The Causes And Prospects Of Saturday'S Transition Network Red

Li Ziqi triggered the butterfly effect.

No one would have thought that one of the beneficiaries was a women's shoe business.

From December 13, 2019 to January 6, 2020, during the 16 trading days of this period, the "first leg of domestic women's shoes" appeared on Saturday (002291.SZ), and there were 12 trading restrictions, with an increase of more than 220% in the range and an increase of over 8 billion 500 million yuan in market value.

It all came from a beautiful misunderstanding.

In mid December 2019, there was a market rumor that on Saturday indirectly held the head net red Li Ziqi's subsidiary "seven culture".

In December 22, 2019, Saturday's clarification came late after 6 consecutive trading days.

The company responded to investors on the inconspicuous investor question network platform. "Li Ziqi is not the company's signing net," and the company has not invested in indirectly related "sub culture" related companies.

Although clarified the relationship with Li Zi Qi, "the first share of domestic women's shoes" is not true.

In December 19, 2019, the company announced the transfer of a 100% stake in Foshan science and technology research and Development Co., Ltd. on Saturday, which was known as "take off shoes" by the outside world.

The transition from shoe companies to net red companies was a big shift on Saturday, which attracted inquiries from the Shenzhen Stock Exchange. At the same time, in less than a month, according to incomplete statistics, a total of about 27 institutions went to the company on Saturday.

In January 3rd, the times weekly reporter called the executive director of the office on Saturday, and the other side called it "inconvenient to interview".

Behind the sharp rise in stock prices, the company's top executives are holding back. The industry is not yet clear. The outside world still has many doubts about Saturday. Its transformation may have made a good start, but how far it can go is still to be tested.

"Take off shoes" transformation network red

Saturday's "take off your shoes" is not surprising.

Affected by the consumption environment, the performance of clothing and leather shoes industry has been under pressure. Many footwear listed companies have suffered serious losses in recent years, even facing bankruptcy and delisting.

According to Saturday's earnings report, from 2009 to 2018, its net profit rose only in 2009, 2014 and 2018, and the net profit in the remaining 7 years was all down. In 2017, net profit plunged 1789.31%, a huge loss of 352 million yuan.

The decline in performance is accompanied by closing shop tides.

According to the financial report, as of June 2019, the number of shops on Saturday was 1352, a year-on-year decrease of 9.32%, and 974 of self operated stores, a decrease of 15.89% compared to the same period last year.

In January 5th, the times weekly reporter visited several shopping malls in Guangzhou and found that the discount on women's shoes was relatively low on Saturday. For example, in a shopping mall in Tianhe District, other businesses have a discount of 61.5% off, and goods on Saturday are as low as 67% off.

In the middle rental shop of Guang Bai department store with higher rentals, no "ST&SAT" shop was found by the map logo. A shop assistant told the times weekly that it had been withdrawn several months ago on Saturday.

According to financial data, the average stock turnover days in 20152018 years were between 664.57 days and 820.42 days on Saturday. It dropped to 534.55 days in the three quarter of 2019, but still higher than the stock cycle of Daphne and other brands.

On Saturday, December 19, 2019, it announced the transfer of a 100% stake in Foshan science and technology research and Development Co., Ltd. Saturday. The main business of R & D company is leather shoes manufacturing. It is one of the main suppliers of leather shoes on Saturday. After the equity transfer, it means that the heavy assets will be divestied to the foundry mode on Saturday, and the production capacity will no longer be preserved.

On Saturday, the divestiture of leather shoes manufacturing business comes from its early layout transformation. In fact, star six, the main industry, has been planning to catch up with the "net red economy" express.

In 2017, it bought a 83% stake in fashion fast forward and a 80% stake in Beijing Xin Xin on Saturday.

In March 2019, the company passed the major asset reorganization to the famous MCN (content creation and production mode) company to look into the network and merge into the consolidated statements.

After the restructuring of the remote network, its business performance improved significantly on Saturday. According to the financial report, in the first three quarters of 2019, the company achieved operating income of 1 billion 369 million yuan, an increase of 20.22% over the same period last year, and realized a net profit of 105 million yuan, an increase of 432.56% over the same period last year.

Among them, the Internet advertising business revenue of 320 million yuan, an increase of 283.63% over the same period.

In the 36 month of 2019, the net revenue was 250 million yuan, the net profit was 45 million yuan, and the valuation reached 2 billion yuan.

In January 5th, Xu Xiongjun, founder of the nine German positioning consultancy company, told the times weekly reporter that on Saturday, under the condition of weakness in its main business operation, it is a promising direction to choose the divestiture business of the leather shoes business transformation network.

High shareholder reduction

As mentioned above, because of a misunderstanding with Li Ziqi, the stock price of Saturday suddenly pulled up at the end of 2019.

Sky eye data show that on Saturday, Zhang Zemin, a real controller, had invested in Shenzhen's Klc Holdings Ltd on the Saturday of Klc Holdings Ltd, and grew up an equity investment company (limited partnership). Guangzhou's investment in stone carving is one of the shareholders of "Zi Qi culture" controlling shareholder "Hangzhou micro".

That is to say, the investment in Guangzhou stone investment is different from that of Zhang Zemin on Saturday, and there is no direct connection between "Zi Qi culture" and Saturday.

Besides, Guangzhou's investment in stone carving is only one of the more than 10 institutional investors of the micro technology company, with a shareholding ratio of less than 1.5%.

Nevertheless, because of the "net red business", "live with goods" close, on Saturday still inspired the imagination and expectation of the market.

Since December 2019, the net red economic sector has been soaring all the way, gravity media, mango hypermedia, LaFang Jahwa, Shun network technology, perfect world, Antarctic electricity supplier and many other stocks have continued to stop trading. Zhejiang number culture and Hua CE film and television rose more than 7%.

In January 3rd, live and short video third party service platform today Peng Chao CEO told times weekly reporter that with the "net red concept stocks" go up, he received dozens of brokers' research or roadshow invitations in a week, explaining MCN to investors.

In January 4th, economist Song Qinghui told times weekly reporter that MCN institutions were highly sought after in the two tier market, because most investors knew little about this and gave birth to speculation enthusiasm.

It is worth noting that on Saturday, when the stock price was at a high level, many shareholders and executives of the company threw out the reduction plan.

On the evening of December 24, 2019, two announcements were issued on Saturday. According to the announcement, the real controller Zhang Zemin and Liang Huaiyu will reduce the top price by 5%. According to the stock price of 16.87 yuan / share, the cash amount will exceed 500 million yuan.

Meanwhile, Li Gang, deputy general manager and chief financial officer, plans to reduce 257 thousand and 800 shares on Saturday. The director, deputy general manager and Dong Jian He Jian Feng intends to reduce 45 thousand and 700 shares, and vice president Li Li is preparing to reduce 76 thousand and 200 shares.

The high shareholder's reduction has attracted the attention of regulators.

In December 27, 2019, the Shenzhen Stock Exchange issued a letter of concern, indicating whether there were any major issues that should be disclosed and not disclosed, such as planning, negotiation, intention, agreement, etc., of the company, the controlling shareholder and the actual controller and the concerted action.

At the same time, it is required to explain the situation of buying and selling shares of the company and the directors, supervisors, senior managers and their immediate family members since November 2019.

On December 30, 2019, a letter of inquiry was answered on Saturday that there should be no disclosure of undisclosed items.

Song Qinghui believes that the high level of reduction and the production of empty shoes means that the company and executives are not optimistic about the future of their main business, eager to cash in, investors should pay attention to risks.

However, the capital market is still not afraid of the reduction of large shareholders and executives. After the reply letter was released on Saturday, it continued to limit.

Net red economy is not yet clear.

The concept of net red is burning, but the MCN industry has not bodied.

According to IT oranges statistics, since 2018, the development of MCN industry has entered a relatively rational stage, and the number and amount of investment in the primary market have slowed down.

Data show that in 2016, domestic MCN institutions financing events nearly 200, with a total investment of nearly 400 million yuan. But by 2018, only 89 cases of MCN financing had happened, and the total investment was not more than 200 million yuan.

Known as "China net red electricity supplier first share", such as Han holding company is a typical MCN institution, but after its listing, two successive releases of the earnings report clearly appeared to be in deficit.

In June 2019, if the first earnings report of Han Han holdings showed that in March 31, 2019 April 1, 2018, the net loss attributable to the company was 74 million 500 thousand yuan.

In August 2019, if Han holdings released the unaudited financial report in the first quarter of fiscal year 2020, the net loss was 21 million 600 thousand yuan.

In the 46 month of 2019, the price range of Han Han holdings was over 80%. It indirectly reflects investors' concern about the sustainability of the net sales mode. How long can Internet red be red?

From the data, Zhang Dayi is the best net red in the content business era, but in the era of live broadcasting business, the top traffic network has turned red into Wei Ya and Li Jiaqi. This also reflects the relatively short period of the net red business bonus period.

"As far as I know, the most profitable institutions in the MCN industry have not yet been listed, and the net profit is more than ten million, and the potential is still great. And the cake is large, far from saturated. Peng Chao told times weekly reporter that he remained optimistic about the industry.

But Song Qinghui disagreed.

It believes that the "net red concept stocks" has been stir fried, to a large extent, is only a pure theme speculation, does not mean that the net red economy ushered in a real outbreak.

In January 3rd, another company benefiting from the net red economic concept, the gravitational media issued a risk warning announcement, said, "the company's MCN business is in the initial stage of development, and has yet to form a mature business model. The business is affected by factors such as future market size, marketing intensity, user acceptance and so on, and there is uncertainty.

Song Qinghui told the times weekly reporter that the listed companies enter the industry with low correlation. Management, talent, technology and knowledge will become a short board for the development of enterprises. This is also a key factor for the success of cross-border transformation of listed companies.

"If there is a thorough transformation of Internet marketing business on Saturday, there will be greater risks or risks. A thorough transformation of this development mode especially tests the management ability of management, and a little unexpected change is likely to fail. Song Qinghui stressed to the times weekly reporter.