion shareholders are paying attention to three delisting companies. They were all king of shares!
The first one is Sinovel wind power, the king of shares, which has just entered the delisting period. Once it was issued at a high price of 90 yuan, now its share price is less than 0.5 yuan!
The second is geeya technology, which is one of the first gem with the highest growth rate on the first day, and soared nearly 400% in just three months in 2015. This company has also delisted. It has fraud listing and financial fraud. Every story is very wonderful!
How did these A-share kings end up? What kind of enlightenment does it give to A-share market?
One brother of wind power falls into the abyss
On January 13, 2011, the highlight of Sinovel wind powers equity students moment, the king of new shares issued at a high price of 90 yuan went public and peaked, which was also a big day for founder Han Junliang and capital stars.
At that time, no one can think of the incomparable scenery of wind power elder brother, after the peak on January 13, he went to the end step by step, and the founder later also went to jail.
Crazy people start businesses and big people help. The Kyoto Protocol on energy conservation and emission reduction came into force in 2005, and domestic wind power came to the fore. In 1964, Han Junliang, who was a senior manager of a subsidiary of Dalian heavy industry lifting group, a state-owned enterprise, discovered and grasped the opportunity of the wind power.
In 2004, Han Junliang initiated the idea of setting up a wind turbine enterprise, and then, with the help of the resources of his old owners state-owned enterprises, he attracted Wei Wenyuan and Qi Zhidong, the capital tycoon. Wei Wenyuan is one of the founders and the first general manager of the Shanghai Stock Exchange. He is one of the founders of Shenyin Securities.
With the support of the old owners and the help of star capital, Sinovel wind power was established in early 2006.
Scenery is on the market, with a great history. Thanks to the policy and keen business sense, Sinovel wind power has been in full swing since its establishment. From 2007 to 2010, its operating revenue increased from 2.5 billion yuan to 20.325 billion yuan, a straight-line increase, with an annual compound growth of more than double to 101%; its net profit soared even more, from 127 million yuan to 2.856 billion yuan, with an annual compound growth of 182%.
Founded several years of wild growth, Sinovel wind power welcomes the high light moment of listing. Chinas first largest wind power company, ranking third in the global market, has made rapid progress in its performance and looks bright in the future. On January 13, 2011, Sinovel wind power landed on the Shanghai stock exchange with an issue price of 90 yuan, creating a record for the issue price of new shares in the Shanghai stock market and becoming the king of new shares in the Shanghai stock market.
The IPO raised 9.459 billion yuan, which is also a huge amount of over raised capital, and the corresponding market value is close to 100 billion yuan. At that time, the media was full of praise for Sinovel wind power, saying that it surpassed its rival Goldwind technology in an all-round way. However, today, Goldwind technology still stands, and Sinovel wind power is at the end of the road. Thats what we will say.
Han Junliang, the founder of Sinovel wind power, is regarded as a wild style, which is also the reason why Sinovel wind power grew rapidly at first. However, the Korean expansion did not stop when encountering industry contraction and policy adjustment. The deterioration of industry fundamentals, high inventory, tense supply chain relations, product quality problems and other factors led to Sinovel wind power suffering Waterloo.
The stock price is only 0.48 yuan, down 97% from the highest 14.52 yuan on the listing date; the total market value is also nearly 100 billion yuan, up to now less than 3 billion yuan, and it seems that the current situation will continue to decline.
Different from Han Junliangs extreme radicalism, Weishi is good at finance and is considered to be extremely conservative. After Wei Wenyuan took office, he wantonly eliminated departments, controlled costs and simplified personnel. The number of personnel was reduced from more than 4000 to more than 1600. Sinovel wind power was considered to move from one extreme to another. Weishis reform was strongly rebounded by the grass-roots level, the performance failed to improve, and capital changed their minds one after another.
High delivery turned to self brewing bitter fruit, fell below the face value of the market. After years of huge losses, Sinovel wind power often makes profits in the following years. Through two years of losses and making money, Sinovel successfully evaded the financial index and delisted. Although wearing a hat has become st Rui power, it has been mixed in the A-share market for so many years. However, people are not as good as the sky. Unexpectedly, it was planted in the face value delisting, which is also the bitter fruit of its own brewing.
In that year, we may have too much confidence in our own height stock price, or want to introduce more investors to buy. After the listing of Sinovel wind power, we implemented three times of high transfer in 2011, 2012 and 2014. The share capital expanded six times, and the share price also decreased to 1 / 6, which accelerated the share price below the par value of 1 yuan.
Finally, after 10 years of listing, on April 13, 2020, the closing price of 20 consecutive trading days was lower than the par value of 1 yuan, triggering delisting, and a generation of stock kings decided to bid farewell to a shares.
Gifted youth cheat to the end!
2015 is a dramatic year for geeya technology!
At the beginning of the year, the company announced the acquisition project and entered the E-sports and game industries. The share price soared by 400% in just three months. However, it was suddenly put on file by the CSRC for investigation, and the share price fell for 8 consecutive stops!
Behind this, it turns out that the regulator found a problem with an account. The account balance of geeya technology in a branch of ICBC in Chengdu is more than 200 million, but the actual bank current balance is only 1.38 million, which is less than 200 million!
The investigation of supervision revealed the whole process of financial fraud: the companys accounting has 006 and 003 A / C sets, 003 A / C sets are used for internal management, and bookkeeping is based on the real business. 006 A / C set is used for external disclosure, and forged financial data are recorded in 006 A / C set.
Customers are fake, contracts are fake, bank documents are fake, and product receiving and dispatching records are also fake. In this way, more than 80 million profits and 200 million bank deposits have been falsely increased.
Investigators have released more black scenes of geeya technology! Before going public, there was also fraud, which was not in line with IPO standards.
According to the investigation of the CSRC, geeya technology falsely increased its revenue and profit through fictitious customers, fictitious businesses, forged contracts, fictitious receipts and other ways. From January 2008 to June 2009, the amount of falsely increased profits reached 37.36 million yuan and 22.87 million yuan respectively, accounting for 85% and 109% of the current public disclosure profits.
Zhou Xuhui, a gifted young man, was admitted to the Department of machinery of Zhejiang University at the age of 16. After graduating from University at the age of 20, he was assigned to Sichuan Chengdu television Joint Group Co., Ltd. and later became the director of Chengdu Jinfeng wireless power plant.
In 1999, Zhou Xuhuis younger brother and others founded Chengdu geeya Hi Tech Co., Ltd., the predecessor of geeya technology. After several years as a consultant, Zhou Xuhui gradually became a major shareholder and chairman.
The first IPO of gem in 2009 was Zhou Xuhuis highlight moment. At that time, it rose by more than 200% on the first day. At that time, no one thought that the IPO was behind financial fraud and fraudulent issuance.
After the successful IPO, geeya technology brought business growth by acquisition. First, it acquired Harvard International, a British listed company, in 2012, and spent Two point three Billion.
After geeya technology went public, Zhou Xuhui also married a female star, who played the wife of Li Yunlong in the hit TV series sword. According to media reports, Zhou Xuhui has visited the class many times, driving super luxury cars such as Maserati and Lamborghini to pick up the female star.
In 2015, the acquisition plan was even bigger. 2.2 billion people planned to acquire 100% equity of Chengdu Tianxiang interactive and enter the game industry. As a result, this plan failed to work with the investigation results of the regulatory authorities.
Before the suspension of trading, geeya technologys share price was 0.77 yuan, leaving a market value of 265 million yuan, less than 2% of the maximum market value.
Farewell, the first brother of gem!
At one time, the market value of LETV reached more than 170 billion, now less than 7 billion, less than 1 / 20 of that year. There is still a period of delisting and consolidation waiting for LETV.
Jia Yueting, the founder of LETV, is a maniac in the IT industry. In 2015, he wanted to subvert the world. In April of that year, Jia Yueting issued a letter to Apple - the next generation of mobile internet no longer needs autocrats: Although Apple overturned the mobile phone and created the app mode of smart phone, its strict control of app also inhibited innovation. It blocked such popular applications as harassing phone calls and spam messages in China, which was forced off the shelf by apple and reduced the consumer experience.
LETV will establish a complete set of mobile Internet Ecosystem, and EUI operating system will be applied to multiple terminals under LETV, such as super TV, mobile phone and future car, etc., and build a complete ecosystem through interconnection between terminals, and open to application and content producers, thus forming an open loop.
LETVs pace is very big, even the worlds first apple is not in the eye, it is a completely subversive attitude.
Jia Yueting at that time a famous saying is: let the dream suffocate! And held press conferences and promotion conferences in large stadiums across the country. The scene was very grand.
The steps are too big, the crisis comes one after another!
The A-share disaster in the second half of 2015 made LETV no longer be able to finance a huge amount of money from A-share to support Jia Yuetings grand plan. In 2016, the problem of capital became the fuse, which was irremediable.
In the three years from 2017 to 2019, LETV lost more than 11 billion yuan in two years, totaling nearly 30 billion yuan in three years, with negative net assets, and finally reached the step of delisting.
A large number of companies under LETV ecology, such as finance, sports and entertainment, have been in crisis one after another. Even the more than 17 billion yuan invested by sun Hongbin, his hometown in Shanxi, has been basically floating.
In October last year, Jia Yueting, who lives in the United States, applied to the court for a personal bankruptcy reorganization plan. There are as many as 70 billion yuan of bonds declared, including 2.5 billion US dollars (nearly 18 billion yuan) of the top 20 bond applicants. Although there are some repeated declarations such as guarantees, Jia Yueting has caused a lot of harm to a large number of institutions and suppliers.
In fact, the worst is the A-share investors. According to the latest financial report data, another 280000 shareholders are deeply involved.
Sinovel wind power, LETV, geeya Technology These companies that are about to delist from a share market have brought great harm to shareholders and left a series of enlightenments to a share market.
In the view of fund Jun, the first big revelation left to a shares is: the punishment is far from enough!
The new Securities Law has some changes. I hope that in the future, the counterfeiting of the A-share market will be strengthened and the punishment will be strengthened so that those who dare not.
Among the three delisted stocks, geeya technology and LETV all married female stars. Although the halo of stars can bring more attention to listed companies, after many rich people go to female stars, the development of companies is more prone to problems, so such companies need to be extra careful.
The third revelation is: shareholders do not blindly pursue hot spots!
In a sense, the high issuance price (e.g. Sinovel wind power) and high price earnings ratio (e.g. LETV and geeya technology in the peak period) in the A-share market are all the high prices that investors chase after.
Although the current stock market is not the same as that in the first half of 2015, there is still a market for speculation in the A-share market. After speculation, it is often one chicken feather in one place, and even there are extreme phenomena such as delisting.
Source: responsible editor of China Fund News: Guo Chenqi, nbj9931