Yang Shuping? Guangdong sent the second generation of veteran housing enterprises to accept orders in the face of crisis.

The list of the 16th lead and Zinc Summit has been newly released.

The performance of Yuetai Group last year was not satisfactory.

Yuetai shares, the listed platform controlled by the company, announced its operation in 2020 on the evening of April 29th, showing that Yuetai realized operating income of 3.016 billion yuan last year, down 34.21% from the same period last year, and the net profit and loss attributed to the parent company reached 913 million yuan, a decrease of more than four times compared with the same period last year.

This is Yuetai's first loss in recent years, so it does not meet the cap condition of "losing money in the last two years in a row". However, Yuetai still announced that it was about to be * ST, and its shares were suspended for one day on April 30th.

At this time of crisis, important personnel changes have also taken place within Yuetai. Liang Wencai, the company's president, resigned for personal reasons, while the unknown Yang Shuo took over.

According to the latest disclosure, Yang Shuo and Yang Shuping, the controller of Yuetai shares, have a father-son relationship.

Yang Shuo's superior position means that there is a final candidate for the position of president of Yuetai Co., Ltd., and Yang Shuping's Yuetai Department has also taken a substantial step forward on the issue of succession of the second generation.

Its prosperity is booming, and its death is sudden.

Since Yang Shuping applied to resign as president in early 2019, the candidate for president of Yuetai Co., Ltd. has been in an unstable state for a long time. Li Hongkun, the first president of non-Yang, announced his resignation after one year and three days on the job, and the second Liang Wencai's term of office was also short.

At that time, Yuetai shares were in a liquidity whirlpool, and Yang Shuping left in order to "resolve the debt risk of the company as soon as possible and establish a mechanism in line with the company's long-term development."

Prior to this, the business affairs of Yuetai shares have been under the absolute control of Yang Shuping for a long time, and he served as chairman and president to preside over the overall situation.

Yang Shuping has every reason to be confident. The former deputy chief engineer of the railway is a successful entrepreneur.

After Yang Shuping ended his career as a state-owned enterprise in the railway system in 1995, Xianhai entered the real estate industry and established Chengqi (Yuetai) Group.

In the first five years of 2020, Yuetai Group gained a firm foothold in Guangzhou real estate industry by developing innovative Ligang South Bay and Xiaogang Bay projects.

Subsequently, Yang Shuping listed the operation of the company through backdoor Donghua Industries (now Yuetai shares), and by means of equity transfer and asset exchange, injected its high-quality assets projects in Guangzhou, Beijing, Jiangmen, Henan and other places into Donghua Industries, so as to expand the listing platform.

However, after years of extensive development, Yuetai has paid a heavy price.

In January 2005, Yuetai Group was investigated for "forging 30 cases of administrative seals, over-construction of 200000 square meters in 10 years, and arrears of state payments totaling 3 billion yuan."

The punishment is quite heavy. It is said that all the development and operation business of Yuetai has been suspended by the relevant departments, and all of them are under construction. At the same time, they have also received a fine of 700 million yuan, and many of their properties have also been seized.

Its prosperity is also booming, its death is also sudden, at this point, the Yue Tai Department gradually faded out of the field of vision of the industry.

In 2013, Yuetai Group, which had been silent for eight years, began to build a "restructuring concept" in an attempt to restore its former glory, still relying on Yang Shuping's private resources.

On December 25 of that year, Donghua Industries announced that it would issue about 760 million shares to Yuetai Group and its affiliated companies. realize the injection of Huainan Swan Bay Project, Hainan Baima Swan Bay Project, Guangzhou Swan Bay Project II, Guangzhou Yamingxuan Project, Guangzhou Chengqi Building and other projects.

In 2016, Donghua Industries, which completed the capital increase and restructuring, renamed Yuetai shares, and accelerated its scale expansion plans, including the acquisition of Hainan Qiongzhou Binjiang Garden and Fujia Garden commercial and residential projects, the establishment of Yuetai Financial Control, the acquisition of Guosen Forestry, the increase of investment in the health of non-worldly talents, and the entry into Shenzhen shed reform.

At the same time, Yuetai shares also successfully established ties with Yang Shuping's private business kingdom in Cambodia. Yuetai then began to acquire land in Cambodia and announced the construction of an international financial center.

In February 2018, Yuetai shares planned another major asset acquisition and restructuring to acquire Bihai Silver Lake, a commercial real estate project located in Jiangmen, Guangdong, from related parties.

The project was acquired by Yang Shuping at a cost of 1.828 billion yuan from Li Ka-shing's Hutchison Whampoa in June 2017.

However, after playing the same game for five years, simple asset injection and hasty diversification exploration failed to enhance the strength of Yuetai shares. A few years later, the projects vigorously expanded in the bull market began to accumulate for a long time.

A turning point in the crisis?

Under the impact of the downward environment of the industry, Yuetai shares fell into a debt crisis, and the tight cash flow also made Yuetai unable to complete the above acquisition.

On the other hand, Yang Shuping's listed platform is vaguely linked with the private industry, which brings huge side effects.

The reason why Yuetai shares was * ST this time is precisely in violation of Article 13.9.1 of the listing rules, that is, the company's controlling shareholders and their associated parties occupy non-operating funds, and the balance reaches more than 5% of the absolute value of the latest audited net assets, or the amount exceeds 10 million yuan, and fails to complete the liquidation or rectification within one month.

Specifically, Yang Shuping, the controlling shareholder of Yuetai shares and its related parties, occupied 329 million yuan of the company's funds by non-operating nature.

At the same time, Yuetai shares provided a mortgage guarantee for the 13.4 million yuan loan of Guangzhou Huayeng Investment Co., Ltd., a related party of the controlling shareholder Yang Shuping, and the guarantee liability had not been lifted as of December 31, 2020. However, the related party guarantee has not been examined and approved by the board of directors and the shareholders' meeting.

In addition, in September 2020, Yuetai Co., Ltd. signed a letter of intent with Shanghai Zongmei Mechanical and Electrical equipment Co., Ltd., a new highlight color ultrasound wide-range sunscreen semiconductor optoelectronic intelligent industrialization project, and paid 50 million yuan to Shanghai Zongmei for cooperation.

Prior to the signing of this letter of intent for cooperation, the corresponding argumentation, decision-making and examination and approval procedures were not carried out in accordance with the provisions of the "Foreign Investment Management system".

For now, the abrupt second-in-command careers of the two executives are only the product of the transition period.

Starting in 2019, Yuetai shares began to deal with the debt problem. On the one hand, it sells projects, such as five projects, including Huainan Park Swan Bay and Huainan Dongshan Swan Bay, to Shimao for 6.397 billion yuan in June 2019; on the other hand, it introduces institutions such as Northern Trust and Cinda assets to carry out debt restructuring.

At present, various problems are being gradually solved, including the problem of non-operating occupation of funds of listed companies by controlling shareholders and related parties, Yang Shuping has also carried out debt repayment, involving Hainan Lanxin Garden and other projects.

It is understood that Yuetai shares announced on April 28 that all the work related to the debt repayment program of the controlling shareholder has been completed.

According to the internal control audit report published by Yuetai Co., Ltd., all guarantees provided for the 13.4 million yuan loan of the related party Guangzhou Huayeng Investment Co., Ltd. have been lifted. In other words, once the cooperation between Yuetai shares and Shanghai Zongmei is finally hammered and 50 million yuan of cooperation intention money is settled, Yuetai's * ST will also be quickly cancelled.

Yuetai's revenue situation is also improving, and the latest quarterly report shows that the net profit attributed to shareholders of listed companies in the first quarter of this year has turned into a profit of 20.4071 million yuan.

It is not a good time to push the second generation to the top at this time, but it is a good choice after all. And the outside world's impression of Yang Shuping is "bad". So far, he has received many warnings or sanctions from the Guangdong Securities Regulatory Bureau and the State Securities Regulatory Commission.

Yue Tai is in urgent need of a fresh face, but Yang Shuping cannot give up control of the company. Yang Shuo quickly becomes president as a "second generation" and may have a long way to go.

Judging from his resume, the second generation is well protected and has not been exposed before. In his early years, he served as general manager of his father's affiliated enterprises, Cambodia Xinyuan Mining Co., Ltd., Cambodia Chengtai Group Co., Ltd., and Yuetai International Group. After taking up his post in Yuetai shares, he only served as an assistant to the president, far away from the center of the storm.

It's just that this long-declining Guangdong veteran housing enterprise has not yet fully clarified its operating problems for many years. At present, Yuetai shares' arrears of 1.064 billion yuan and late payment of 337 million yuan in liquidated damages for the Huainan project have not yet been settled.

In addition, not long ago in March, Yuetai shares and Yang Shuping also received disciplinary action from the Shanghai Stock Exchange for their early letter problems.

The key breakthrough point in the future may not lie in Yang Shuo, but still in Yang Shuping's actions and attitude.