Since the beginning of this year, blockchain technology has become the focus of public opinion from all parties. It has not only been favored by startups, but also Internet industry giants such as Tencent, Alibaba, Baidu, and JD.com have also joined the research and application of blockchain technology.
In this context, Shenzhen Datong (000038) also officially issued an announcement in February 2018, announcing that it intends to purchase the equity of two blockchain companies in order to seize the trend of blockchain in time. In the past 6 months, due to the large amount of work involved in mergers and acquisitions, Shenzhen Datong has applied for extension of trading resumption three times and adjusted the number of merger targets twice.
However, after several twists and turns, Shenzhen Chase finally announced the termination of the merger on the evening of August 22.
On August 23, Shenzhen Datong immediately held an investor briefing session, and another "jumpman" of A-share listed companies debuted. Facing investors’ questions and inquiries, Hao Bin, chairman and general manager of Shenzhen Datong, said frankly that since 2015, it has completed the cross-border transformation from real estate to advertising and media. As a newcomer in this field, Shenzhen Datong has been working hard in the past few years. The process of mergers and acquisitions and reorganization is also exploring.
Hao Liang believes that acquisitions and reorganizations are like a marriage, some are love at first sight, and it is natural; some are good at first sight, and get bored for a long time. In the new field, Shenzhen Chase is still a toddler, far from growing up, but will never stop growing.
To acquire two targets in the blockchain field
On February 26, 2018, Shenzhen Datong issued an announcement announcing that it plans to purchase Blockchain Technology (Beijing) Technology Co., Ltd. (hereinafter referred to as Blockchain Communication) and Jingjiatianxia (Beijing) Branch through the issuance of shares and payment of cash. All or part of the equity of China International Trading Co., Ltd. (hereinafter referred to as Jingjiatianxia).
According to the original plan, Shenzhen Datong promised to fight for the suspension of trading for no more than one month, that is, it is expected to disclose the plan or report before March 26 this year.
According to data, Blockchain Communication was established on October 30, 2015 with a registered capital of 10 million yuan. Its business scope includes computer system services, software development, and basic software services. The announcement disclosed that Blockchain is an innovative blockchain company that has developed original "Blockchain Ecology", "Interactive Credit Wechat Brand", "Internet of Things Wisdom Traceability", "Smart Asset Verification Transaction", etc. Application module based on dynamic decentralized blockchain technology. At the same time, the current mature technologies such as big data and the Internet of Things are combined with blockchain technology to establish credit labels, records, and use plans.
In addition, Jing Sales Tianxia was established in October 2014 with a registered capital of 20 million yuan. Its main business scope is extremely wide. It not only has technical promotion services, computer technology training, software and auxiliary equipment, but also sales of fresh fruits. , Vegetables, photography services and many other businesses. Shenzhen Datong pointed out that Jingjiatianxia is the earliest company in China to deploy blockchain technology to land and apply. It has launched a "media purchase" blockchain e-commerce based on the national chain, which operates in terms of product traceability and user sharing. , To promote the circulation of tokens.
According to Shenzhen Chase's 2017 annual report, during the reporting period, the company fully divested its real estate business, focused on integrating mobile digital integrated marketing services and online and offline new media business operations, and began to deploy supply chain management and service areas. For the purpose of the above transaction, Shenzhen Datong once stated that according to the company's development strategy, it actively promotes the pace of extensional mergers and acquisitions around new technologies such as media advertising, artificial intelligence, robotics and blockchain that are closely related to the main business.
According to Reportbuyer's blockchain market report, the size of the blockchain market was US$242 million in 2016 and US$412 million in 2017. It is expected to grow to US$7.688 billion by 2022, with a compound annual growth rate of 79.6%. Among them, the Asia-Pacific region will account for the largest share of 40%. In view of the wide application range of distributed ledgers, coupled with the continuous increase in the market value of encrypted currencies, the blockchain market will expand rapidly. In addition, communication services, international trade, supply chain management, smart contracts, digital identity verification, etc. also urgently need blockchain technology.
The plan has not been delayed for a long time
Seeing that the trading resumption time is approaching, but on the evening of March 25, Shenzhen Datong issued an announcement that due to the relatively large workload involved, the relevant plans need to continue to be demonstrated and supplemented. The current listed company applies for the continued suspension of stocks, and it is expected that the continued suspension will not last for a long time. More than 1 month.
Shenzhen Datong stated that if a listed company fails to convene a board of directors to review and disclose the plan for issuing shares to purchase assets within the time limit for continued trading suspension, and the company has not submitted an application for extension of trading resumption or the application has not been approved by the exchange, its shares will be released at the latest Trading resumed on April 26, 2018.
The reporter of Securities Times·e Company noticed that in this announcement, Shenzhen Datong further expanded its 4 acquisition targets, and newly acquired Nantong Favorite Culture Communication Co., Ltd. (hereinafter referred to as Nantong Favorite) and Beijing Leboqu Education Consulting Co., Ltd. (hereinafter referred to as Beijing Lebo), Beijing Bokang Guardian Robot Technology Co., Ltd. (hereinafter referred to as Beijing Bokang) and Jiangsu Zuoan Yipin Culture Media Co., Ltd. (Jiangsu Zuoan), etc.
According to the data, the Jiangsu Zuo case was established in December 2010 with a registered capital of 11.47 million yuan. Its main business includes design, production, agency, and release of various domestic advertisements. Shenzhen Datong pointed out that Jiangsu Zuo Case has been deeply involved in the broadcasting and media industry for 15 years and has extensive merchant resources and industry experience. At present, the market served by Jiangsu Zuoan is mainly concentrated in East China, and is expanding to the Pearl River Delta, Beijing-Tianjin-Hebei and other economic circles.
However, until April 26, Shenzhen Chase still failed to resume trading as scheduled, still applying for a trading suspension on the grounds that the M&A involved a relatively large amount of work, and related plans need to continue to be demonstrated and supplemented. The suspension time is planned to be no more than one month.
After the two previous postponements of trading resumption, Shenzhen Datong finally announced again at noon on May 10 that it was unable to disclose information on the purchase of assets as planned, and its board of directors resolved to convene a general meeting of shareholders on May 25 to consider the continued suspension of trading. In the end, the Shenzhen Datong Shareholders' Meeting reviewed and approved the proposal, and the suspension period was directly extended to no more than 6 months.
Shenzhen Datong revealed that it still takes a long time to verify the financial data of the relevant target company. The listed company and the counterparty did not reach an agreement on core terms such as valuation. They accelerated the merger and decided to reduce Nantong favorites, Beijing Lebo, and Beijing Bokang. 3 target companies. After reducing the target, Shenzhen Datong still plans to issue shares and pay cash to purchase all or part of the equity of Blockchain Connect, Jing Selling Tianxia, ​​and Jiangsu Zuo Case, and raise matching funds as appropriate.
The price of the underlying WAC currency dropped by 96%
As an important acquisition target of Shenzhen Chase, Blockchain Technology independently developed a product called "National Chain", which is known as "Global Yu'ebao" based on blockchain technology, and it is also the first block to land. Chain e-commerce "media shopping".
According to the official website of Quanmin Chain, its team has been focusing on blockchain technology research and development and landing applications since 2014. It has participated in the cooperation of blockchain projects with two Fortune 500 companies; based on the experience of these projects, Quanmin Chain has chosen Taking the "blockchain e-commerce" as a starting point, the media, e-commerce, and physical stores are closely integrated to maximize terminal consumption, joint marketing, and three-dimensional and multi-dimensional solutions to the actual needs of users.
In its publicity, media shopping e-commerce is a new model for the next generation of e-commerce by leveraging the advantages of blockchain technology. Quanmin Chain adopts a 5+3 model, which integrates physical stores, TV media, new media, telemarketing, and e-commerce apps. Wait 5 channels. Through the blockchain quality witness mechanism, the blockchain prepayment service platform, and the blockchain fourth-party payment financial platform, the product model of "high quality and good price" gradually completes the natural survival of the fittest in the market.
It is reported that the National Chain is officially launched after the verification of the blockchain application in cooperation with several Fortune 500 companies; the National Chain adopts the consensus mechanism of PEW and links various tokens of the blockchain through the api interface. , Legal currency, points and other valuable and tradable assets; the National Chain also uses WAC (National Computing Power Points) as the basis for accounting and rewards, and docking with mature media shopping blockchain e-commerce as the entrance of people flow.
On January 12, 2018, the National Chain token officially landed on the online trading platform with hashrate points as the official name and WAC as the abbreviation.
At that time, the WAC currency price was 0.4453 yuan, and a total of 246,800 transactions on the first day of launch. However, after more than 7 months of trading, as of 15:53 ​​on August 23, the WAC currency price was only 0.0173 yuan, which has plummeted by more than 96% from the first day of launch.
At the end of February this year, some investors pointed out in response to the above-mentioned mergers and acquisitions that the current blockchain technology is not yet mature, and the landing scenes of science and technology companies are even more ambiguous, unless the two companies acquired by Shenzhen Chase rely on currency speculation to "make a fortune." Otherwise, it is difficult to imagine what reasons Shenzhen Chase has to acquire such assets?
In this regard, Shenzhen Datong said in a humorous way through the investor interaction platform, “Today’s blockchain is yesterday’s Internet. Although the road to development will not be smooth, and the mud and sand may be drowned, there is no doubt that the tide is coming. And we are not naked swimmers. Can you give some applause here?"
M&A is announced after 6 months of suspension
After the general meeting of shareholders on May 25, Shenzhen Datong further disclosed the financial situation of the target of the merger and emphasized that the transaction will not result in a change in the control of the listed company.
In the unaudited financial statements, Blockchain Connect completed operating income of 220,000 yuan in 2017, and realized a net profit of 7.89 million yuan; from January to April 2018, the company’s operating income was 360,000 yuan and net profit Continue to lose 2.33 million yuan. In addition, the operating performance of the well-selling world has also fallen into a loss. In 2017 and the first four months of 2018, the company completed operating income of 18.16 million yuan and 400,000 yuan, respectively, and net profit was 9.39 million yuan and -319 million yuan.
It is worth noting that the operating scale of the Jiangsu Zuo case is significantly higher than that of the previous two. Its operating income in 2017 was 117 million yuan, and it reached 58.43 million yuan in the first four months of 2018, which is about last year's annual revenue. The profits were all positive, and net profits were 19.89 million yuan and 2.85 million yuan respectively; as of April 30, 2018, the net assets of the Jiangsu Zuo case were 59.92 million yuan.
At that time, Shenzhen Datong revealed that the target valuation due diligence work is still in progress, and the estimated values ​​of blockchain pass and well sales are 30 million to 50 million yuan and 90 to 120 million yuan respectively. As an important subject of this merger, the estimated value of the Jiangsu Zuo case is as high as 500 million to 700 million yuan, and Shenzhen Chase intends to acquire 51% of its equity.
It should be pointed out that Shenzhen Datong has signed the "Cooperation Framework Agreement" and "Supplementary Agreement" with Blockchain Communication, Zheng Yu, and Hao Yunan; and the "Cooperation Intent Agreement" and "Supplementary Agreement" have been signed with Jingxiaotianxia, ​​Zheng Yu and Hao Yunan ; The company signed a "cooperation agreement agreement" with Jiangsu Zuo case and Wang Hongtao, and signed a "Memorandum" with Jiangsu Zuo case.
The world is changing and it seems that all preparations are ready, but Shenzhen Chase still ended in failure after several twists and turns.
After trading suspension for nearly 6 months, on the evening of August 22, Shenzhen Datong finally issued an announcement confirming that after many communications and consultations, the listed company and the counterparty failed to reach an agreement on the provision and verification of core transaction terms and related information. Unanimous opinion, it is difficult to form a concrete and feasible plan to continue the purchase of assets. After careful consideration, its board of directors decided to terminate the planned issuance of shares to purchase assets.
Chairman: Embracing the blockchain
In response to the termination of the merger, Shenzhen Datong held an investor briefing on August 23, and its chairman and general manager Hao Liang gave a detailed explanation on the matter.
At the opening of the briefing, Hao Liang stated that the launch of this acquisition was based on the consideration of both connotation and extension of Shenzhen Datong. He hoped to improve the business structure of listed companies and actively embrace high technology through the acquisition of outstanding targets. The termination of the acquisition is also a prudent decision made based on factors such as market environment, development strategy, transaction costs and risk control.
"Acquisition and reorganization is like a marriage, some are love at first sight, it is natural; some are good at first sight, but long-term boredom." Hao Liang believes that Chase's acquisition and reorganization target not only requires good looks, but also cares about the connotation of the other party and the relationship with itself. Fit, I especially hope to find the kind of partners who have the same value pursuit, can achieve each other's achievements, promote each other's growth, and can grow far and go all the way through the storm.
In Hao Liang’s view, Shenzhen Datong’s entry into the blockchain business is not superficial, but values ​​the strong technology development capabilities of the blockchain and the business model of the blockchain mall, and wants to integrate its main media business and embrace the frontier area. Block chain technology to solve the industry's pain points.
However, even more investors questioned that Shenzhen Chase's performance continued to decline and its stock price continued to fall. Now investors are paying attention to a seemingly illusory blockchain. In this regard, Hao Liang said that during the avalanche, no snowflake is innocent. Every minority shareholder is Amazon's butterfly. This kind of emotion will be transmitted and spread, turning a blind eye to positive things, and this is what he is worried about. Hao Liang especially emphasized, "Shenzhen Chase and the blockchain are embracing each other, this kind of beauty will bring you and me infinite daydreams."
In addition, Hao Liang revealed that Shenzhen Datong will continue to be committed to creating a leading company in the media blockchain. The revolution has not yet succeeded, and he hopes that it will be a glorious retreat in the future. At the same time, Shenzhen Datong will maintain cooperation with blockchain communication and well-selling the world through various other methods; all parties will jointly explore various cooperation possibilities under the scenario of combining blockchain and entities.
A reporter from Securities Times·e Company noticed that just one day before Shenzhen Chase announced the termination of the acquisition of the target of the blockchain field, its official website also issued a press release to enter the blockchain on the evening of August 21, and immediately announced the "Chase Trusted Alliance Chain Technology White Paper.
According to the article, the "Chase Trusted Consortium Chain Technology White Paper" prepared by the Shenzhen Chase Expert Team, with relevant experts from Beijing University of Posts and Telecommunications serving as technical consultants, and blockchain communication related personnel serving as technical service consultants, was officially released. According to Shenzhen Datong, this means that Shenzhen Datong, whose main business is mobile digital integrated marketing services and online and offline new media operations, has officially "touched the chain" and will actively embrace blockchain technology and will disrupt the media industry model.
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