The market value of 2 billion yuan is almost "halved" Heyun Culture's main business has no revenue for one year

the reporter found that as the main source of revenue, the management right of Wudang Taiji Theater contracted by Heyun Culture came to an abrupt end in May 2016, resulting in no operating income for the company.

"the annual report is sure to be disclosed on time." "there is also a certain possibility of turning around losses."

on June 1, in the face of the interview with the reporter, Dong Feifei, the secretary of the new third board company and Yun culture, was full of confidence in the future of the company. Heyun Culture is a representative enterprise of the new third board in Hubei, with a market capitalization of 2.064 billion yuan and total assets of 193 million yuan.

however, the reporter found that the management right of the Wudang Taiji Theater, contracted by Heyun Culture, came to an abrupt end in May 2016, resulting in no operating income for the company.

Dong Feifei revealed that the new management rights agreement is expected to be signed as soon as possible, and the company is carrying out asset restructuring, but it is not convenient to disclose the details for the time being.

strong > 2 billion market capitalization nearly halves / strong >

in terms of market capitalization, Heyun Culture is undoubtedly the outstanding one among the new third board enterprises in Hubei.

data in March this year show that the market capitalization of Heyun Culture reached 1.785 billion yuan, ranking seventh among Hubei's new third board enterprises.

by the end of April, the market value of Heyun Culture was almost halved, falling to 910 million yuan. Even so, the market capitalization of 910 million yuan can still be ranked 17th in Hubei. However, the market value of Heyun Culture in that month was once as high as 2.064 billion yuan, ranking fourth in Hubei.

on May 31, Chen Wenbo, an insider who has been engaged in the research on the new third board for a long time, told the Changjiang Business Daily that the market capitalization of the new third board is generally based on circulating equity or total equity. Then multiplied by the sum of the market transaction prices at the present stage, "although the valuation of the new third board has changed greatly because of the lack of liquidity, it can also reflect the changes in the market value of the company from the side."

reporter statistics found that at present, 6 of the top 10 enterprises in Hubei by market capitalization are accelerating IPO.

however, Heyun culture not only fails to "go further", but also faces the risk of delisting.

on May 26, Huachuang Securities, a brokerage on the main board, announced that Heyun Culture had coordinated relevant internal departments and actively communicated with accounting firms to complete the annual review and preparation of the annual report as soon as possible, and disclose the 2016 annual report by June 30. If the company fails to disclose its annual report before then, there is a risk that the company's shares will be terminated.

prior to this, Heyun Culture failed to disclose its annual report before April 30, and the transfer of the company's shares was suspended from May 2.

the reporter observed that Heyun Culture is the only one of the top 10 enterprises in Hubei by market capitalization that has not yet published its annual report, which really makes market participants sweat for it.

can I issue the annual report as scheduled? On June 1, Dong Feifei, secretary of Heyun Culture, firmly said in an interview with reporters that "definitely can." She said that the risk warning issued by the host securities firm is a "routine behavior" in accordance with the relevant regulations of the stock conversion system, and the company's 2016 annual report is in the process of being prepared, and it will not be a problem to disclose it before June 30.

strong > main business stagnates for one year without operating income / strong >

if the annual report can be published on time, Heyun Culture is expected to "protect the brand", but the operation of the company is not optimistic.

data show that Heyun Culture was listed on the new third board on April 14, 2016, and its main business is the operation and management of "Wudang Taiji Theater", including but not limited to ticket sales, performance arrangements and other aspects of operation and management. At present, the main customer groups of Heyun culture include individual customers, parade clubs and so on.

as of June 30, 2016, Heyun cultural assets totaled 193 million yuan, with an asset-liability ratio of only 9.69%. However, the larger size does not match the company's performance.

data show that the operating income of Heyun Culture in 2013,2014 and 2015 is 2.053 million yuan, 14.1 million yuan and 11.19 million yuan respectively, and the net profit is-2.8846 million yuan, 4.5475 million yuan and-91,800 yuan respectively.

obviously, the operating income of Heyun Culture has quickly exceeded 10 million, but the net profit is on a roller coaster.

Heyun Culture explained that the net profit in 2015 decreased by 102.02% compared with the same period last year, mainly due to the marketing plan of reducing ticket prices in 2015, and the operating cost was also five months more than in 2014. resulting in a loss this year.

the situation of poor performance has become more serious in 2016.

according to the 2016 semi-annual report, the operating income of Heyun Culture was 1.4392 million yuan, down 74.70% from the same period last year; the net profit was-716900 yuan, compared with 179200 yuan in the same period last year, from profit to loss.

and Yun Culture introduction, its main business is to provide high-tech, low-cost and convenient performance services for Wudang Mountain tourists and global Taoist martial arts enthusiasts. Income is mainly obtained by operating the "Dream Wudang" performance service of the Wudang Taiji Theater.

data show that Dream Wudang presents changes in spring, summer, autumn and winter through dance design, recreating the magnificent architecture and beautiful landscapes of Wudang Mountain, and has gradually become a tourist business card of Wudang Mountain in recent years.

Heyun Culture explained that the sharp drop in operating revenue was mainly due to the renovation of the repertoire of the Taiji Theater, which was operated in May 2016. During the period of adaptation, the contract operation agreement between Heyun Culture and the government was suspended, and the specific right of operation and management was borne by the government. During the adaptation of Heyun cultural repertoire, there was no operating income.

strong > Major shareholders pledge 30 million shares / strong >

however, the reporter consulted the data and found that there is something strange about the suspension of the main business agreement of Heyun Culture.

on June 30, 2014, Wudang Taiji Theater contract Management Agreement was signed between Heyun Culture and Lvfa, the legal holder of the property rights of Wudang Taiji Theater, and the Wudang Special Economic Zone Management Committee, which owns 100% of the company.

according to the agreement, Lvfa contracted the management right of Taiji Theater to Heyun Culture. Heyun Culture has the right to contract the management of Wudang Taiji Theater from July 1, 2014 to July 31, 2023, for a total of 9 years. The contract management right includes the ticket decision right and the performance decision right, and the contract management cost of Heyun Culture is 6 million yuan per year.

Why did the nine-year management right come to an abrupt end in May 2016? Dong Feifei told the Changjiang Business Daily reporter that it was caused by the change of government, but the specific reason is not known. "the new repertoire is being adapted, and a new management contract agreement is expected to be signed as soon as possible." The company is in the process of maintaining operation.

lost the harmony culture of the main business, and soon there was a huge personnel shock.

on July 25, 2016, the board of directors of Heyun Culture received resignation reports from directors Ding Shenghua, Hu Zhengqiang, Zhang Puhua, supervisors Wang Liyuan, Li Yu and general manager Qi Yanwen. On July 26, the company examined and approved the appointment of Zhou Guangwu as general manager of the company.

data show that Ding Shenghua, Hu Zhengqiang, Zhang Puhua, Li Yu and Qi Yanwen own 1.43%, 5.63%, 6.49%, 0.03% and 0.58% shares of Heyun Culture respectively, of which Hu Zhengqiang and Zhang Puhua are the top five shareholders.

Dong Feifei said that the personnel change is due to the entry of new investors.

on January 12 this year, the board of directors of Heyun Culture examined and adopted the motion on the quadripartite cooperation agreement between the company and Chongqing Haoshun Equity Investment Fund Management Co., Ltd., Chongqing Guifeng Investment Co., Ltd. And Xu Hegui.

Chongqing Haoshun Equity Investment Fund Management Co., Ltd. plans to issue a product with a term of two years and an amount of no more than 30 million yuan. This product is used to subscribe for the new shares of Chongqing Guifeng Investment Co., Ltd. After receiving the funds to subscribe for new shares, Chongqing Guifeng Investment Co., Ltd. must be used directly or indirectly for the future project construction of Heyun Culture.

at the same time, Xu Hegui, the controlling shareholder of Heyun Culture, pledged 30 million shares of the Company to Chongqing Haoshun Equity Investment Fund Management Co., Ltd. as a risk control measure to issue the product.

strong > the real controller has been included in the list of "broken promises" / strong >

with a new capital injection, Harmony Culture seems to be able to breathe a sigh of relief.

however, an announcement by Heyun Culture in May this year that "the company and its actual controllers have been included in the list of people who have broken their promises" broke the tranquillity of the company's restoration of vitality.

on May 9, Heyun Culture announced that in the process of continuous supervision, the host securities firm found that the company and the actual controller had been included in the list of unfaithful executors, and immediately informed the company's board of directors and required them to fulfill the disclosure obligation.

disclosure shows that in July 2016, three natural persons sued Heyun Culture for arrears of loans and liquidated damages totaling 160000 yuan and 33000 yuan, respectively.

on February 10 and February 20 this year, Heyun culture was listed as the executor of bad faith.

as of the date of this announcement, Heyun Culture has reached an oral implementation settlement agreement with the applicant on the implementation of the three cases, and is currently in the process of drafting and signing the settlement agreement.

at the same time, the announcement also shows that defendants Xu Hegui and Fan Haijiang are jointly and severally liable for Han Wei and Wang Li's loan from plaintiff Chen Jie in April 2016. the loan is 2 million yuan in principal and is calculated at an annual interest rate of 24% on a base of 2 million yuan since April 7, 2016. After assuming the guarantee responsibility, Xu Hegui and Fan Haijiang have the right to recover compensation from the defendants Han Wei and Wang Li.

on August 30, 2016, Xu Hegui was listed as the executor of bad faith.

Heyun Culture said that Xu Hegui, the actual controller, also reached an oral implementation settlement agreement with Chen Jie on the Chen Jie case, and is currently in the process of drafting and signing the implementation settlement agreement. At the same time, the amount of execution applied for by the company is relatively small, which does not have a significant impact on the actual operation of the company. The company is currently actively coordinating the settlement work to eliminate the negative situation of the application for implementation as soon as possible. The person who breaks his promise is commonly known as "Lao Lai" and is restricted in applying for bank loans.

Dong Feifei said that Heyun Culture has set up a working group to deal with this matter, which does not have a great impact on the operation of the company.

Heyun Culture is in a state of loss in the first half of the year, and it should be expected to continue to lose money in the second half of the year. However, Dong Feifei said that the 2016 annual report data is still in accounting, "there is a certain possibility to reverse losses for the whole year." At the same time, the company is carrying out asset restructuring, but the details are not convenient to disclose for the time being. "

Edit: yvonne