Recently, a chat record of a work group appeared in various WeChat groups.
in the group,Li Ruijie, chairman of Zhongqingbao, forced all employees to work overtime during the May Day holiday, and said, “If you don’t agree, you will be fired immediately.”
Not only that,His words also included vulgar language such as “I want to blow up all of you”, “Buy yourself a piece of tofu and kill yourself”.
Figure | Source: China Fund News
After the public opinion became more and more powerful, Zhongqingbao issued an apology statement on the official Weibo, saying that it would “strictly implement the labor law and other laws and regulations on the May Day holiday and overtime system to protect the legitimate rights and interests of employees,” and ” Regarding the inappropriate actions made in this emergency, the chairman himself has deeply realized the seriousness of the matter and made self-reflection.”
Fenghuang.com’s “Eye of the Storm” found that this is not the first time the chairman of Zhongqingbao has been involved in public opinion turmoil.
Unable to support “performance” and endless hot spots, and a chairman who is keen on violence, how does Zhongqingbao get out of the road of “demon stock”?
The chairman violently beat others twice
The violent road of Li Ruijie, chairman of Zhongqingbao, began in 2011.
At that time, a lawyer represented Adobe to sue Zhongqingbao for infringement of its computer software copyright. After being accepted by the Shenzhen Intermediate People’s Court, the lawyer was contacted by the legal manager of Zhongqingbao and arrived at Starbucks Coffee, Keyuan Road, Nanshan Science and Technology Park. Hall met with Li Ruijie, and the two sides discussed reconciliation matters.
Unexpectedly, as soon as he sat down, Li Ruijie slapped the court’s “evidence preservation ruling” on the table, threatening the lawyer and asking her to withdraw the case.
After being rejected by the lawyer, Li Ruijie immediately threw a big fist at her. Afterwards, Li Ruijie threw another chair and smashed it on the lawyer’s head, causing her to faint with blood.
After the incident, the lawyer was sent to Nanshan Hospital, where he had 6 stitches on his head and injuries to his neck, back, waist and knees. The diagnosis certificate showed that he had “concussion, scalp laceration, and acute lumbar disc herniation.” “.
Not only that, on the day that Li Ruijie beat the lawyer, the lawyer also received a text message from a person claiming to be Li Ruijie, in which there was a sentence—“Tonight a representative will come to your house to talk to you overnight.”
The lawyer was worried that Li Ruijie would retaliate, and hurriedly transferred him to a hospital for treatment.
Regarding the damage to the image of Zhongqingbao caused by the violent incident, Li Ruijie said at that time, “I am really sorry, and I am also deeply reflecting on myself.
Unexpectedly, in 2013, Li Ruijie “acted recklessly” again. When participating in the 2012 China Game Industry Annual Meeting, he suddenly clashed with Wu Peng, the former vice president of the company, and injured Wu Peng in the head.
Afterwards, Wu Peng posted a Weibo with the content: “What do you do when you are bitten by a dog?” This Weibo quickly attracted widespread attention.
According to public information, Wu Peng was originally in charge of overseas business at Zhongqingbao. Before leaving Zhongqingbao at the end of 2011, Li Ruijie broke out and said in an internal notice, “We must resolutely eliminate all the money-losing goods in the headquarters. Those who do not make money now, People who don’t have the confidence to make money in the future, please get out of here immediately.”
Performance takes a “roller coaster” year-round loss
Behind the beating of the chairman, Fenghuang.com’s “Eye of the Storm” found that Zhongqingbao’s performance was lackluster.
From 2012 to 2021, the operating income of Zhongqingbao was 185 million yuan, 324 million yuan, 490 million yuan, 343 million yuan, 321 million yuan, 313 million yuan, 334 million yuan, 469 million yuan, 294 million yuan, and 355 million yuan. 100 million yuan, with year-on-year growth of 75.4%, 50.87%, -29.91%, -6.34%, -17.09%, 6.63%, 40.36%, -37.32%, and 20.86% respectively from 2013 to 2021.
During the same period, the net profits of Zhongqingbao attributable to shareholders of the parent company were RMB 17 million, RMB 51 million, RMB 22 million, RMB 65 million, RMB 50 million, RMB 50 million, RMB 36 million, RMB 52 million, -135 million yuan, -0.46 billion yuan, with year-on-year growth of 205.7%, -143.18%, 395.89%, -176.27%, 238.3%, -27.71%, 42.25%, -360.93%, and 65.75% respectively from 2013 to 2021.
Not only does it often “go over the mountain to produce”, Zhongqingbao has also fallen into the quagmire of losses all year round, and has had negative net profit for two consecutive years from 2020 to 2021.
If the performance is not good, Zhongqingbao spares no effort in rubbing the hot spots.
On January 10, 2018, an investor asked Zhongqingbao whether it was involved in the blockchain on the Shenzhen Stock Exchange’s interactive platform. Zhongqingbao replied: “Whether it is the controlling shareholder Baode Technology, or the wholly-owned subsidiary Proton Internet, Or our own gaming business, all of which are involved in blockchain technology.”
In this regard, the Shenzhen Stock Exchange quickly paid attention and asked Zhongqingbao to explain the specific situation of its involvement in the blockchain business, including the operation and profit model of the business, related operating income in the last three years, gross profit margin and R&D investment.
At this time, Zhongqingbao did not have the confidence to reply to investors, saying that related products related to blockchain technology are still in the stage of internal discussion and analysis and demonstration.
But this is not over yet. Since then, Proton Internet, a wholly-owned subsidiary of Zhongqingbao, has successively launched blockchain + product traceability chain, blockchain + capital supervision chain, blockchain + industrial project management chain and other services, and continues to cooperate with the region. linked to the blockchain.
On December 12, 2019, Proton Internet signed the “Blockchain + Smart Winery” Project Software Development Contract with Guizhou Jinsha Andidou Wine Co., Ltd. controlled by Li Ruijie.
Everything can be drunk, and the way of rubbing hot spots on the blockchain allows Zhongqingbao to master the experience, laying a solid foundation for its future hot spots in the universe.
Reduce holdings while rubbing hot spots
On September 6, 2021, Zhongqingbao published an article on its official WeChat account titled “Zhongqingbao | The Rise of the Metaverse Track Online Game Veterans Forge ahead and Forge a Journey”, saying that a metaverse game “Brewmaster” will be produced. It will combine virtual and reality to realize online winemaking and offline wine extraction.
After the official announcement of the metaverse concept “brewmaster” game, Zhongqingbao quickly went out of the circle, and the stock price rose sharply. Since September 7, the share price of Zhongqingbao has been rising all the way, reaching a maximum of 42.63 yuan. Based on the closing price of 8.2 yuan on September 6, the share price has risen by more than 400%, and it has since become a well-known “demon stock”.
On January 3, 2022, Li Ruijie published a demo screen of the H5 version of “The Brewmaster” on his Weibo, and said that there will be 2D, 3D (including locked perspective), VR, overseas, and Robloth versions in the future. In the rough demo screen, the plot of Li Ruijie’s “Jinsha Ancient Wine” appeared.
Tianyancha shows that Jinsha Ancient Wine is a wholly-owned subsidiary of Guizhou Jinsha Andidou Wine Co., Ltd. and is also controlled by Li Ruijie.
On January 10, 2022, Zhongqingbao issued another transaction announcement stating that the wholly-owned subsidiary Zhongqingbao Hong Kong Co., Ltd. (hereinafter referred to as “Zhongqingbao Hong Kong”) acquired the actual controller of the company, Baode Asset Management Hong Kong Co., Ltd. (hereinafter referred to as “Baode Asset Management”), under the name of Chairman Li Ruijie, holds a 51% stake. After the acquisition, Baode Asset Management changed its name to Baoer Lide Yuan Universe Digital Platform Co., Ltd. (hereinafter referred to as “Baode Asset Management”). “Paul Reed”).
Although this transaction constitutes a connected transaction, it does not constitute a major asset reorganization because the transaction consideration is HKD 0.
However, the acquisition target changed from an asset management company to a Metaverse digital platform, and Zhongqingbao once again became a hot spot in the Metaverse.
As a result, Zhongqingbao has repeatedly received letters of concern from the Shenzhen Stock Exchange, focusing on whether it has a metaverse concept and whether there are hot spots.
In the latest letter of concern, the Shenzhen Stock Exchange asked Zhongqingbao to explain the reasons for the proposed change of the target company’s name to the Metaverse-related name, and to explain whether the company has deliberately created hot spots, gimmicks, etc. in combination with the replies to the aforementioned questions.
In this regard, Zhongqingbao replied that Paul Lid “targets to build China’s own Metaverse UGC open platform, which is in line with the company’s development plan and the core interests of the corresponding cooperative developers”, and “the company’s own business logic is also Stable, centripetal, stable”.
However, as of the reply to the letter of concern, Paul Reed has not yet invested in the research and development of the Metaverse business, has not mastered the core technology and the progress of the research and development cannot be determined.
Although the Metaverse project has not been officially marketed, with the skyrocketing stock price, the reduction of Zhongqingbao’s holdings and equity incentives have been put on the agenda.
As early as October last year, when Zhongqingbao’s share price soared, its chief financial officer reduced his holdings by about 10,500 shares in a centralized auction, accounting for 0.004% of the company’s total share capital.
Since then, while disclosing the acquisition of Baode Asset Management for 0 yuan, Zhongqingbao also issued an announcement that shareholders intend to reduce their holdings. The announcement shows that the controlling shareholder Shenzhen Baode Investment Holdings Co., Ltd., the controlling shareholder Shenzhen Baode Technology Co., Ltd., and Li Ruijie plan to reduce their holdings by no more than 3% of the company’s total shares within 3 months after 15 trading days from the announcement date. .
The practice of reducing holdings while taking advantage of the hot spots also made the Shenzhen Stock Exchange doubt its intentions, and issued a letter of concern asking Zhongqingbao to explain the specific reasons and rationality for repeatedly disclosing Metaverse-related matters at the time when the controlling shareholder planned to reduce holdings. There are cases of deliberately hyping up and raising the stock price in order to cooperate with the above-mentioned companies or personnel to reduce their holdings.
Not only that, Zhongqingbao also launched a stock option incentive plan for 21 people including Li Ruijie and his son Li Yilun. The grant date is December 7, 2021, a total of 10.6 million stock options, and the exercise price is 35.19 yuan / share. Li Ruijie and Li Yilun were granted 2.63 million stock options respectively, accounting for about 50% of the number granted in this incentive plan.
It is worth noting that although the heart of Zhongqingbao is not dead, the capital market does not seem to continue to buy it. As of press time, the share price of Zhongqingbao has fallen to 17.47 yuan, which has dropped 59.02% from last year’s highest point of 42.63 yuan.
The Metaverse seems to be dead, what should Zhongqingbao do next time?
Hashtag: Chairman overtime stock
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