Sino-Singapore Jingwei, June 30 (Xinhua) -- Meijim announced on the evening of the 29th that the company's holding subsidiary, Qixing's future performance commitment compensation amount of 96.2367 million yuan in cash compensation and the delayed payment of interest arbitration have been accepted.
Specifically, on June 28, 2019, Qixing Future received the "Notice of Acceptance of (2022) Jingzhong Case No. 3148 Arbitration Case" (hereinafter referred to as the "Notice of Acceptance") sent by the Beijing Arbitration Commission.
Qixing Future requires the respondent Liu Junjun, HELEN HUO LUO, Liu Yi, Wang Yan, and Wang Shenbei to pay them 30.6634 million yuan of performance commitment compensation and interest, 32.7205 million yuan of performance commitment compensation and interest, respectively. Pay performance commitment compensation of 19.4278 million yuan and interest, pay performance commitment compensation of 7.6989 million yuan and interest, pay performance commitment compensation of 5.7261 million yuan and interest.The five respondents shall bear all the arbitration fees and attorney fees in this case.
According to the announcement, in 2018, Meijim and Qixing Future signed the "Acquisition Agreement" with HELEN HUO LUO, Liu Junjun, Liu Yi, Wang Yan, and Wang Shenbei ("the counterparty").It is agreed that Qixing will acquire 100% equity of Tianjin Meijiemu Education Technology Co., Ltd. (hereinafter referred to as "Tianjin Meijiemu" and "target company") in the future; the transaction price is RMB 3.3 billion, which will be paid in cash.
In May 2021, Meijim received the "Commitment Letter" issued by HELEN HUO LUO, Liu Junjun, Liu Yi, Wang Yan, and Wang Shenbei, the counterparties of the major asset restructuring transaction: "As the counterparty of this transaction and the "Acquisition" The signatories of the Agreement and the Supplementary Agreement now irrevocably and change the commitment as follows: Due to changes in the operating conditions and expectations of the target company during the completion of this transaction, on the premise that the listed company is approved to extend the performance betting period, I agree and will actively urge other counterparties to agree to reduce the total price of the subject matter of the acquisition by RMB 400 million (the total transaction price of this transaction after the reduction is RMB 2.9 billion). The transaction price of RMB 953.25 million that has not been paid by Qixing in the future will be deducted, that is, the transaction price that has not been paid is reduced to RMB 553.25 million accordingly.”
In 2018, 2019 and 2021, Tianjin Meijiem realized net profits attributable to shareholders of the parent company of RMB 191 million, RMB 238 million and RMB 129 million respectively after deducting non-recurring gains and losses. The net profit of the company's shareholders was 558 million yuan.Tianjin Meijiem promises that the net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses is 719 million yuan, with a cumulative difference of 161 million yuan, which is 77.60% of the promised profit.
Meijim said that representatives of the company and its controlling shareholders communicated with the counterparty of major asset restructuring transactions to urge them to fulfill their performance compensation obligations, and sent a "Letter of Reminder on the Performance of Performance Compensation Relevant Agreements" letter requesting them to perform performance compensation obligations.As of the disclosure date of this announcement, the company has not received the compensation amount of 96.2367 million yuan that should be paid in cash by the counterparty.In order to safeguard the legitimate rights and interests of the company and all shareholders, Qixing Future filed an arbitration application with the Beijing Arbitration Commission, and received a notice of acceptance on June 28, 2022.
According to public information, Meijim's main business is to provide high-quality educational products and services for Chinese school-age children and adolescents, and its main products are educational services and educational consulting.
In terms of operating performance, in 2021, the operating income of Meijim will be 336 million yuan, a year-on-year decrease of 5.61%; the net loss will be 198 million yuan, compared with a loss of 478 million yuan in the previous year; in the first quarter of 2022, the operating income of Meijim will be 44.6856 million yuan, a year-on-year increase of 44.6856 million yuan. A decrease of 44.21%; a net loss of 11.6771 million yuan, compared with a profit of 7.5911 million yuan in the same period last year.
In terms of the secondary market, as of the close on June 29, Meijim reported 3.86 yuan per share, down 60.88% from the year's high set in early March.(Sino-Singapore Jingwei APP)
(Editor in charge: Han Yijia)
