The transformation education failed. After all, the 34 -year -old Green Jing Holdings was "yellow" after all?

Picture source: Oriental IC

Recently, Lvjing Holdings, the old housing company, who has been listed for 30 years, issued an announcement, announcing that it has entered a period of delisting. It is expected to be terminated on June 27.

Earlier, Lvjing Holdings has attracted much attention due to frequent transformation actions, especially in 2020, which costs 1.217 billion yuan to acquire Jiayi education, which is also called "snake swallowing".

However, the company's transformation actions have been bruised, and their performance has been losing money. Until now, I have to return the market sadly. Why did Green Jing Holdings fall here?

The annual revenue is less than 100 million yuan, and the performance is "hollow"

According to the 2021 report, the operating income of Lvjing Holdings was 43.283 million yuan, and its net loss was 20.418 million yuan. The company's losses expanded for three consecutive years. Moreover, Lvjing Holdings's 2021 financial accounting report was issued an audit report that could not be expressed. Earlier, due to the negative value of the audited net profit in 2020 and the operating income of less than 100 million yuan, Lvjing Holding Stocks were warned by delisting risk.

According to the Shenzhen Stock Exchange's "Stock Listing Rules (Revised in 2022)", after the stock transaction of listed companies is implemented, if the net profit of auditing in the first accounting year is negative and operating income is less than 100 million yuan, or financial finances, or finance The accounting report was reserved and the audit report that could not express or negates the opinions. The Shenzhen Stock Exchange will decide to terminate its stock listing transaction.

Due to the termination of the stocks stipulated in the Shenzhen Stock Exchange, late at night on May 26, Lujing Holdings announced that the company's shares have entered a period of delisting for 15 trading days from June 6, 2022. On the second trading day of the expiration, the Shenzhen Stock Exchange delisted for the company's shares.

Public information shows that Lvjing Holdings was formerly known as Hainan New Energy Co., Ltd., which was originally the main business of new fuel and furnace business, and then turned to real estate. It was listed on the Shenzhen Stock Exchange in 1992. It is one of the earliest housing companies in China. Although it started earlier, the company's operation has been limited to the Pearl River Delta region and has not developed large -scale development.

In 2002, Lvjing Holdings, Yisuo Guangzhou Evergrande, took over by Xu Jiayin and renamed it "Evergrande Real Estate". In 2006, Guangzhou Evergrande transferred the company's shares to Guangzhou Tianyu Real Estate Development Co., Ltd. After being taken over by Tianyu, Lvjing Holdings ushered in the small highlight of performance. From 2006 to 2009, the company's revenue was 249 million yuan, 444 million yuan, 467 million yuan, and 459 million yuan, respectively, and the net profit attributable to the mother was 9.687 million yuan, 45.86 million yuan, 56.64 million yuan, and 32.51 million yuan. Both collection and profits have increased significantly.

Unfortunately, the good times did not last long. In 2009, Tianyu Real Estate suffered under pressure from overseas liabilities, with liabilities as high as HK $ 4.186 billion, and had to sell some property to repay debts. At that year, Tianyu Real Estate changed from Ying to loss, and his mother had a net loss of 1.538 billion yuan. Lu Jing Holdings was sold by Yu Bin for a time. Although he failed to become a trip, he became a "abandoned son" Green Jing Holdings, and it did fall into the quagmire that was stunned.

Green Scenic Holdings in the crisis once tried to withdraw from the real estate industry and find opportunities to help themselves in other fields. But these transformations finally ended.

Multiple transformations and halberds have tried to lay out online education

Beginning in 2010, Lvjing Holdings plans to withdraw from the real estate industry. In the same year, the company launched the reorganization, while selling its real estate development business to major shareholders, while acquiring HNA Real Estate's hotel management assets in a directed manner. If the asset reorganization is completed, Lujing Holdings will be transformed into the operation and management business of high -end hotels and office buildings. However, affected by the macro -control policy of real estate, the China Securities Regulatory Commission has not received the company's reorganization materials, and in the end it can only be left.

In June 2011, Lvjing Holdings suddenly announced the investment in the mining industry. In the scope of business, it added two business contents of "project investment and mineral resource investment", and invested 10 million yuan to establish a subsidiary Guangdong Lvjing Mining Resources Investment Co., Ltd. Essence However, the transformation was still ended. In December 2015, the company was canceled.

In 2014, Lvjing Holdings intends to raise funds to invest in Cambodia's annual output of 4 million tons of biomass energy ingredients, cassava planting and processing industrialization projects. In March of the following year, the company launched the reorganization again, and it was planned to increase the increase of 10.54 billion yuan in construction hospitals and medical service projects in Beijing, Nanjing and other places. After that, the fixed increase plan was revised three times, but eventually died.

It seems to be in Green Scene Holdings, which is trapped in the transformation curse, but the main business is still the real estate business. The 2018 annual report showed that the real estate business contributed nearly 90 % to the company's revenue and achieved 15.5317 million yuan in revenue. However, the real estate business is worrying about the company's blood transfusion. The annual report shows that there is no land reserve in Lvjing Holdings and no real estate projects that are developing to be developed. The residential houses in real estate inventory have been basically sold, and only parking spaces and a small number of shops are left.

As of the end of the first quarter of 2019, the company's cash and cash equivalents were only 811.168 million yuan. Nevertheless, in February 2019, the investor relationship department of Lujing Holdings still told the media: "Still looking for project transformation, not limited to medical care, it will definitely not do real estate anyway."

In medical treatment, Lvjing Holdings subsequently set her sights on the educational education. In March 2020, Lujing Holdings issued an announcement saying that it was planned to acquire Jiayi Education of 1.2 billion yuan to enter the K12 extracurricular training market. Jiayi Education is a local leading education enterprise in Jiangsu. In 2019, revenue achieved 340 million yuan, and its net profit attributable to the mother was 56.295 million yuan, an increase of 80%and 58%year -on -year. The growth rate of revenue and net profit was bright. It is a "cash cow" that increases income and profit. In contrast, in 2019, Lvjing Holdings' revenue was only 16.319 million yuan, and a non -net loss was 15.192 million yuan. As of the end of the period, Green Jing Holdings's cash and cash equivalents were only 76.89 million yuan, which was far less enough to pay the acquisition consideration.

The acquisition of this "snake swallow" quickly caused questioning from the Shenzhen Stock Exchange. It mentioned four issues in the inquiry letter. The most noteworthy is "Please explain the completion of the transaction, within three years after the completion of the transaction, you Whether the company's controlling shareholder and actual controller have a plan for transfer control, your company's controlling shareholder and actual controller have related arrangements to maintain control. "

It can be seen that the transformation of Lvjing Holdings is not optimistic about the transformation of Green Jing Holdings, and even doubt whether it is the operation of the actual controller. In September of that year, the acquisition was not approved at the interim shareholders' meeting, and the huge acquisition was finally folded.

From hotels to biomass energy and medical care, to education, Lvjing Holdings wants to rely on mergers and acquisitions to transform the track and escape from operating the quagmire. And hidden dangers. But even in Duoyu's fate, Lvjing Holdings did not intend to stop.

IDC, last fight

According to the 2021 annual report, although the company's industry classification is still the real estate industry, there is no land reserves and no real estate projects to be developed. The main task of real estate business is to clean up inventory. In 2022, the company intends to set the property management business, intending to comprehensively transform the IDC (Internet data center) business.

In April last year, Lvjing Holdings price 76.5 million yuan acquired 51%of Sanhe Yali and entered the IDC business. Subsequently, it continued to acquire 100%equity of Shenzhen Hongyi and carried out Internet data center mechanical and electrical installation business. According to the 2021 report, the company has comprehensively transformed the Internet data center field. It will rely on two subsidiaries to carry out the operation and construction of Internet data centers, and will continue to acquire high -quality assets in the IDC field. The business is out. IDC seems to have become the last fight of Green Jing Holdings.

Judging from the financial report data, the IDC business contributed a huge performance to 2021. During the period, the IDC business achieved revenue of 152 million yuan, accounting for 87.96%of the total revenue. However, it is worth noting that the gross profit margin of the IDC business is only 6.55%, which is far lower than the average gross profit margin of the real estate industry. The reason why the accounting firm issued the "unable to express their opinions" on the 2021 annual report was also because it was impossible to determine whether the income of mechanical and electrical installation engineering business had the essence of business.

Moreover, after all, Green Jing Holdings has a short period of time in this field, and the contribution of IDC to future performance needs to be observed. Such a betting bet on IDC business will inevitably look a bit too risky. At the same time, the company's operating activities in 2021 generated 8.4025 million yuan in cash, and only 34.611 million yuan in cash and cash equivalents were left at the end of the period, leaving not much capital for its wayward "buying and buying".

In the context of the most stringent delisting regulations in 2020, this old real estate company failed to escape the "big waves and sand" after all. On the first trading day of the delisting period,*ST Green Scenes fell 86.32%to 0.52 yuan/share on June 6, and the company's total market value was less than 100 million yuan.

The 34 -year -old Green Jing Holdings is no longer young. After many parties testing the water and frequently replacing the track, the company has been struggling. After delisting, the difficulty of turning the salted fish over the market is destined to get more and more.

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