Huaxia Times reporter Liu Chuan reports from Beijing
On June 20, ST Wanlin (Rights protection) According to the announcement, the company plans to use its own funds of no less than 150 million yuan and no more than 300 million yuan to buy back its shares at a price of no more than 6 yuan/share (inclusive). The shares repurchased this time will be used to reduce its registered capital.
Influenced by the positive news, the share price of ST Wanlin rose for two consecutive days. As of the close of June 21, ST Wanlin had closed at 3.61 yuan per share.
Recently, ST stocks have fallen one after another, and some have even fallen below the delisting index price of "one yuan", while most ST companies are "rotten" and rarely buy back. Why is ST Wanlin not "rotten" as a ST company?
The reporter of Huaxia Times noticed that on June 19, the company announced that the person acting in concert with the controlling shareholder of the company, Gongqingcheng Brilliant Investment Partnership (Limited Partnership) (hereinafter referred to as "Brilliant Investment"), pledged all of its 18.417 million shares.
Is the company's purchase of 300 million yuan for the purpose of supporting the share price with the shares pledged by Borui Investment? The staff of ST Wanlin told the reporter of the Huaxia Times: "These are two unrelated things. The reason why Borui invested in the pledged shares may be that he needed money."
"Irrelevant"
As for the reasons for repurchasing shares, ST Wanlin said in the announcement: "Based on firm confidence in the company's future sustainable development and high recognition of the company's long-term value, in order to effectively protect the interests of all investors, boost investor confidence, and promote the company's long-term stable development."
According to the above upper limit of the total amount of funds to be repurchased of 300 million yuan (inclusive) and the upper limit of the repurchase price of 6 yuan/share, it is estimated that about 50 million shares will be repurchased this time, accounting for 7.9% of the company's total share capital; According to the lower limit of the total amount of funds to be repurchased of 150 million yuan (inclusive) and the upper limit of the repurchase price of 6 yuan/share, it is estimated that about 25 million shares will be repurchased this time, accounting for 3.95% of the company's total share capital.
At the opening of the trading on June 20, the company's stock price closed the trading limit board. On June 21, the company's stock price continued to rise and limit until the closing. After the closing, there were still more than 17600 sealed orders on the trading limit board.
On June 19, ST Wanlin announced that Borui Investment, the person acting in concert with the controlling shareholder of the company, pledged all of its 18.417 million shares to Chen Chang, a natural person, for the purpose of production and operation.
Tianyancha data shows that Brilliant Investment was founded in 2021. It is a member of the Communist Youth City Brilliant Investment, located in Jiujiang City, Jiangxi Province. It is an enterprise mainly engaged in business services, with a registered capital of 91 million yuan. The executive partner of the company is Fan Jibo, the real controller of ST Wanlin.
According to the data, ST Wanlin's main business is comprehensive logistics services in the field of timber import, providing domestic timber industry enterprises with such businesses as procurement agency, shipping agency, freight forwarding, port loading and unloading, warehousing and distribution, cargo stowage, timber processing, logistics information, etc.
According to the financial data, the company will achieve an operating revenue of 388 million yuan in 2023, including 279 million yuan from handling business, 65.83 million yuan from timber sales, and 28.29 million yuan from basic logistics. ST Wanlin has suffered losses in the last three years. Among them, the loss in 2021 is 283 million yuan, the loss in 2022 is 598 million yuan, the loss in 2023 is 228 million yuan, and the accumulated net loss in three years is 1.109 billion yuan.
In May 2021, ST Wanlin carried out a large equity transaction. The original controlling shareholder Hurui Industry transferred about 43 million shares it held to Gongqing City Borui. Fan Jibo replaced Huang Baozhong, founder of Wanlin, as the new head of Wanlin. In the first year when Fan took the helm, Wanlin Logistics became ST Wanlin.
Subsequently, ST Wanlin was successively issued with "non-standard" audit opinions by two audit companies. Behind this is the continuous legal proceedings between the two actual controllers, as well as the doubt about a large amount of advance payment of tens of millions of dollars.
Buyback funds are difficult to guarantee
By the end of the first quarter of 2024, the monetary capital on the account of STM 10000 forest was only 19.32 million yuan. In other current assets, accounts receivable and notes receivable were 40.83 million yuan, prepayments 958.7 million yuan, and other receivables 194 million yuan.
At the same time, the company's liabilities are far greater than the amount of cash on the books. By the end of the first quarter of 2024, the company's short-term borrowings were 37.87 million yuan, and the current liabilities due within one year were 18.86 million yuan. In addition, by the end of the first quarter of 2024, the company still had 35.54 million yuan of accounts payable and bills to pay.
It is worth noting that not long ago, ST Wanlin had to resign as the vice president of the company due to financial constraints.
On April 11, the company announced that the board of directors had received the written resignation report submitted by Shen Jie, the company's director, chairman's assistant and deputy general manager.
Due to the long-term failure to solve the difficulties faced by the company, such as the suspension of bank credit and the shortage of funds, the business development in Shen Jieyuan's charge was limited. Shen Jie applied to resign as the assistant to the chairman of the board of directors and the deputy general manager. After her resignation, Shen Jie still served as the director of the company.
It can be seen that ST Wanlin does not have enough cash on hand, so where does the stock repurchase fund of up to 300 million yuan come from?
ST Wanlin told the Huaxia Times: "Last year, the operating cash flow of the whole year was 116 million yuan, and this year is expected to be a good figure. The company has made good progress in collecting receivables recently, and there may be some payments back. Therefore, there is no big problem to guarantee the repurchase amount."
In the 2023 annual report, the book value of other receivables of the company is 234 million yuan. The 2023 annual report shows that by the end of 2023, the balance of other receivables of the company is 1.064 billion yuan. But most of them cannot be recovered for a long time.
Among them, from the perspective of the former five major debtors, the arrears over three years were 233 million yuan, 93.04 million yuan, 91.802 million yuan, 50.75 million yuan and 22.813 million yuan respectively.
An auditor who worked in four major accounting firms told the Huaxia Times The reporter analyzed and said: "The company's other accounts receivable provision ratio is very high. If the recent receivables collection has made good progress, as the company said, or if other accounts receivable have been recovered, the company's bad debt will be reversed and generate profits, which will have a good effect on the company's performance. This may also be a point of the secondary market hype it."
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