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Internal and Foreign Troubles in Coconut Island, Hainan

2019-1-8 15:13| 发布者: 左二爷| 查看: 1258| 评论: 0|来自: 成都夜网www.cdr114.net

摘要: On the evening of December 26, 2018, Hainan Coconut Island (Group) Co., Ltd. (hereinafter referred to as * ST Coconut Island (5.140, -0.02, -0.39%) announced that Haikou State-owned Assets Management ...
On the evening of December 26, 2018, Hainan Coconut Island (Group) Co., Ltd. (hereinafter referred to as * ST Coconut Island (5.140, -0.02, -0.39%) announced that Haikou State-owned Assets Management Co., Ltd. received a reply from Haikou State-owned Assets Management Commission to Hainan State-owned Assets Commission on the transfer of state-owned shares of Hainan Coconut Island (Group) Co., Ltd. (hereinafter referred to as "Reply Letter"). "In view of the long history of the transfer of state-owned equity in Coconut Island, Hainan, the policy conditions for the transfer have changed, and the original equity transfer agreement should not continue to be implemented."

This means that three years of operation, Hainan Coconut Island's transfer of state-owned assets declared failure, in the absence of a new profit point situation, Hainan Coconut Island fell into a deep dilemma.

Two days later, on December 28, * ST Coconut Island received the resignation report of Qi Miaomiao, Secretary of the board of directors. Qi Miaomiao applied for resignation as secretary of the board of directors of the company for personal reasons. Mr. Qufeng, the director of the company and the executive vice president, acted as secretary of the board of directors.

Subsequently, on related issues, Times Weekly reporters sent an interview letter, up to the time of publication, has not received a reply from * ST Coconut Island.

Cai Xuefei, an expert in wine industry, told TIME Weekly that Coconut Island in Hainan is too small, heavily indebted, too negative, and eager for quick success and instant benefit. It can basically be judged that it will be difficult to improve in the short term, * ST Coconut Island may face delisting.

Help straw broken

In the rapid development of the current, the giants of various industries will encounter various pains and problems in the transformation. Hainan Coconut Island Wine Industry (* ST Coconut Island), the former leader of the health wine industry, has come to the edge of delisting.

Times Weekly reporter consulted the data and found that in addition to the transfer of state-owned equity, * ST Coconut Island has been trying to transfer its assets, the purpose is to increase the profit statement data.

With two consecutive years of losses in 2016 and 2017 and continuous expansion of losses in the first half of 2018, Coconut Island, which has become * ST in its hat, decided in September last year to find ways to turn losses into profits. On the evening of September 12, 2018, * ST Coconut Island issued two transfer announcements. One is the transfer of subsidiary equity, the announcement shows that Hainan Coconut Island intends to transfer 70% of the equity of its wholly-owned subsidiary Hainan Coconut Island Sunshine Real Estate Co., Ltd. through the public listing of Hainan Property Exchange.

* ST Coconut Island said that according to the evaluation results and the actual situation of subsidiaries and other comprehensive factors, the company's operating level determined that the listed price is not less than 330 million yuan, which is expected to generate about 162 million yuan of after-tax revenue for the company in the current period.

Another announcement is the transfer of company assets. The announcement shows that * ST Coconut Island intends to publicly list and transfer the company through Hainan Property Exchange in the office building of Longkun North Road in Haikou City, which is expected to generate about 54 million yuan of after-tax revenue for the company in the current period. From this we can see that through the transfer of assets and disposal of equity, * ST Coconut Island is expected to achieve a profit of 216 million yuan.

According to the public data, only 7 subsidiaries including Hainan Coconut Island Liquor Sales Co., Ltd. remained profitable in the first half of the 22 major companies in Hainan Coconut Island, while the rest were in loss.

Zhu Danpeng, an analyst for China's food industry, said Coconut Island had to stop bleeding by cutting its arm in order to retain its status as a listed company in the face of hopeless revenue growth.

It's hard for the main business to get better.

In addition to the blockage of equity transfer, * ST Coconut Island is also facing the problem of declining performance.

Up to the end of the draft, * ST Coconut Island has not yet published its annual report for 2018. According to the first half of 2018, the company's operating income is 292 million yuan, a 26% decrease over the same period of last year, and its net profit to the mother is 117 million yuan, which has exceeded the total loss in 2017. This situation is the lowest since the listing of Coconut Island in Hainan in 2000.

Zhu Danpeng believes that the failure of * ST Coconut Island transfer not only reduces the proportion of foreign capital, but also affects SASASAC to inject more resources into Coconut Island, which means that in 2019 * ST Coconut Island does not have much resources and funds for large-scale market promotion activities.

For health wine, marketing promotion is more important than traditional liquor industry.  In the first half of 2018, ST Coconut Island joined CCTV's national brand plan. According to media reports, ST Coconut Island will put more than 280 million yuan into CCTV. According to the financial report, in the first half of 2018, * ST Coconut Island advertising cost reached 102 million yuan, compared with 20 million yuan in the same period in 2017. In contrast, sales revenue of * ST Coconut Island wine products in the first half of 2018 was 103 million yuan, down 34.8% from the same period last year.

Times Weekly reporters consulted data show that in 2015 Coconut Island raised funds through a private stock offering plan for health wine technology renovation projects, marketing system construction projects and supplementary company liquidity. In September 2017, it also put forward a plan to increase its shareholder, Dongfang Junsheng, to increase its shareholding within 12 months by no less than 2% of the total shares of Hainan Coconut Island Company. However, until now, the financing plan has been delayed and has not been carried out.

Industry insiders pointed out that for the current development of * ST Coconut Island, it is difficult to withstand the negative impact of frequent issuance of debt and the failure of equity adjustment.

In fact, the bad news about * ST Coconut Island goes beyond that. On December 28, 2018, Dong Miaomiao, who has just been in office for a year, submitted his resignation. On December 6, 2018, less than a month ago, Qi Miaomiao and * ST Coconut Island were handed over to the Stock Exchange for public condemnation. According to the relevant regulations, this means that Qi Miaomiao's career as a secretary will be suspended for three years, which may be the case.

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