Landun’s entry into the Financial Bureau brings bitter fruit, and the most profitable subsidiary’s prepayment performance is difficult

Huitong e-commerce Co., Ltd. (hereinafter referred to as “Huitong e-commerce”) has been involved in a number of lawsuits due to the inability to use the prepaid card products issued by the subsidiary of blueshield (300297. SZ). Recently, the newly released overdue data of new debts attracted the attention of C-end users, “under such debt pressure, prepaid cards that have been unable to use, and future commitments.” How will cash back be performed? ” < / P > < p > according to the debt overdue data recently disclosed by Blue Shield Co., Ltd., the newly added overdue principal is RMB 348 million, and the accumulated overdue debt principal is RMB 1.566 billion. In addition, the subsidiary Huitong e-commerce company is also faced with a number of lawsuits, some bank accounts and assets are frozen by the court, the actual controller and some subsidiaries are listed as dishonest Executees, and the daily production and operation are adversely affected. < / P > < p > some users asked publicly, “is Huitong e-commerce insolvent? Can you file for bankruptcy? Will the company be jointly and severally liable for many of its debts? ” The company responded that “Huitong e-commerce is not insolvent for the time being.” There was no response to the question whether Blue Shield shares will bear joint and several liability. < p > < p > in view of the problems such as the failure to perform the prepaid card that had previously involved a large number of C-end users, the securities affairs personage of Blue Shield shares told China Business Daily that “problems related to prepaid cards need to be handled by subsidiaries.” < / P > < p > it is worth noting that the Blue Shield convertible bonds issued two years ago had been performing mediocre before. Recently, the concept of quantum communication has been hyped in the market, but Blue Shield shares also indicated that “the convertible bonds have been divorced from the stock value.” According to the reporter’s understanding, Huitong e-commerce is an important wholly-owned subsidiary of Blue Shield. Huitong e-commerce and huitongbao are respectively engaged in e-commerce network and platform operation business and third-party payment business. However, the “prepaid card” has not been used by customers in the form of prepaid card, but it has been unable to attract customers by prepaid card. In addition, some users said, “Huitong e-commerce Hubei Branch signed an agreement with consumers to purchase gas card (entity, not line% revenue, which can be filled and returned with principal and interest at maturity, so as to absorb a large amount of deposits (we have hundreds of thousands of yuan per person on average). However, the fact is that there is no local gas station in Hubei, and the overdue payment will not be refunded after 10 months. ”< p > < p > Shenzhen Stock Exchange has pointed out in the concern letter that Huitong e-commerce telecom operation services mainly include telephone fee Bao, yihuitong and other products. Among them, telephone fee treasure is a telephone charge financial product jointly launched by Shenzhen Stock Exchange and Guangdong Mobile. Customers pay money to buy telephone fee treasure, and then they recharge their phone charges every month, and use the remaining amount for financial management operation. The annual return rate is expected to be as high as 20% – 22% .3%。 < / P > < p > whether the business model and the online lending model have a point of convergence has attracted controversy in the industry, but Blue Shield shares responded that “line P business. At the same time, the company’s actual controller and the person acting in concert confirmed in writing that he did not participate in P2P business. ” < p > < p > regarding the scale of the prepaid card products that have been issued at present, Blue Shield shares told our reporter, “for the advance collection of individual users formed by the launched prepaid card, there is no separate disclosure of the scale of advance collection at present.” < / P > < p > for the complaints that Huitong e-commerce’s gas card can’t be used and the cash can’t be returned to the account, the public reply of blue shield is that “even if Huitong e-commerce pays the prepayment in full, there may be the situation that the terminal customer’s gas card can’t be refuelled due to unreasonable quota allocation.” < / P > < p > a very small part of the refund has been executed by the court, but most of the advance payment has not been recovered. ” Users are generally worried that “Huitong e-commerce has been judged to be the person to be executed for breach of trust, the parent company is facing the debt overdue of nearly 1.6 billion principal, and the actual controller is also listed as the dishonest executee. Is the company still able to repay the advance payment?” According to analysts of China knowledge, due to the epidemic situation, Blue Shield’s business has been hindered, its performance has declined, and its capital liquidity is insufficient. As a result, the company’s daily production and operation have been greatly affected, and its solvency and profitability have been reduced. < p > < p > from the perspective of foreign investment, the proportion of foreign capital of Blue Shield shares is less than 0.5%, most of which are held by passive index funds, which indicates that the company is not favored by foreign institutions. The investment risk analysis report also shows that the company has a lot of negative conditions, which are specifically reflected in the occurrence of equity freeze, stock pledge and the latest overdue debt, which is listed as the lowest rating, and investment in such stocks has high risk. < p > < p > Landun has repeatedly mentioned that “many cooperative merchants have suspended or terminated their cooperation with Huitong e-commerce, resulting in some institutions and individual users applying for refund, and causing users’ complaints and some cooperative merchants’ lawsuits. The above situation has a great impact on the business development of Huitong e-commerce.” The operation problems of Huitong e-commerce further affect the performance of listed companies. In 2018, the total operating revenue of Blue Shield shares was 2.282 billion yuan, and the net profit was 422 million yuan. The total net profit of Huitong e-commerce and huitongbao was 226 million yuan, with a high proportion of profit contribution. However, the revenue capacity of Huitong e-commerce will decline since 2019. According to the annual report of 2019, the operating revenue of Blue Shield shares was 1.919 billion yuan, a decrease of 15.39% over the same period of last year. The total profit was – 927 million yuan, a decrease of 289.88% compared with the same period of last year. The net profit attributable to shareholders of listed companies was – 928 million yuan, a decrease of 346.78% compared with the same period of last year. < p > < p > Blue Shield said in the financial report at that time that “Huitong e-commerce, a wholly-owned subsidiary of the company, suffered a lot of performance losses due to its limited business development, which led to the decline of the company’s overall profitability.” < / P > < p > according to the business description of the company by the director and Secretary of Blue Shield, Huitong e-commerce issues prepaid cards to individual users at C-end, and provides some preferential services through advance collection, so as to promote and operate for the b-end merchants of the contract. This part of business income is included in the promotion and operation service fee income in the financial report. < p > < p > according to the financial report of Blue Shield shares, in the half year of 2020, the operating revenue will reach 498.8151 million yuan, a year-on-year decrease of 48.92%, and the net profit attributable to shareholders of listed companies will be – 67.5281 million yuan, a year-on-year decrease of 146.50%; among them, the promotion and operation service fee of Huitong e-commerce and huitongbao is 23.52 million yuan, with an increase or decrease of – 87.03% compared with 181 million yuan in the same period of last year. < / P > < p > according to the information disclosed by Blue Shield shares, as of 2020, the net assets of Blue Shield shares are 3.935 billion yuan, the goodwill value is 1.304 billion yuan, the total assets are 8.327 billion yuan, and the total liabilities are 4.392 billion yuan. At present, there are debts overdue involving several banks. According to wind data, as of October 22, 2020, the share price of Blue Shield shares was 8.23 yuan, with a total market value of 10.3 billion yuan. < p > < p > thanks to the state’s emphasis on Quantum Science and technology, the concept of quantum communication has been greatly improved recently. In this context, Blue Shield shares have also been repositioned by the market to the concept of quantum communication, which has caused a lot of speculation. According to wind data, on the 19th and 20th, the growth of Blue Shield convertible bonds exceeded 60%, closing at 408 yuan on the 21st, and rising to 508 yuan on the 22nd. < / P > < p > although the concept of quantum communication has been hyped, but at the same time, under the complex background of overdue debt and multiple lawsuits involving subsidiaries, the price of Blue Shield convertible bonds fluctuates sharply. < / P > < p > before that, Blue Shield shares had twice indicated risks: “the price of” Blue Shield convertible bonds “has seriously deviated from the relationship between the company’s share price and has deviated from the reasonable value range, and has nothing to do with the market macro environment, industry situation and operation conditions, mainly due to the influence of market funds.” “The premium rate of convertible bond to equity is too high, and the convertible bond price has seriously deviated from the relationship between the company’s share price and the reasonable value range.” < / P > < p > the above analysts told reporters that some media had incorporated the company into the concept stock of “quantum technology”, but the company has not carried out business in the field of “quantum technology” and has no relevant business income. Investors’ blind pursuit of investment hot spots may lead to wrong judgment. We should have a comprehensive understanding of the company’s essential business development. < / P > < p > Disclaimer: the purpose of this article reprinted by china.com finance and economics is to convey more information and does not represent the views and positions of the website. The content of this paper is for reference only and does not constitute investment advice. Investors operate accordingly and bear their own risks. < p > < p > Chinanet is a national key news website under the leadership of the Information Office of the State Council and managed by China foreign language publishing and Distribution Bureau. Through 11 versions in 10 languages, the website releases information 24 hours a day, which is an important window for China to carry out international communication and information exchange.