Photo by Samuel Fyfe on Unsplash, the Shanghai-based enterprise “Yunfeng Fund” with real estate as its core business, listed in August 2012, 2015 In the year, he decided to acquire the impression of the company that produced the “Impression” series of live performances created by Zhang Yimou, but it turned into a performance in Waterloo three years later, resulting in a huge amount of goodwill impairment of 1.152 billion yuan. This article is from WeChat public account:East 40 Capital (ID: DsstCapital), Text: Hunte, formerly titled “Zhang Yimou” The “impression” created was also difficult to escape, and the first tuition fee of Yunfeng Fund paid 400 million yuan”
On November 12, 2019, Sanxiang Impression of the listed company of the Shenzhen Stock Exchange (formerly Sanxiang shares) announcement, in fact, the control person Huang Hui once 94% of the shares held by the property. This is the first time Huang Hui has pledged shares in four years. The performance of Sanxiang’s impression has been under pressure since 2019, and this news is particularly eye-catching. The third quarterly report of 2019 released at the end of October showed that revenue fell 66.24% year-on-year, and the net loss attributable to shareholders of listed companies expanded to 37.62 million yuan.
This Shanghai-based company, which is based on the real estate industry, was listed on the backdoor in August 2012. In 2015, it decided to acquire the impression of the “Impression” series of real-life performances created by Zhang Yimou, but it became one after three years. The performance of Waterloo, resulting in a huge amount of goodwill impairment of 1.152 billion yuan.
Before Guanying was acquired, Yunfeng Fund was the largest shareholder holding about half of the shares; today, Yunfeng Fund is the largest external shareholder of Sanxiang. In fact, Guanyin is the first investment project announced by Yunfeng Fund after its establishment nine years ago.
In the past nine years since its establishment, Yunfeng Fund has started from the “enterprise clubs” that were originally funded by Ma Yun and Yan Feng’s circle of friends. It has gradually become institutionalized and has become a frontline investment institution in China. Yunfeng Fund also gave the LPs a beautiful transcript: the fund management scale has grown by nearly 60 times, and the fund averagep>
As mentioned in the previous article, after the impression of the impression on the capital market in 2015, the Yunfeng Fund still has 5.2 billion yuan of book income that has not been honored. They are all stocks of Sanxiang impression. These stocks were lifted at the end of June 2019, but before the lifting of the ban, most of them did not belong to Yunfeng Fund.
IDG and Yunfeng Fund invested 200 million yuan and 50 million yuan in the supporting financing of Sanxiang Co., Ltd. in 2015. However, because the share price of Sanxiang shares has been sluggish after the explosion, the current market value of this investment has shrunk by 27%. So far, there has been no announcement of reduction.
The bigger loss is for gambling. According to the gambling clause signed at the time of Sanxiang’s acquisition of Guanyin, if the latter fails to complete the performance commitment, the original shareholders including Yunfeng Fund have the obligation to make compensation. Because of the collapse of the 2018 impression impression, the amount of this compensation is also astronomical. The compensation obligations of Yunfeng Fund include stocks and cash, with a total value of approximately 385 million yuan.
In the stock part, Yunfeng Fund currently indirectly holds about 72 million shares of Sanxiang, and 99.94% of them will be transferred to listed companies for cancellation. According to the current (based on the closing price on November 13) stock price, the stock market value of about 340 million yuan. In the cash portion, the Yunfeng Fund US dollar fund has received dividends and dividends of approximately RMB 45 million from Sanxiang impression in the past three years, and they will be returned to the listed company.
The first official investment case of Yunfeng Fund, after 9 years of running, was wiped out by the performance of a performance explosion at the last moment of its upcoming earnings.
This article is from WeChat public account:East 40 Capital (ID: DsstCapital), text: Hunte