Behind the skyrocketing "Easy Shares": the speculation of the blockchain concept earned 200 million yuan in half a year

From the deep processing of agricultural and sideline products to the blockchain + supply chain finance, the easy to see shares are very clear.

Editor's note: There are many A-share blockchain concept stocks, but the speculators are scrutinizing and researching their specific business. To this end, the Odaily Planet Daily will launch a series of special reports on the more well-known blockchain concept stocks and their specific business involving blockchain.

On April 1st, the A-share blockchain concept stocks opened at the daily limit. In fact, the aggregate bidding period has already reached the daily limit. According to the latest data from Oriental Wealth, the blockchain concept sector rose by 4.12%, and 80 of the 83 blockchain concept stocks rose. Among them, Chenxi Technology (002447), Royal Bank (002177), and Precision Information (300099), Julong shares (300202), easy to see shares (600093) and other daily limit.

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Image source: Tencent Securities

Why do blockchain concept stocks collectively limit? On the news front, on March 30th, the National Internet Information Office released the first batch of 197 domestic blockchain information service filing numbers, involving multiple industry sectors and a number of listed companies.

The first batch of announcements included Baidu, Jingdong, Tencent, Aiqiyi and other Internet listed companies, as well as financial or other real economic companies including Lujin, Zheshang Bank, Inspur Group, Haier Group, China Ping An, Micro-Bank, SF, and other companies or their companies were awarded the first blockchain record number. For listed companies, it is necessary to mention the easy-to-see shares (600093) that have been crowned by the market as “blockchain leading stocks”. According to the data of Dongfang Fortune Network, the easy-to-see shares opened at a daily limit of 9.99%.

From January 8th to 11th, 2018, Yijian shares received 4 daily limit, and 4 consecutive daily limites were not common. Therefore, the easy-to-see shares were called “the first block of the blockchain” by the market. ".

Image from Eastern Fortune Network

From deep processing of agricultural and sideline products to blockchain + supply chain finance

Easy to see the history of the development of shares has been a setback, from the transformation of agricultural products processing sales to supply chain management.

Yijian shares the full name of "Easy Supply Chain Management Services Co., Ltd.", the company is now positioned as a supply chain management company, focusing on providing supply chain management and supply chain financial technology services.

According to the company's public information, in fact, Yijian shares were originally named "Hejia Shares", which was established on June 23, 1997, and listed on June 26, 1997. The company's main business is seeds and other agricultural products. Still Xia Chaojia.

In June 2012, Jiutian Industry and Trade (predecessor of Jiutian Holdings) acquired 23.57% of the shares of Hejia (the former name of Yizhi) for 317 million yuan, becoming the largest shareholder of Hejia, and the actual controller of Hejia was Xia Chao. Jia changed to the owner of the nine-day industry and trade, cold Tianhui. At the beginning, the main business of Hejia was the deep processing and sales of agricultural and sideline products, as well as the manufacture of mechanical valves. However, shortly after the arrival of Leng Tianhui, the main business of Hejia Co. began to change.

In September 2014, Hejia announced that it will increase its quota by 4.848 billion yuan and intend to invest in the construction of e-commerce supply chain management platform and commercial factoring project. The seven non-public offerings were Yunnan Jiutian Industry and Trade, Yunnan Yuzhong Group, Yunnan Industrial Investment Group, Yunnan Guoding Investment, Shandong Zhongrui Logistics, Chen Liang and Yunnan Hexi Investment. Up to now, the above-mentioned issue targets, except Shandong Zhongrui Logistics, are among the top ten shareholders of EasyShare. At that time, the issuers were all subscribed in cash, of which nine days of Industry and Trade and Yuzhong Group, respectively, planned to subscribe for RMB 2 billion.

Since then, Hejia shares began to expand their business scope, perhaps because Cold Tianhui started from the coal boss, and when entering the supply chain management industry, it also used coal, minerals and other resource companies as entry points. Serve small and medium-sized enterprises around the supply chain of large enterprises.

Since 2017, the company's main business is supply chain management and commercial factoring ( Odaily Planet Daily Note: Commercial factoring is a set of financial solutions based on factoring contracts between factor and supplier. In the scope of supply chain finance business , in order to reflect the industry and development needs of the company, Hejia was renamed as Easy View in April of the same year.

Partner with IBM to explore blockchain + supply chain finance

In 2016, Easyview launched its blockchain business and announced a partnership with IBM to jointly develop the “Easy Block System 1.0” system. In the process, IBM provides an enterprise-level blockchain platform based on the Superbook Fabric. “Easy Block 1.0 System” was officially launched in April 2017. Yijian shares said that the currently used Easy-to-See block system 1.0 has been partially commercialized, serving the pharmaceutical circulation and bulk commodity financing services.

As a traditional supply chain management company, Easy View has the advantage of many years of accumulated business flow, information flow, capital flow, logistics and other data. The disadvantages of the supply chain financial business itself are also obvious. The gross profit margin is low, which is greatly affected by the national macro policy. The lack of trust between the partners affects the efficiency. The combination of blockchain and supply chain business is how to develop strengths and avoid weaknesses, how to improve efficiency, and can play a comparatively large advantage.

After more than a year of application practice in the “Easy Block 1.0” system, EasyShare found that enterprise users are paying more and more attention to system deployment independence, data isolation and security, and data ownership issues; The focus is on the traceability of data and trade backgrounds, as well as the transparent management of data and the effective delivery of credit in trade, financing, asset securitization processes.

Therefore, “Easy Block 2.0” was launched, and the official introduction of “Easy Block 2.0” system is as follows. “2.0 system realizes cross-chain data traceability technology, realizes trade, financing multi-chain collaboration and cross-chain traceability. Forming a traceable supply chain financial solution covering the entire process of supply chain from trade formation, financing to asset securitization."

The “trusted data pool” product is the basic product of the “Easy Block 2.0” product system, and it is also the biggest difference between “Easy Block 2.0” and “Easy Block 1.0”. Trusted data pools are deployed independently to ensure enterprise ownership of the data pool and to ensure that enterprise data does not leave the enterprise's control. The data formed by different trading opponents is stored in different data books.

The product system of the “Easy Block 2.0” supply chain financial system solution includes the “Easy Supply Chain Trading System” with the participation of suppliers and core enterprises; “Invisible Supply Chain Financing” with the participation of suppliers, core enterprises and financial institutions “Platform”; At the same time, “Easy Supply Chain ABS Management Platform” will be provided in the future as an extension of the above two systems to meet the needs of ABS participants in dynamic asset management, asset quality trend analysis and transparent supervision.

ABS (Asset-backed Security) is a financial instrument that is the same as traditional financial instruments such as stocks and funds. ABS or supply chain finance + blockchain is the track where all major Internet giants are in the layout. For example, JD.com's JD.com is based on the bottom of the blockchain, Tencent blockchain, ant blockchain, and Pioneer Group and The blockchain used by the bottom line of the “Finance Technology”, a supply chain financial technology service platform that is internally incubated by the Netcom Group.

In essence, the introduction of blockchains is to make the parties involved in the project more informative of the underlying assets. With the help of blockchain decentralization, reliability, unremovable modification, and trustworthiness, it can effectively solve ABS. There are many links, complicated processes, and poor transparency of the underlying assets. Zhang Xuyang, vice president of Baidu, also publicly said: "The introduction of blockchain technology solves the problem of transparency of information in the ABS process, and also solves the problem of risk isolation. The blockchain allows us to make some changes in the underlying architecture. ".

“The biggest difficulty in (supply chain finance) is the participation of financial institutions, because they can only provide funds.” In an interview with Odaily Planet Daily, the general manager of Tencent’s supply chain financial platform, Yi Yirong, believes that the blockchain Joining can increase the willingness of banks to enter the supply chain finance.

In his view, the traditional banks of the four major banks are very sensitive to the layout of the blockchain. He said that the dispersion of supply chain finance itself and the authenticity of the underlying assets are very difficult to check. It is not mainstream in traditional financial institutions, and there is no way to achieve penetration before, so banks can only get data from Tier 1 suppliers. The most likely financing is the secondary and tertiary suppliers. Now blockchain + supply chain finance has changed the credibility of multi-level data transfer, the inability to be split, and the efficiency of information synchronization, making small and medium-sized enterprises that have difficulty obtaining financial institution loans in the past supply chain. Can get a loan. Banks have always wanted to do the business of the second and third-tier suppliers. By joining the blockchain, they can also better control their own data.

Guosheng Securities research team also believes that based on the alliance blockchain platform, it can effectively solve the financing difficulties of the SMEs in the supply chain industry and the high cost of trust. It indicates that the blockchain technology can achieve the credit penetration of the supply chain financial system, and solve the problem of financing difficulties and financing for the secondary supplier distributors. The blockchain plays two roles in it. The first is the core enterprise confirmation process, including the verification and confirmation of the true validity of the entire bill. Secondly, it proves the true validity of the creditor's certificate circulation, ensuring that the credit certificate itself cannot be fraudulent, and the credit is opened. In order to solve the credit financing dilemma of the secondary suppliers.

According to the latest data disclosed by Yijian Shares on its official website, as of April 1, 2019, the “Easy Block” supply chain platform has 78,288 trusted transactions, with a trusted transaction volume of 7.388 billion yuan and 408 financing contracts. The financing amount is 4.398 billion yuan.

Image source: Easy to see the official website

"Blockchain" concept blessing, easy to see shares closed for 4 daily limit

In 2017, digital currency broke out. A number of listed companies have gained a surge in stock prices because of their relationship with the blockchain. Easy-seeing shares have been awarded the title of “blockchain leading stock” and “blockchain first stock”.

In September 2017, Yijian shares announced that it plans to establish a blockchain investment fund with Yunnan International Trust. The company expects to invest 1.05 billion yuan to promote the application of blockchain + supply chain finance.

In 2018, the blockchain really caused public enthusiasm, and it was easy to see the stocks in the secondary market. On January 5, 2018, the share price of Yijian shares rose by 7.03%, and the turnover increased from more than 50 million yuan in the previous trading day to 326 million yuan.

From January 8th to 11th, Yijian shares received 4 daily limit. Caused the high attention of the supervision department of the Shanghai Stock Exchange. On January 12, Yijian shares announced a suspension check and announced the verification results on January 16. ( Odaily Planet Daily Note: According to the exchange stock listing rules, if the listed company's stock trading for three consecutive trading days, its closing price increase A total of more than 20% of the deviation will constitute an abnormal fluctuation in stock trading, and an announcement must be issued .

Since then, Yijian shares clarified that the current and future companies do not have plans to research and develop blockchain technology products as their main business. The impact of blockchain technology on the company's current performance is still not accountable, and the performance impact is not significant. . As for the blockchain investment fund jointly initiated by the company and other investors, it has not invested in the development of blockchain technology.

Image source: Eastern Fortune Network

But this cold water did not ruin the enthusiasm of investors. On January 16th, the reopening of the easy-to-see shares was closed at the same day. The closing price was 18.63 yuan, a record high of nearly two years. In the 11 trading days after the opening of 2018, the stock price rose by 41.55%.

On January 17, 2018, Yijian shares were suspended for re-examination and received a letter of supervision from the Shanghai Stock Exchange. According to the supervision letter, the application of blockchain technology disclosed in the previous period of the company is only the establishment of an online supply chain management platform. The technology used by the platform is very different from the blockchain technology currently discussed in the market. The blockchain investment funds disclosed in the previous period have nothing to do with the research and development of blockchain technology. The company is required to disclose the series of information truthfully and fully inform the relevant risks.

On January 19, 2018, Yijian shares announced that “there is no plan to research and develop blockchain technology products as its main business.” Senior financial analyst Zheng Li analyzed, “This sentence is very skillful. In this sentence, the words 'main business' are the key, so that you can avoid the verification of the exchange, and you can announce the easy-to-see shares to the outside world. In fact, people involved in the blockchain business can understand this. The meaning of the sentence."

In addition, Zheng Li also believes that the stock price of Yijian shares has risen sharply, and the ingredients of the blockchain concept speculation are indispensable. The main business of the easy-to-see shares is supply chain finance, so the main profits of the easy-to-see shares are unlikely to come from the blockchain business. .

In the above announcement, Yijian also said that the relevant technology application of the online system currently operated by the company is very different from the hot block concept of the blockchain. The only similarity is that the transaction record cannot be tampered once it is generated.

“As of now, the system still cannot solve the problem of authenticity of initial trade, unable to increase the creditworthiness of the participants, failing to reduce the cost of risk control, and has no substantial contribution to the business value of the company. The company’s previously disclosed investment initiated with other investors The fund is only used as a source of funding for the system's online supply chain management and commercial factoring business, and has not invested in the research and development of the blockchain business. "

Blockchain related business brings 185 million yuan of net profit for half a year

Although the blockchain is not the main business of EasyShare, according to the financial report, the supply chain financial system based on the blockchain has brought over 100 million revenues and profits, accounting for more than 40% of profits.

The “Easy Block 1.0 System” was officially launched in April 2017, and after the launch, it brought some changes to the business income structure of the company. In the "Year of the Information Services Business Overview", the company's holding subsidiary Shenzhen Shidai Times Technology Co., Ltd. is engaged in the "Easy Block" system. The promotion of application, operation and maintenance and other services achieved a good start. During the reporting period, the company realized operating income of RMB 127 million, operating profit of RMB 120 million and net profit of RMB 103 million.

It seems that Yijian shares in the “easy-to-see block” business in 2017, “blockchain + supply chain finance” combined play to “create” more than 100 million income and profits.

According to the Securities Star report, Yijian shares acquired Shenzhen Haoshi Times Technology Co., Ltd. in the first half of 2017 with a total investment of 1.2 million yuan. The “Easy Block” system also appeared on the line in April of that year.

In the announcement, Yijian shares stated that “the company and financial institutions provided a total of 1.758 billion yuan of financing through the “Easy Block” system. On the other hand, the company’s own R&D strength was enhanced, and Shenzhen Haoshi Times Technology Co., Ltd. was acquired. Easy to see Tianshu Technology (Beijing) Co., Ltd., initially built the company's technology research and development and system maintenance team. "

According to the public information such as the company, Shenzhen Haoshi Times Technology Co., Ltd. (hereinafter referred to as “榕时代科技”) was established on November 27, 2013 with a registered capital of RMB 50 million. It is now an easy-to-see supply chain management company. A wholly-owned subsidiary, Yijian's official website introduced him as “professional research and development and service consulting for cutting-edge technology products in the Internet field such as Web security and blockchain”.

Through the disclosure of the 2017 annual report of EasyShare and the reply of the Secretary-General on the interactive platform, the income of the company includes: the customer initiated the financing in the “Easy Block” platform, and the financial institution is in the “Easy Block” platform. Serve up the business on the top, and provide technical consulting and other service fee income.

Easy to see Tianshu Technology (Beijing) Co., Ltd. was established on September 27, 2017 with a registered capital of 100 million yuan. It is also a wholly-owned subsidiary of Easy Supply Chain Management Co., Ltd. Easy to see the official website of the company to introduce "the combination of the frontier technology of the Internet of Things, blockchain, artificial intelligence and supply chain business scenarios, in the field of supply chain management, intelligent warehousing, supply chain finance and other fields."

By 2018, the “Easy Block” brought more revenue to the company.

Its 2018 quarterly report showed that “operating income increased by 64.56% compared with the same period of last year, mainly due to the increase in supply chain service business during the reporting period and the increase of the income of the newly added subsidiary Shenzhen Haoshi Technology Co., Ltd. by RMB 132 million.” By the “Easy Block” in the first quarter of 2018, the operating income generated by the company was higher than that of 2017.

According to the 2018 Semi-annual Report of Easy-See Shares, in the first half of 2018, the operating income of the company was RMB 9.017 billion and the net profit was RMB 440 million. Among them, the company's blockchain-related operating income for the company was 2.23. 100 million yuan, net profit of 185 million yuan. In other words, in the first half of 2018, the blockchain business of “Easy Block” brought a net profit of RMB 185 million to the company, accounting for 42% of the overall net profit of the company.

Easy to see shares 2018 semi-annual business income report screenshot (unit: 10,000 yuan)

Text | Zhang Xue

Edit | Lu Xiaoming

Produced | Odaily Planet Daily

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