Less than two months after listing, the senior management of Shangkun Real Estate may undergo personnel changes. Recently, it was reported that Tong Wenyan, the current vice president of Shangkun Group and in charge of marketing, has reportedly submitted her resignation or will leave around the Spring Festival.
According to a report by the Financial Associated Press, Shangkun Real Estate stated that “I don’t understand the situation. If there is any change, please refer to the announcement.” It is understood that Tong Wenyan has worked in real estate companies such as Greenland Group, Xuhui Group, and Tahoe Group. .
According to the introduction, Tong Wenyan joined Shangkun Real Estate in November 2018 and was appointed as the vice president in March 2020, responsible for branding, sales, marketing management and customer relations. However, Tong Wenyan does not directly hold shares in Shangkun Real Estate.
With Tong Wenyan's resignation, Shangkun Real Estate will also welcome two "newcomers", one is Zhou Qing, general manager of CIFI Group Wuhan, and the other is Lu Bin, assistant president of Tahoe Group. Among them, Zhou Qing will be the executive president of Shangkun Real Estate, and Lu Bin will be the general manager of Shangkun Real Estate's brand marketing center.
According to the introduction, Zhou Qing is mainly responsible for large-scale production areas such as operations, products, and marketing after joining the company. The relevant person in charge of Shangkun Real Estate said that with the addition of Zhou Qing, Shangkundi's production capacity has further improved its operational quality and lean management capabilities, and deepened the high-quality growth path driven by product strength.
Beduo Finance understands that Shangkun Real Estate has not been established for a long time. In 2010, Shangkun Real Estate was established. Its founder and chairman Zhu Jing had served as an executive in CCRE Real Estate (HK:00832) for 7 years, the highest position as the vice president of real estate, and founded Shangkun Real Estate after leaving.
Zhu Jing
In March 2020, Shangkun Real Estate submitted the prospectus on the Hong Kong Stock Exchange, and re-submitted the prospectus on October 5 after it expired. On November 17 of the same year, Shangkun Real Estate was officially listed in Hong Kong with an issue price of HK$2.28 and a net fundraising of HK$1.06 billion.
The prospectus shows that in 2017, 2018, and 2019, Shangkun Real Estate's revenue was 1.2 billion yuan, 6.847 billion yuan, and 7.535 billion yuan, respectively, and the growth rate dropped sharply from 470% in 2018 to 10% in 2019. In the first four months of 2020, Shangkun Real Estate's revenue was 1.149 billion yuan, compared with 1.152 billion yuan in the same period in 2019.
In the same period, the net profit of Shangkun Real Estate was 34.57 million yuan, 673 million yuan, and 6777 million yuan, an increase of 1846.77% and 0.59% year-on-year respectively; in the first four months of 2020, its net profit was 158 million yuan, compared with 70.08 million yuan in the same period in 2019 Yuan, an increase of 55.70% year-on-year.
According to the prospectus, from 2017 to 2019, Shangkun Real Estate’s interest-bearing bank and other borrowings were 2.326 billion yuan, 3.035 billion yuan and 4.243 billion yuan, respectively. In the same period, the interest of its interest-bearing bank and other borrowings was 363 million yuan, 648 million yuan and 764 million yuan respectively.
From 2017 to 2019, the net debt ratio of Shangkun Real Estate was 684.9%, 325.9% and 118.8% respectively. According to the report released by Crane, in the first half of 2019, the weighted average net debt ratio of 174 typical real estate companies was 91.37%. In other words, the net debt ratio of Shangkun Real Estate is much higher than that of its peers, and there is a higher debt repayment risk.
In terms of sales performance, Shangkun Real Estate's performance was not satisfactory. The data shows that in 2017, 2018, and 2019, the full-caliber sales of Shangkun Real Estate were 5.15 billion yuan, 22.95 billion yuan and 27.18 billion yuan, respectively. In 2020, this data was 26.51 billion yuan, which was not increased but decreased compared to 2019. .
As of the close of Hong Kong stocks on January 12, 2021, Shangkun Real Estate closed at HK$2.35, with a total market value of HK$4.871 billion.