Source: Prince Leopard Capital Circle (id:capitalzj)

Author: Prince Leopard

The famous shell companyRongyu GroupBecome a demon overnight, the share price has nearly doubled since the end of April, let people vaguely see that the famous mid-plant system is still not old.

On May 21, the official WeChat account of the Shenzhen Stock Exchange mentioned that the "Rongyu Group", which has risen abnormally recently, continues to focus on monitoring and take timely regulatory measures, according to the official WeChat account of the Shenzhen Stock Exchange.

The incentive for the share price to take off is a buyout agreement in which the company plans to pay cash for a 51 per cent to 70 per cent stake in Dellen Medical (which has not yet been finalized). According to preliminary research and estimation, this transaction constitutes a major asset restructuring.

Dellen Medical's main assets are a dental hospital and 18 direct chain outpatient departments.

The golden track physique of the Stomatological Hospital does not need to be popularized too much, "Tooth Grass"General medical treatmentAlthough the valuation is controversial, but with a market capitalization of more than 100 billion yuan, it is still a hard currency in the A-share market.

What needs to be asked is that Rongyu Group, which has left many legends in A shares, what is the gold content of this transformation?

Dental hospital, let's go!

Delun Medical is a company with oral medical service chain as the core, focusing on the diagnosis and treatment of oral diseases and oral health care, restoration services and other oral medical services.

Delon Medical is mainly engaged in oral medical services, which is divided into six types: orthodontics, oral implant, oral restoration, oral basic treatment, oral surgery and pediatric dentistry.

Delun Medical has a dental hospital and 18 direct chain outpatient departments. Its business covers the main urban areas of Guangzhou and Shunde District of Foshan City. It has a strong regional brand influence in the field of oral medicine.

Medical care is a good track, in line with the trend of consumer upgrading. Compare toAl ophthalmologyGeneral health care is even more optimistic-there are only 2 eyes and 32 teeth. These investment logic, Brother Pao has stressed many times in previous articles, interested readers can turn forward.

However, although the track is good, it does not mean that all the participants can make a lot of money.

This cross-border acquisition of Rongyu Group is only a preliminary planning stage, and the core elements such as transaction price, performance commitment and transaction process have not been disclosed. The registered capital of the underlying assets is only 15 million yuan.

There is no impenetrable wall in the world. Before the disclosure of the above announcement, there were obvious changes in the share price of Rongyu Group. The trading market shows that the share price of Rongyu Group rose continuously on May 13, May 14 and May 17, especially on May 14 and May 17.

The middle plant system took over.

Rongyu Group is under the command of Zhongzhu Department.

In February 2020, Rongyu Group announced that Beijing Shoutuo Ronghui indirectly controlled the voting rights corresponding to 23.81% of Rongyu Group's shares through Huiyin Rifeng by signing a cooperation agreement. After the completion of the transaction, Huiyin Rifeng is still the largest shareholder of the company, and Jie Zhikun, the actual controller of Beijing Shoutuo Financial Exchange, will become the actual controller of the company.

Boss Xie Zhikun is the founder of Zhongzhi Enterprise Group, and Beijing Shoutuo Financial Convergence is wholly owned by Tianjin Shenwei Enterprise Management Center (Co., Ltd.). At this point, Rongyu Group has become a successor to * ST Yushun,Mygym, ST standard oil,MeieryaAfter that, China Plant actually controlled the 8th A-share listed company.

But no matter how you look at it, it doesn't look like a normal logical investment. As a matter of fact, China Plant has been under a lot of pressure in the past few years, and they don't know what they want to do.

Before the plant department took over, the company also fell in love with a fake central enterprise. In July 2018, Rongyu Group issued the announcement of Rongyu Group on signing a Strategic Cooperation Agreement with CNNOC Investment Group Co., Ltd., revealing that within a period of 6 to 12 months from the date of signing the Strategic Cooperation Agreement, CNNC Guocai will invest in Rongyu Group; "the two sides will establish capital ties and build a platform for innovative cooperation between the Central people's Government and the people's Republic of China." Rongyu Group is a qualified supplier of China Nuclear Industry Group Co., Ltd., under the State-owned assets Supervision and Administration Commission of the State Council.

Later, according to media exposure, CNNC national wealth is not state-owned assets, is a very confusing fake central enterprises, Rongyu Group was therefore put on file for investigation by the Securities Regulatory Commission.

Looking back, Huiyin, a subsidiary of the Guangzhou Fund, acquired Yongda Group in 2016 at a cost of 2.15 billion yuan, and later renamed it Rongyu Group. Huiyin was a channel with the help of the Guangzhou Fund at that time, with private equity at the helm, and contributed a total of 4.3 billion yuan to swallow Rongyu Group, Wanjiale,Huiyuan communicationThree listed companies.

The behind-the-scenes trader of the acquisition of Rongyu Group was actually Yin Hongwei, who later became chairman of a listed company and made efforts in financial technology. But it didn't improve for many years, and finally it was handed over to the middle plant line.

Play cross-border again

Hot money loves the target, never look at the fundamentals. Don't be a pussy, just do it.

(details of seats on 17 May)

But to avoid becoming a leek, let's take a look at the fundamentals. Financial data show that from 2018 to 2020, Rongyu Group's revenue was about 422 million yuan, 155 million yuan and 114 million yuan respectively, and its revenue in 2019 and 2020 decreased by 63.23% and 26.38% respectively compared with the same period last year.

From 2018 to 2020, the attributable net profit of Rongyu Group was about 37 million yuan, 7 million yuan and-297 million yuan respectively, while the net profit of Rongyu Group in 2018, 2019 and 2020 decreased by 48.77%, 79.8% and 4093.11% respectively compared with the same period last year.

The huge loss of nearly 300 million yuan in 2020 is the worst report card handed out by Rongyu Group since its listing, and it is also the first loss in the annual report after listing. However, after the great efforts to get rid of the historical burden, the pressure of the middle plant system to pick up the plate is also much less.

In recent years, Rongyu Group has planned to reorganize many times, but the result is not rational.

In 2017, Rongyu Group planned to pay cash for a 100% stake in Guangzhou Junbo Network Technology Co., Ltd. At that time, due to the influence of the market environment and regulatory policies and other factors, it ended in failure.

On June 1, 2018, Rongyu Group announced that it had terminated its acquisition of a 66% stake in Anhui Huangpu Network Technology Group Co., Ltd.

After many capital operations, the business structure of Rongyu Group becomes more complex, and the traditional business is the R & D, production and sales of permanent magnet switches and complete sets of high and low voltage switchgear. On this basis, the company has expanded its business in the innovation and technology sector and the financial services sector. For well-known reasons, the fintech business is in the doldrums.

This time, Rongyu Group has crossed the border again, accurately capturing the hot spots of the oral medical chain. Is the future worth looking forward to?

You know, there are tens of thousands of dental chain companies, but only Tongshi Healthcare has achieved sustained profitability.