Hongyi and Dinghui’s success depends on its performance

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By Lei Jianping
Source: Lei Jianping (ID: touchweb)
Giant network is facing the situation that shareholders continue to reduce their holdings.
According to giant’s online announcement, the shareholder Hongyi Chuangling reduced 25.6726 million shares of the company through block trading from September 23, 2019 to July 3, 2020, accounting for 1.2682% of the company’s total share capital.
After the equity change, Hony Chuang Ling held 101218987 shares of giant network unlimited sales shares, accounting for 4.9999% of the company’s total share capital. According to a conservative estimate, Hony has cashed in at least 400 million yuan.
At the same time, CDH, another shareholder of giant network, also continued to reduce its holdings, with a total of 40.12 million shares, accounting for 1.98% of the company’s total share capital.
Among them, Shanghai Dinghui Fuyuan equity investment partnership (limited partnership) reduced 26.728 million shares, accounting for 1.32% of the total share capital of the company, and Shanghai Fuye equity investment partnership (limited partnership) reduced its holding of 13.392 million shares, accounting for 0.66% of the total share capital of the company.
Before the reduction, CDH held 12.54% of the shares, and after the reduction, the shares fell to 10.55%. According to a conservative estimate, CDH has cashed in at least 600 million yuan.
In other words, CDH and Hony have cashed in at least 1 billion yuan.
Curve’s acquisition of playtika
Giant network recently released its annual report for 2019. According to the annual report, giant network’s revenue in 2019 was 2.571 billion yuan, down 31.96% from 3.779 billion yuan in the same period of last year. After excluding the influence of WANGJIN financial being no longer included in the consolidation scope, the operating income in the reporting period decreased by 3.08% year on year;
Giant network realized a net profit of 820 million yuan belonging to shareholders of Listed Companies in 2019, a year-on-year decrease of 23.94%. The main reason is that the company continued to increase R & D investment, optimize the organizational structure, resulting in an increase in R & D expenses and management costs, and the new products were launched late and in the investment period.
Giant network’s net profit after deducting non recurring profit and loss attributable to shareholders of Listed Companies in 2019 is 760 million yuan, which is 28.68% lower than that of 1.069 billion yuan in the same period of last year.
Since it proposed to acquire playtika, an Israeli chess and card game company, giant network has gone through difficulties and still failed to pass the approval, so it has to give up its acquisition of playtika.
However, Shi Yuzhu, CEO of giant network, didn’t give up his heart, and through the “curve” way, he bought playtica with a huge sum of money from giant network affiliated enterprises.
Jukun network is a joint-stock subsidiary of giant network. Giant Investment Co., Ltd., an associate of the company’s controlling shareholder, is the controlling shareholder of jukun network, holding 51% of its equity. Giant network and its wholly-owned subsidiary, Shanghai judao, hold 49% equity of jukun network.
Although playtika’s profit is very good, its chess and card games are controversial and suspected of gambling. Therefore, the transaction has not been approved by the CSRC for a long time, which is also the core reason why Shi Yuzhu chose the “curve” method.
In this regard, giant network strongly denied that playtika was suspected of gambling.
(statement: This article only represents the author’s point of view, not Sina’s position.)