A shares: I want to add blockchain, supervision: you can stop

How these companies "+ blockchain", the Shanghai Stock Exchange and the Shenzhen Stock Exchange are also very curious.

Blockchain gives A shares "pull", is it still useful?

On the evening of May 26th (Sunday), Ceres (stock code: 603716) announced a partnership with the ant blockchain for blockchain + medical related applications. The next day, the stock opened higher to the daily limit until it received an inquiry letter from the Shanghai Stock Exchange.

The “blockchain concept stocks” began to enter the public view at the top of the bull market in 2018. At the most, there were 30 “chain stocks” ushered in the daily limit. Cerris, who entered the market in April this year, is a newcomer.

Regulatory taboos are the new "chain stocks" that Selis has suddenly entered, and have not explained to investors the basic issues of where to go on the chain, how to go on the chain, and how to generate revenue.

Prior to this, there were more than 30 A-share listed companies, which were supervised by the announcement because they were “chained up”. More or less there is a problem with the blockchain business language.

Some companies said that the blockchain is good, but they have a taste of it; some companies have announced relevant investment agreements, but they have changed. Of course, there are also companies that have invested heavily but have not yet “seeed the money”.

The blockchain concept has helped these stocks limit. However, more than a year has passed, and there are very few examples of the blockchain concept: 50% of the “chain stocks” blockchain business is still in the research stage, and most of the “chain stocks” blockchain business It has not yet achieved positive revenue.

How to turn concepts into income is a question that these companies will answer sooner or later.

6 "chain-related" stocks receive enquiries

Eight days after the board meeting, Ceres announced a decision that directly attracted regulatory attention.

On the evening of May 26, the company, which sells in vitro diagnostic equipment and reagents, announced that the company has reached a cooperation with ant Jinfu's blockchain company, the ant blockchain, and both parties will be in the blockchain medical field. In-depth cooperation in technology, credible deposits and other aspects. Specifically, the ant blockchain will provide Ceres with blockchain services such as identity authentication, trusted timestamps, payment, and trusted crawling.

Celes was founded in Wuhan in 2004 and listed on the Shanghai Stock Exchange in 2016. It mainly sells in vitro diagnostic instruments and extension services.

Ant Financial is one of the earliest companies in China to develop and apply blockchain technology. It has a BazaS platform (Blockchain as a Service), and its application scenarios cover finance, traceability, public welfare, law, medical care and renting.

However, how do you cooperate? The Shanghai Stock Exchange is also very curious.

On the evening of May 27, the Shanghai Stock Exchange issued an inquiry letter stating that “the cooperation agreement announced by Celes on the previous day has neither a specific contract amount nor a full disclosure of the risks involved in the matter. Misleading to investors."

At the same time, the Shanghai Stock Exchange required Celes to make additional disclosures in accordance with the regulations, including the synergies between the proposed cooperation and the company's existing business, the specific application, and the significant uncertainty in the actual implementation of the proposed cooperation.

So far, this year, the Shanghai and Shenzhen stock exchanges have issued six “chain-related” listed companies, including Hengshun Zhongsheng, Shenzhen Datong, Anne, Monternet, Precision Information and the above-mentioned Celes.

After finishing the Odaily Planet Daily, the chain companies all have some things in common: first, after the announcement, after the announcement, the losses are frequent and the revenue is not related to the blockchain.

Chain Enterprise Features 1:

Announcement vague, market questioning speculation concept

It can be seen from the letter of concern of the Shanghai Stock Exchange that the general problem of these “chain-related” enterprises is that they are vague in publishing the relevant business of the blockchain and cannot prove the credibility of the blockchain business.

For example, some “chain-related” companies lack specific introductions on how to apply when publishing related businesses, as is the case with the above-mentioned Celes;

Other "chain-related" companies suddenly emphasized their advantages in the blockchain field in the announcement, while at the same time diluting their main business and blockchain are far apart, such as Shenzhen Datong.

According to the inquiry letter issued by the Shanghai Stock Exchange to Shendatong on May 22, "According to your company's "2018 Annual Semi-annual Report", your company's main business is 'mobile digital integrated marketing service', but your company introduces the company's basic information in this announcement. At the time, I did not mention the above-mentioned main business, but emphasized that your company has a wealth of technical accumulation and experience in the development and application of blockchain technology. Please ask the company to explain the specific technical accumulation and experience. Provide data support and supplement whether disclosure has confirmed the corresponding operating income due to blockchain technology and correct or supplement the relevant periodic reports."

These operations inevitably make the market suspect that the business of these announcements is not a pull-down.

After all, many A-share companies have ushered in a daily limit after publishing these vague announcements. In January last year, the leading stocks in the blockchain saw the stocks receive 4 daily limit.

A veteran brokerage analyst believes that the main business of EasyShare is the supply chain finance, so it is unlikely that the main profits of the easy-to-see shares will come from the blockchain business.

The timing of the announcement by Séris was even more intriguing.

According to relevant information, on June 11th, Ceres will usher in a wave of huge restricted shares. The batch of banned shares came from the company's private placement in 2018. The number of shares accounted for 8.76% of the total share capital, and the cost price was 23.31 yuan/share, which was higher than the current secondary market price of Selis's stock of 16.8 yuan/share.

Some market speculators have suggested that Ceres may release signals to the market in order to cooperate with shareholders.

In response, Selis responded to the daily economic journalist: "There is no relationship with the relevant shareholders to lift the ban. I have not heard that the controlling shareholder has promised the relevant shareholders in the process of the increase."

However, an A-share analyst who did not want to be named told the Odaily Planet Daily that the application of blockchain after the investment of industrial marijuana by Celtics, how come it is so smart to encounter a hot spot?

In the face of the “hot spot” question, the staff of Ceres said, “It is really sensitive to understand this point of view.”

Chain Enterprise Features 2:

Try multiple outlets under profit pressure

According to the public information of Ceres, it announced that it had invested tens of millions of dollars in related companies in the end of March and early April in which A-shares had “industrial marijuana fever”. As soon as the news came out, the share price of Ceres rose sharply.

After the announcement of cooperation with the ant blockchain, on May 27th, Celes shares opened 9.13% higher, continued to rise after the opening, and soon hit the daily limit. It continued to rise on May 28, with a maximum of RMB 20.14 per share, which was nearly 18% higher than the closing price on the 24th (Friday). Since then, according to the data of the Eastern Fortune Network, the funds of the Celes stock are out.

01

Before this month, the 2018 annual report and the 2019 quarterly report of 2019 were not so good.

According to the data, last year, the revenue of Ceres increased by 43.12% year-on-year, but the net profit of the mother returned only increased by 0.33%, and the net profit growth was less than expected. In addition, the company's other receivables at the end of the period was 31.33 million yuan, an increase of 79%; the company's balance of notes payable and accounts payable ended at 99.309 million yuan, a year-on-year increase of 77%; the ending balance of short-term loans was 671 million yuan, an increase of 134%. As for why the large amount of arrears is backed up, it has not been disclosed in detail in the annual report.

High bad debts and debt growth are too fast… In the midst of a crisis in traditional business, the trial transformation of industrial cannabis or blockchain may have become a way out for Ceres.

It’s just a loss, and it’s better to use the concept of the hurricane to transform.

Odaily Planet Daily reported that "Chen Xin Technology" first sold sea cucumbers. In 2016, it began to enter the game industry. Last year, it began to issue the currency of the blockchain. Anne's shares are from the Internet lottery, the Internet of Things, and then to the VR to the blockchain. The hot concept is "no one is spared."

Chain Enterprise Features 3:

Blockchain related revenue is 0?

The traditional business is in trouble, and it is not difficult for companies to understand the crisis with new opportunities. However, is the concept embodied only in the announcement really translated into income?

Regarding the profitability, the relevant staff of Selis said, “The future may consider designing related product solutions, and the synergy with the company's business is still very strong. At present, there is no impact on the performance in the early stage, mainly in terms of strategy. layout."

Looking at the listed companies in the strategic layout blockchain, there is almost no relevant income, let alone profit.

According to statistics from multiple agencies, more than 80% of A-share listed companies actually started blockchain business after 2018. But one year has passed. In the past financial quarter, no “chain stock” disclosed the business revenue. In a few documents that responded to the SFC's inquiry letter, there was even data with a revenue of 0.

At the beginning of April this year, the "chain stock" accurate information (stock code: 300099) for seven consecutive trading days limit, the stock continued to hit a new high for a year.

As a last resort, the accurate information release risk warning announcement stated that the company's blockchain business only achieved revenue of 1.957 million yuan in 2018, accounting for only 0.41% of the company's revenue, which had little impact on the annual performance.

When Shenzhen Datong responded to the Shenzhen Stock Exchange in April, it said that the company had invested 4.113 million yuan due to the application of blockchain technology, but it has not yet generated corresponding operating income.

Xinhu Zhongbao (stock code: 600208) shares in the chain of interest in 2017, a net profit loss of 15.21 million yuan.

This phenomenon has not only appeared in the A-shares, but also the new “chain stocks” in the New Third Board. For example, the blockchain is the main industry and the technology is relatively mature. According to its financial report, after entering the blockchain for three years, the revenue has been almost in place, and the losses have increased. In 2016, the net profit was 1.92 million yuan, and the net loss in 2018 was 32.88 million yuan. It can be seen that the blockchain technology of the bitter research area does not necessarily receive the same or even excessive return at this stage.

In the current "chain stocks", many companies are trying to rely on blockchains to change lanes and overtakes in the current situation of sluggish business operations.

“Number Chain Rating” is based on the financial data of 120 “chain stocks” in the first quarter of 2016~2019 (three years and one season). 23 companies have negative net profit in 2018, such as , Santai Holdings, *ST Ou Pu, Jinzheng shares, Jiuqi Software. Among them, *ST Ou Pu has the largest loss of 4.179 billion yuan. *ST Youjiu (Youjiu Game) has lost two consecutive years, with losses of 422 million and 905 million in 2017 and 2018 respectively.

From this point of view, these "chain stocks" even if they take the blockchain train, it is difficult to get out of the quagmire of losses.

Unclear business prospects and difficult landings

Compared with real income, the blockchain is more attractive to listed companies because of investor attention and support. If a company invests a lot in the blockchain and the results are visible, even if it is a loss of two years like Taiyiyun, there are still quite a few investors who are optimistic about its potential value.

But the problem is that in the hundreds of “chain stocks”, there are a large number of companies that are only in the research stage, and actually use the blockchain to conduct business less.

Take Shen Datong as an example. In February 2018, the blockchain concept stocks announced the acquisition of “blockchains” and “selling the world”. However, since then, there has been no progress related to M&A until August 2018, when the company decided to terminate the purchase because “the blockchain field involved in the transaction is a brand new field for them, and their investigation and preparation cycle is more Long, and "in the end, it is impossible to reach an agreement with the other party on the provision and verification of core transaction terms and related materials."

Without a clear appeal and planning, it rushed into the blockchain's Shenzhen Chase. After the announcement, it was discovered that it was entering a brand new field. It is doubtful that many of these concept stocks really want to be clear.

The Odaily Planet Daily has sorted out the announcements, interactive platform responses and related news of 97 companies (the two platforms of the same flush and the East Fortune), and found that one-fourth of the companies and blockchains are the most relevant. Exploring blockchain technology, 23% of companies participate in blockchain business through investment incubation or subsidiaries, while 4 companies (HNA, Skyworth Digital, Youjiu and Hengyin Finance) are not directly related to blockchain The other two companies have withdrawn or cleared the blockchain business (for Stormwind and Zhongnan Construction respectively).

02

The picture comes from "A picture to understand the "blockchain concept stocks" in the A shares. How many "concepts" | Planet map theory

Another intuitive feeling is that in the digital currency bull market, it is also the peak of the A-share chain companies: “exploring the layout”, participating in alliances, forming associations, attending events, and expressing opinions… but not in the next 1-2 years Product progress or case landing.

Among the 32 “chain stocks” that the inter-chain pulse counted in May this year, only 9 companies mentioned the application of the landing application; 15 of the remaining 23 mentioned that the blockchain laboratory has been opened and the development area is The blockchain related research and the accelerated blockchain research process, the remaining 8 are only referring to the word “blockchain” in the report, and have not introduced the relevant business content in depth.

03

With the removal of these companies, there are only a handful of companies that can form blockchain-related products or applications and sales.

I have to admit that the blockchain has not yet formed a mature landing scene and commercialization model, and its future development is also uncertain.

The above-mentioned unnamed A-share analysts told the Odaily Planet Daily that "I personally observed that I did not see a good landing scene. Now they generally use supply chain finance, deposit certificates, copyright registration, but these scenes are originally The problem may not be related to technology. In some industries, the problem is that the status of each institution is unequal, so the alliance chain based on this does not make much sense. BAT will go further, such as Baidu, Weizhong Bank and Jingdong are open source. At least they have an attitude of wanting to do the underlying ecology. There are also some listed companies mining, I think it will be more real."

Earlier, financial analyst Xiao Lei also said that the blockchain can not be "fired." “The blockchain, as a low-level technology, cannot actually generate business out of thin air. This is different from other concepts. The blockchain must be carried on the original business foundation. If the original business is not competitive, the blockchain cannot be reversed. The situation of the enterprise, so the risk of speculating the blockchain concept may be much greater than other concepts."

Text: Xue Yu, Editor: Lu Xiaoming