Return mother net profit to drop and have shareholders to liquidate type reduction jiang Su cable to enter the financial industry effect to be tested


In the past year, Jiangsu Cable has been frequently reduced by the same shareholder, while the company and its wholly-owned subsidiary Ruihui Investment overseas investment, intended to enter the financial industry.Recently, Jiangsu Cable Cable Information Network Co., LTD. (hereinafter referred to as jiangsu Cable, 600959.sh) announced that the shareholder of the company, Jingcheng Communications (Shanghai) Co., LTD. (formerly known as “CITIC Guoan Communications Co., LTD.”, is now renamed as “Jingcheng Communications (Shanghai) Co., LTD.”, hereinafter referred to as:Jingcheng communications) intends to reduce its holdings of the company’s total shares by bulk trading and centralized bidding not more than 2,535,900 shares.In addition, the performance of Jiangsu Cable in recent years is still to be improved, and the net profit and return on equity have declined for several years.Discovery network on the above situation to Jiangsu cable public mailbox to send an interview request for clarification, but as of press time, Jiangsu cable did not give a reasonable explanation.Shareholders as Beijing is reducing their holdings of public information communication to clearance type, jiangsu cable belong to the telecommunications, radio and television and satellite transmission cable broadcasting and television transmission of the service sector industries, mainly engaged in the construction of radio and television networks, radio and television transmission, broadband data as well as the development and operation of digital TV value-added services.On the evening of January 17, Jiangsu Cable issued “shareholders reduce share plan announcement” said, the company’s shareholders as Beijing communications for business development needs, through bulk trading and centralized bidding, reducing the total number of shares held by the company does not exceed 2,535,900 shares, and ensure that any consecutive 90 natural days,The reduction of shares through block transaction shall not exceed 2% of the total share capital of the company, and the reduction of shares through centralized bidding shall not exceed 1% of the total share capital of the Company.It is understood that jingcheng communications currently holds jiangsu Cable 25003.59 million shares of unlimited conditions for sale of outstanding shares, including the IPO before obtaining 11356.59 million shares, other ways to obtain 136.4700 million shares, accounting for the company’s total share capital proportion of 4.9999995%.Figure source: Jiangsu cable announcement as Beijing communications has repeatedly reduced jiangsu cable shares.The announcement shows that in the past 12 months, Jingcheng Communications has reduced its holdings three times, a total of 227 million shares, accounting for 4.54% of the company’s total shares.CITIC Guoan Information Industry Co.,Ltd. (HEREINAFTER referred to as CITIC Guoan, 000839.SZ), a wholly-owned subsidiary of CITIC Guoan Information Industry Co.,Ltd., said in its reply to the Letter of Concern issued by Shenzhen Stock Exchange on November 8, 2021 that the company did have liquidity difficulties.Return to the mother net profit continued to decline for four years or because shareholders operate a certain problem, Jiangsu Cable is also affected, the company’s own performance also need to attract attention.On the evening of October 29, 2021, Jiangsu Cable released the report for the third quarter of 2021. In the first three quarters, it achieved operating revenue of 5.461 billion yuan, with a year-on-year growth of 2.37%.The net profit of the mother was 241 million yuan, down 24.13% year on year;Basic earnings per share of 0.0483 yuan, a year-on-year decrease of 19.5%.In the first three quarters of 2021, “revenue does not increase profit” before jiangsu Cable has been three consecutive years of “net profit and revenue double decline”, in 2020 deduction non return to the mother net profit has lost.According to Wind data, from 2017 to 2020, jiangsu cable revenue was 8.095 billion yuan, 7.885 billion yuan, 7.650 billion yuan and 7.345 billion yuan respectively, with year-on-year growth rates of 49.31%, -2.60%, -2.98% and -3.99% respectively.In the same period, the net profit of the parent was 783 million yuan, 624 million yuan, 331 million yuan, 169 million yuan and 241 million yuan respectively, with year-on-year growth rates of -10.36%, -20.30%, -46.97% and -49.08% respectively.In 2020 and the first three quarters of 2021, the net profit after deduction is -237 million yuan and -92 million yuan respectively.In recent years, Jiangsu Cable’s net profit has declined or its profitability has declined. Wind data shows that from 2017 to 2020 and the first three quarters of 2021, Jiangsu Cable’s weighted return on equity is 5.95%, 3.72%, 1.54%, 0.78% and 1.11%, respectively.In this context, Jiangsu Cable may want to improve its performance through foreign investment.On the evening of December 31, 2021, Jiangsu Cable issued the Notice on Foreign Investment by wholly-owned Subsidiaries. Jiangsu Ruihui Equity Investment Management Co., LTD. (hereinafter referred to as Ruihui Investment), a wholly-owned subsidiary of Jiangsu Cable, intends to acquire Suzhou Qinggui Investment Management Co., LTD. (hereinafter referred to as:Suzhou Qinggui) holds 513 million yuan of paid-in investment corresponding to the partnership property share of Suzhou Innovative Industry Development Guidance Fund (limited partnership) (hereinafter referred to as suzhou Fund), and the transfer price is 492 million yuan.After receiving the share of the partnership property, Ruihui Investment accounted for 6.6757% of the paid-in capital of Suzhou Fund.Ruihui investment’s business scope includes investment management, non-securities equity investment activities, asset management, enterprise management consulting, investment consulting.In addition to the subsidiary, Jiangsu Cable itself also has foreign investment, the target company is also related to the financial industry.On December 23, 2021, the Company issued the Announcement of Completion of Foreign Investment, in which the company planned to acquire 6.25% equity (corresponding to 250 million shares) of Suyin Financial Leasing Co., LTD. (hereinafter referred to as Suyin Golden Leasing) held by Hongdou Group Co., LTD. (hereinafter referred to as Hongdou Group) with a total investment of 732.5 million YUAN.The business scope of Suyin Golden Lease includes financial leasing business;Transfer and assignment of financial leasing assets;Fixed income securities investment business;Accept the lease deposit from the lessee;Absorb time deposits of 3 months or more from non-bank shareholders;Inter-bank lending;Borrowing money from financial institutions;Sale and disposal of leased property;Economic consulting;Other businesses approved by the China Banking regulatory institution.(Discover network reporter Luo Xuefeng intern reporter Liu Yue)

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