Wen/Leju Finance Fan Huiru

When the real estate company was at its peak, the real estate company never avoided its "rich dad" background, and even directly used the related real estate company as an endorsement on the brand. The naming was also quite intuitive, and the word "property" could be added to the abbreviation suffix of the real estate.

Now, the real estate industry is undergoing deep adjustment, the development end and sales end are further weakened, the liquidity of real estate enterprises is generally under pressure, and some property enterprises have begun to have different concerns about the relationship between names and real estate.

At the end of last year, Xuhui Yongsheng Service Announced the de real estate label, to be renamed as“ Yongsheng Service ”After, Yincheng Life Service It also opened the way to cut the real estate label.

On May 10, Yincheng Life Service (01922. HK) released an announcement to disclose the intention of renaming. The announcement shows that it plans to change its English name from "YinchengLifeService CO., Ltd." to "RuisenLifeService Co, Limited", and its Chinese name from "Yincheng Life Service Co., Ltd." to "Ruisen Life Service Co., Ltd.".

From Yincheng life service to Ruisen life service, it is obvious that the transformation from "Yincheng" life service to "Yincheng" life service has a strong sense of innovation. "Changing the company name will better reflect the future strategic direction of the company's business focusing on characteristic development and independent development."

Yincheng Life Service changed its name this time, and Xuhui Yongsheng Service Renamed on drive They are somewhat similar in that they all express the intention of "independence". The difference is that, Xuhui Yongsheng The service also retains a certain memory of the original brand "Yongsheng", while Yincheng Lifestyle directly launched the new brand "Ruisen".

What is the origin of the name "Ruisen"? By combing its shareholder lineup, we may learn something. The word "Rui" in "Ruisen" comes from the name of "Ruihua Investment", the second shareholder of Yincheng Life Service.

II. The way for shareholders to increase their rights

Reviewing the path of two shareholders Ruihua Investment to increase its shareholding, this change of name and removal of the real estate label may have early signs.

In June 2022, Yincheng Life Service introduced Warfare Investment Ruihua Investment, and the four shareholders transferred a total of 20% of their shares to the latter. Ruihua Investment became the second largest shareholder of Yincheng Life Service, second only to the major shareholder Huang Qingping.

One year later, Ruihua Investment continued to increase its holdings. In July 2023, Ruihua Investment will further acquire 7.98% equity from Huang Qingping, the major shareholder, and other shareholders. After the completion of the transfer, Ruihua Investment's shareholding increased to 27.98%, while Huang Qingping's shareholding remained only 31.29%, only 3.31% of the difference between the two.

According to the data, Ruihua Investment provides investment management services in Hong Kong, mainly investing in the real estate industry, personal private property, stock industry and other related industries.

At that time, Ruihua Investment was introduced, and Yincheng Life Service said frankly, "We can use the resources and support of Ruihua Investment to find high-quality acquisition targets, so as to expand its capital strength, accelerate business development and promote the transformation and upgrading of the Group."

Ruihua Investment's control over Yincheng Life Services is not only about the increase of equity, but also about the appointment of the board of directors. Last year, on August 24, Yincheng Life Service announced that Yao Ning and Pan Xiaohu had been appointed as non-executive directors of the company.

Both of them are from Ruihua Investment. Yao Ning is currently the chief executive of Jiangsu Ruihua Investment Holding Group Co., Ltd., mainly responsible for the daily business operation of the group; Pan Xiaohu is the director of Ruihua Investment Bank, mainly responsible for asset management and investment decision-making.

With this change of name, its board of directors said frankly, "The new English and Chinese names can provide the company with a new corporate image and identity, strengthen independent brands, facilitate the business development of the company, and conform to the overall best interests of the company and shareholders."

Tear off the property label

The real estate industry is in a period of deep adjustment, and those associated real estate enterprises that are mired in debt are no longer the endorsement and endorsement of property enterprises, but become the "culprit" of dragging down the profits of property enterprises on the bad debt of property related receivables.

At present, the real estate related parties of Yincheng Life Service Yincheng International The trading has been suspended for more than 8 months due to the failure to issue the semi annual report and annual report. In 2023, the net increase in bad debts of receivables from related companies accounted for nearly 80% of the total in Yincheng life services. The financial report data shows that the net impairment loss of financial assets of Yincheng Life Services in 2023 is about 58.326 million yuan, of which the net impairment loss of receivables of related companies is about 44.3 million yuan, accounting for 76%.

According to the annual performance announcement of Yincheng Life Services in 2023, the realized income was about 1.973 billion yuan, up 15.2% year on year; The profit attributable to owners of the company was about 117 million yuan, up 9.5% year on year.

From the perspective of revenue growth, from 2019 to 2023, the operating revenue of Yincheng life services increased by 48.77%, 38.27%, 40.47%, 26.76% and 15.19% year on year respectively. In 2023, its revenue growth rate will be the lowest in the same period of the last five years.

In the downward phase of the real estate industry, reducing dependence on the parent company of real estate and accelerating independence are becoming a major measure for property enterprises to go through the cycle. And the choice of changing the name of the de real estate label has also become the embodiment of the material enterprises' determination to convey independence.

Since last year, three listed property enterprises have completed or clearly changed their names. Among them, Aoyuan Health Renamed“ Xingyuekang Travel ”Completed the de localization; Evergrande Property Changed the name of the public account back to the original“ Jinbi Property ”, also announced from the side“ Evergrande ”Cutting; Xuhui Yongsheng service also clearly goes“ Xuhui ”Label, strengthen the construction of independent brand.

However, some economists previously said that the renaming of property enterprises may not completely reduce the impact of the real estate thunderstorm on the group's brand image. "Renaming is only part of the brand building of property service groups, and other efforts are needed to improve their brand image and market competitiveness." Bai Wenxi, chief economist of IPG China, once pointed out.

It is true that improving independence is the only way for property enterprises to get rid of the influence of related parties and improve their profitability. However, at a time when real estate enterprises are forced to take over real estate assets and rescue real estate enterprises in disguised form, the independent development of real estate enterprises still has a long way to go.