By the end of 2019, the net assets of the target company Shaoxing xinmeixin are still -12.6926 million yuan, but by November 30, 2020, its net assets have reached 14.0378 million yuan. The substantial change in net assets may be related to the eight residential properties invested by Zhejiang xinmeixin, a subsidiary of Macquarie. < p > < p > by the end of the year, listed companies have shown their abilities in order to tide over the difficulties, and the sale of real estate is one of the means. A few days ago, Macquarie Group Co., Ltd. (hereinafter referred to as * ST Macquarie or Macquarie, 002719. SZ) proposed to transfer 95% equity of Sun company. < p > < p > on December 14, * ST Mai Qu disclosed the announcement on equity transfer of wholly-owned subsidiary, which showed that Zhejiang xinmeixin Industrial Food Co., Ltd. (hereinafter referred to as Zhejiang xinmeixin) planned to sell 95% equity of its wholly-owned subsidiary Shaoxing xinmeixin Food Co., Ltd. (hereinafter referred to as Shaoxing xinmeixin) for 13.906 million yuan. According to the assets appraisal report, the main assets of Shaoxing xinmeixin are eight commercial residential houses, which are invested by Zhejiang xinmeixin in the form of physical assets, with an appraisal value of 13.8106 million yuan. < / P > < p > it is worth noting that at the end of 2019, the net assets of Shaoxing xinmeixin are still -12.6926 million yuan. In the twinkling of an eye, on November 30, 2020, the net assets of Shaoxing xinmeixin will be 14.0378 million yuan. < / P > < p > the significant change in net assets may be related to the investment of Zhejiang xinmeixin in these eight residential properties. At the same time, the sale of sun’s shares at the end of the year also attracted the attention of regulators. < / P > < p > the Shenzhen Stock Exchange issued a concern letter to * ST Macquarie, requiring listed companies to explain the reasons why Zhejiang xinmeixin invested the above real estate in Shaoxing xinmeixin and sold Shaoxing xinmeixin in a short period of time, and to supplement and disclose the accounting treatment of the above transaction and its impact on the company’s operating performance in 2020. < / P > < p > * ST maiqu, formerly known as maiqu Er, is mainly engaged in dairy products, bakery food manufacturing, distribution and bakery chain stores. The company landed on the SME Board of Shenzhen Stock Exchange in January 2014. < / P > < p > in August 2014, Merrill, which has been listed for more than half a year, issued a non-public offering plan. It issued 15.6722 million shares at the price of 26.08 yuan per share, and raised 409 million yuan to purchase 100% equity of Zhejiang new Maxim and supplement the company’s working capital. The acquisition of Zhejiang xinmeixin was completed in 2015. After that, although Merrill increased its bakery business, the company fell into a strange circle of increasing revenue but not profit. According to the data, from 2014 to 2017, Merrill achieved business income of 321 million yuan, 518 million yuan, 560 million yuan and 580 million yuan respectively, and net profit of 41.43 million yuan, 71.25 million yuan, 28.11 million yuan and 18.84 million yuan respectively in the same period. < / P > < p > by 2018, the company had its first loss since it went public. In that year, McLear achieved an operating income of 600 million yuan, but it lost 164 million yuan, more than the total net profit since its listing. < / P > < p > the company said that the loss of performance in 2018 was attributed to the impairment of goodwill of Zhejiang xinmeixin, a subsidiary, of 116 million yuan, and a number of acquisition and financing projects could not be carried out as scheduled, resulting in intermediary costs, which made Merrill lose 154 million yuan. < / P > < p > in 2019, also due to the influence of Zhejiang xinmeixin, the company achieved a net profit of – 69.46 million yuan with an operating revenue of 671 million yuan. < / P > < p > as for the reasons for the performance loss, McLear said that the main reason was that Zhejiang xinmeixin reported bad debts and miscellaneous accounts, and finally confirmed about 13.8 million yuan of goodwill impairment. According to the company’s annual report in 2019, Zhejiang xinmeixin’s revenue in 2019 is 265 million yuan, and its net profit is – 29.77 million yuan. < / P > < p > Merrill, whose net profit was negative for two consecutive years, announced on April 30 that the company’s shares would be suspended. After the resumption of trading on May 6, the company was given the special treatment of “delisting risk warning”, and the stock abbreviation was changed from “Macquarie” to “* ST Macquarie”. < / P > < p > since 2018, the company has taken a cautious attitude towards new baking projects and changed its business strategy. It originally planned to acquire 40.63% equity of Shanghai handle e-commerce, but after the loss of performance in 2018, McLear said on February 18, 2019 that it would give up the acquisition due to “changes in the external environment and high valuation of handle e-commerce”. < / P > < p > in addition, the 51% equity of Qingdao danxiang purchased by Macquarie in December 2017 with 219 million yuan will also terminate the relevant acquisition agreement in 2019 and no longer hold the equity of Qingdao danxiang. < / P > < p > the Shaoxing new maxim to be sold is a wholly-owned subsidiary of Zhejiang new Maxim. The corresponding transfer price of 95% equity of Shaoxing xinmeixin is 13.906 million yuan. < / P > < p > * ST Mai Qu announced that the equity transfer will optimize the company’s asset structure, revitalize the existing assets, better promote the development of the company’s main business and maximize the company’s interests. After the transfer, Zhejiang xinmeixin will continue to hold 5% equity of Shaoxing xinmeixin, and the funds obtained will be used to supplement the working capital of Zhejiang xinmeixin. < / P > < p > according to the data, the business scope of Shaoxing xinmeixin is prepackaged food, dairy products, bread and cake manufacturing and sales, but from the financial data, its actual business situation is questionable. From January to November in 2019 and 2020, the total operating revenue of the company is 0, and the net profit is -664907 yuan and -132300 yuan respectively. < / P > < p > according to the appraisal report, the appraisal value of Shaoxing xinmeixin is 14.6379 million yuan, and its main asset is 8 sets of commercial residential houses under the name, which are invested by Zhejiang xinmeixin in the form of physical assets, with an appraisal value of 13.8106 million yuan. At the same time, the financial data show that as of December 31, 2019, the net assets of Shaoxing new Maxim are -12.6926 million yuan, and as of November 30, 2020, the net assets of Shaoxing new Maxim are 14.0378 million yuan. < / P > < p > as for the sharp change of net assets of Shaoxing new maxim in one year, Shenzhen Stock Exchange asked * ST maiqu to add whether it was related to Zhejiang new Maxim’s investment in the above real estate, and explain the reason why Zhejiang new Maxim invested the above real estate in Shaoxing NEW Maxim and sold Shaoxing new maxim in a short time. In addition, Dongguan Fengrong Cultural Tourism Investment Co., Ltd. (hereinafter referred to as Dongguan Fengrong), the transferee of this transaction, is mainly engaged in hotel investment, cultural creativity, domestic tourism planning, etc., which is not in line with the existing business of Shaoxing xinmeixin. Moreover, in this transaction, Dongguan Fengrong only transferred 95% of the equity, while Zhejiang xinmeixin still held 5% of Shaoxing xinmeixin. < p > < p > in this regard, the letter of concern requires the listed companies to add the specific reasons why Zhejiang xinmeixin still holds 5% equity of Shaoxing xinmeixin after the completion of this transaction. < / P > < p > at the same time, * ST maiqu also needs to explain whether Dongguan Fengrong, the other party of the transaction, has the ability to perform the contract and the source of funds, and whether it has any transactions with the controlling shareholder, actual controller, director, supervisor and related parties of the company in the past or in the next 12 months. In addition, for the sale of assets at the end of the year, the company also needs to disclose the accounting treatment of the above transaction and its impact on the company’s operating performance in 2020. < / P > < p > * according to the third quarterly report of St Macquarie, in the first three quarters of 2020, its revenue was about 646 million yuan, a year-on-year increase of 29.96%; its net profit was about 13.9 million yuan, a year-on-year decrease of 24.60%. According to the analysis of industry insiders, the year-on-year decline in the performance of the first three quarters has made the sale of assets of * ST Macquarie, which is already wearing a star and a hat, more shell protected. < / P > < p > Disclaimer: the purpose of this article reprinted by CNFC is to convey more information, and it does not represent the opinions and positions of CNFC. The content of this article is for reference only, and does not constitute an investment proposal. 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