返利网欲借壳ST昌九上市 电商导购第二股成色几何？ - How does the second stock of e-commerce guide purchase become?

　　日前，江西昌九生物化工股份有限公司（券商简称ST昌九）发布公告，称公司控股股东江西昌九集团有限公司与上海中彦信息科技股份有限公司（下称上海中彦）的实际控制人签订意向协议，公司拟通过现金或发行股份的方式购买100%股份。
Recently, Jiangxi Changjiu Biochemical Co., Ltd. (st Changjiu for short) announced that Jiangxi Changjiu Group Co., Ltd., the controlling shareholder of the company, had signed an agreement of intent with the actual controller of Shanghai Zhongyan Information Technology Co., Ltd. (hereinafter referred to as Shanghai Zhongyan), and the company planned to purchase 100% shares in cash or by issuing shares.

　　工商信息系统显示，上海中彦即为电商导购返利网的运营主体，这意味着返利网将计划借壳上市，登陆A股市场。
According to the industrial and commercial information system, Shanghai Zhongyan is the main operator of the e-commerce shopping guide rebate network, which means that the rebate network will plan to go public through backdoor and land in the A-share market.

　　这是继“什么值得买”后，第二家冲刺A股市场的电商导购公司。去年7月15日，“什么值得买”的运营主体北京值得买科技股份有限公司（下称值得买）成功登陆深交所，目前股价较当初的发行价上涨近6倍之多。
This is the second e-commerce shopping guide company after "what is worth buying". On July 15 last year, Beijing worth buying Technology Co., Ltd. (hereinafter referred to as worth buying), the main operating body of "what is worth buying", successfully landed on the Shenzhen Stock Exchange. At present, the stock price is nearly six times higher than the original issue price.

　　返利网成立于2006年，被称为是中国第一家电商导购网站，公司实控人是董事长葛永昌，企查查数据显示其持股比例约30%。返利网官网资料介绍，公司拥有用户1.7亿，合作伙伴几乎涵盖了所有知名电商，包括天猫、淘宝、京东、苏宁易购、苹果中国官方商城、一号店、亚马逊、聚美优品等400多家电商网站，以及2万多个知名品牌店铺。
Founded in 2006, rebate network is known as China's first home appliance shopping guide website. The actual controller of the company is Ge Yongchang, chairman of the board. According to the enterprise survey data, its shareholding ratio is about 30%. According to the official website of rebate, the company has 170 million users and nearly all famous e-commerce partners, including more than 400 e-commerce websites such as tmall, Taobao, Jingdong, Suning e-shopping, apple China official mall, No.1 store, Amazon, Jumei Youpin, and more than 20000 well-known brand stores.

　　返利网的最近一次融资为2015年，日本乐天集团以10亿美元的估值领投返利网的C轮融资，融资金额接近1亿，当时返利网称其用户规模已近7000万，其中移动端营收占比超过七成。
The most recent financing of rebate network was in 2015. Lette group of Japan led the c-round financing of rebate network with a valuation of US $1 billion, with a financing amount of nearly 100 million. At that time, rebate network said that its user scale was nearly 70 million, of which mobile revenue accounted for more than 70%.

　　ST昌九在公告中没披露具体的重组方案，仅称上海中彦承诺未来三年完成6亿业绩，上市公司拟通过发行股份、支付现金等方式收购其100%股份。参考“什么值得买”的业绩，返利网要实现这一业绩的难度并不大——值得买2019年的业绩快报显示，去年公司营收约6.62亿元，同比增长30.43%，净利润约1.17亿元，同比增长22%。
St Changjiu didn't disclose the specific restructuring plan in the announcement, only said that Shanghai Zhongyan promised to complete the performance of 600 million in the next three years, and the listed company planned to purchase 100% of its shares by issuing shares and paying cash. Referring to the performance of "what's worth buying", it's not difficult for rebate network to achieve this performance - the performance express report of 2019 shows that the company's revenue last year was about 662 million yuan, an increase of 30.43% year on year, and its net profit was about 117 million yuan, an increase of 22% year on year.

　　目前ST昌九仍未发布2019年的业绩快报，不过其早前已预告亏损，预计2019年度实现归属于上市公司股东的净利润约亏损500万元至700万元，同比由盈转亏。ST昌九称，公司业绩预亏的主要原因是去年公司产品产量、销量、销售均价与2018年同期相比均有所下降；子公司杭州航达股权投资基金管理有限公司2019年营业收入及净利润与2018年同期相比下降明显；下属公司江苏昌九农科化工有限公司资产处置损失与2018年同期相比增幅较大。
At present, St Changjiu still hasn't published the 2019 performance express report, but it has forecast the loss earlier. It is estimated that in 2019, the net profit attributable to the shareholders of the listed company will be between 5 million yuan and 7 million yuan, from profit to loss on a year-on-year basis. According to st Changjiu, the main reason for the company's performance loss in advance is that the company's product output, sales volume and average sales price decreased compared with the same period of 2018 last year; the operating revenue and net profit of Hangzhou Hangda Equity Investment Fund Management Co., Ltd., a subsidiary, decreased significantly compared with the same period of 2018 in 2019; the asset disposal loss of Jiangsu Changjiu agricultural science and Chemical Co., Ltd., a subsidiary, was compared with the same period of 2018 Larger than the increase.

　　ST昌九自3月5日起已经停牌，预计停牌时间不超过10个交易日，若未能按期披露重组预案，公司将终止筹划本次重大资产重组并申请复牌。
St Changjiu has been suspended from trading since March 5. It is estimated that the suspension time will not exceed 10 trading days. If it fails to disclose the restructuring plan on time, the company will terminate the planning of this major asset restructuring and apply for resumption of trading.

　　新京报记者 陆一夫
Lu Yifu, reporter of Beijing News

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