For Qinshang, which plans to divest the semiconductor business, it is experiencing another test since its listing.

On the evening of October 10, it issued a notice saying that it received a warning letter issued by the Guangdong Provincial Securities Regulatory Bureau. The 2016 audited net profit loss was 427 million yuan, which was significantly reduced compared with the previous performance forecast of 47 million yuan - 54 million yuan. The 2016 performance forecast and performance report were not revised within the prescribed time limit, which violated the relevant letter.

On September 8, Qinshang shares and company's real controller Li Xuliang were both investigated for violation of the above-mentioned letter.

"We received a warning letter, but did not involve financial penalties." On the afternoon of October 11, a staff member of the Securities Department of Qinshang said that it also stressed that the company and the actual controller have not yet received the conclusive conclusions. opinion.

Filing investigation

Successive encounters of the letter "red card" warning, due to the performance of Qinshang shares in 2016 significantly "face".

Looking back at the third quarterly report of 2016, Qinshang shares gave a forecast of 2016 annual profit of 47 million yuan - 54 million yuan.

On February 28 this year, it was still optimistic that the estimated net profit for 2016 was 47.87 million yuan.

However, on April 14th, it issued the “2016 Annual Results Express Amendment Announcement” and the “Announcement on Provision for Assets Depreciation”, claiming that Guangzhou Longwen Education Technology Co., Ltd., which was purchased in 2016 for RMB 2 billion, promised performance If the standard is not met, the impairment of goodwill of 420 million yuan will be carried out, resulting in a loss of 396 million yuan in 2016, and the net profit change rate will fall by 2010.05%.

On April 21 this year, Qinshang shares finally disclosed the 2016 audited annual report, and the net profit became a loss of 427 million yuan. On the same day, its indirect acquisition of 100% equity of Chengdu Qizhong Experimental Middle School was grounded due to the receipt of the relevant “Termination Agreement” discussion draft issued by the transaction party.

In the process of the 21st Century Business Herald, the stock price of Qinqin shares experienced a “roller coaster”, which fell sharply from 11 yuan in November 2016 to a limit of 8.14 yuan on April 25, 2017.

It was the former chairman Li Xuliang who was involved in the investigation with the company. According to the 2017 semi-annual report, it directly holds 5.81% of the shares, and also indirectly holds 16.79% through the holding of Dongguan Qinshang Group Co., Ltd., which is the actual controller of the company.

On September 26, Chen Yonghong, the current chairman of the board of directors, Chen Junhong, chief financial officer Deng Junhong, and independent director Yan Xinhua, also held the three positions of chairman, general manager and secretary-general, saying that the company will Take this as a warning to ensure that similar problems no longer occur."

Although the conclusion of the investigation was not clear, a Shanghai lawyer who asked not to be named told the 21st Century Economic Reporter that "the CSRC's case investigation will investigate when the results of the investigation will be complicated by the complexity of the case. The case does not necessarily have a result in 1-2 years. It is estimated that the company will face litigation compensation from small and medium shareholders.

"However, from the fact that Qinshang's 2015 profit of 20.74 million yuan, it is unlikely that it will be delisted. After all, it is necessary to consider the interests of small and medium shareholders." The lawyer also said.

The "trouble" faced by Qinshang shares is far more than that.

On September 29, it disclosed a notice of progress in litigation. In May 2014, it received an administrative penalty decision from the Guangdong Securities Regulatory Bureau, involving 84 civil cases, with a total appeal amount of 17.374 million yuan.

At present, the Guangdong Higher People's Court has already conducted a final judgment on 37 cases, and the total share of the shares must be 11.727 million yuan, in addition to the litigation costs of 177,100 yuan; the two cases of civil mediation total compensation of 208,200 yuan, the total cost of litigation 0.52 Ten thousand yuan (paid).

In addition, 45 cases are still in the process of litigation.

The effectiveness of cross-border education

In addition to the frequent loopholes in the issue of the letter, the company’s divestiture of the semiconductor business and cross-border education is still “floating in the fog”.

According to the announcement on May 25, Qinshang is preparing to sell 2016 revenue of 778 million yuan, accounting for 92.4% (2016 total revenue of 843 million yuan) of semiconductor lighting business, cross-border K12 education.

Qinshang’s explanation for the divestiture of the business is that at this stage, there are many industry enterprises, high cost, narrow profit margin, relatively overcapacity, and fierce price wars. But one person who is concerned about the LED industry pointed out that the LED business mainly depends on the company's market expansion capabilities.

Since the suspension of trading on May 25, nearly five months later, the company has not resumed trading.

The announcement on July 25th shows that it will disclose the major asset restructuring plan (or report) at the latest on October 26. At present, it is getting closer and closer to this deadline.

At the investor's apology meeting on September 26, investors questioned that “the lighting business will not be included in the listed company after the divestiture, can rely on Longwen, can support the company's valuation and development?” Qin Jun, chief financial officer of the company, replied, "The company will continue to deepen its efforts in the education industry and increase investment in the direction of early childhood education and international schools."

"The company is preparing to acquire Eddie because it involves foreign assets and has to do more work." The person from the Securities and Exchanges Department of Qinshang mentioned that it refers to the acquisition of 100% equity of Aidi International Education by Qinshang.

Since 2016, Qinshang has frequently initiated mergers and acquisitions in the education industry: such as the acquisition of 80% equity of Little Red Hat Education Investment Consulting Co., Ltd., and the acquisition of 100% equity of Beijing Biao Education Consulting Co., Ltd. and Changsha Siqi Education Consulting Co., Ltd. Covers K12 training, early childhood education, international education, etc.

The semi-annual report for 2017 showed that its semiconductor lighting business revenue was 484 million yuan, up 8.6% year-on-year, net profit was 28.137 million yuan, down 24.06% year-on-year; while Guangzhou Longwen business has risen, with nearly 400 in more than 20 cities in China. At home, the unit price of teaching in different cities has increased, making it 3.8 billion yuan in revenue from January to June, a year-on-year increase of 15.94%, and a net profit of 54.23 million yuan, a year-on-year increase of 63.36%.

However, a private equity investor familiar with Qinshang shares believes that “Qin Shang shares has been purchasing various types of educational assets, but its investment logic is rather chaotic”, “the cash flow of educational assets is stable, and investment is not easy in the short term. Return."

Another detail is that the agency’s attention to Qinshang’s shares stayed in April this year, and GF Securities gave the opinion of “cautious increase in holdings”.

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