中报前“闪崩”,北京体育文化独董减持或只是“烟雾弹”

2018版申搏官网

2016年借壳上市正式完成后,北京体育文化(01803)一度成为市场“蝉乡”。该公司首次上市时,该公司的股价低于每股1港元,但在短短两年内,其股价上涨超过三倍至每股3.18港元,市值为41.66亿港元。

然而,在达到“市值高峰”之后,北京体育文化开始了一年多的“下降之旅”,并且在2019年7月8日,出现了90%的快速崩溃,市值只有2.36亿港元。在过去七年中创造了新低。

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富图证券

事实上,市场可能不会对这家公司的倒闭感到惊讶,因为从借壳上市,北京体育文化为“闪电崩盘”铺平了道路。

曲折的“后门”

谈到北京体育文化的上市,可以说是“一路折腾,曲折”。

在北京体育文化得到支持之前,代码为01803的公司名为昊阳物流控股有限公司,该公司主要在全球各个市场提供航空运输服务和航运服务。当时,渤海物流是一家名为ASR Victory的公司的主要控股股东,其三位执行董事一致行动,共同掌握ASR Victory 75%的已发行股份。

2014年,国际物流业进入寒冬,渤海物流的净利润一度大幅下滑85.90%。在这种背景下,“后门行动”开始了。

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2014年10月初,渤海物流宣布有一家要约人收购上述三位执行董事5.6亿股,占当时公司已发行股份的69.4%。发售价为每股0.5375港元,是暂停前的最后一次。交易日股价折让57.3%,涉及金额301,000,000港元。

The acquisition was completed in January 2015. The joint acquisitions include Hollyview International Limited (corporate representative Hu Yebi), Zhisheng Asia Limited (legal representative Zhang Wenguang), Mass Talent Financial Limited (legal representative Niu Zhongjie) and Mr. Sang Kangqiao. The four parties acquired the shares issued by 27.8%, 17.3%, 13.9% and 10.4% respectively. In April 2015, Hu Yebi was appointed as an executive director, and at the same time he was the executive director of Beijing Construction. At this point, Beijing sports culture completed the first step of “backdoor”.

In May 2015, the company began to introduce a new round of operations. At that time, the company hoped to introduce the capital medical health of the Everbright Financial Control Strategy by placing 900 million new shares and 180 million yuan of three-year zero-coupon convertible bonds. If completed, the subscriber's shareholding ratio will reach 52.73% and become its largest shareholder. However, for various reasons, the subscription was announced in September of the same year.

However, six months later, Beijing Enterprises Medical announced that it has acquired 13.97% of Bohai Logistics for HK$85.15 million, ranking among the top ten shareholders of the company. Behind Beijing Enterprises is Beijing Construction. Therefore, Beijing sports culture completed the second step of “backdoor”.

In February 2016, Beijing Enterprises Medical Co. Ltd. increased its holding of 100 million shares of Bohai Logistics at a price of HK$0.63 per share, becoming its single largest shareholder. Three months later, the company changed its name to “Beijing Sports Culture” and became a backdoor.

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From "painting cakes" to reality

The most important thing in the Northern Culture after the completion of the backdoor is the “old bottled new wine”, which has transformed the logistics business of Bohai Logistics into its own business. Among them, the biggest impact is the acquisition of Yoonton Film and Shenzhen Haizhou.

xx智通财务APP了解到,2017年1月,北曲文化宣布注入新的三班上市公司北京Yoonton Film。 4月,公司重新宣布收购深圳海州51%股权,并成为控股公司。根据数据,北京佐敦的主要业务是提供气膜结构解决方案,而深圳海州是一个大型溜冰场和室内滑雪及配套设施的建设者。

随着近年来国内体育产业的不断刺激,市场的眼睛已经开始转向这个朝阳产业,因此不难理解为什么公司的股价在2017年可以实现“三级跳”。

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然而,在股票价格“转型”背后,北方文化对业绩没有强有力的支持。

智通金融APP观察到,今年3月,北京体育文化公布了2018财年的业绩数据,与公司2017财年的营业总收入相比,增长了90.05%,净利润同比亏损收窄。 2018年本财年,公司业绩出现大幅波动。

数据显示,公司1818财年实现营业总收入1.55亿元,同比下降0.93%;同时,公司净利润同比下降129.30%,亏损进一步扩大至5527.5万元。

由于损失原因,该公司解释说,自2018年以来,该公司在2017年的投资性房地产销售中没有任何收入,导致亏损;于回顾年度内人民币贬值导致汇兑亏损。

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该公司实际上有2016-2018财政年度的净利润,除了出售投资物业以获得相应的收入外几乎没有任何改善。这也是该公司2018年股价大幅回升的重要原因之一。

“减少”可疑云计算

Return to the "stock crash" of the Northern Culture. For the company's stock price "cliff-style" plummeted, the market initially judged that due to the recent reduction of the company's independent director.

Zhitong Finance APP learned that according to the equity information of the Hong Kong Stock Exchange, Beijing Sports Culture was reduced by the independent non-executive director Pan Lihui on the market on June 25 at an average price of HK$2.0484 per share, with a share of about HK$676,000.

However, this is not the first time the director of the company has reduced its holdings.

Zhitong Finance APP learned that as early as May 7 to May 14, 2018, Lin Jiade, the executive director of Beijing Sports Culture, reduced his holdings by 1.09 million shares per share in 8 trading days. The 2.85 Hong Kong dollar share price was reduced by 182,500 shares, the share price of HK$2.83 per share was reduced by 365,000 shares and the share price of HK$2.805 was reduced by 545,000 shares. The data shows that Lin Jiade has reduced its total holdings by about 6.4 million Hong Kong dollars in these 8 trading days, and its personal shareholding ratio has dropped from 0.21% to 0.04%.

But at that time, the company's biggest share price decline only appeared on May 14, when its intraday share price fell to 2.43 Hong Kong dollars per share, but the company's final closing price rose back to 2.76 Hong Kong dollars per share.

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Futu Securities

It can be seen that regardless of the amount of reduction and influence, the recent reduction of Beijing sports culture is far less powerful than the reduction of executive directors last year. Therefore, whether the reduction is the real fuse of the company's share price collapse is still debatable.

And from the time point of view, it has entered the first half of July, which also means that the performance period of the Hong Kong stock market is about to come. At this key node, Beijing Sports Culture's share price “flash collapse” seems to be very meaningful. Whether “flash crash” is related to company performance is worthy of investors' attention. However, if the company's interim results can pick up, the stock price rebound is not impossible.

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