A Sample Of The Xiang Xiang'S Transformation: Zhang Yimou Is Not A Lifeline.

In November 23rd, A Xiang, a listed company on the basis of the A shares, announced that the controlling shareholder Sanxiang holding postponed the pledge of its 124 million shares, extending the period from May 20, 2020 to May 20, 2020.

Prior to November 12th, Huang Hui, a real controller of the company, pledged 166 million shares of listed companies, accounting for 93.89% of the shares held by them, accounting for 12.11% of the total share capital of the company, and used for "self production and operation". This is also the first time that Huang Hui has been holding the stock of a listed company held directly by his individual.

So far, Sanxiang holding and concerted action Huang Hui has pledged 460 million shares, accounting for 21.8% of the total share capital of the company.

Behind the continuous pledge of stocks is the ineffective progress of the impression culture and performing arts business. In the first half of this year, Sanxiang's cultural and entertainment business revenue was 28 million 870 thousand yuan, accounting for only 2% of the company's overall revenue. The company, which started the transformation of real estate and culture in 2015, is obviously less than the expected pace of cultural development.

In recent years, a large number of real estate enterprises have been transforming into the tourism business. Among the top 100 housing enterprises, about 6 of them are involved in the tourism industry.

Although it looks very beautiful, but in the various fields of housing companies involved, Wen brigade real estate is not real estate "real straw".

Because of the different business types, operation logic and business mode, in the process of business transformation, the labor pains period is a stage that every housing firm can hardly avoid. Some enterprises even fail to pass the "gateway".

At present, nearly 60% of the top 100 housing enterprises are involved in the cultural tourism industry, of which about 10 enterprises have set up Wen Lu group. - Song Wenhui photo

The failure of celebrity's "blessing"

Sanxiang's predecessor was Sanxiang shares, which was listed on the Shenzhen Stock Exchange in 2012. For a long time, the company's main business is real estate, but its scale is not large. In 2014, the contract sales volume of Sanxiang shares was only 1 billion 592 million yuan, when the company's revenue scale was 1 billion 270 million yuan.

In 2015, Sanxiang shares announced the transformation to the direction of "real estate + culture". To this end, the company bought a 100% stake in the impression of 1 billion 900 million yuan, with a premium of 18.64 times. The company's stock is referred to as "Xiang Xiang impression".

Impressions are the original impression of Zhang Yimou, Wang Chaoge and Fan Yuesan, the Beijing impression culture and Art Center. The products are mainly "scenery series" song and dance drama with the scenery and real performance as the selling point. At that time, the report was full of praise: "the impression is led by IDG and other star ventures. It is one of the most famous and successful travel performance creation and copyright operation agencies in China. Its business scope mainly covers two types of landscape performance and situational experience drama in tourism culture performance. The profit mode is "performance creation" + "intellectual property permission" mode. The main income comes from the creation of performance projects, maintenance revenue, and the performance of ticketing revenue. In 2014, the impression of unaudited revenue was 140 million and net profit was 75 million.

In accordance with the terms of the acquisition, Zhang Yimou has no less than three years' service in the impression service since the completion of the acquisition and reorganization. He has also served as the director of impression culture and art of Sanxiang. Zhang Yimou's appointment agreement expired in May 2019 and has not been renewed since then.

In 1 billion 900 million of the funds, Sanxiang real controller Huang Hui invested 1 billion 31 million, IDG, a well-known investment institution, made 200 million yuan, and Yunfeng fund produced 50 million yuan. Behind the Yunfeng fund is Ma Yun, Shi Yuzhu and Liu Yonghao.

At that time, the series of impressions and songs were flourishing. When the impression was acquired, the original shareholders had made performance commitments. The net profit from the 2015, 2016, 2017 and 2018 years after deducting non recurring gains and losses was no less than 100 million yuan, 130 million yuan, 160 million yuan and 163 million yuan respectively.

The capital market is more favorable to the completion of the acquisition of Sanxiang shares. Some brokerages think, "Sanxiang shares cross-border cultural performing arts, can achieve good synergy with the real estate industry, help to enhance the future growth and growth ability and valuation level, and Sanxiang shares are also ignored by the market." the Beijing, Tianjin and Hebei integration benefited from the sale. From 2015, sales are expected to enter the rapid growth track, for the first time covering the "highly recommended" rating.

But all the way down, the so-called synergy seems to have not been achieved. According to the company bulletin, the net profit for the past four years was 102 million yuan, 125 million yuan, 134 million yuan and 27 million 610 thousand yuan respectively. Except for 2015, performance commitments were not achieved in the following three years.

In view of the decline in cultural and entertainment business, the Shenzhen stock exchange sent a letter in May this year. In response, the renamed Sanxiang impression replied that "since the state has strengthened the relevant management policies of local government debt, after 2018, the government's willingness to invest has been reduced. Because most of the investment entities of the main tourism projects are local government background investment platforms, the impact of macro environmental changes on the development of impression business is large, leading to the impression that the number of contracts signed in 2018 and the number of related projects declined."

That is to say, with the tightening of local debt platform management, the enthusiasm of local government investment deduction is also declining, and further affects the performance of impression. During this period, Zhang Yimou served as the director of impression culture and art director of Sanxiang, but failed to save the company's performance decline.

According to the reporters, the impressions produced by director Zhang Yimou include "impression Liu Sanjie" (the Guangxi Zhuang Autonomous Region Yangshuo), "impression Lijiang" (Yunnan province), "impression West Lake" (Zhejiang Hangzhou city), "impression of Hainan Island", "impression Da Hong Pao" (Fujian province Wuyishan), "impression and Prejudice" (the province of the enemy Islands), "impression of" ("Shi", "Xian"), "impression", "impression of the west coast", and "impression of Tai Chi". The early "impression" series, whether economic or social sensational effects, were good. "Impression Liu Sanjie" official propaganda information said that in March 20, 2004, it was first officially staged in Guilin, Guangxi. By 2008, impression Liu Sanjie has produced 2000 performances, with an audience of up to 3 million people, with a box office revenue of up to 600 million yuan. However, it seems that the more to the back is fading. Like the impression of Dianchi, the signing and launching of the news on December 2017 has already been released, and the impression Tai Chi also released the signing of the contract in December 2018. But according to the semi annual report released by Xiang Xiang in July 29, 2019, "impression Dianchi" and "impression Tai Chi", "return to Zunyi, long march road", "the most memory of Shaoshan Chong" and other works are still being produced.

During this period, the national real estate market has experienced the most intense warming in history. But because of its focus on cultural performing arts, the real estate business of San Xiang's impression has not been able to take the opportunity to become bigger and stronger.

In 2018, there were only 7 selling projects in San Xiang, which were distributed in Shanghai and Hangzhou, and the total sales amount was 2 billion 789 million yuan. In the first half of 2019, the sale of Xiang Xiang was reduced to 5, and the sales amount was 2 billion 100 million yuan. And in the first half of this year, there were no new land reserves.

Financial commentator Yan Yuejin told the economic report in twenty-first Century that with such sales scale, the real estate business of Sanxiang was almost impossible. If the culture and entertainment business can not be further expanded, the transformation of the company can be said to be a failure.

More difficult transition

The transformation path of Xiang Xiang's impression has certain case character. But in recent years, there are quite a few real estate enterprises that are transforming into culture and tourism. Among them, besides the opportunity period of the tourism industry, the real estate is easy to be the carrier of the cultural tourism project, and also makes the transformation feasible theoretically.

According to statistics, nearly 100 percent of the top 100 housing enterprises are involved in the cultural tourism industry. About 10 of them have set up the Wen brigade group. Wanda, Hengda, Rong Chong, green city, Biguiyuan, including many leading housing enterprises, have already arranged the property of Wen Lun, and Vanke has set up the ice and snow business department.

But similar to the Xiang Xiang's impression, Real Estate Company generally encountered different difficulties in the process of transformation.

In the leading housing enterprises, Wanda's tourism business was once the biggest. From 2013 to 2017, Wanda had frequently taken the following brigade projects and arranged many hot cities such as Guangzhou, Chongqing, Chengdu, Qingdao and Harbin, as well as Guilin, Xishuangbanna and other tourist cities. In 2016, complacent Wang Jianlin even challenged Disney to make Disney not profitable in China for 20 years.

In 2017, Wanda's liquidity crisis broke out. As a response, Wanda sold its 91% stake in its 13 cultural tourism projects to Rong Chuang, making a price of 43 billion 844 million yuan. Over the same period, Wanda tourism projects such as Changbai Mountain international tourism resort were also sold.

Until 2019, Wanda gradually recovered from the crisis. But the location and quality of the project are not as good as before.

Another Hong Kong stock company, a former transformation brigade, finally failed to get out of the defeat.

Zhong Hong shares started with commercial and residential projects in Beijing, and started the nationwide layout after landing on A shares in 2010. The projects in Jilin, Zhejiang, Hainan and Yunnan are all real estate projects. The cash flow of the real estate business is the main mode of China Hong share.

In March 2017, Beijing promulgated the "317 New Deal" and "326 New Deal" to regulate the property market. The market has been greatly affected, and the commercial and residential market is falling into freezing point. The project in Beijing not only failed to get cash sales, but also got out of check.

Due to the lack of support for cash flow, since the second half of 2017, some of the projects in Hong Hong have been in arrears and arrears. Among them, the novelty world tourism project in Anji, Zhejiang, is particularly serious, involving multiple management plans. At the same time, in 2017, Zhong Hong obtained the "half hill peninsula" of Hainan's cultural tourism project. It soon fell into the vortex of property rights, which not only made Hong Hong fall into judicial disputes, but also failed to contribute to its performance.

Since then, the real estate market has recovered, but due to the large amount of investment and long cycle of return, the capital chain of Hong Hong is still tense. Prior to the completion of the sale of the commercial housing project in Hainan, the former staff of the Hong Kong stock company told the economic report twenty-first Century that the headquarters would quickly draw the money away for the development of the cultural tourism project. This has led to some commercial housing projects arrears.

The announcement shows that from 2014 to 2017, the cash flow of Hong Hong shares has always been negative.

In 2018, Zhong Hong tried to restructure itself and transfer shares through three attempts, but failed. This also affects the company's share price performance. From September 13th to October 18th of the same year, the closing price of Hong Hong stock in twenty consecutive trading days was lower than the face value of the stock.