Feile Audio was filed: huge loss of 3.3 billion net assets was negative, just warned last month
Original title: May plummet!”China’s First Share” was filed for investigation: a huge loss of 3.3 billion in net assets was negative. It was just warned last month Source: China Fund reported that it never expected that one of the eight old shares known as “China’s First Share” was “Xiaofei””Le” is now facing a number of crises. On the evening of July 3, Feilo Audio (right protection) issued an announcement saying that it had received a letter of investigation from the Securities and Futures Commission of the People’s Republic of China. Because the company was suspected of information disclosure violations, the Securities and Futures Commission decided to file an investigation into the company. Prior to these investigations, Feile Audio was disrupted due to inflated revenues and profits, and large performances.The hidden dangers of goodwill impairment due to mergers and acquisitions in the past have also caused the company’s fundamentals to continue to deteriorate. What is even more worrying is that Feilo Audio, which has a bleak performance, may face the risk of delisting in the future, which also hurts institutions and investors who were once bullish. The market opened on July 4th, Feile Audio’s stock plunged 8.8%, sustainable minimum hit 3.4 yuan.At noon, Feilo Audio was included as 3.50 yuan, down 6.67%. Feilo Acoustics has received a warning letter from the Securities Regulatory Bureau when it was filed for investigation, which has impacted the hearts of countless old shareholders. Feile Audio (commonly known as “Xiao Feile”), which appears to be the “China’s First Share,” disclosed a notice on the evening of July 3 stating that it had received a “Notice of Investigation” from the China Securities Regulatory Commission because the company was suspected of information disclosureIn violation of laws and regulations, according to the relevant provisions of the Securities Law, the CSRC decided to file an investigation into Feile Audio. From the above announcement, the reasons for the suspected violations in this investigation are not clear.However, in the case of Air Force Feile Audio, it may still be related to the company’s inflated performance in the past financial reports and a financial bath. On June 11, Shanghai Securities Regulatory Bureau issued a ticket to Feilo Audio.The above-mentioned ticket pointed out that the company had a false increase in operating income and net profit in the recognition of some construction project revenues in 2017, which led to a change in the semi-annual and third-quarter results of the year.Due to inaccurate disclosure of performance information and false statements of financial information in violation of relevant regulations, the Shanghai Securities Regulatory Bureau decided to issue an administrative supervision measure to Feile Audio. Judging from the above-mentioned suspected content, Feile Audio made great efforts to modify the project income and inflated profits. At the same time, it also fanned the semi-annual performance in 2017, and then readjusted it in the 2018 annual report season.Major issues in its information disclosure. According to reports, on July 13, 2017, Feile Audio announced the 2017 semi-annual results pre-announcement announcement, which is expected to increase the net profit attributable to shareholders of listed companies by about 400% in the first six months of 2017; October 2017On the 11th, the company issued a January-September 2017 performance pre-announcement announcement, stating that from January to September 2017, it is expected that the net profit attributable to shareholders of listed companies will increase by about 360%. On April 28, 2018, Feile Audio issued an announcement on the correction of accounting errors in the previous period, and adjusted for one of the accounting errors in the 2017 semi-annual report and the third quarterly report, which gradually reduced its operating income from January to June 2017.5.1 billion yuan, net profit attributable to shareholders of listed companies.8 billion yuan, after the reduction in 2017 semi-annual results increased 104% over the same period last year; continued to reduce operating income from January to September 201717.$ 4.2 billion, net profit attributable to shareholders of listed companies.5.2 billion yuan. After the reduction, the January-September 2017 performance increased by 54% compared with the same period last year. After such a series of performance adjustments, revenue disappeared out of thin air17.42 ppm, net profit growth has also been reduced several times, the performance difference is very obvious. The glory of “China’s First Share” is no longer the plunge caused by huge losses. Many old shareholders still have many deep memories. As the “China’s First Share”, Feile Audio was once the capitalPopular companies have also overlapped in important parts of China’s securities market history. Data show that, before the Shanghai Stock Exchange was opened in the 1980s, Feile Audio’s stock had already been issued nationwide.On September 26, 1986, as the nation’s first joint-stock pilot company that issued shares to the public, Feilo Audio’s stock was listed and traded on the Industrial and Commercial Bank of China Shanghai Jing’an Trust Business Department. In November 1986, Feile Audio’s stock was presented as a gift to foreign guests as a national leader, becoming the first new Chinese stock owned by a foreigner.On December 19, 1990, Feile Audio’s stock was transferred to the Shanghai Stock Exchange and became a popular stock sought by tens of thousands of people. At that time, it 杭州夜网论坛 had reached a maximum of 600 US stocks.4 yuan. After more than 30 years of development, Feile Audio’s main business has also changed from audio business to lighting business.Now the company has become a diversified industrial company integrating green lighting industry, IC card industry, electronic component industry, computer system integration and software development.However, in the past two years, Feile Audio’s performance has not been satisfactory. According to the 2018 annual report, the revenue of Feile Audio in 2018 was 33.02 billion, down 39 every year.35%.Among them, the revenue from the production and sales of light source appliances and lamps was 29.9.4 billion yuan, accounting for 90% of total revenue.76%.Lighting equipment installation project revenue was 2.2.1 billion yuan, accounting for 6.69%.Revenue from 北京夜网 sales of audio products and engineering services was zero.400 million, revenue accounted for 1.2%. From the perspective of the company’s profitability, the performance of Feile Audio in 2018 has seen huge losses.Data show that the company’s net profit attributable to its parent in 2018 was -32.9.5 billion, down 6064 a year.90%. The huge loss in performance also triggered an expected plunge.In 2018 alone, Feile Audio’s advancement was from 9 at the beginning of the year.1 yuan all the way down to 3 at the end of the year.3 yuan, which may fall as much as 63%, and the market value has evaporated more than 5.8 billion yuan. Two mergers and acquisitions have hidden hidden dangers of 1.5 billion huge goodwill. The contraction in 2017 was 1.7 billion US dollars, and the performance in 2018 was a huge loss of 3.3 billion US dollars.M & A related. In order to develop the industrial chain and upgrade its main business, in December 2014, Feilo Acoustics acquired Beijing Shen’an Group 72, jointly held by Shen’an, by issuing shares.25% of the shares, the Beijing Shen’an Group of Shen’an joint holders was acquired in cash12.75% equity and 15% equity of Beijing Shenan Group held by Zhuang Shenan.According to the information disclosed at the time, a total of 10 mergers and acquisitions occurred.4.4 billion goodwill. Three years after the merger, Shen’an Group’s coefficient has fulfilled its performance commitments, and the 2017 commitment period has just passed, and Shen’an’s performance has seen a significant decline.In 2017, the net profit of Shen’an Group was only 1473.280,000 yuan, a decrease of 94 per year.07%.In 2018, Feilo Audio made a full impairment of the goodwill of Shen’an Group. At the time, Feile Audio called, “Beijing Shenan was tightened by the PPP policy, and some projects with previously recognized revenue had no timely bidding procedures in the current period, and some projects had deviations from completion estimates and receivables.The provision for impairment provision and inventory depreciation provision increased significantly compared with the previous year, which resulted in a significant decrease in sales revenue and net profit. “ From the above-mentioned claim that it was not seriously out of the business, the advance of the project’s recognized revenue led to a false increase in performance, coupled with the possible false accounting problems in this project, leading to major violations of listed companies. In May 2018, the Shanghai Stock Exchange’s inquiry to Feile Audio also pointed out the problem of the confirmed income deviation of the above items.The inquiry letter disclosed that the Beijing Shenan Group’s 2017 construction project had been confirmed after the existence of revenue was cancelled. The revenue was confirmed without timely summary of the bidding process in the current period, and the degree of deviation in the completion progress estimates.The Shanghai Stock Exchange requires the company to provide details. Different, in December 2015, Feile Audio started with 1.At a price of 38.4 billion euros, 80% of the equity of the main body of the Xiwannian Group was acquired.However, after the acquisition, Xiwannian Group did not meet expectations.In 2016 and 2017, Xiwannian Group realized operating income of 3 respectively. 6.2 billion and 3.2.6 billion euros, net profit from continuing operations was 12.32 million euros, 2.78 million euros, and profitability continued to decline. Regarding the reasons for the decrease in the operating income of the Xiwannian Group, Feilo Audio said that it is the first traditional lighting industry in the market with fierce competition and shrinking scale, which is affected by the industry’s prosperity.The goodwill formed by Feile Audio’s merger with Xiwannian Group in 20184.800 million is expected to accrue in full. The risk of a negative delisting of net assets is imminent. Investors are hurting more. The poor performance of Feilo Audio may eventually lead to the risk of delisting. In addition to the huge burden of goodwill, Feile Audio’s asset performance is even more shocking.According to the data for the first quarter of 2019, Feile Audio’s net assets are only -0.8.3 billion yuan.According to the announcement on April 5, Feile Audio’s cumulative amount involved was RMB 3.800 million, the company as a defendant in 32 cases. For the holders of Feile Audio, the company’s heavy crisis will even allow it to continue to experience pressure on its transitional performance, and its follow-up may also face the situation of continued expansion.According to the latest list of the top ten shareholders of tradable shares, Central Huijin, Zhengjin Company, and trust funds all hold Feilo Audio’s stock. In order to solve the breakthrough of Feile Audio, the major shareholder Yidian Group has also transfused blood to listed companies for financial assistance.According to incomplete statistics, from November last year to April this year, major shareholders have provided 8 financial aids for Feile Audio, totaling 25.500 million US dollars, the purpose of borrowing is mainly used to supplement the liquidity of listed companies. However, in the face of financial downturns, huge amounts of goodwill, and regulatory crises, it is not known whether Feile Audio still has a vitality, but it is certain that investors will continue to faceRound torment.