Tongtuo failed in the bet, and the performance compensation of 349 million yuan has not yet been settled!

On July 6, Tongtuo's parent company, Yiwu Huading Nylon Co., Ltd. (hereinafter referred to as "Huading Co., Ltd.") received a letter of concern from the Zhejiang Regulatory Bureau, requiring Huading Co., Ltd. to urge Tongwei Investment, Zou Chunyuan and Liao Xinhui to pay the promised compensation amount of 349 million yuan to Huading Co., Ltd., which is equivalent to 37.3288 million shares as compensation.

As of now, Tongwei Investment, Zou Chunyuan and Liao Xinhui have not paid performance compensation.

The love-hate relationship between Tongtuo and Huading started four years ago. As early as April 2017, Huading signed a three-year gambling agreement with Tongtuo's original shareholders Tongwei Investment, Zou Chunyuan and Liao Xinhui.

However, there is always a gap between ideal and reality. Tongtuo only completed the first year of the bet, and its performance fell short for the next two consecutive years, which means that the performance commitment was not met and the bet failed.

The three-year bet hurt more than just Tongtuo. In addition to Tongtuo having to pay Huading shares a compensation of up to 349 million yuan, Huading shares also had a series of problems of its own.

Huading Group 's 2019 annual report showed that its annual net profit loss was as high as 410 million to 540 million yuan, which was mainly due to the provision for impairment of goodwill formed by the acquisition of Tongtuo of up to 800 million yuan . The impact continued into 2020, and the amount of provisions is expected to be about 320 million to 420 million yuan.

As the saying goes, when it rains, it pours. The problems faced by Huading Co., Ltd., such as misappropriation of funds and illegal borrowing, also surfaced.

According to Huading Shares ’ announcement on July 1, after Huading Shares’ self-examination, Sanding Holdings Group Co., Ltd., which is controlled by Huading Shares, has occupied a total of 579 million yuan of the company’s funds , accounting for 12.67% of the company’s latest audited net assets . As of the announcement date, the controlling shareholder has not yet returned the principal and interest of the occupied funds.

Most of the bets by big sellers ended in tragedy. Youkeshu did not complete the bet; Jiazhilian suffered heavy losses in the bet, and the 1 billion yuan compensation was difficult to recover due to the escape of Gan Qingcao and his wife; Tongtuo did not complete the bet and still had a lot of debts to pay.

In fact, taking advantage of the epidemic, many big sellers have transformed themselves into listed companies, and many of them have achieved remarkable results. For example, the well-known Qianan Technology, Aoji, Aosen E-commerce, and recently Zhiou and Zibuyu have chosen to go public independently, which is also very good!

Tongtuo

Performance compensation

Huading