Beijing boxer Sports Industry Management Co., Ltd. (hereinafter referred to as “Boxer”) has been seeking backdoor listing for the second time, which has aroused great concern of the market. On the evening of March 25, Shenzhen Stock Exchange issued a restructuring inquiry letter to Hongyu shares in response to the fact that boxson wanted to backdoor Hongyu shares (002890), which inquired about the stability of boxson’s profitability and the reasons for the rapid growth of accounts receivable.
According to the reorganization plan disclosed by Hongyu shares, the company plans to replace all assets and liabilities other than reserved assets with the equivalent part of 100% equity held by 79 counterparties, including Liu Xiaohong, Liu Lixin and boxson management. The relevant financial indicators of the assets to be placed in this reorganization are expected to exceed 100% of the corresponding indicators of the listed company, and this transaction will lead to fundamental changes in the main business of the listed company. According to the provisions of the administrative measures for restructuring, this transaction constitutes a restructuring and listing.
As the target boxson had a failed backdoor experience before, the result of the restructuring attracted much attention from the market. On the evening of March 25, Shenzhen Stock Exchange issued an inquiry letter on the restructuring.
According to the restructuring plan, the revenue sources of boxson include sports events hosting, IP rights distribution and comprehensive advertising operation. The company’s operating revenue from 2018 to 2020 is RMB 205 million, RMB 360 million and RMB 360 million respectively, and its net profit is RMB 73.5 million, RMB 205 million and RMB 160 million respectively. The performance of the target assets grows rapidly in the reporting period.
In this regard, Shenzhen stock exchange requires Hongyu company to disclose whether there are major changes in the main financial data of various business sectors of Boxen and the specific reasons; combined with the business model and industry pattern of each sector, it specifically describes the specific business model and profit model of the company’s three businesses; combined with the business development, gross profit margin fluctuation and revenue recognition policy of each sector during the reporting period, it analyzes and explains the reasons The reason and rationality of the target asset’s performance to achieve a large increase in 2019, and combined with the performance changes in 2020, this paper explains the stability of the target asset’s profitability.
In addition, the plan shows that during the reporting period, the amount of accounts receivable of Boxen is relatively large. With the development of the company’s business, the company’s overall accounts receivable are likely to continue to increase. Shenzhen stock exchange requires Hongyu to disclose the specific data of the accounts receivable of the underlying assets during the reporting period, the names and amounts of the top five customers, and the recovery of the accounts receivable in recent years; explain the reasons for the rapid growth of the accounts receivable in combination with the business model, credit policy, and industry status of the underlying assets; and whether the provision for bad debts is sufficient and reasonable.
The above-mentioned restructuring will also lead to the change of the controlling shareholder and actual controller of Hongyu shares, from Yu Xiaoqing to Liu Xiaohong and Liu Lixin, who are married. The Shenzhen Stock Exchange also required Hongyu shares to disclose the specific measurement basis that may lead to changes in the actual controller and the estimated value range of the underlying assets of the transaction.
In response to related issues, Beijing Business Daily reporter called the office of the Secretary of the board of directors of Hongyu shares for an interview, but no one answered the phone.
Beijing Business News (reporter Dong Liangma)
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