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Countdown to the storm

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Editor’s note: This article is from the micro-channel public number “sprout NewSeed” (ID: pelink), Author: Charlotte, 36 krypton release authorized.A paper announcement once again exposed the embarrassment of the storm walking on the edge of the abyss to the spotlight.Sprout NewSeed (WeChat ID: pelink) December 3rd news. Last night, Fengfeng Group (stock code: 300431) issued an announcement saying that the company’s operating conditions have undergone major adverse changes and a large number of personnel have continued to be lost. Except for Mr. Feng Xin, the company ’sAll senior management personnel have resigned, and the securities affairs representative who assisted in information disclosure affairs has also resigned. The company currently has more than 10 employees.Due to tight funding conditions, the company was in arrears with salaries of some employees.As of press time, stocks of the Storm Group continued to fall.The stock price of the once “dark stock” has now dropped to 3.22 yuan, with a total market value of less than 1.1 billion yuan.When people go upstairs, web pages and apps are “hanging up” For nearly half a year, the storm has been turbulent.On the one hand, Feng Xin was apprehended, all company executives left and faced the risk of delisting; on the other hand, starting from the end of November, there were problems with the Storm PC and App, which could not be opened normally.Sprout found that the official website has garbled typography for at least a week, and the app shows that the network is abnormal and can no longer be used.Previously, a screenshot on a workplace social app had been circulating on the Internet. There was only one development employee in Storm, and it is estimated that this technology brother has also left.On the evening of November 27, Fengfeng Group issued a reminder announcement about the company’s main business suspension, saying that due to the default of the server room hosting fees of the partner, the partner had terminated the provision of services, causing the company’s website and mobile client to fail to provide services.On October 30, the Storm Group announced its first three quarterly results.In the third quarter of 2019, the Storm Group achieved revenue of approximately 10 million yuan, a decrease of 95.87% year-on-year, a loss of 386 million yuan, a decrease of 215.76%; the first three quarters, the storm group’s revenue was approximately 93.6 million yuan, a decrease of 90.95%, Loss of 649 million yuan.The financial report also disclosed that the current net assets of the Storm Group was -630 million yuan, with only 3.331 million yuan of funds remaining on its account, and its total assets fell to 360 million yuan.The company predicts that the net profit in 2019 will be negative, mainly due to the provision for impairment of goodwill, provision for impairment of long-term equity investments, and provision for bad debts based on the operating conditions of the investee company and creditors, and the company’s advertising business income was less than expected.The tree fell apart.At the same time as the financial report was announced, Storm Group announced the departure of several executives, claiming to have received the resignations of Zhang Pengyu, the company’s deputy general manager, Zhang Lina, the chief financial officer, and Yu Zhaohui, the company’s securities representative.The date is December 13, 2020.The Shenzhen Stock Exchange subsequently urgently sent a letter of concern to Storm Group, saying that in addition to Feng Xin, the general manager of the company, who had been approved for arrest, the company’s senior management staff had all resigned, and the securities representative who assisted in information disclosure had also resigned.According to the “GEM Stock Listing Rules”, “the financial accounting report of the most recent year shows that the audited net assets at the end of the year is negative, which will trigger the suspension of the listing mechanism”.This also means that if the storm group’s net assets in 2019 are negative, its shares will be suspended from listing.Ecological investment mergers and acquisitions collapsed, and in 2005, Feng Xin, the “first bucket of gold” under Jinshan, decided to start a business.In the early days, Feng Xin was looking for investment.He first approached Zhou Hongyi, who said that I would not do it in this direction; then he looked for Lei Jun, who said he would consider it for two weeks.After waiting for three days, Feng Xin decided to start his own job.After several twists and turns, Storm Group landed on the GEM in 2015.Immediate daily limit, the stock price once reached 123 yuan.According to news reports that year, two months after the storm went public, 10 billionaires, 31 millionaires and 66 millionaires were born inside.The scenery was infinite.After the listing of Stormwind Technology in May 2015, it proposed a global DT entertainment strategy, and completed the layout of five major businesses of VR, TV, show, video, and culture that year.Storm Games has also completed the layout of the entire industry chain of “R & D + distribution + overseas + fund investment”.Holding hundreds of millions of players in daily life, Feng Xin desperately needs content to fill it.Previously, Fengfeng tried to acquire the equity and team of Straw Bear Pictures, Lidong Technology, and G & P Technology through asset mergers and acquisitions, and entered the three major businesses of film, television, and overseas.Holding the banner of “ecology” high, the sprouts are roughly counted. During the two years after listing, the Storm Group invested and acquired 16 companies and participated in the establishment of 5 industrial funds.Feng Xin actively invested in mergers and acquisitions, trying to build his own storm empire.However, the lack of hematopoietic capacity, the business line is too long, the hardware burns money, the unstable cash flow, etc., the development of the storm ecology is much worse than expected.From 2015 to 2019, a total of three targeted financing plans were proposed before and after the storm, but none were approved.Every step since then is moving towards the abyss.In 2016, Everbright Capital, a wholly-owned subsidiary of Everbright Securities, and Fengfeng Group Co., Ltd. established the Baptist Fund, which invested 260 million yuan to leverage 5.2 billion yuan and cross-border mergers and acquisitions of global sports event copyright companies (MP & Silva Holdings SA ((MPS for short) 65% equity. But no one expected that MPS was in trouble because of copyright. MPS was declared bankrupt and liquidated in 2018. The acquisition failed but the event was not over. The 5.2 billion yuan of funds could not be cashed on schedule and could not block the financial situation.Faced with a huge amount of lawsuits, Feng Xin was taken away. On July 28, the Storm Group issued an announcement that Feng Xin, the actual controller of the group, was taken by the public security organs for alleged crimes. In early September, the Shanghai Procuratorate of Jing’an DistrictFeng Xin was arrested on suspicion of bribery and misappropriation of non-state staff. One place of feathers sent the Storm Group to a deep abyss. In an instant, the stock price fell from the highest 123 yuan all the way to the lowest. The end of the era of the PC playerStorm video is a lot of youth memories of the 80s and 90s. In the PC era, it is also a necessary software for installation. According to data, 7 out of 10 computers are equipped with storms.Audio and video. “Youku, iQiyi, Tencent, etc. were not established at that time, and Storm Video was really a shame.” A user of Storm Video said to Sprout, “At that time, we were all using Thunder to download resources, and thenPlay with Fengfeng Yingyin. ”Looking back at the beginning of Fengfeng Yingyin, it is highly sought after because it is compatible with most audio and video formats. When the file cannot be played, click” Play “in the upper right corner of the screen to switch the video decoder and audio decoding.It will switch the best three decoding methods for video. According to data, in 2009, the total number of storm video users reached 280 million, accounting for 73% of the total number of Internet users at that time, and the number of online users reached 25 million every day, second only to QQ andThunder. On March 24, 2015, Fengfeng Technology, which uses the PC player “Baofeng Yingyin” as its core business, was listed on the Shenzhen Stock Exchange’s GEM, with an issue price of 7.14 yuan per share. In just 40 days, Fengfeng picked up 36 daily limit boards.The stock price soared to 327 yuan / share, which was called “GEM Demon Stock” by the industry, and Feng Xin also reached its peak. At the ringing scene, Feng Xin once said: “I am not alone here today, nowThere are 50 million Internet users who use Storm, and 200 million active users every month. Today I represent 200 million Storm users to A-shares. Storm will launch a new future after listing, so that Storms will enjoy A-shares and A-shares.Storm. “However, one thought of heaven, one thought of hell. The storm is not LeTV, Feng Xin is not Jia Yueting. As the economist Song Qinghui commented,” Like its name, the storm group rises rapidly in the storm, and gradually declines in the storm.. “Accompanying Chinese netizens through the Storm Group for 16 years, is now on the verge of disintegration. The cover image is from pexels.