Corporate cash raisers cut their holdings win a roller coaster

The annual report of Winner Technology was released, but the stock price did not improve much. Using May 3 as a node, the stock price of Winner Technology was about 61 yuan(no longer right) at this time last year. In the following months, the stock price soared all the way. On September 12 last year, it reached the highest level in the game. 118 yuan, but since then the stock price has continued to fall. As of May 3, Winner's shares closed at 24.51 yuan. It can be said that Winner's share price has staged a "roller coaster" in the past year, and it has fallen nearly 60 % in the past year.

Along with the simultaneous growth of winnings and technology's revenue and net profit, there are also loans. According to the Winner Technology 2017 report, during the reporting period, the company's long-term and short-term loans totaled 492 million yuan, of which short-term loans grew rapidly. The final amount of the project was 413.7 million yuan, compared with the same period of the previous year(84.6 million yuan), an increase of 329 million yuan, an increase of 387 %.

Reduced debt service capacity seeking fixed increase

According to the annual report, among the short-term loans of 413.7 million yuan of Winner Technology, the pledged loan was 57.69 million yuan and the guaranteed loan was 356 million yuan. For the surge in short-term borrowing, Winner explained in its annual report that it was mainly due to the increase in borrowing from financial institutions during the reporting period.

In July last year, Winner Technology announced that according to actual operating needs, the company and holding subsidiaries in 2017 plan to apply to relevant banks for a total of no more than 2.5 billion yuan in comprehensive credit lines.

In addition to the surge in short-term borrowing, there has been a sharp increase in bills payable and accounts payable. In 2017, Winner Technology's notes payable reached 440.1 billion yuan, an increase of 83.45 % from 239.9 billion yuan in 2016; Accounts payable amounted to $456.4 million, up 35 per cent from $338 million in 2016, a record high in nearly five years.

At the same time, the current liabilities of Winner Technology are also rising. In 2017, the current liabilities of 1.788 billion yuan, compared with 1.011 billion yuan in 2016, an increase of 76.85 %, a new high in the past five years. As of December 31, 2017, the winning and closing technology flow ratio was only 1.21, which was not sufficient for the reference ratio of 2(the general reference ratio was better than 2), and the speed ratio was lower, only 0.94. Insufficient reference ratio of 1(generally more than 1 is good).

In addition, the asset liability ratios of Winner Technology in 2015, 2016 and 2017 were 46.67 %, 64.22 % and 60.26 %, respectively. It is worth mentioning that the asset liability ratios of Huizhou Winner and Yakang Precision, two important subsidiaries of Winner Technology, were 78.31 % and 51.81 % respectively.

Previously, Winner Technology explained in the announcement that the company has not conducted equity financing since its listing. The way to raise funds for business development is mainly debt financing. The development of lithium electric equipment manufacturing business needs funds to drive it. Therefore, with the expansion of business scale, The company's asset-liability ratio has also increased and its short-term solvency has declined.

Under such circumstances, Winner Technology will seek to increase blood transfusions. On April 13 this year, Winner Technology released a non-public offering of A shares, raising a total of 1.41 billion yuan and issuing 61.5 million shares for the “Winning Technology lithium battery Automation Equipment Production Line Construction Project” The plant and operations management system demonstrates the project" and supplements the liquidity. According to Winner Technology, after the increase, the asset-liability ratio will decrease, the asset structure will be optimized, and the solvency will be improved.

"In recent years, the new energy industry has exploded and the company's business has continued to grow. As the company's business scale has grown rapidly, the corresponding accounts receivable has also increased, and the demand for funds has been greater. Therefore, the company launched a non-public offering project in 2017. Completed in April 2018, The raised funds(net) of 1.385 billion yuan will guarantee the continued growth of the company's future business. "Winner Technology said to reporters.

Directors, executive reduction of shares

When stock prices soared last year, institutions have begun to cash out. In August last year, Winner Technology announced the announcement of the reduction plan. Shareholders Daichen Creation and the concerted action Dachen Shengshi plan will be reduced by centralized bidding or block trading within three months from the date of announcement. Holding, it is estimated that the total number of shares to be reduced will not exceed 3.71 million shares, that is, no more than 2.928% of the company's total share capital.

Since then, Dachen Creation and the concerted action person Dachen Shengshi has repeatedly reduced his holdings through centralized bidding or bulk trading. Last November, Winner Technology announced that as of the disclosure date, Dachen Creation and Dachen Shengshi jointly held 9.85 million shares of the company(after the increase), accounting for 3.1784 % of the company's total share capital. Dachen Creation and Dachen Shengshi are no longer more than 5 % of the company's shareholders.

According to the annual report, as of December 31, 2017, the total number of shares held by Dachen Genesis and the concerted action person Dachen Shengshi has dropped to 7,629,500 shares, and the total shareholding ratio has also dropped to 2.42 %.

On April 23 this year, Winner Technology released a pre-disclosure announcement on the company's director and senior management share reduction plan. Director and CEO Heaibin plans to reduce the company's shares by no more than 278,700 shares(0.07 % of the company's total share capital). Vice President Xuhongjun plans to reduce the company's shares by no more than 1,063.9 million shares(accounting for 0.28 % of the company's total share capital), and the total reduction will not exceed 1.3425 million shares, accounting for no more than 0.35 % of the company's total share capital.

"Dachen is a strategic shareholder introduced during the company's 2012 stock reform period. It has a long holding period and achieved a better return. Its reduction does not mean that it is not optimistic about the company's prospects, and individual shareholders 'reduction is due to its own financial needs. The arrangement, Doesn't mean you're not looking forward to the company. In response to media inquiries, Winnipeg said that there were many factors affecting share prices, but the company's business grew rapidly and successfully implemented a fixed increase project. Management and the company's strategic shareholders were optimistic about the company's prospects.

The page contains the contents of the machine translation.