The soldiers retreated, the capital abandoned them, and Yuhong was abandoned again. | susunan donat untuk ulang tahun, untung88e

Yu Hong, the founder of the blockchain three o'clock community and a blockchain industry leader known as "Sister Hong", was abandoned by retail investors last year. Now, he seems to be being abandoned by his colleagues and capital.

On March 15, Wuxi Buli Technology Co., Ltd. (hereinafter referred to as Buli Technology) announced the resignation of supervisors. Supervisor Yang Yang, who has followed Yuhong for many years, announced his resignation. Since this year, many senior executives have left Mili Technology. Muli Technology is a New Third Board-listed company controlled by Yuhong. It is also one of the few entities in Yuhong's industry that can easily obtain financing, but now it is in a quagmire.

As for Yuhong herself, she has not appeared since her last media interview in September last year. It is not yet known whether Wuli Technology can survive the difficulties.

The soldiers retreat

In March 2016, the Yuhong team settled in Wuxi Langyuan Technology Co., Ltd. (hereinafter referred to as Langyuan Technology), a company listed on the New Third Board. In February 2018, the company changed its name to Muli Technology.

Yuhong personally served as the chairman and legal representative of Langyuan Technology, and successively arranged for a group of soldiers to serve as senior executives of the company. Including financial director Wu Hongxia, secretary of the board of directors and deputy general manager Huang Zelin, chairman of the board of supervisors Yang Yang, and supervisors Yang Xue and Deng Yue. They are all employees of another Yuhong company, Horgos Bulili Network Technology Co., Ltd.

Among them, Huang Zelin and Yang Yang, both born in the 1990s, were boldly appointed by Yuhong and held important positions in Langyuan Technology.

However, these soldiers have recently retreated.

According to the announcement of Muli Technology: the resignation report submitted by Wu Hongxia, the company’s director and financial controller, on February 21, the resignation will take effect when the resignation report is delivered to the board of directors;

On February 28, the company received the resignation report submitted by Huang Zelin, director, secretary of the board of directors and deputy general manager, and the resignation took effect from the date the resignation report was delivered to the board of directors;

On March 15, 2019, the company's board of directors received the resignation report submitted by Yang Yang, chairman of the supervisory board, and the resignation will take effect on the day the company's shareholders meeting elects a new supervisor.

Behind the departure of Qinbing may be the deterioration of Wuli Technology and Yuhong’s own financial situation.

According to the financial report of Buli Technology, the company began to suffer losses in 2015. After the Yuhong team moved in in 2016, although it invested part of the equity of Horgos Buli Network Technology Co., Ltd. in the company, the losses became more serious. The annual loss in 2016 was 53 million yuan, the loss in 2017 was more than 100 million yuan, and the loss in the first half of 2018 was 28.535 million yuan.

The company's financial report for the second half of 2018 has not yet been disclosed, but it is not optimistic. The reason is that Mili Technology was originally engaged in a telephone service call center that provided after-sales calls to owners of high-end models (such as Mercedes-Benz, BMW, Audi, Guangben, etc.). After Yuhong came in, the company's main business shifted to live broadcasts and short videos (2016 was the first year of live broadcasts, and thousands of live broadcast platforms emerged across the country). But in the first half of last year, the company's operating income was only 395,000 yuan.

In the second half of last year, the reshuffle of the live broadcast and short video industry became more serious. Larger platforms such as National Live Broadcast and Panda Live have closed down. However, the live broadcast platform "Yabo" and the short video platform "SEEU Moment" of Wuli Technology have almost no sound.

According to data from Kuchuan.com, “SEEU"Moment" has almost no downloads. Occasionally, there will be a download peak, and almost the same amount of deletions will occur.

If there are no major changes, the financial report data of Mile Technology in the second half of last year may be even more ugly.

Capital no longer trusts

The soldiers blew the "withdrawal horn", and a report from Mile Technology highlighted that the capital side also distrusted Yuhong.

On February 22, 2019, Mile Technology announced that the company inquired about the "Details of Securities Pledge and Judicial Freeze" of the China Securities Depository and Clearing Co., Ltd. and learned that 1,414,936 shares of Yuhong were judicially frozen. The reason is that on December 17, 2018, Shenzhen Huizhi Juxin Investment Management Co., Ltd. applied to the Beijing No. 1 Intermediate People’s Court for property preservation.

Shenzhen Huizhi Juxin Investment Management Co., Ltd. is a wholly-owned subsidiary of CITIC Capital. In August 2017, it entered Mili Technology through an additional share issuance, holding 7.72% of the shares.

This investment was one of CITIC Capital’s failures. On March 12 this year, some investors went to CITIC Capital’s gate in Hong Kong to defend their rights. The investment in Mile Technology was also a case of investment losses, which was exposed by the media.

It is worth mentioning that although CITIC Capital holds only 7.72% of the shares in Mile Technology, it applied for preservation and froze Yuhong’s shareholding ratio as high as 17.4092%.

In addition, Essence Securities, the securities company responsible for the continuous supervision of Buli Technology, has become increasingly distrustful of Buli Technology. Essence Securities publicly stated on February 22 that according to interviews with senior executives of Mili Technology, as of the end of 2018, the company's net assets may be negative and the company is at risk of insolvency; according to on-site visits, the company's capital turnover is difficult, relevant staff have resigned on a large scale, and the company's main business is at risk of stagnation.

Where did Yuhong get the money?

What is depressing is that in 2016, when Chen Xueqing, the original founder of Bulili Technology, handed over Langyuan Technology to Yuhong, the company's net assets were as high as 49.56 million yuan. Two years later, Yuhong was made insolvent.

Among them, Yuhong also conducted two financings, with a financing amount of nearly 183 million yuan.

The first financing occurred in June 2016. Langyuan Technology, the predecessor of Wuli Technology, issued an additional 20% of its shares to natural person Deng Zhaohui, the listed company Shenghua Baike (now renamed "Hanye Shares"), and Shenzhen Canji Jiaye, raising 100 million yuan. The price per share is 66.67 yuan.

A year later, in August 2017, Langyuan Technology once again raised 83.68 million yuan from a fund under CITIC Capital through private placement, with a price of 133.33 yuan per share.

You know, in March 2016, Yuhong acquired 50% of the shares of Langyuan Technology for 5.34 million yuan in cash, and the purchase price per share was only 1.78 yuan. After the transaction was completed, Yuhong obtained control of Langyuan Technology.

The operating situation of Langyuan Technology has not improved significantly. Just three months after Yuhong acquired Langyuan Technology, the stock price of the first financing increased by 36 times. More than a year later, the stock price of the second financing increased by 73 times, which is really shocking.

(Digression: For a company that has suffered continuous losses, investors paid such a high price, are these investment institutions really professional?)

With so much money raised, where did Yuhong get the money? This may be evident through the annual report for the first half of 2018.

Among the company’s three major expenses, sales expenses cost a total of 14.64 million yuan, of which 11.85 million yuan was lost in marketing expenses, but the output did not match. According to the aforementioned Kuchuan data, SEEU saw 1.6 million downloads on only one day in the first half of the year, and almost no one downloaded on the other days. Moreover, the download area only appeared on one channel, VIVO, which is extremely abnormal. The company's sales staff dropped significantly in the first half of 2018, from 24 to 14.

The total administrative expenses are 10 million yuan, including RMB 5.85 million in research and development expenses and 2.68 million yuan in employee wages. For software development companies, R&D expenses are actually the salaries of R&D personnel. At the end of the first half of 2018, the company had a total of 34 R&D personnel plus management personnel. Their per capita monthly cost in the first half of 2018 was 41,800 yuan, which is obviously a high standard in the Internet industry.

According to information disclosed by Essence Securities, the operations of Mili Technology continued to deteriorate in the second half of the year. A company listed on the New Third Board is on the verge of bankruptcy.

At the same time, Yuhong has transformed into a blockchain industry tycoon in 2018. He first established the Three O'Clock Community based on his past reputation in the Internet industry; then, he was directly behind XMAX, an air currency project that raised hundreds of millions of yuan. As for the rapid decline of Mile Technology Company, it is unknown whether it is related to the XMAX project.

However, over the years, Liek, the organization, and employees no longer have trust in Yuhong. Yuhong’s reputations accumulated on the Internet include: Chairman of Zhangqu Games, Vice President of Qihoo 360, etc. may gradually be forgotten.

(Source: Interlink Pulse)