Relieve Stress? Modern Avenue 1 Yuan To Sell Subsidiaries

Modern Boulevard yesterday announced that in view of the intensified competition in Hangzhou's regional industry and its past performance development as expected, the company agreed that Hanford, a wholly owned subsidiary of Guangzhou, will sell Meng Jianping 51% equity stake in Hangzhou card Hanford to 1 yuan.

It is understood that Hangzhou Lian card Hanford registered capital of 20 million yuan, business scope includes brand management, enterprise marketing planning. Hangzhou Lian card Hanford's shareholding structure is 51% holding shares of Guangzhou Lian Jia Yuet and 49% of Meng Jianping's shareholding. Its legal representative is Meng Jianping. Modern Avenue says that this transaction does not constitute connected transactions.

From the financial data, the company to be transferred is insolvent. As of September 30, 2019, Hangzhou Lian card Hanford net assets of -2911.46 million. From this point of view, even Guangzhou card Yue circle transfers 1 of its 51% stake to Meng Jianping, and the company will make a profit of 14 million 848 thousand and 500 yuan. At the same time, the company was exempt from interest and rental charges when Meng Jianping promised to take 63 million yuan loan from Hangzhou's even card Hanford, which resulted in a loss of 14 million 85 thousand and 100 yuan. In summary, the transaction will increase the company's net profit in 2019 by 763 thousand and 300 yuan.

Boulevard said that this transaction is conducive to integrating resources, clear strategic lines, optimizing the company's asset structure, while easing the company's short-term operating pressure, reducing financial risks, and is conducive to long-term development of the company.

In fact, in order to ease the financial pressure on the company, modern Avenue also sells its own building. It is understood that the modern Avenue in August this year, the company's headquarters building sold to Guangzhou Jian Kang Sports Culture Development Co., Ltd., the total transfer price of 975 million yuan. Modern Avenue announced earlier that the sale of the building sale is expected to achieve a profit of about 10 million ~3000 yuan.

Reporters answered the question of why they sell the assets and whether they will have any impact on this year's performance and so on. According to the financial report, the company's operating income in 2019 1~9 was 961 million yuan, down 8.25% compared to the same period last year. Net profit loss was 25 million 129 thousand and 300 yuan, down 143.05% compared with the same period last year.

Modern Boulevard yesterday announced that in view of the intensified competition in Hangzhou's regional industry and its past performance development as expected, the company agreed that Hanford, a wholly owned subsidiary of Guangzhou, will sell Meng Jianping 51% equity stake in Hangzhou card Hanford to 1 yuan.

It is understood that Hangzhou Lian card Hanford registered capital of 20 million yuan, business scope includes brand management, enterprise marketing planning. Hangzhou Lian card Hanford's shareholding structure is 51% holding shares of Guangzhou Lian Jia Yuet and 49% of Meng Jianping's shareholding. Its legal representative is Meng Jianping. Modern Avenue says that this transaction does not constitute connected transactions.

From the financial data, the company to be transferred is insolvent. As of September 30, 2019, Hangzhou Lian card Hanford net assets of -2911.46 million. From this point of view, even Guangzhou card Yue circle transfers 1 of its 51% stake to Meng Jianping, and the company will make a profit of 14 million 848 thousand and 500 yuan. At the same time, the company was exempt from interest and rental charges when Meng Jianping promised to take 63 million yuan loan from Hangzhou's even card Hanford, which resulted in a loss of 14 million 85 thousand and 100 yuan. In summary, the transaction will increase the company's net profit in 2019 by 763 thousand and 300 yuan.

Boulevard said that this transaction is conducive to integrating resources, clear strategic lines, optimizing the company's asset structure, while easing the company's short-term operating pressure, reducing financial risks, and is conducive to long-term development of the company.

In fact, in order to ease the financial pressure on the company, modern Avenue also sells its own building. It is understood that the modern Avenue in August this year, the company's headquarters building sold to Guangzhou Jian Kang Sports Culture Development Co., Ltd., the total transfer price of 975 million yuan. Modern Avenue announced earlier that the sale of the building sale is expected to achieve a profit of about 10 million ~3000 yuan.

Reporters answered the question of why they sell the assets and whether they will have any impact on this year's performance and so on. According to the financial report, the company's operating income in 2019 1~9 was 961 million yuan, down 8.25% compared to the same period last year. Net profit loss was 25 million 129 thousand and 300 yuan, down 143.05% compared with the same period last year.