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Source: Changjiang Business Daily

Xu Jia, reporter of Changjiang Business Daily

Unabated operating pressure, Chengbang shares (603316Wsoppokergamesonline.SH) the real controller couple promotes the reduction of equity transfer.

On the evening of May 6th, Chengbang shares disclosed the changes in shareholders' rights and interests, and Li Min, the controlling shareholder and real controller of the company, planned to make a price of 52.3623 million yuan to transfer 13.5303 million shares of the company to Ningbo Ningju Asset Management Center (limited partnership)-Rongtong No. 5 Securities Investment Fund (hereinafter referred to as "Ningbo Ningju"), accounting for 5.12% of the company's total share capital.

Changjiang Business Daily reporter noted that since the second half of 2023, Fang Liqiang, the actual controller of Chengbang shares, and his wife, Li Min, have repeatedly planned to transfer the company's shares. Among them, in early 2024, Li Min terminated an 8% share transfer.

If the transaction between Li Min and Ningbo Ningju is completed, Fang Liqiang and Li Min will cash out a total of about 179 million yuan through two equity transfers in nearly a year.

It is worth paying attention to that in recent years, Chengbang shares have been under great pressure. After the first loss in 2022, Chengbang shares achieved operating income of 448 million yuan in 2023, down 43.94% from the same period last year. The net profit (net profit, the same below) belonging to shareholders of listed companies lost 108 million yuan, an increase of 95.14% over the same period last year, and a two-year loss of 163 million yuan.

In this regard, Chengbang shares said that mainly affected by the macroeconomic environment, industry environment and other factors, fewer new orders, a decline in the scale of operating income, an increase in the proportion of costs and impairment losses on asset groups.

The actual controller acts in unison to transfer 5.12% of the shares.

According to the transaction plan, Li Min, the controlling shareholder of Chengbang shares and a concerted actor of the actual controller, intends to transfer his company's unlimited sale of tradable shares to Ningbo Ningju at a price of 13.5303 million yuan (5.12% of the company's total share capital) by agreement. The transfer price is 52.3623 million yuan.

Before this change of rights and interests, Fang Liqiang and his wife Li Min, a concerted actor, controlled a total of 107 million shares of the listed company, accounting for 40.31% of the company's total share capital. Among them, Fang Liqiang, the controlling shareholder and actual controller, directly or indirectly holds 26.62% of the shares of the listed company.

After this change of rights and interests, Fang Liqiang and his concerted actor Li Min controlled a total of 92.993 million shares of the listed company, accounting for 35.19% of the company's total share capital. Among them, Fang Liqiang's direct or indirect shareholding is still 26.62%. Ningbo Ningju will hold 13.5303 million shares of the listed company, accounting for 5.12% of the company's total share capital.

Changjiang Business Daily reporter noted that since the second half of 2023, Fang Liqiang, Li Min and his wife have repeatedly planned to transfer shares in listed companies.

In July of that year, Chengbang shares disclosed that Li Min planned to transfer 21.1411 million shares of the company (accounting for 8% of the company's total share capital) by agreement. Transfer to Nanfeng Xinghe Dance Capital Management Partnership (Limited Partnership) (hereinafter referred to as "Xinghe Dance Capital") at a price of 5.99 yuan per share, with a transfer price of about 127 million yuan.

At the same time, Fang Liqiang also plans to transfer its 21.1411 million Chengbang shares (accounting for 8% of the company's total share capital) to Lanxi Qinyun Investment Management Partnership (Limited Partnership) (hereinafter referred to as "Lanxi Qinyun"). The transaction price is also 127 million yuan.

Prior to the above transaction, Fang Liqiang and Li Min directly held 34.62% and 13.69% of Chengbang shares respectively, making them the top two major shareholders of the company. After the above-mentioned share transfer is completed, Fang Liqiang and Li Min's shareholding in Chengbang shares will be reduced to 26.62% and 5.69% respectively.

However, in early 2024, Li Min terminated the transfer of shares in listed companies to Xinghe Dance Capital due to its own arrangements.

Not only that, the share transfer between Fang Liqiang and Lanxi Qinyun also signed a supplementary agreement. Among them, in the arrangement of the payment time, after the certificate registration examination and approval was agreed between the two parties, when Lanxi Qinyun paid 90% of the total amount, the two sides went through the registration procedures for the transfer of the underlying shares. In addition, as a long-term strategic investor, Lanxi Qinyun will exercise the rights of proposing bills, voting rights, director nomination and other related shareholder rights in accordance with the law, and actively participate in the corporate governance of listed companies, the two sides have also made adjustments.

If the transaction between Li Min and Ningbo Ningju is completed, Fang Liqiang and Li Min will cash out a total of about 179 million yuan in the two transactions.

Two consecutive years of losses

There are two plans to sell shares in listed companies in the short term. Li Min said that this transaction is mainly based on the transfer of some shares of the company according to its own financial needs.

Changjiang Business Daily reporter noted that at present, of the 70.3443 million Chengbang shares directly held by Fang Liqiang, 41 million have been pledged, accounting for 58.28% of the total company shares held by Fang Liqiang, 38.47% of the total shares held by the two, and 15.51% of the total share capital of Chengbang shares.

It is worth paying attention to that in recent years, Chengbang shares have been under great pressure. According to the data, Chengbang Co., Ltd. is a comprehensive eco-environmental service operator of the whole industry chain, which integrates planning and design, engineering construction, seedling planting, scientific and technological research and development, industrial investment, construction and operation management. In June 2017, Chengbang shares were listed on the main board of the Shanghai stock market.

In the first year of listing, the performance of Chengbang shares reached its peak. In 2017, the company realized operating income and net profit of 743 million yuan and 68.488 million yuan respectively. Since 2018, the performance of Chengbang shares began to decline due to the slow construction progress of the PPP project, rising costs and other factors. In 2018 and 2019, although the company's operating income increased to 771 million yuan and 907 million yuan, the net profit was 56.1039 million yuan and 31.5333 million yuan, down 18.08% and 43.79% from the same period last year.

The performance of Chengbang shares rebounded in 2020, with operating income and net profit of 1.147 billion yuan and 41.4199 million yuan respectively, an increase of 26.52% and 31.35% over the same period last year. The performance of Chengbang shares fell again in 2021 and fell into a loss in 2022.

From 2021 to 2023, Chengbang shares achieved operating income of 1.314 billion yuan, 800 million yuan and 448 million yuan respectively, an increase of 14.51%,-39.13% and-43.94% over the same period last year; and net profit of 21.9313 million yuan,-55.3919 million yuan and-108 million yuan, a decrease of 47.05%, 352.57% and 95.14% over the same period last year. Among them, in 2022 and 2023, Chengbang shares have lost money for two consecutive years, with a cumulative loss of about 163 million yuan.

Regarding the expansion of losses in 2023, Chengbang said that it was mainly due to factors such as the macroeconomic environment and industry environment, with fewer new orders, a decline in the scale of operating income, and an increase in the proportion of costs and expenses; and in accordance with relevant requirements of the Accounting Standards for Business Enterprises, Impairment losses were accrued on asset groups such as accounts receivable and goodwill, resulting in an estimated loss in the company's 2023 annual results.

In the first quarter of 2024, Chengbang achieved operating income of 50.7848 million yuan, a year-on-year decrease of 53.24%; net profit loss of 2.8899 million yuan, a year-on-year decrease of 7.88%. During the reporting period, Chengbang Co., Ltd. and its subsidiaries signed 18 new project contracts, with a total amount of 113 million yuan. In the same period last year, Chengbang Co., Ltd. and its subsidiaries signed 24 new project contracts, with a total amount of 279 million yuan.

Chengbang Co., Ltd. stated that while maintaining its existing environmental construction business operations, the company plans to enter "new infrastructure" and "specialized, refined, special and new" related industry fields with high technical content and relatively good cash flow through investment mergers and acquisitions., adding new impetus to the company's long-term development.