cool hit counter H&M made $150 million in 2017 on microloans before realizing $85 million in net profit_Intefrankly

H&M made $150 million in 2017 on microloans before realizing $85 million in net profit


On the evening of April 23, H&Y (SZ.300300) released its 2017 annual report, achieving operating revenue of 404 million yuan, down 7.47% year-on-year; net profit attributable to shareholders of the listed company was 85.1405 million yuan, up 138.02% year-on-year.

(hereinafter referred to as "Microloan") generated an investment income of RMB 154,581,000 (155 million), of which RMB 70,511,400 was recognized as investment income under the equity method and RMB 84,429,700 was generated from the transfer of part of the equity interest held by H&Y, the recognition of which had a significant impact on the net profit for the period.

In other words, if you remove the investment income in Microloan, H&C would be a net loss of more than $70 million. Also as disclosed in the annual report, the Company's equity assets increased by RMB452 million, or 70.98%, compared with the end of the previous year, mainly due to the increase in the Company's investment in Microfinance and other participating companies during the period.

On November 20, H&Y wholly-owned subsidiary Zhejiang H&Y Financial Services Co., Ltd. transferred its 2% and 1.5% equity interests in Microloan (Hangzhou) Financial Information Service Co. The Transferee agreed to pay RMB170 million and RMB127.5 million as consideration in cash for the transfer of the equity interest in the Target Company.

Although the move was a partial sale of H&Q's stake in Microloan, overall, the year-end figure for the amount invested in Microloan was still $347 million more than at the beginning of the year. In addition, there are also some senior executives who are directors of both Microloan and H&C, such as director Huang Menma, who has been a director of Microloan (Hangzhou) Financial Information Services Co. since September 2017, and Fang Luyao, who has been a director of Microloan (Hangzhou) Financial Information Services Co. since October 2016.

In addition, H&C disclosed the annual report data of Microloan, which reported revenue of 3.67 billion yuan and net profit of 544 million yuan in FY17.

While Microloan made a pang full of money, H&Q's own Internet finance platform was in the red.

According to the annual report, H&Q originally raised funds for a smart city-based internet finance platform that was forced to change to a smart city-based consumer finance platform. The project of "Smart City-based Consumer Finance Platform" was affected by the national Internet finance policy, and the relevant business was suspended and failed to reach the planned progress and expected revenue.

Ltd. is a wholly-owned subsidiary of HDFC and a wholly-owned grandchild of the Company. Ding You Cai reduced its registered capital from $419 million to $65,584,100 on November 16, 2017.

At present, Hangzhou Ding You Cai Financial Services Co., Ltd. is actively engaged in Internet finance filing. The project currently has a loss of $4,426,000 during the current reporting period and is not expected to reach its expected status until September 1, 2019. The information on the official website of Ding You Cai shows that the cumulative sum of summation is about 1.51 billion yuan, while the cumulative sum of summation of microfinance is 180.79 billion yuan, which is nearly 120 times of Ding You Cai.


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