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Original title: “demon stock” Chengmai Technology: from blockchain to metaverse concept, shareholders reduced their holdings and stock prices plummeted
Cailian community block chain daily (Hangzhou, reporter Xu cihao) news, as a demon stock with a ten fold increase in half a year, Chengmai technology has had a hard time recently.
Since 2020, Chengmai technology’s share price has fallen all the way from the high point. Compared with the highest price of 180 yuan per share, the company’s share price has been discounted to the “knee price”, and the closing price on March 4 was 55.5 yuan.
Along with the decline of share price, the company’s sharp shrinking performance and the cracks that the board of directors can’t cover up.
The performance declined and was continuously reduced by major shareholders
In January 2017, Chengmai technology landed on the gem. The company’s main business is software technology services and solution R & D and sales.
According to the introduction, in addition to software customization services, the company’s main products also include the labor export business of software technicians. The company’s business covers the complete industrial chain of mobile intelligent terminals and provides software development and technical services worldwide.
Compared with the net profit before listing, the performance of Chengmai technology has changed significantly after listing. Although the operating revenue has increased year by year, the net profit fluctuates, and the deduction of non net profit will only stop falling and rise in 2020.
From 2017 to 2020, the company achieved operating revenue of 486 million yuan, 534 million yuan, 660 million yuan and 938 million yuan respectively; The net profit was 39.3758 million yuan, 15.9179 million yuan, 169 million yuan and 58.8584 million yuan respectively; The net profit of fee deduction was 1994.91 million yuan, 5.2629 million yuan, 4.5917 million yuan and 40.0143 million yuan respectively.
According to the performance forecast of 2021 disclosed by the company recently, the company expects a large decline in net profit, and the deduction of non net profit is a loss.
Chengmai technology, with unsatisfactory performance, has become a demon stock with a 10 fold increase in half a year.
Chengmai technology, after the share price carnival, was reduced by the “clearance” of many major shareholders of the company. Looking through the changes of shareholders’ shareholding after the listing of the company, we can find that the top ten shareholders are constantly reducing their holdings, and none of them has increased their holdings so far.
Among them, scentshill capital I, the second largest shareholder of the company, and scentshill capital II, the person acting in concert, reduced 1778100 shares of the company from December 2, 2021 to March 2, 2022.
Nanjing Taize, the third largest shareholder of the company, reduced its shares through block trading and centralized bidding trading from November 3, 2021 to November 26, 2021; At the same time, the company’s equity incentive employee exercise led to the passive dilution of the shareholding ratio of Nanjing Taize. After the change of equity, Nanjing Taize is no longer the shareholder holding more than 5% of the company.
Nanjing GUANCHEN, the fourth largest shareholder of the company, plans to reduce its shares through centralized bidding trading or block trading. According to the data, Nanjing GUANCHEN and Nanjing Taize are the former shareholders of Chengmai technology, and Nanjing Taize is the employee stock ownership platform of listed companies.
In addition, Shanghai Guohe, the former fifth largest shareholder of the company, has reduced its holdings for many times in recent years and has cleared the company’s shares; Ningbo Ruifeng, the former sixth largest shareholder, also reduced its holdings.
With the reduction of major shareholders, Chengmai technology’s share price fell from a record high of 180 yuan to 42 yuan. Now it is only 55.5 yuan, less than 1 / 3 of the highest price.
Previously, Chengmai technology disclosed the performance forecast of 2021. The content shows that the company expects the net profit attributable to the shareholders of the listed company to be 24.5 million yuan to 36.75 million yuan in 2021, a year-on-year decrease of 37.56% – 58.37%; It is estimated that the net profit after deducting non recurring profits and losses will be a loss of 7.3734 million yuan to 19.6234 million yuan, a year-on-year decrease of 118.43% – 149.04%.
The board of directors of the company is not peaceful and has also been concerned by the Shenzhen Stock Exchange. Two independent directors of Chengmai technology abstained from voting on the proposal to transfer part of the equity of the participating company.
According to the attention letter, the Shenzhen Stock Exchange asked it to explain the proposed transfer of 0.23% equity of Tongxin Software Technology Co., Ltd. (Tongxin software) at a price of 34.5 million yuan to Suzhou Junlian xiangdao equity investment partnership (limited partnership) (Suzhou Junlian).
Hype concept? From blockchain to Hongmeng to metaverse
Since the listing of the company, Chengmai technology has been around various hot concepts.
Since the earliest blockchain concept, Chengmai technology has been rising all the way through the tuyere. At the same time, with the blessing of Huawei Hongmeng concept, Chengmai technology continued to rise the limit in October 2019, and the rise of share price has become a hot spot in the market.
However, the market has been questioning whether Chengmai technology is a real concept stock.
Interestingly, Chengmai technology has been vague about the concept, saying that “the company currently has no blockchain business”, “does not directly participate in the construction of Hongmeng system”, “there is no substantive in-depth cooperation with Huawei”, “it is unable to confirm whether it is the largest operating system R & D team in China”, etc.
In fact, the main Hongmeng concept support of Chengmai technology is Tongxin software, which the company plans to transfer part of its equity recently.
When Tongxin software was established in November 2019, Chengmai technology held 45% of the shares. At that time, Chengmai technology valued its 100% equity of Wuhan Chengmai Technology Co., Ltd. at 204 million yuan, and other shareholders injected its 100% equity of Wuhan shenzhidu Technology Co., Ltd. (shenzhidu) into unified information software at 255 million yuan.
Public information shows that shenzhidu is mainly engaged in the research and development of domestic operating system software and is one of the service providers of Huawei Kunpeng platform’s first operating system software products. Therefore, Chengmai technology pasted the concept of Hongmeng and gained a tenfold increase in about half a year.
However, what is the performance of Tongxin software, which has made great contributions to the sharp rise of Chengmai technology’s share price?
Relevant financial data show that in 2019 and 2020, the operating revenue of Tongxin software was 0 yuan and 428 million yuan respectively, and the net profit was – 360000 yuan and 20.36 million yuan respectively. After entering 2021, the performance of Tongxin software has also changed greatly. The announcement shows that it achieved an operating revenue of 393 million yuan and a net profit of – 178 million yuan in the first three quarters of 2021.
It is worth noting that some operations of Chengmai technology at the capital level are indeed suspected of “cutting leeks”.
After a wave of rebound in the company’s share price in 2021, Chengmai technology disclosed the plan for non-public offering of a shares. It plans to raise no more than 1.807 billion yuan, of which about 991 million yuan is used for application software development kit and migration service projects based on domestic operating systems.
By August last year, after Chengmai technology obtained the approval of the China Securities Regulatory Commission for registration, the fixed increase still failed.
Gotech announced that, given the impact of changes in the capital market environment and the sudden impact of Nanjing COVID-19, combined with the actual situation of the company and other comprehensive factors, investors’ subscription intention was not as expected. The number of shares issued by Chengmai technology is 70% less than the number of shares issued. At that time, some investors commented that Chengmai technology was “too ugly to eat”.
However, Chengmai technology can still appear in hot concepts. After the rise of metaverse last year, the expression of “owning metaverse scene design and manufacturing tools” can be seen in the relevant information of Chengmai technology. However, at the level of listed companies, Chengmai technology said that the company did not involve “metaverse” business.
I don’t know where Chengmai technology, which has no performance support and becomes a “demon” by concept, will go after the continuous reduction of major shareholders and the decline of concept heat.
The reporter of blockchain daily tried to get a response from Chengmai technology, but failed as of press time.