Blockchain farce of A-share listed company "Suiying Network"

The real controller was arrested and the blockchain department was “dissolved”. Once the Hurun Rich List was on the list, it is now in a state of paralysis.

Three years ago, people were still feeling for Wang Yue to start on the Hurun Rich List. In a blink of an eye, Wang Yue went from being a young successful entrepreneur to wearing a handkerchief. A new entrepreneurial star is always falling quickly. .

On the evening of June 12, the A-share listed company Yingying Network (002517.SZ) officially announced the announcement that its actual controller Wang Yue was formally arrested by the Shanghai Public Security Bureau for allegedly controlling the securities market.

Just a year ago, Wang Yue had a high-profile announcement to establish a blockchain business unit within the Yingying network, hoping to catch up with the rich trains on the blockchain block, but the reality is that the attire with the blockchain is also It is difficult to save the stock price of the Yingying network.

Nowadays, the vents have returned to calm, and the blockchain of the Yingying network has been rushing to the beach, and with the fall of Wang Yue, only one chicken feather has been left.

Start from scratch

Yingying Network was born in 2008. In this year, Wang Yue left the team with a team of just over ten people and established the Yingying Network.

At the beginning of its establishment, Yingying Network took 3839 games as its main business. With its previous years of experience in the website, 3839 gradually developed into the second largest game website after the 4399 game platform. The Yingying network completed the most through 3839. Early capital accumulation.

According to public information, 2012-2014 is the rapid development period of the Yingying network. During this period, Yingying Network has created explosion games such as "The Legend of Lushan", "The Legend of the Whole People" and "The Legend of the Blue Moon".

According to statistics, "National Legend MU" was once the "cash cow" of Yingying Network. The single-day flow of this game once broke through 26 million, which was also the most profitable game project of Yingying Network. After many tastes of sweetness, Yingying Network put a label on the game for itself and took root in this market.

In 2015, Yingying Network listed 7.3 billion shares of Taiya shares. From 2015 to 2017, Yingying Network surrendered a net profit of 655 million yuan, 682 million yuan and 1.61 billion yuan. It has been reported that Taiya shares achieved 12 daily limit after the resumption of the new name of the Yingying network.

With the success of the game business, Wang Yue, who once ridiculed "does not understand the game", started his own and realized a gorgeous turn. In 2016, Wang Yue was listed on the “2016 Hurun Global Rich List” and became one of the youngest richest people in China.

After three years of continuous growth, the Yingying network suffered a new crisis. In 2018, the stock price of Yingying Network continued to fall. According to the 2018 annual report of Yingying Network, the net profit attributable to shareholders of listed companies in 2018 was 297 million yuan, a decrease of 89.17% over the same period in 2017.

More media data shows that by 2018, Wang Yue’s net worth has shrunk to 3 billion yuan, almost squatting.

In the tenth year, Wang Yue, who has been building a game empire since childhood, suddenly announced the new layout of the block network.

High-profile marching into the blockchain and investing in a hundred technical team

In 2018, the blockchain was held on the altar. The Mavericks in the first half of the year made people inside and outside the industry excited. Wang Yue did not let go of the ticket to the air.

In the spring of 2018, Wang Yue released the signal of entering the blockchain for the first time at the annual meeting.

At the annual meeting, Wang Yue talked about the understanding of the blockchain to thousands of employees in the audience. He said that the blockchain technology deserves in-depth study and application… The Yingying network should put the core spirit and technology application of the blockchain Go to the project and make a subversive product.

Two months later, Wang Yue issued an internal appointment letter to all employees to announce the establishment of the blockchain business unit. Ning Bingyang, the former vice president of the network, was the CEO of the blockchain business unit. The internal letter also mentioned that the technical team will invest 100 people to develop and apply blockchain products. The first product will be officially released in the second half of 2018.

The direction of the Yingying Network Blockchain Division is “Building a Next Generation Content Platform Based on Blockchain Technology”, and wants to redefine the value of all content producers, communicators and consumers with blockchain technology, and change the current content industry. Ecological chain.

Wang Yue’s efforts in the blockchain are not small.

After the official announcement, the Yingying network began recruiting for the newly established blockchain division. In order to expand the team into a hundred-person structure as soon as possible, Yingying Network also launched a heroic “chain” recruitment campaign to recruit blockchain professionals in various channels. For the new department to recruit new, the conditions of the Yingying network are even more generous – "whether it is the applicant or the recommender, you will get a huge return."

During his four years of studying in Xi'an, Wang Yue started his own entrepreneurial career and successfully earned the first pot of gold. Xi'an is also the "second hometown" of Wang Yuekou. Wang Yue also tried to locate the blockchain business of Yingying Network in his “second hometown” to match the optimal resources he could reach.

On April 21, 2018, Wang Yue and Wang Yongkang, then secretary of the Xi'an Municipal Party Committee, met in the Xi'an Entrepreneur Coffee Street District. Wang Yue introduced Wang Yongkang to the blockchain project that Yingying Network plans to land in Xi'an.

According to reports, after listening to Wang Yue's introduction, Wang Yongkang was highly affirmed and on-the-spot instructions on a series of issues such as government approval, business license, fiscal and taxation policies proposed by Wang Yue, requiring special personnel to supervise and resolve as soon as possible.

Under the combined efforts of many parties, the “Five Articles” of the blockchain product of Yingying Network was launched soon.

"Five Articles" is a content information software that mobilizes the enthusiasm of readers and creators based on the blockchain incentive mechanism. It wants to motivate creators more openly and transparently through blockchains, while rewarding ordinary users for reading, voting, and mining quality content. Simply summarizing, it is similar to the information application mode of the online earning model.

In fact, the "five articles" were still cut with the main body of the company. The "Five Articles" are operated by the main body of Xi'an Ersan Digital Technology Co., Ltd., and in the external output, it is often called the blockchain product incubating by Yuying Network. However, the actual "five articles" are closely related to the Yingying network. The CEO of the "Five Articles" project is also the head of the blockchain business unit of the Yingying Network at the time, Ning Bingyang.

On August 29, 2018, the "Five Articles" held a press conference in Xi'an. Wang Yue appeared at the press conference and screamed for it.

A live video shows that in the speech at the press conference, Wang Yuegao raised his right hand and shouted the exit number: "To break the waves and break the waves, set off for the future stars."


(Live presentation, picture from the network)

It is said that the "Five Articles" conference was a huge day, not only the leaders of Xi'an Municipal Government attended, but also the senior executives of the Yingying network, and hundreds of media were present to support the conference. The conference also received international online and China Daily. Lei Feng network and other media coverage.

On the same day, the "Strategic Cooperation Framework Agreement" was signed with the Xi'an Municipal Party Committee and Municipal Government. In addition, the "Five Articles" also signed contracts with People's Daily, Xinhua News Agency, Xi'an and other media to settle in and become the "five" quality original content providers.

There were also media reports that on the night of the "Five Articles" conference, many landmark buildings in Xi'an were advertised as "Five Articles". Product slogans such as “Five Daily, See the World” and “Five Small Targets, First Sprinkle One Million” are projected on landmark buildings, which are particularly eye-catching.

On the one hand, it is supported by A-share listed companies, and on the other hand, it is the cooperation of government resources. For a start-up project, the resources of the “five articles” are indeed quite strong.

At this time, some people have commented that the "five articles" will challenge the big brother of the information distribution platform – "Today's headlines" and "fun headlines".

a star that has "exited" in less than half a year

After the decent announcement, return to reality.

Cruelly, this piece of Chinese clothing in the blockchain has not saved the reality that the stock price of the company has fallen.

According to media reports, Yingying Network started trading on January 8, 2018 to suspend the planning of major asset restructuring, and it will not resume trading until the market opens on March 6. At the time when the concept of blockchain was hot, the Yingying network also released good news for entering the blockchain. However, on the day of the resumption of trading, the stock price did not rise as expected, but fell by nearly 5 points.

Later, the stock price of Yingying Network continued to fluctuate, but the overall trend still showed a downward trend. According to the 2018 annual report, basic earnings per share in 2018 has shrunk by 90% compared to the same period in 2017.

On the other hand, the blockchain product “Five Articles” did not lead the Yingying network to break through.

At first, the "five articles" still attracted a wave of users. In the five post bars, there were quite a few users who sought to complete the task in order to obtain higher profits. In November, discussions on the user incentive income withdrawals were gradually increasing.

After browsing the post, you can find that the "five articles" that can be used to withdraw the user's incentive income every day will change the withdrawal rule to January, and in November, the user's monthly withdrawal amount will be limited to 100 yuan; in December, the user's The withdrawal amount is reduced to 50 yuan per month; in late December, the user submits an application for incentive withdrawal, and there is a problem that the account is not available for a long time. The user feedbacks the problem to the customer service, but finds that the customer service cannot be contacted.


So far, the blockchain product "five articles" has come to an end.

“The project stopped at the end of the year. I started my business from Yingying.” Ning Bingyang, the founder of the “Five Articles” project, confirmed the statement that the project was shut down to the Odaily Planet Daily. Ning Bingyang said that it was inconvenient for the project to shut down.

The reason behind the dismantling of an employee of the "Five Articles" to the Odaily Planet Daily is that the "failure" of the "five articles" stems from the fact that its business operations are not good, and on the other hand, there are funds not in place. .

"At the time (the "five") data was not good, and some financing was also put on hold, and the funds were not in place. The situation I saw was that there was no money, which was quite different from what I planned to spend before. The former employee bluntly said that the "five articles" were very big when planning in the early stage, and many things were gone when the money was paid.

Another employee admitted that there were basically no movements in the blockchain.

According to an insider who is close to the "five articles", the "five articles" should be the largest project invested by the company in the blockchain. The "five" project angel wheel was invested by Wang Yue, and later Wang Yue did not want to invest any more. .

As for the reason of "do not want to invest again", it did not give an exact analysis, but believes that the stock price crash may be one of the reasons.

"Five Articles" was born due to the Blockchain Division of the Yingying Network. Many insiders confirmed to the Odaily Planet Daily that the Yingying Network Blockchain Division is indeed a "five" team. After the dissolution of the "Five Articles", Yingying's The Blockchain Division should also be dissolved accordingly.

In May 2019, when investors asked the Yingying network to explain the progress of the blockchain business of Wuzhi and, the Yingying network responded that the “five” is the product of Xi’an Ersan, and the Yingying network is indirect. Shareholders holding 19% shares of Xi'an Ersan; In addition, the company's blockchain business has gradually withdrawn.

This statement confirms the fact that Yingying Network “destroyed the blockchain”. The online line is still less than half a year, and the exploration of the blockchain of the Yingying network has ended in a hurry.

"Wang Yue's only life-saving straw is the blockchain. If this is finished, it will be finished." For the exit of the Yingying network, investors who have long been concerned about the Yingying network have analyzed this way.

But for the failure, the former "five" former employees are very indifferent: "This kind of thing is too normal, the head is on the line, the effect is not obvious, then it will die. There are many similar projects in Yingying."

Bundle concept, where is the future going?

The blockchain is by no means the only one of the “hot spots” in the Yingying network.

According to the snowball data, in addition to the blockchain segment, the industries involved in the Yingying network include cultural media, mobile games, online games, deep stocks, virtual reality, e-sports, webcasts, and FTSE Russell concept stocks. Multiple areas.

The media market value evaluation, the Yingying network almost completed the entire line of A-share hot concept, to ensure that the A-share market regardless of the concept of speculation is related to the Yingying network. Some people even commented that Wang Yue is a person who is willing to "seek the wind". The Yingying network is always on the way to bet one after another.

In response, a person close to the Yingying network commented on the Odaily Planet Daily: "Wang Yuexi likes to try."

What is the performance of the Yingying network in these areas by throwing away the speculative attributes of the concept of speculation?

Under the leadership of Wang Yue, before going to the blockchain, Yingying Network had tried a fierce mutual gold business.

In June 2017, Yingying Network issued 5 announcements, throwing 140 million one-time investment in 5 mutual gold platforms. Subsequently, five mutual gold companies were exposed by the media that one of the assets was insolvent, one performance diverged, two empty shell companies, and the remaining one had only meager profit.

Even with the large-scale admission in 2017, the mutual financial journey of Yingying Network has been overstepped. It has been reported that Yingying Network transferred 65% of Ningbo Yingying Internet Microfinance Co., Ltd. in 2018 with 195 million yuan. The two small loan companies invested in 17 years were fully provided with impairment provision for long-term equity investments.

Whether it is throwing 150 million yuan of mutual funds, micro-credit, or blockchains that are full of thousands of soldiers, it is a way to save the stock market from the concept bundle.

The future of Yingying Network is even more difficult to predict after Wang Yuexi’s imprisonment, but what is certain is that the blockchain cannot save the Yingying network.









We will continue to update Blocking; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Cardano (ADA) Adoption Surge: A Bullish Sign for Future Price Levels 🔥💰

Exciting possibilities lie ahead for Cardano (ADA) as it shows promising signs of surpassing current price levels, ba...


Cardano (ADA) Poised for a Bullish Surge: Analysts Optimistic

Numerous analysts are highly optimistic about Cardano (ADA) and predict a potential bullish market surge in the near ...


Bitcoin, Ethereum, Solana, Binance Coin, XRP, Cardano, Avalanche, Dogecoin, Chainlink, Polkadot price analysis for 2/16

Bitcoin's strong upward momentum may encounter resistance around $52,000, but any potential decrease is expected to b...


Bitcoin Battles Between Bulls and Bears: Understanding the Current Market

Although analysts have shown a negative outlook in the short term, the launch of new Bitcoin ETFs has brought about s...


Cardano (ADA): The Evolution of a Potential Ethereum Killer

Cardano is a cutting-edge decentralized platform powered by a proof-of-stake blockchain, offering robust support for ...


Cardano Price Soaring: Is ADA on the Verge of a New High?

Cardano's value has experienced a significant 11% increase in the past 24 hours, reaching a price of $0.5311. This su...