Tagged: enterprises

Reform of state owned enterprises

On February 4, the state owned assets supervision and Administration Commission of the State Council held a three-year action promotion meeting for the reform of state-owned enterprises in the form of video conference to convey and learn the spirit of the fifth meeting of the leading group for the reform of state-owned enterprises of the State Council, report the completion of key reform tasks of state-owned enterprises in 2020, exchange typical reform experience, and mobilize and deploy the three-year action for the in-depth implementation of the reform of state-owned enterprises this year.

Reform of state owned enterprises

Weng Jieming, deputy director of the state owned enterprise reform leading group office of the State Council, member of the Party committee and deputy director of the state owned assets supervision and Administration Commission of the State Council, attended the meeting and delivered a speech. Peng Huagang, member of the Party committee and Secretary General of the state owned assets supervision and Administration Commission of the State Council, presided over the meeting.

 

The meeting pointed out wildly beating gongs and drums of Central Committee and State Council, and implementing resolutely the decisions and arrangements of the Party Central Committee and the State Council, and pushing forward reform work in a tight and orderly manner. The tasks for key reform in 2020 were basically completed. In 2021, the reform work was being carried out in an orderly way, and the three years’ reform of state-owned enterprises achieved a good start.

 

The meeting demanded that on the basis of comprehensively implementing the tasks and requirements of the three-year action of state-owned enterprise reform, all central enterprises and local SASAC should grasp the “one handle, four incisions”, focus on key and difficult problems such as corporate governance, vitality and efficiency, and scientific and technological innovation, and tackle them one by one. The key point is to adhere to the unity of strengthening the party’s leadership and improving corporate governance, speed up the implementation of the tenure system and contractual management of managerial members, deepen the reform of the three systems and strengthen positive incentives, make greater efforts to promote the scientific and technological innovation of state-owned enterprises, and firmly grasp the correct direction of the reform of mixed ownership.

 

The meeting stressed that 2021 is a crucial year for the three-year action of state-owned enterprise reform. Central enterprises and local SASAC should earnestly implement the spirit of the fifth meeting of the State Council’s leading group for state-owned enterprise reform, focus on the overall promotion and implementation of supervision and supervision, carefully organize and fight with a wall chart, pay close attention to the implementation of responsibilities, improve the mechanism and supervision Assessment, pay close attention to publicity and guidance, and ensure that more than 70% of the three-year reform tasks will be completed this year.

 

Responsible comrades of relevant departments, bureaus and units directly under the SASAC attended the meeting at the main venue. Responsible comrades of central enterprises and local SASAC, responsible comrades of central enterprise reform office (responsible department for reform) and human resources and other relevant functional departments, and responsible comrades of some important subsidiaries of central enterprises and local state-owned enterprises attended the meeting at each branch venue.

Why is it so difficult for young people in this class to find someone?

Although many people were unable to return home during the Spring Festival this time, it did not prevent the annual wedding urging conference from ringing on time in the WeChat group with the New Year’s bell. Putting aside the miserable imagination of our parents that we will be unattended and lonely for the rest of our lives, let’s first ask a question: Now, will you still devote yourself to a relationship or a marriage? Are the young people married or not in love this year? The emotional life of an adult is no longer just the first experience of love. Talking about money hurts feelings, and talking about feelings hurts money. To put it bluntly, in modern society, it is difficult for young people to get married at once. According to data from the Ministry of Civil Affairs, 9.273 million couples had a marriage certificate in 2019, a decrease of 8.5% from 2018. At the same time, 4.7 million couples decided to get out of the siege of marriage and apply for a divorce certificate. This number has increased by 5.4% over 2018.

Marriage rate and divorce rate in 2019 (Source: Civil Affairs Bureau)

Behind the rise and fall is that everyone’s attitude towards marriage is becoming more and more cautious, marriage requires careful consideration, and the proportion of late marriages is increasing. In 2019, the proportion of married people over the age of 30 was as high as 45.67%, which is 4% more than in 2018. Our parents always like to say: When you were your age, my children ran all over the street. But our situation is really different. The current gross enrollment rate of higher education in my country is 51.6%. In other words, about half of the young people are already 22 years old after graduation. Moreover, under the pressure of buying a house and raising a baby, marriage has become an increasing need for economic foundation. It is usually after the age of 30 for professionals to reach a higher level of income. Remembering the above data can be used to reply to the seven aunts and eight aunts who have urged marriage. Whether in love or marriage, it is an intimate relationship. However, we are used to putting the focus of intimacy on “intimacy” and often neglecting “relationship.” An intimate relationship is essentially a small practice of public life, and it has everything in public life, including the comparison and conversion of rights, status, and division of labor. To put it bluntly, falling in love is troublesome, and getting married is even more troublesome. If you don’t fall in love, what’s the matter, isn’t it good for someone to order takeaways to play games Spark Global Limited?

Some banks have suspended direct sales services

Recently, some small and medium-sized banks’ deposit products on the APP have been adjusted. Some banks asked “Where do customers come from”; some banks suspended direct banking services; and some banks silently closed the purchase entrance for bank deposits. Regarding bank deposit products, the bank has made another big move! Brokerage China reporters discovered that some small and medium-sized banks’ mobile banking client (APP) deposit products have also begun to adjust recently. Some banks have begun to ask “Where do customers come from?” Some banks have suspended direct banking services and implemented system rectifications, and some banks silently The purchase entrance for bank deposits is closed. These adjustments are the result of repeated voices by the regulatory authorities recently, emphasizing the territorial management principles of bank deposits.

On February 8, the “Report on the Implementation of China’s Monetary Policy in the Fourth Quarter of 2020” (hereinafter referred to as the “Report”) issued by the Central Bank of China set up a column for “Deposit Management”, which details “Innovative Deposit Products” and “Structured Deposits” And the rectification effect and direction of the three major regulatory focuses of “remote deposits”. With the gradual tightening of regulatory language, the “lucky heart” of many small and medium banks has also been completely shattered. After the introduction of a series of regulatory measures aimed at bank deposits, the cost pressure on bank liabilities is expected to ease, but the difficulty of “expanding balance sheets” for small and medium-sized banks is also greatly escalated. “Especially in the context of the slowdown in credit expansion, the differentiation between banks has increased, and the pressure on the volume’ side of the bank’s debt will exceed the pressure on the price’ in the future,” analysts pointed out.

Blocking off-site storage

“Are you a Chinese resident living or working in Chongqing?” Recently, Chongqing Fumin Bank added such an inquiry to the deposit product subscription link on its mobile banking app to confirm whether the customer is from the local area.

Coincidentally, on the evening of February 5, Hami City Commercial Bank announced that it would suspend the external sales of all direct bank deposit products. “After the system is reformed according to regulatory requirements, non-local customers can resume purchases.”These adjustments are the result of repeated voices by the regulatory authorities recently, emphasizing the territorial management principles of bank deposits. In January of this year, the China Banking and Insurance Regulatory Commission issued the new Internet deposit regulations clearly stated that the Internet deposit business of local banks’ self-operated channels (such as mobile banking APP) should also be based on serving users in the jurisdiction. On February 4, the central bank held a video and telephone conference on strengthening deposit management, once again urging local corporate banks to return to serving the local source and not to open deposits in other places in various ways Spark Global Limited.
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62 year old state-owned enterprises lose profits for 30 years in one year

In just three months, the former chairman of the board was investigated, two former executives were arrested, inventory disappeared, increased to 900 million, and 5 billion bad debts were exposed! Advance loss of 3 billion, or will face delisting! How many more ray? What happened to this 62 year old daily chemical company that has been listed in a shares for 28 years?

62 year old state-owned enterprises lose profits for 30 years in one year

On the last day of January 2021, Guangzhou Langqi (000523, SZ), which is deeply trapped in the “black hole” of inventory, issued the performance forecast for 2020. It is estimated that the huge loss in 2020 will be 2.46 billion yuan to 3.56 billion yuan, from profit to loss. It is worth mentioning that the accumulated net profit in 30 years from 1990 to 2019 is only 577 million yuan, and the average annual profit is only about 19 million yuan. Such a company with an average annual net profit of only about 20 million in the past 30 years will lose 4.3-6.2 times of the accumulated net profit of the past 30 years in 2020!

 

At the same time, Guangzhou Langqi expects its net assets to be – 1.25 billion to – 1.95 billion yuan by the end of 2020. It may face delisting under the “new delisting rules”, and the company has also made a risk warning in the announcement.

 

Up to now, there are nearly 37000 shareholders stepping on thunder, and the latest market value of Guangzhou Langqi is only about 1.8 billion yuan. Who will pay for the inventory black hole of Guangzhou Langqi when former executives are frequently investigated? When can the current dilemma of litigation and overdue debts be alleviated? Who should be responsible for this huge financial “hole”? What should these nearly 37000 shareholders do?

 

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Huge loss of 2.46-3.56 billion yuan, huge collection and storage funds are still difficult to fill the “black hole”

 

Since September last year, Guangzhou Langqi, an old daily chemical listed company, has fallen into the center of the storm: strange “missing” inventory, overdue huge debts, freezing of multiple bank accounts, freezing of land collection and storage funds, waiting for freezing of shares of some subsidiaries and grandchildren, frequent litigation and arbitration, issuing warning letter by CSRC, regulatory letter by Shenzhen Stock Exchange, and approval by CSRC Case investigation.

 

With the “thunder” all the way, the stock price of Guangzhou Langqi has been falling. Since September 2020, the stock price of Guangzhou Langqi has been cut. As of the close of January 29, the stock price of Guangzhou Langqi was 2.83 yuan / share, with a sharp drop of 5.03% on that day, and the total market value was only 1.776 billion yuan.

 

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Guangzhou Langqi repeatedly stressed in the announcement that the company’s relevant risks are caused by trade business, and the rest of the business sectors are operating normally without significant adverse effects.

 

With the deepening of the investigation, the amount of suspected inventory of Guangzhou Langqi also increased from 572 million yuan to 898 million yuan, and the related suspected criminal acts are still under investigation.

 

According to the announcement disclosed by Guangzhou Langqi on January 4, as of December 30, 2020, the book balance of the company’s trade business accounts receivable was 3.130 billion yuan, and the overdue amount was 3.130 billion yuan; the book balance of the company’s trade business prepayment was 1.596 billion yuan, and the amount aging more than 90 days was 1.576 billion yuan; the company has obtained evidence to show that there is a third-party warehouse inventory amount in the trade business that is inconsistent with the actual account The total amount of delivered goods reached 898 million yuan, and the inventory of 342 million yuan was still unable to accurately verify the quantity and determine the ownership of goods due to site conditions.

 

The reporter of daily economic news noted that although Guangzhou Langqi will recognize about 2.6 billion yuan of non operating income in 2020 through the land acquisition and storage of the old headquarters, it is still difficult to fill the “black hole” of its trade business.

 

On January 31, the performance forecast released by Guangzhou Langqi showed that it was expected to lose 2.46-3.56 billion yuan in 2020, while the profit was 61 million yuan in the same period of last year, a decrease of 4109% – 5902% compared with the same period of last year.

 

Guangzhou Langqi explained the reasons for the performance changes in the announcement as follows:

 

First, the company actively and orderly withdrew from the bulk trade business with low efficiency and high income. As a result, the business income of bulk trade business in this period has decreased significantly, and the business income of other sectors except trade business is roughly the same as that in 2019.

 

Second, the company and its subsidiaries have withdrawn about 5 billion yuan of credit impairment losses. The company expects that a large number of trade businesses are related to criminal cases, and the possibility of recovery of related receivables and prepayment delivery is low. Based on the principle of prudence, the company made bad debt provision of about 3.2 billion yuan for accounts receivable of bulk trade business with business risk, and made bad debt provision of about 1.8 billion yuan for prepayment of bulk trade business with business risk.

 

Third, the provision for asset impairment is about 1.16 billion yuan, including 898 million yuan for the relevant third-party warehouse inventory transferred to the pending property profit and loss, and 139 million yuan for the held for sale assets of Jiangsu Qiheng agrochemical Technology Co., Ltd., which has 25% shares, after offsetting the advance equity transfer.

 

2415633950041362432.jpeg Langqi in Guangzhou. Photo by Wang Fan

 

 

The company says it will not conceal the crime

 

The reporter of “daily economic news” noticed that with the intervention of Guangzhou Langqi self inspection and public security organs, it was confirmed that there were criminal acts of relevant personnel behind the “black hole” of the company’s trade business. At present, many people have been taken compulsory measures by relevant departments.

 

Among them, Yao Zhiqi, the actual controller of the relevant warehousing company, has been put on file for investigation by Guangzhou police for suspected crimes; Chen Jianbin, former vice chairman and general manager of Guangzhou Langqi, and Wang Zhigang, former Secretary of the board of directors, have been put on file for investigation by the supervisory organ for suspected illegal duties; Deng Yu, Huang Jianbin, middle-level managers of Guangzhou Langqi, etc., have been arrested for embezzlement of funds by Nansha of Guangzhou Public Security Bureau The case was put on file for investigation.

 

According to Guangzhou Daily, Fu Yongguo, former chairman of Guangzhou Langqi, and some middle-level managers of Langqi company are under disciplinary review and supervision for suspected taking advantage of their positions to help enterprises controlled by some social personnel to seek illegal interests in the process of conducting business with Guangzhou Langqi, and accepting bribes from the other party. In the process, some of them were also found The supervision organ and the public security organ are investigating and investigating the suspected collusion with social personnel inside and outside to obtain the funds of the listed company.

 

“The company’s trade business involves the criminal acts of internal and external collusion and malicious encroachment on the assets of state-owned listed companies. At present, the supervision organs, public security organs, securities regulatory departments and other relevant departments are investigating, and the company has not yet known the specific conclusion. In the future, the company will perform the obligation of information disclosure in accordance with the law and regulations according to the investigation progress of relevant departments. ” Guangzhou Langqi said to reporters.

 

The official added: “the new team of the company will not conceal these criminal acts, and concealment is also a continuous harm to the company. Problems can’t be avoided. We can only fulfill the obligation of information disclosure in time and maintain normal production and operation stability at the same time. ”

 

The relevant person in charge of Guangzhou Langqi told the “daily economic news” that because the relevant personnel are suspected of malicious criminal acts of internal and external collusion, according to the principle of punishment before the people, the civil proceedings can only be carried out after the criminal proceedings are started. The company will bring the relevant civil proceedings in time after the investigation organ has found out the facts of the suspected criminal crimes, and firmly safeguard its legitimate rights and interests.

 

“At present, the investigation work of supervision organs, public security organs and other relevant departments is still in progress, and the company is still unable to know how much loss can be recovered or reduced through criminal recovery of stolen goods. According to the self-examination and the visit to customers and suppliers, the company, based on the principle of prudence and in strict accordance with the relevant provisions of the accounting standards, has withdrawn the corresponding provision for impairment of trade business receivables in 2020, which leads to huge losses. ” Guangzhou Langqi relevant person in charge said.

 

Or facing delisting, 2021 will become the key year of “shell protection”

 

According to the Shenzhen Stock Exchange’s Stock Listing Rules (revised in 2020) revised and issued on December 31, 2020 (the “new rules for delisting”), the Shenzhen Stock Exchange will implement the delisting risk warning for the listed companies whose audited net assets at the end of the latest accounting year are negative, that is, * ST; the first accounting year after the listed companies appear the above situation, If the audited net assets at the end of the period are negative, or the financial accounting report is issued with a qualified opinion, unable to express an opinion or negative opinion, the listed company will be delisted.

 

As the net assets of Guangzhou Langqi are expected to be negative by the end of 2020, under the “new rules for delisting”, Guangzhou Langqi will face the realistic risk of delisting. 2021 will be the key year for the company to successfully “protect the shell”. To ensure that it will not be directly delisted, Guangzhou Langqi must correct its net assets in 2021, and ensure that the type of annual audit report in 2021 is standard unqualified opinion.

 

Under the situation that the net assets are expected to be negative in 2020 and many internal management problems are exposed, Guangzhou Langqi will still face great pressure and challenges in 2021. So, does the company have a “shell protection” plan?

 

Guangzhou Langqi’s aforementioned internal staff told reporters: “relevant risk matters do show that there are loopholes in the company’s internal control system. After the new management of the company is in place, it has been speeding up the improvement of the company’s internal control system and the management system. As for whether it will withdraw from the market and whether there is a “shell protection” scheme, the announcement shall prevail, and the company will perform the relevant information disclosure obligations in a timely manner. ”

 

The reporter of daily economic news noticed that there have been some changes in the operation and management of Guangzhou Langqi. According to the announcement, after the inventory incident in September last year, Guangzhou Langqi first adjusted the company structure and functions of relevant departments at the end of October 2020, and the adjusted functional departments were set as “five departments, one office, one center”. Then, in early January 2021, the company decided to liquidate and cancel the joint-stock company Guangzhou Huiyin Langqi Equity Investment Fund Management Co., Ltd., and increase the capital of 200 million yuan to the wholly-owned subsidiary Guangzhou Langqi daily necessities Co., Ltd., the core production base of daily chemical products.

 

The reporter of daily economic news also learned from Guangzhou Langqi that the company has suspended the bulk trade business of chemical industry in October 2020 for the trade business that induces risks; in addition to bulk trade, daily chemical plants are in normal operation, and some upstream raw materials of surfactants and washing powder exports related to daily chemical business are also in normal operation.

 

“At present, the company firmly promotes the strategic goal of returning to the main business. The company’s own daily chemical brands such as “Langqi”, “gaofuli” and “Wanli” have a certain influence in the market. Its Huatang food also operates well. Guangshi Pineapple Beer has a bright future. In the future, the company will adhere to the development direction of green daily chemical and health food industries. ”

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In terms of operating income,TOP10 real estate companies

In terms of operating income, three of the TOP10 real estate companies in the first half of 2020 exceeded 100 billion yuan, namely Evergrande 268.962 billion yuan, Country Garden 185.8 billion yuan, and Vanke 146.5 billion yuan. In terms of profitability, the average return on net assets of TOP10 real estate companies reached 10.25%, and the average net interest rate on total assets was 1.53%, which is much higher than the average level of H-share sample companies. Among them, Logan Group and Hopson Chuangzhan occupy the top three profitability sub-lists.
During the reporting period, Logan Group’s return on net assets reached 17.16%, the total net asset margin was 2.76%, and the sales gross profit margin was 35.23%, leading the TOP10 companies. In the first half of 2020, Logan Group’s operating income was 31.04 billion yuan, a year-on-year increase of 14.9%, and net profit attributable to its parent was 6.16 billion yuan, a year-on-year increase of 20.1%. The rapid growth in performance has played a positive role in improving the company’s profitability. The company’s sales gross profit margin was 35.23% in the first half of the year, higher than the industry average, and the non-net profit margin was 19.49%, which was at a relatively high level in the industry. In the first half of the year, Logan Group’s ROE and ROA were 17.16% and 2.76%, respectively, ranking first among the sample housing companies.
From the perspective of financing capacity, the average financing cost of H-share sample housing companies in the first half of 2020 is 6.93%, an increase of about 0.24 percentage points from the average financing cost of H-share sample companies in 2019. The total cash inflow generated by financing activities The volume is as high as 1.52 trillion yuan, compared with 1.43 trillion yuan in the same period in 2019, an increase of 6.3% year-on-year. The average financing cost of the TOP10 real estate companies on the total list is 6.37%, slightly lower than the industry average; the total inflow amount is 682.01 billion yuan, accounting for about 4.5% of the industry’s financing scale.

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In the sub-list of financing capabilities, China Resources Land ranked first in the sub-list by virtue of its central enterprise background and excellent performance in the dimensions of financing costs and cash inflows from financing activities. During the reporting period, China Resources Land fully implemented the “cost reduction, quality improvement, and efficiency increase”, and its operating efficiency was significantly improved. It achieved a turnover of RMB 44.87 billion, a core net profit of RMB 8.37 billion, and a contracted amount of RMB 110.8 billion. 100 billion goal.
From the perspective of the nature of the company, in the first half of 2020, among the TOP10 A-share real estate companies, there are 4 state-owned enterprises and state-owned enterprises, and among the H-share TOP10, there are 2 state-owned enterprises and state-owned enterprises in the same period last year. The drop.
Throughout the TOP10 list in recent years, whether it is A-share or H-share market, the proportion of private real estate companies is gradually increasing. Among A-share real estate companies, the two-level differentiation has always been obvious. Large real estate companies often have the status of central enterprises and state-owned enterprises. These companies have gained more advantages in acquiring land and financing through their own corporate advantages, and gradually built their own core competitiveness. , The comprehensive strength has been continuously improved, and the rapid development by seizing market opportunities. However, some small and medium-sized enterprises have obvious characteristics of deep cultivation in the region. The low-priced land acquired in the early stage has increased the profitability for them.
In the past, the Chinese real estate stocks listed on H-shares were mainly large and medium-sized real estate companies, and most of them were private companies. However, in recent years, the A-share market has strictly restricted real estate companies from entering the capital market, such as Zhongliang Holdings, Sony Holdings, and Dafa Real Estate. Many small and medium-sized real estate companies represented by them have also landed in the H-share market. In addition, more than 10 real estate companies have submitted IPO applications and are waiting to be listed in H shares. However, in this round of the real estate market cycle, although some leading companies focused on the growth of scale and ignored the increasing scale of borrowing, which led to the decline in profitability and operational efficiency, the overall business situation was acceptable, and they were able to respond in a timely manner. Structural adjustments still have a certain investment value.
The competition and development of the real estate industry are not only reflected in the scale of sales, but more in the overall strength of the enterprise itself. On the whole, as the industry concentration continues to rise, real estate companies continue to scale up while consciously striding forward to achieve quality growth. Under the policy of strict control of incremental development, the stock policy is relatively loose. Although the growth rate of enterprise scale has slowed down, the scale dispute between real estate companies will not immediately stop. Many companies have the awareness of stock strategy. Increasing concentration is a trend.