The chairman of Zhangqu Technology resigned and cashed in more than 1 billion yuan in half a year. Major shareholders intensively reduced their holdings by a total of 1.6 billion yuan

According to the announcement of Palm Technology, its chairman Yao Wenbin has made a total of more than 1 billion yuan through reduction in holdings in the past six months. In this regard, the company once explained that it was "out of comprehensive considerations, mainly including providing certain financial support for the company's strategic development." But now that Yao Wenbin has suddenly left, investors have expressed confusion and asked the company how to fulfill this promise.

Original title: The chairman of Palm Technology suddenly announced his resignation

in half a year. In the past two days, on the investor interaction platform, the problems of Palm Technology investors have focused on almost two words: resignation and reduction.

On August 2, Yao Wenbin, the actual controller and chairman of Palm Technology, suddenly announced his resignation, causing an uproar. The reason for his resignation was related to his continuous reduction of the company's shares.

In fact, according to the announcement of Palm Technology, its chairman Yao Wenbin has made a total of more than 1 billion yuan through reduction in holdings in the past six months. In this regard, the company once explained that it was "out of comprehensive considerations, mainly including providing certain financial support for the company's strategic development." But now that Yao Wenbin has suddenly left, investors have expressed confusion and asked the company how to fulfill this promise.

The reporter noticed that since March, Yao Wenbin, the controlling shareholder of Palm Technology, Huayi Brothers, the second largest shareholder, and Ye Yingtao, the third largest shareholder, have reduced their holdings to a total of 1.66 billion yuan.

Major shareholders intensively reduced

their holdings "Now that Yao Wenbin has resigned, how can we fulfill the reduction promised in the company's previous announcement to provide certain financial support for the company's strategic development?" Since Palm Technology announced the resignation of Chairman Yao Wenbin, investors have exploded on the interactive platform. Most of the problems revolve around resignation and reduction of holdings.

On August 2, Palm Technology announced that it had received Yao Wenbin's resignation letter."Taking into account personal reasons and allowing the youthful management to lead the company to develop better." Chairman Yao Wenbin decided to resign as chairman, director and other positions in the company. After resigning, he will not hold any positions in the company. At the same time, Deng Pan and Yao Wenzhe were elected as the new chairman and vice chairman of the company respectively. Deng Pan and Yao Wenzhe were previously vice chairman and deputy general manager of Palm Technology respectively.

Although Yao Wenbin mentioned "a young management team" in his resignation, the new chairman and vice chairman are not much different from Yao Wenbin in terms of age. According to public information, Yao Wenbin was born in 1970 and was only 46 years old. Deng Pan and Yao Wenzhe were born in 1978 and 1973 respectively.

In fact, what makes investors most dissatisfied is that before Yao Wenbin proposed to resign, several major shareholders of the company, including Yao Wenbin himself, had made many moves to reduce their holdings, and the amount before and after was as high as 1.6 billion yuan.

The reporter sorted out and found that since March 2016, Palm Technology has suffered multiple reductions from controlling shareholder Yao Wenbin, second largest shareholder Huayi Brothers, and third largest shareholder Ye Yingtao.

Among them, Yao Wenbin reduced his holdings of 13 million shares on March 16 this year and cashed in 137 million yuan; on May 3 and 4, he reduced his holdings of 13 million shares and 23 million shares respectively, cashed in 400 million yuan; on July 13 and 14, he reduced his holdings of 25 million shares and 25.5 million shares respectively, cashed in 558 million yuan. In less than half a year, Yao Wenbin has reduced his holdings and cashed out by more than 1 billion yuan.

In addition, Huayi Brothers, as the second largest shareholder, also reduced its holdings of 30.78 million shares on March 9, 11 and 17, respectively, with a total of 332 million yuan; Ye Yingtao also reduced its holdings of 20.83 million shares on March 22 and July 13, and cashed in 230 million yuan.

Yao Wenbin has reduced his holdings many times before and after, but he has expressed confidence in the company's development. Now he has proposed to resign. Investors obviously do not buy his previous statement and question it,"The company replied on the interactive platform that Yao Wenbin is very confident in the company's development., then why did he resign now?"

It is worth noting that the company's supervisor Liu Changyi and deputy general manager Yang Fan resigned in April and July this year respectively.

Yao

Wenbin, who has been immersed in the game field for many years, has not fulfilled the target performance commitment for two consecutive years. During his tenure as chairman of Palm Technology, he determined the company's "endogenous + extended" development method and led the company's many mergers and acquisitions, but high-premium acquisitions have not always been able to achieve the corresponding performance commitments for all targets.

The reporter noticed that during Yao Wenbin's tenure, Palm Technology acquired three game companies in one fell swoop in 2013, including spending 810 million yuan to acquire Dongwang Pioneer, and acquiring 100% equity of Wancrab Technology and 70% equity of Upstream Information for 1.739 billion yuan and 814 million yuan respectively.

In fact, the premium level for acquiring these three companies is quite high. Among them, Wanxie Technology's net book assets are 59.848 million yuan, and the net book assets of upstream information are 31.4489 million yuan, with assessed value-added rates of 2812.98% and 3807.40% respectively. Based on this calculation, the premium levels for Fun Technology to acquire Wancrab Technology and Upstream Information will reach 28 times and 38 times respectively.

The reporter also noticed that upstream information trading parties Liu Zhijun, Tian Hansong, Ma Xiaoguang, Zhu Ye and Gao Zhi Investment had previously promised that upstream information would achieve net profits after deducting non-recurring gains and losses in 2013, 2014, 2015, and 2016, respectively. RMB 75 million, RMB 125 million, RMB 156 million, RMB 190 million. However, the actual situation is that in addition to fulfilling the corresponding commitments in 2013, expectations were not met in 2014 and 2015. Among them, the net profit in 2014 was 102 million yuan, with a completion rate of 82%. The net profit in 2015 reached 111 million yuan, and the completion rate dropped to 71%. In addition, although the cumulative completion rate of Dongwang Pioneer and Wancrab Technology in three years exceeded 100%, in fact, after Dongwang Pioneer fulfilled its performance commitment for that year with a completion rate of more than 112% in the year of acquisition in 2013, it promised in 2014. The net profit of 93.43 million yuan was only 83.67 million yuan, with a completion rate of only 90%; in 2015, the completion rate was only 83%; Wancrab Technology also began to decline after exceeding its performance commitment in 2013. In 2014, it only completed 78% of its promised performance, while the net profit of 180 million yuan in 2015 was 90% of its promised performance at that time. It is worth noting that although the performance fell short of expectations, Palm Technology still completed the acquisition of the remaining 30% stake in Upstream Information in 2015.

Li Jian, a lawyer at Zhejiang Yufeng Law Firm, told reporters that performance commitments have not been fulfilled, and the ones with the greatest damage to their rights and interests are still small and medium-sized investors. The main responsibility should be the actual controllers and executives of the listed company."After all, the final decision is made by the executives of the listed company."

Editor: Nancy