Another big seller is sued! Equity merger terminated, thousands of stores become hidden dangers!

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Recently, Zebao sued its founder and demanded a 1 billion yuan debt, which attracted widespread attention in the industry. Before the storm subsided, several big sellers were also involved in various lawsuits.

Not long ago, Tianze Information released an announcement on the progress of overdue M&A loans and major lawsuits. It is reported that due to the overdue M&A loans of Tianze Information from Shanghai Pudong Development Bank, Pudong Development Bank filed a civil lawsuit with the Nanjing Intermediate People's Court. The first instance ruled that Tianze Information must pay it 184 million yuan plus interest, penalty interest, and compound interest.

  ▲ The picture comes from Tianze Information Announcement

At the same time, Tianze Information must pay attorney fees of 150,000 yuan to Pudong Development Bank within ten days from the date on which the judgment takes effect.

Based on the above judgment, Pufa Bank has the right to receive priority payment for the proceeds from the discount, auction or sale of 48.9991% of the equity interests in Shenzhen Youkeshu, a subsidiary of Tianze Information pledged.

It is learned that the loan that Tianze Information borrowed from Shanghai Pudong Development Bank was originally used to acquire Youkeshu. According to the merger agreement, Tianze Information's acquisition price for Youkeshu is 3.399 billion yuan, of which the cash payment is about 420 million yuan.

In response to this, Youkeshu applied for M&A loans of no more than 210 million yuan from Pudong Development Bank and Minsheng Bank at the same time, and provided pledge guarantee for the above-mentioned M&A loans with the equity of its subsidiary Youkeshu.

According to the original plan, the cash flow generated by Youkeshu's operating activities could be used to repay the M&A loan, but due to fluctuations in performance, Tianze Information failed to repay the loan in time within the deadline and it has been overdue to this day.

According to Tianze Information's performance report, its revenue in 2021 was 1.764 billion yuan, a year-on-year decrease of 64.91%; the net profit attributable to shareholders of the listed company was -2.676 billion yuan, a year-on-year plunge of -207.30%; in addition, the net cash flow generated by operating activities was -31.0716 million yuan.

   ▲ The picture comes from Tianze Information Announcement

Although Youkeshu has accelerated the return of funds by selling its inventory at low prices, and its cash flow has gradually turned positive in the first quarter of 2022, the significant negative impact of the account blocking wave has not been completely eliminated, and it has not yet been able to turn losses into profits. In this dispute with Pudong Development Bank, if the loan cannot be repaid in time, Youkeshu's equity is likely to change.

In addition to Youkeshu, another major retailer, Yibai Network, is also caught up in the turmoil of equity changes.

Last year, after completing the acquisition of 90% of Yibai Network's equity, Huakai Yibai actively implemented a strategic transformation and made cross-border export e-commerce its core business.

Based on Yibai Network's operating conditions and future development strategy planning, Huakai Yibai, Mang Liduo and Chaoran Mailun signed the "Share Transfer Agreement" on June 13, intending to use 338 million yuan of self-owned or self-raised funds to acquire their total 10% equity in Yibai Network.

However, in just over ten days, Huakai Yibai issued another announcement, deciding to terminate the acquisition of the 10% equity of Yibai Network held by Mangliduo and Chaoran Mailun.

   ▲ The picture comes from Huakai Yibai’s announcement

Regarding Huakai Yibai's termination of the acquisition of the remaining shares, the Shenzhen Stock Exchange also raised key inquiries as to whether the issue of third-party online stores under Yibai Network affected the acquisition.

It is reported that during the reporting period, the total number of Yibai Network's third-party online stores was 535, accounting for 15.82% of the total number of stores in 2021; the operating income was 576 million yuan, accounting for 12.12% of the main business income in 2021; the net profit was approximately 25.2693 million yuan, accounting for 11.71% of the net profit in 2021.

It is understood that at the end of 2019, the end of 2020, and the end of 2021, the proportion of third-party nominal online store revenue operated by Yibai Network was 3.67%, 0%, and 12.19%, respectively.

Due to the impact of the epidemic, in order to improve the efficiency of online store management, during the reporting period, Yibai Network still opened and operated some third-party online stores in the form of information authorization. As of June 2, 2022, the nominal entity of the relevant online stores had not been changed to Yibai Network.

Although Yibai Network has not yet been closed down by a third-party e-commerce platform for violating its commitment to operate some online stores in the form of information authorization, it does not rule out the possibility of being heavily fined by the platform in the future. Therefore, it is currently promoting the rectification of online stores newly added in the name of third parties in 2021.

According to statistics, in 2021 , the number of online stores under Yibai Network totaled 2,007, of which 684 were operated on Amazon, corresponding to 669 entities.

In addition, Huakai Yibai also disclosed that from January to May 2022, Yibai Network achieved operating income of approximately 1.592 billion yuan and net profit of approximately 91.0427 million yuan. Since 2022, Yibai Network's operating performance has been on an upward trend month by month. Assuming that the net profit in June is the same as in May, the net profit in the first half of 2022 is expected to be approximately 118 million yuan.

It can be seen that with such performance growth trend, there is still great hope that Yibai Network will be able to complete the performance bet as required within the next two years.

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