On the evening of August 23, the Changfang Group (300301, SZ) announced that it intends to invest 100 million yuan in the strategic investment of Global Arts Alliance. After the completion of the capital increase and equity transfer, the Changfang Group will directly hold 20% of the equity of Global Art Alliance. "Daily Economic News" reporter noted that the Global Art Alliance was listed in the New Third Board in January 2017, with a net profit loss of 9.96 million yuan last year. After this strategic cooperation, the global art alliance's post-investment valuation is as high as 500 million yuan. In response to the high valuation of Global Art Alliance and the future development plan of the Changfang Group, the reporter called the Securities Department of the Changfang Group to understand the situation. The staff of the Securities Department told the reporter of "Daily Economic News" that "the Changfang Group is currently transforming into a dual-main business model of 'LED + Education'. As for the specific situation of the valuation of the Global Art Alliance, it is not very clear." Global Arts League last year's net profit loss The announcement shows that the Changfang Group intends to invest 100 million yuan in the strategic investment of Global Arts. Among them, the Changfang Group intends to increase the capital of the Global Art Alliance at a price of 50 million yuan. After the capital increase is completed, the Changfang Group holds a 10% stake in the Global Art Alliance. Subsequently, the Changfang Group will transfer the additional RMB 50 million to Zhang Jun (Global A shareholder of Global Art Alliance held by Yimeng Controlling Shareholders). After the completion of the capital increase and equity transfer, the Changfang Group ultimately holds a 20% stake in Global Art Alliance. The global art alliance's post-investment valuation is as high as 500 million yuan. "Daily Economic News" reporter learned that the Global Art Alliance is mainly engaged in international creative arts education, covering the multi-dimensional comprehensive education services such as customized services for art study preparation courses, art study abroad planning, international innovation and creative literacy training. In January 2017, Universal Arts Alliance officially listed the new three boards. The reporter noted that the operation of the Global Art League does not seem particularly optimistic. According to public information, the net profit of Global Art Alliance in 2014 and 2015 was 662,900 yuan and 73,000 yuan respectively. Although 2016 Global Arts Alliance achieved revenue of 71.62 million yuan, an increase of 533.27% compared with 2015, but 2016 results turned losses, net profit of -996.15 million. In this regard, Global Art Alliance said in its 2016 annual report that the main reason for the decline in net profit is that there are more new branches in 2016, and the cost of expenses is larger, but the course income needs to be confirmed in stages, resulting in the staged profit of the company. Loss. Changfang Group crosses the border into the education industry It is understood that the main business of the Changfang Group is the packaging of white LEDs for lighting. It is mainly engaged in the R&D, design, production and sales of LED lighting source devices and LED lighting products, and belongs to the semiconductor optoelectronic device manufacturing industry in the electronic components industry. In 2016, the Changfang Group experienced its first loss since its listing. According to the 2016 annual report, Changfang Group achieved revenue of 1.603 billion yuan, a year-on-year increase of 12.98%; net profit attributable to listed shareholders was -6,274,700 yuan, down 162.21% year-on-year. In fact, the Changfang Group has seen the LED industry cross-border into the education industry. In addition to the strategic investment of 100 million yuan to the global art alliance, in the past year, the Changfang Group has repeatedly planned outreach mergers and acquisitions and actively sought transformation. As early as November 23, 2016, the Changfang Group planned to acquire a 60% stake in Shenzhen Terei New Education Group Co., Ltd. for 600 million yuan, but the cooperation framework agreement was finally terminated in February 2017. In January 2017, the Changfang Group signed a formal “Investment Agreement†with Beijing Minming, Wu Xinfeng, Zhou Yanni and Shell Yude through its M&A investment fund, and finally obtained a 51% stake in Shell Jinbao through equity transfer and capital increase. Shell Jinbao focuses on high-end early childhood education. In addition, on June 27, the Changfang Group also signed a Strategic Cooperation Agreement with Guangzhou New Brain Education Technology Co., Ltd.
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