Behind the Road Runner of winning Education: 500 million yuan was planned to be sold for self-help

 Behind the Road Runner of winning Education: 500 million yuan was planned to be sold for self-help

However, on October 14 this year, the legal status of Yousheng education was changed from Chen Hao to Tang FangQiong. Three days later, parents of houzhihoujue plan and former employees who asked for salary rushed to Yousheng Education headquarters in Guanghua Road, Chaoyang District, Beijing, but found that it was empty.

Behind the change of legal person is a series of debt disputes of Yousheng education. According to the app data of Tianyan, Yousheng education involves 57 legal proceedings and 40 court announcements, including a large number of labor contract salary cases. It can be found from the judgment that, in the face of the wage collectors, Yousheng education often refuses to appear in court.

So, how does the superior education go from the superior to the survival of the fittest?

Sudden change of Corporation

At the end of last year, it was reported that, after 15 years of successful education, some of its campuses suddenly suspended classes due to capital and operation problems, and they were in arrears with employees wages and parents tuition fees for a long time.

Then, some parents reported that the Beijing Shilibao campus of Yousheng education was closed due to its arrears of more than 2 million yuan. Some parents said in an interview with the media, they paid 9000 yuan for supplementary courses, but they didnt attend a class. The school was yellow and the teacher resigned. Now they cant find anyone..

The epidemic has undoubtedly made the offline education in a tense state even worse. According to the Research Report on the situation of training and education industry during the epidemic period released by China Private Education Association, 29% of the 1459 educational institutions surveyed may be closed down; 36.6% of the institutions are temporarily suspended; and 25.4% of the institutions are in a state of barely maintaining due to some difficulties in their operation. The report also shows that 79% of institutions have funds on their books for only three months.

Winning education is also affected. Recently, the consumption warning issued by Beijing Haidian District market supervision and Administration Bureau showed that Yousheng education ranked first with 193 complaints, and the settlement rate was only 3.63%.

What worries parents most is that on October 14, the management entity of Yousheng education suddenly changed from Chen Hao to Tang FangQiong. Does this mean that Chen Hao is going to throw off the pot?

Zhu Yicong, senior partner of Yingke Law Firm, told Securities Daily that the general court hearing cases are divided into two stages. In the implementation stage, creditors have the right to apply for joint and several liability from the former legal person. In the case of Yousheng education, Chen Hao is still the largest shareholder of the company although he is no longer a legal person.

Those who are more worried about the running away of superior education than their parents should be the shareholders of * ST Jinzhou.

On May 25 this year, * ST Jinzhou announced that it plans to purchase 100% equity of Beijing youshengtengfei Information Technology Co., Ltd. (hereinafter referred to as youshengtengfei) with its own cash of no more than 500 million yuan (including self financing). The target company has two wholly-owned subsidiaries, the most important of which is Yousheng Education (full name: Beijing Yousheng brilliant Education Technology Co., Ltd.).

Youshengtengfei was founded in 2011, 7 years later than Yousheng education. Chen Hao holds 85% of the shares and is the largest shareholder of the company. From 2017 to 2019, its total assets increased from 251 million yuan to 514 million yuan, and total liabilities increased from 357 million yuan to 509 million yuan. The after tax net profits of the company in the three years were 38.6412 million yuan, 59.19 92 million yuan and 53.3952 million yuan, respectively.

According to the announcement at that time, if the acquisition was completed, Chen Hao and other shareholders promised that youshengtengfei would achieve net profits of 20 million yuan, 70 million yuan, 100 million yuan, 140 million yuan and 170 million yuan respectively from 2020 to 2024.

The transaction attracted the attention of Shenzhen Stock Exchange. The Shenzhen Stock Exchange issued a letter of concern, requiring the company to explain the performance commitment, the commercial rationality of the transaction, and the rationality of the payment method.

It is reported that * ST Jinzhou is mainly engaged in jewelry business, and the company has suffered a large loss in recent three years. Before the announcement of the acquisition news, the closing price of the stock has been lower than 1 yuan for 8 consecutive trading days.

When Yousheng education fell into the storm of public opinion of running away from the road, the stock bar of * ST Jinzhou also immediately became boiling. Some investors even said that almost fooled and suspected of fraud restructuring.

In the semi annual report disclosed on August 31, * ST Jinzhou once again announced the progress of the acquisition of Yousheng Tengfei: up to now, the company and intermediary agencies are comprehensively reviewing the data, and the company will actively promote and strive for the early completion of the asset restructuring work.

Educational institutions are facing a breakthrough race, and the epidemic has intensified the reshuffle of the industry. According to the above analysts, winning education is not the first or the last one. In the next six months, some educational institutions will fall into the vortex of running away. .

When an organization runs away , consumers can lodge a complaint with the consumer association and the industrial and commercial administration department, and at the same time, carry out litigation to protect their rights. But in reality, considering the costs of litigation, the cost of human time, the cost of lawyers and other expenses, most people will give up protecting their rights, which also encourages some institutions to run away. Zhu Yicong told the Securities Daily that consumers should sign a formal service contract when facing the advance payment proposed by the consumer place, keep the evidence and treat it cautiously.

In fact, in August 2018, the general office of the State Council issued the opinions on standardizing the development of off campus training institutions, which stipulates that off campus training and education institutions shall not charge fees for a time span of more than three months at a time.

We should protect the rights and interests of consumers from two aspects. On the one hand, the relevant departments should strengthen the supervision measures on the prepayment mode, such as implementing education record review and strengthening process supervision. In fact, the state has taken relevant measures, but the regulatory force has not kept pace with it; on the other hand, parents should have a sense of rights protection when signing payment agreements, and tuition fees should not span one or two years. Xiong Bingqi said.

Source of this article: Chen Hequn, editor in charge of Securities Daily_ NB12679