"Fragrant Steamed Bun" Or "Hot Potato"? A Secret Investigation Of An Old Factory And Two A Share Companies

Star Precision Technology (Dongguan) Co., Ltd. Yang Ping she

An asset in the hands of two listed companies is supposed to be a favorite "steamed bun", but today it has become the best way to see the operation of two listed companies.

In November 2018, the consumer electronics industry is experiencing the most cold cold wave. After losing Samsung's orders, Jinsheng intelligent led the smart electronic business of "Shrine" to become the heaviest burden.

Subsequently, Jinsheng intelligent began to reform drastically, and sold the precision structural parts business to the listed company system. The Dongguan Jinsheng Communication Technology Co., Ltd. (hereinafter referred to as "Jinsheng communication") was packaged and sold to Xingxing technology and Changzhou Cheng GA Precision Manufacturing Co., Ltd. (hereinafter referred to as "Cheng GA precision"), but the story has not ended.

Adjustment of personnel structure

After being purchased by Star Technology three months ago, veteran precision structural supplier Star Precision Technology (Dongguan) Co., Ltd. (hereinafter referred to as "Star Precision Dongguan") issued a notice of three months' leave.

The "letter of leave" issued by the economic news reporter in twenty-first Century showed that "due to the seasonal fluctuations of the mobile phone market demand, the company's orders are temporarily unsaturated, and the company has corresponding capacity adjustment. According to the company's current order status, the company is now on holiday with all departments and posts."

The vacation time is three months. During the first month, the employees pay their wages according to the normal working hours. From the second month, the living expenses are paid by 80% of the minimum wage in Dongguan in 2019, and the cost of living is extended to the end of the long vacation.

It seems that a samsara is restarted.

In November 29th, the economic report in twenty-first Century returned to the original smart smart structure production plant. However, the label of "Jinsheng intelligence" at the door was replaced by the "Blue Star" precision Dongguan Technology (Dongguan) Co., Ltd.

The opposite of the star precision Dongguan factory is a subsidiary of Dongguan Huaqing Optical Technology Co., Ltd., known as Huaqing Optical Technology Co., Ltd., which was sold earlier than two years ago.

In August 2017, Jinsheng intelligence, which was transformed to high-end manufacturing equipment, transferred to Dongguan Yuen Sheng Optical Technology Co., Ltd. (referred to as "Yuan Sheng optics") to optimize the industrial structure and make the loss of serious losses and the need to invest a lot in Huaqing optical 51%.

In September 2019, Jinsheng intelligent, which continued to lose money, continued to divestiture the precision structure business, and sold it to star technology and Cheng GA precision.

Star Technology spent 45 million 900 thousand yuan to win the communications 51% stake, and Cheng GA precision 27 million yuan in favor of communications 30% equity, after the completion of the transaction, Jinsheng communications became a subsidiary of star technology, and renamed the star precision Dongguan.

But employees who are shuttling inside and outside the factory do not seem to have fully adapted to the change. Employees who wear "Jinsheng" work clothes everywhere can be seen everywhere. In the face of reporters' questioning of identity, the employees dressed in gray working clothes at the door still live with "strong wins employees".

Apart from inertia, the background of the receiving party may also be an important reason for this cognitive difference.

Huaqing precision management, the 30% stake in Dongguan precision TV, is closely related to Jinsheng intelligence, and Cheng GA precision is the platform for Jinsheng intelligent to spin off precision structural parts business.

In August 2018, Jinsheng intelligent has issued a notice to invest in the fixed assets of the metal precision structural parts business, and cooperate with EuroDe electronics and Dongshan precision plant to build the consumer electronics precision structural parts project in Jintan Economic Development Zone, Changzhou City, Jiangsu province. The main body of this cooperation project is Cheng GA precision.

Subsequently, Jinsheng intelligent also announced that in January 1st this year, in order to reduce the scale of operation of precision structural parts and fully integrate related businesses, Jinsheng intelligent only served as a platform for the development of precision structural parts business, and sent the order of precision structural products to Changzhou Cheng GA and its subsidiary company for production.

Data from Kai Xin Bao show that Zhao Zimiao, the current legal representative of Cheng GA precision, has also served as the legal representative of Huaqing optics until July 2019.

But for the star precision Dongguan's "employee holiday" storm, Jinsheng's performance is not "hot".

In November 27th, in twenty-first Century, the economic report reporter telephoned the Jinsheng intelligent Securities Department on the above events as an investor. The wiring staff responded, "it is not clear that you should ask star precision Dongguan and star technology. We have sold shares of" Star Precision Dongguan holding power ". Now we only take 19% of the shares, not much. "

Is Star Technology keen to buy "burdens"?

At the other end of the storm, buying huge sums of money to win the Star Technology of communications has become the key to understanding the demands of employees.

And outside the huge factories, unlike the hot line workers recruitment phenomenon a year ago, this year's star recruitment camp in Dongguan has disappeared.

In fact, from the financial statements, Star Precision Dongguan is not a high-quality asset.

In 2018, Star Precision Dongguan achieved an operating income of 0 yuan, with a net profit of -9.31 million yuan. After Jinsheng intelligent injection of plastic precision structural parts business related assets, Star Precision Dongguan's total assets increased from 50 million to 90 million. In 2019, 1-8 stars precision Dongguan achieved operating income 297 million yuan, net profit 93 thousand and 100 yuan.

"We look at it (Star Precision Dongguan) is actually because they are suppliers of HUAWEI, this acquisition price corresponding to the company assets is ninety million, that is, the total assets of their prices, the company's previous losses are merged into the smart, because before they are in their own business." In November 28th, people from Star Technology and Securities Department responded to the twenty-first Century economic report.

It further points out: "you can regard our acquisition as a newly established factory. They have equipment and personnel, so that we are newly established."

It is worth mentioning that in recent years, the endemic growth of the weak star of precision Dongguan, in the A share market has repeatedly acted as the role of plate player.

Since 2013, the pace of mergers and acquisitions of star technology has progressing step by step, successively, including Toptouch, Shenzhen Lian Mao, Jin San Jia precision, Zhuhai Guang Bao mobile, Guangzhou Guang Bao mobile and Shenzhen Guang Bao mobile subsidiary.

But from the earnings report, most of these enterprises have plunged into a downward spiral of performance or even loss.

But these changes did not stop Star Technology from buying and buying. The star technology executives pointed out in a recent investor survey that "the company's 3D cover glass and high-precision plastic structural parts are important trends in the future application of 5G products. The company has the complete production capacity of plastic, metal and glass. By integrating the high-quality resources of glass cover and structural parts, we provide structural products and glass back cover as a whole to serve customers.

Shortly after the acquisition of Star Precision Dongguan, the integration of star technology has also been quite rapid. The vacation of employees is a "sequela" left by Star Technology's integrated resources.

"When we entered the company at the end of September, we made a personnel adjustment to the management. Through the acquisition, the assets of the equipment plus personnel of Jin Sheng 90 million were injected into the company. We did not pay a premium, which was equivalent to the acquisition at a fair price. However, their staff were relatively large, and they needed to be adjusted for integration, so the management took a vacation adjustment." Star Technology Securities Division said.

Trapped cash flow dilemma

According to the documents obtained by the twenty-first Century economic news reporter, the reason for the vacation given by Star Precision Dongguan is that "the company is affected by factors such as the ups and downs in market sales and industrial season demand, resulting in insufficient customer orders and overproduction of production resources in the short term".

But some employees pointed out that since this year, HUAWEI has been supporting domestic suppliers. According to common sense, the order of the company should be warmer. The factory of Star Precision Dongguan has not stopped running. The biggest problem of the company should be the capital chain.

"Because many suppliers came to collect debts this year, the amount owed by the company to suppliers is still not up to date. Negotiations are still under way, and the payment on the supplier side is not yet available, which may affect HUAWEI's orders." A field employee pointed out to the twenty-first Century economic report reporter.

According to the "letter of payment instructions" provided by Star Precision employees, in August of this year, on the eve of the control of Star Precision Dongguan, Xia Jun, chairman of Jinsheng intelligent company, Liu Jianxun, the legal representative of star technology, and Zhao Zimiao, the former legal representative of Cheng GA, signed a commitment to solve the problem of failing to pay timely payment of goods.

Among them, for the supply of HUAWEI products suppliers to the upper corner factories, the payment that should be paid by Jinsheng intelligent, Jinsheng communication (Star Precision Dongguan) and so on (as at August 30, 2019), will be provided by Jin Sheng intelligent by 2000-3000 yuan in monthly installments, until the payment is completed.

In addition, the letter also mentioned that the new investment of Star Technology and Cheng GA will be used exclusively for the precision operation of stars. The capacity will be increased from 1 million 800 thousand sets per month to 550-600 sets per month.

However, regarding the authenticity of the letter, Star Technology and Jinsheng intelligent side did not confirm to the twenty-first Century economic report reporter. However, both sides made it clear that star precision Dongguan was taken into account by star technology before its liabilities.

Star Technology Securities Division pointed out: "we signed the agreement in fact, the announcement is also disclosed, the main clause is that our assignee is mainly 90 million of the net assets, there is no debt and debt, before the acquisition of their debts are responsible for them."

For the subsequent precise injection of stars, the securities department did not give a positive answer, but it said: "follow up will be an integration, the subsequent use of its capacity to increase."

It is worth mentioning that in the three quarter of this year, with the recovery of the consumer electronics industry, the performance of star technology has improved, but the overall business situation is not optimistic.

Public information shows that in 2019 1-9, star technology achieved a revenue of 3 billion 640 million yuan, an increase of 4.9% over the same period last year, and net profit attributable to parent company shareholders was 22 million 339 thousand and 700 yuan, down 68.98% from the same period last year. Net profit after deduction is -1540.26 yuan, down 159.98% compared to the same period.

The commitment will bear the star smart Dongguan's pre debt debt, which is also facing the same pressure. In the first three quarters of 2019, Jin Sheng lost a net loss of 82 million 843 thousand and 700 yuan, a loss of 102 million yuan in the same period last year, and operating income of 4 billion 382 million yuan, an increase of 5.20% over the same period last year.

It is not known whether the debt of this part of Dongguan is fully repaid.

But Qixin Bao data show that in November 12th, Star Precision Dongguan and Jinsheng intelligent were charged to the court by the parties concerned because of the contract dispute. In November 15th, Jinsheng held the star precision Dongguan equity stake and was frozen by the second people's Court of Dongguan. The freezing period was three years, involving a total of 17 million 100 thousand yuan.