The 44Th Issue Of The Supervision Of Shenzhen Securities And Technology Co., Ltd

With the mentality of speculation in CP, the listed companies grafted the Internet red economy, only focused on catching up with the hot spots in front of them, ignoring the long-term development of enterprises. As a result, they could only put the cart before the horse, and the feeling of holding hands was a flash in the pan.

With the vigorous development of the Internet and the upgrading and iteration of social media, online celebrity economy has become a high-frequency word at present.

The Internet red economy based on the flow has its own topics and hot spots. After holding hands with the capital market, it has always affected the nerves of the market and the media. From the previous Saturday's acquisition of yuanwang.com, there were 17 price limits on the stock price. To the recent yuanlongyatu's plan to purchase youhuaguo media, investors stopped following suit and finally cancelled the acquisition. The plot is somewhat unexpected, but reasonable. Let's take stock of the "wonderful stories" between the listed companies and the Internet red economy.

Many red patterns in hand net

In recent years, with the help of huge market transaction data and accurate cloud computing technology, as well as the systematic cooperation of production, packaging, logistics and other industries, online Red economy has been able to develop rapidly in the field of e-commerce. At present, a mature ecological industrial chain has been formed, which has spawned a series of online celebrity incubation brokerage companies, third-party service companies and various online Red cashing platforms, realizing the rapid accumulation of wealth, and even staged the myth of wealth creation.

Some listed companies also smell the business opportunities among them, and throw olive branches to the Internet Celebrities, rapidly covering all aspects of the industrial chain. There are two common ways of "hand in hand": one is to cooperate with well-known online celebrities as an upstream brand, and sell the company's products through webcast; the other is to produce content and incubate online celebrities through self-cultivation, investment or acquisition of MCN (Muti channel network).

For example, Mengjie shares and golden ham, as upstream brands, signed strategic cooperation agreements with Webstar anchor Weiya and Li Jiaqi, respectively, to expand the sales channels of online Red live broadcasting with goods, and the sales revenue was settled in the way of sharing or extracting Commission.

While the Antarctic e-commerce chose to set up the Hongren business department, focusing on incubating and cultivating beauty fashion bloggers; mango hypermedia, with high-quality platform resources and content as the network red empowerment, built a new "IP + KOL" marketing matrix. Similarly, Shuozhi technology has set up the whole live broadcasting with goods and marketing grass planting industry through its subsidiaries; Simei media has chosen to set up a MCN organization Bulu culture with Zhejiang satellite TV Xinlan network, and incubates network celebrities with the core of "shuoyin", "Kuaishou" and "Taotao live broadcast platform".

At the same time, there are also many companies choose to participate in the network red economy industry chain through capital acquisition, and quickly take MCN institutions into the pocket. In 2019, the listed company completed the acquisition of Hangzhou Yuanwang Network Technology Co., Ltd., which is engaged in Internet marketing and social e-commerce service business on Saturday. Earlier, yuanlongyatu also purchased 60% equity of Shanghai qianma network with 209 million yuan in cash.

Cross border cooperation: true or false

In addition to bringing practical benefits to listed companies, the cooperation with online Red economy can often ignite the company's share price.

After the listed company acquired Yuanwang network and added social e-commerce business through major asset restructuring on Saturday, the company's share price rose from 7.2 yuan on December 6, 2019 to 36.56 yuan on January 17, 2020, with 17 price limits.

But on the one hand, share prices are rising, and on the other, shareholders are busy reducing their holdings. Starting from December 25, 2019, the controlling shareholders and persons acting in concert, directors and senior managers will successively disclose the pre disclosure announcement of the reduction. Data show that during the 17 trading periods on Saturday, its controlling shareholders, persons acting in concert, directors and senior executives have reduced their holdings by more than 26 million shares.

For the stock price changes, the exchange issued two letters of concern, asking the company to explain whether there are other major undisclosed matters, whether there is stock speculation and cooperate with shareholders to reduce their holdings.

Coincidentally, due to the concept of "online popularity" brought by Viva live broadcast, the share price of Mengjie shares has risen from 4.29 yuan on May 7, 2020 to 10.12 yuan on May 21, with eight price limits. During the period from May 12 to May 18, Mengjie shareholders reduced 14.4991 million shares of the company through centralized bidding and block trading, which aroused market doubts and concerns from Shenzhen Stock Exchange. Yujiahui, a listed company, has a similar situation. The company's share price has risen sharply due to the concept of "online celebrity", and the former major shareholders have reduced their holdings of more than 4 million shares during the period of stock price rise.

What's more, in February 2020, without the approval of the board of directors, Sanwu Internet disclosed the reorganization announcement and planned to purchase the incubation and brokerage enterprises of "online celebrities". In August, the acquisition failed. Does the listed company have the real purchase intention after all? Is it using the concept of Internet red economy to carry on the swindle type reorganization? The market can't help but question.

According to the analysis of the reporter, the "fraud type reorganization record" has been found for many times by the three five Internet. In May 2013, the company planned to purchase 100% equity of Fujian CICC online network Co., Ltd., and announced the termination of restructuring five months later. In July 2015, the company planned to acquire 100% equity of Suzhou Fulin Network Technology Co., Ltd., and announced the termination of restructuring only one month later. In April 2017, the company planned to purchase 100% equity of Shanghai Chengxi Information Technology Co., Ltd., and finally announced the termination.

Such "farce" happens frequently, investors can not help but ask, what is the real purpose of the listed companies "holding hands" of the Internet red economy. Do you want to make profits by cutting into the Internet red economy, or do you want to raise the stock price, hype the concept and take the opportunity to reduce holdings?

Only when we keep a square inch can we always keep it

After sorting out a large number of cases, the reporter found that different listed companies participate in the online Red economy in terms of motivation, duration and degree of involvement, and the contribution of online Red economy to the company's performance is quite different.

The company acquired Yuanwang network on Saturday. During the performance gambling period, Yuanwang network realized 216 million yuan of net profit after deducting non-profit in 2019, with a completion rate of 103%, accounting for 144% of the net profit of Listed Companies in 2019. Mengjie shares through the well-known network red Weiya live sales brought 12.81 million yuan of revenue, accounting for only about 0.5% of the operating revenue in 2019. On January 5, 2020, the golden ham went to Li Jiaqi's live studio to promote its spicy sausage, with a sales volume of about 3 million yuan, which is very limited to the improvement of the company's performance. However, on January 6, the company's shares were subject to trading limits, and the market value increased by 548 million yuan.

However, the market is becoming more and more calm, and investors' attitude towards listed companies' participation in online Red economy is becoming more rational.

On December 8, 2020, yuanlongyatu announced that it planned to purchase 60% of the equity of Huaguo media with 270 million yuan in cash, in order to collect well-known online celebrities such as "Ximen sister-in-law" and "fashionbaby". But then, the media questioned whether the 52 times premium purchase of Yuanlong Yatu was reasonable, whether the borrowing purchase would empty the company's book capital, and whether flowers and fruits could support such a high valuation. Investors are no longer blindly chasing hot spots, follow the trend of speculation, Yuanlong Yatu share price continued to fall, suffered market cold reception. On the evening of December 29, 2020, yuanlongyatu announced the cancellation of the acquisition.

Looking back on the stock price performance of the listed companies taking the concept of online popularity, the reporter found that most of the company's fundamentals did not change significantly, and it was difficult to sustain the high stock price in the early stage. He took investors on a roller coaster, which was stimulating but not fun. Only when investors return to their minds and leave, can they find that the online Red economy of holding listed companies has already "changed".

Recently, the well-known anchor frequently "overturns", Simba false bird's nest incident, Luo Yonghao fake sweater event continue to ferment, causing widespread concern. As a new economic model, online Red economy plays a certain role in boosting the performance of listed companies. However, we should be soberly aware that at present, the online Red economy is still in the development stage, and the business model is not yet mature. It is more a marketing means, belonging to "technology" rather than "Tao". With the mentality of speculation in CP, the listed companies grafted the Internet red economy, only focused on catching up with the hot spots in front of them, ignoring the long-term development of enterprises. As a result, they could only put the cart before the horse, and the feeling of holding hands was a flash in the pan.