Since the Ruixing incident, the stock price of Shenzhou Car Rental has fallen by 58%.
On May 31, Shenzhou Car Rental (0699.HK) released its quarterly results announcement as of March 31, 2020. The financial report shows that in the first quarter, Shenzhou Car Rental recorded revenue of 1.325 billion yuan (RMB, the same below), a year-on-year decrease of 28.3%; the net loss to the mother was 188 million yuan, and the net profit at the same period last year was 390 million yuan .
Rental income and used car sales income are the main sources of income for car rental in China. In the first quarter, rental income was 947 million yuan, a year-on-year decrease of 35%. Among them, car rental income was 878 million yuan, a year-on-year decrease of 30.6%, and the same period last year was 1.266 billion yuan. The main reason was that the epidemic caused a decline in car rental demand; fleet leasing and other income was 69 million yuan, compared with 190 million yuan in the same period last year .
In the car rental business, the average daily car rental fleet increased by 9.6% year-on-year to 113325 vehicles; Due to the launch of rental Long-term discount rental program to stimulate demand, Average daily rent decreased by 22.1% year-on-year to RMB 176.
Revenue from used car sales was 378 million yuan, a year-on-year decrease of 3.9%. During the quarter, the company disposed of 6,469 used cars, compared with 4,462 in the same period last year. At the same time, the cost of used car sales reached 390 million yuan. The cost-to-income ratio was 103.1%, compared with 103.7% in the same period last year.
Due to the “close relationship” with Ruixing Coffee (LK.US, hereinafter referred to as “Ruixing”), since Ruixing ’s exposure to financial fraud, the share price of Shenzhou Car Rental has “fallen all the way”, with a cumulative decrease of 58% .
Since the above-mentioned incident fermented, China Auto Rental (838006.OC), the main shareholder of China Car Rental, has reduced its holdings several times.
On the other hand, Huaping Investment has reached an agreement to acquire 363 million shares of Shenzhou Car Rental held by UCAR. After the transaction is completed, Huaping Investment will hold 27.22% of shares in China Car Rental. However, according to the clarification announcement issued by Shenzhou Car Rental on April 22, the first batch of share purchases in the above transaction has been completed, but the second batch of share purchases is restricted Due to certain conditions, it has not been completed.
Closed on May 29, the Hong Kong Hang Seng Index fell 0.74%, and China Car Rental rose 1.69% to HK $ 1.80, with a total market value of HK $ 3.816 billion.
(The title picture is from the official Weibo of Shenzhou Car Rental)