OKcoin founder Xu Mingxing buys a shell to enter the New Third Board

Bitcoin was once very popular. Now, Xu Mingxing, the founder of domestic Bitcoin exchange OKcoin and former CTO of Docin , is preparing to "buy a shell" to enter the New Third Board.

With small capital, declining performance and concentrated equity, Huazhenglian seems to be a standard NEEQ "shell". After Xu Mingxing took over, his Bitcoin assets may be injected into the listed company.

"Buying a shell" Huazhenglian

Huazhenglian ( 833166 ) announced on December 20 that Xu Mingxing planned to purchase 3.0062 million shares of Huazhenglian through an agreement transfer, accounting for approximately 54.66% of the total share capital of the listed company , at a price of 2.5 yuan per share, so the total transaction price is 7.5155 million yuan.

This means that after the transfer is completed, Xu Mingxing will hold a controlling stake in Huazhenglian and become the actual controller of the listed company.

According to the acquisition price, Huazhenglian's valuation is 13.7495 million yuan, less than 14 million yuan. "Buying" a listed company at this valuation is much cheaper than the previous "shell price" of 20 million yuan on the New Third Board.

According to the data, Huazhenglian's main business is to provide testing and evaluation services for indoor environment, public health, central air conditioning and ventilation systems, drinking water, clean systems, occupational health, and textiles for enterprises and individuals. It was listed on the New Third Board in August 2015 with a capital of 5.5 million shares and five shareholders including Song Wei and Chen Jian . The company's shares are transferred by agreement. It has never raised funds since its listing, and there has been no transaction in the stock transfer system.

The performance of this listed company in the past two years has been relatively small, and this year's profit has also declined significantly. In 2015 , Huazhenglian achieved operating income of 12.31 million yuan, a year-on-year increase of 27% ; net profit of 2.68 million yuan, a year-on-year increase of 50% . In the first half of 2016 , the company achieved operating income of 6.6 million yuan, a year-on-year increase of 46% , and the net profit loss widened year-on-year to -1.3 million yuan.

With small share capital, declining performance and concentrated equity, Huazhenglian seems to be a standard NEEQ "shell".

The audited net asset per share of Huazhenglian as of the end of 2015 was RMB 1.69 / share, and the basic earnings per share in 2015 was RMB 0.49 / share ; according to the 2016 semi-annual report, the unaudited net asset per share of Huazhenglian as of the end of June 2016 was RMB 1.45 / share, and the basic earnings per share in the first half of 2016 was RMB -0.24 / share.

The sale of shares at a price higher than the net asset value was accepted by the shareholders of Huazhenglian.

Or inject Bitcoin trading platform assets

The forum owner noticed that Xu Mingxing has a prominent background. Although he is not a "star", his "Bitcoin Exchange" has attracted public attention.

According to the information, Xu Mingxing, male, was born in 1985. He once worked as a development engineer for Yahoo and Alibaba. From June 2007 to August 2012 , he served as the chief technology officer of Docin Century (Beijing) Network Technology Co., Ltd. What is more noteworthy is that he also founded a domestic "Bitcoin exchange".

According to data, Xu Mingxing controls or holds shares in 14 first-tier companies , some of which are registered abroad. From 2014 to date, Xu Mingxing has served as a director of 17 companies .

Beijing Oukai Lianchuang Network Technology Co., Ltd. is mainly engaged in providing technical research and development support, marketing and system maintenance services for virtual commodity (Bitcoin/Litecoin, etc.) trading websites operated by affiliated companies; blockchain technology research and development. The company's registered capital is 50 million yuan. Xu Mingxing holds 56% of the shares of Beijing Oukai and serves as the company's executive director and manager.

The three companies registered in Hong Kong, Hong Kong Sulian Technology Co., Ltd., Hong Kong OK Financial Technology Co., Ltd., and Hong Kong OK Financial Co., Ltd., are all engaged in businesses related to cross-border payment platform operation support business, and all of them are businesses outside mainland China.

In addition, companies registered in Singapore, the United Kingdom and other places may also provide virtual goods trading services, but they have not yet actually started business.

The acquisition agreement states that after the acquisition is completed, the acquirer will expand Huazhenglian's existing business areas, actively seek investment projects with market development potential and incorporate them into the listed company. This means that after Xu Mingxing takes over Huazhenglian, he does not rule out the possibility of injecting its assets, and the injected assets are likely to be the "Bitcoin platform."

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Founded OKCoin, a Chinese blockchain asset trading platform

According to media reports, OKCoin was officially launched in October 2013. It is the world's leading digital asset trading platform, divided into the Chinese site OKCoin and the international site OKCoin , with users from more than 100 countries. At present, more than 2 million users have chosen to invest and trade Bitcoin on OKCoin .

Launch of blockchain connection network OKLink

According to media reports, OKLink is a new generation of global value transfer network ( blockchain transfer network ) built on blockchain technology launched by OKCoin in 2016. It is committed to promoting the comprehensive development of inclusive finance and reshaping the financial system architecture through blockchain technology. OKLink connects small and medium-sized financial participants around the world, including banks, remittance companies, Internet financial platforms, etc., and uses blockchain technology to greatly improve the speed, cost and security of the value transfer network. The network has already been joined by dozens of partners around the world.

Rumors about Bitcoin

When Bitcoin was popular, there were many rumors about it in the market. There were market rumors that because Bitcoin has no centralized issuance mechanism, the trading rules are convenient and simple, and investors have a high degree of control over their own funds, some investors bought Bitcoin on domestic platforms and sold it from overseas accounts to obtain US dollars in a covert exchange method.

In an interview with the media, Xu Mingxing said that those who made the above guesses must not have actually traded Bitcoin. First of all, buying a large amount of Bitcoin in China will be subject to strict anti-money laundering investigations by trading platforms. Domestic formal trading platforms will strictly follow KYC ( Know your customer) policies and AML ( Anti-Money Laundering ) regulations to conduct due diligence on users holding large amounts of funds. OKCoin will review the source of users' large assets and ask users to assist in providing proof of the legal source of assets. The platform will refuse to recharge for large assets that do not match their identity.

Xu Mingxing also said that in addition, the anti-money laundering policies of foreign banks and trading platforms are more complicated. If a sum of money or Bitcoin comes out of thin air, no foreign institution or bank will allow you to withdraw or transfer money. You need to provide proof of the legal source of the funds. At the same time, the price of Bitcoin is constantly fluctuating around the world. Exchanging currency through Bitcoin is a hypothetical operation, and its operation is much more difficult than traditional methods.