Recently, Omar Electric (002668.sz) and its actual controller Zhao Guodong have encountered some troubles. Recently, Omar Electric (002668.sz) and its actual controller Zhao Guodong have encountered some troubles.

On October 17, Omar Electric issued the "Announcement on the Freezing of Some Bank Accounts". Due to a business contract dispute with Hunan Asset Management Co., Ltd., some bank accounts of the company and its subsidiaries were frozen. Dujiao Finance noticed that 220 million yuan of funds in Wallet Financial Services’ wealth management account at Xiamen International Bank was frozen.

Picture taken from Omar Electric’s announcement

Dujiao Financial contacted the Omar Electric Board Secretary Office by phone and email to learn more about the impact on the company’s mutual financial business, but did not receive a reply. According to the above announcement, freezing some bank accounts has had a certain impact on the daily operations and business of relevant subsidiaries.

At the same time, what makes Zhao Guodong even more troublesome is that the original plan to transfer Omar Electric's shares and solve the financial payment problem of its P2P platform wallet has also been stranded.

The share transfer was terminated to resolve the obstacles to Wallet Financial’s redemption.

In early August, Wallet Finance responded to the run on the platform and provided a redemption plan. Zhao Guodong, who serves as the legal person of the platform, also promised investors that he "plans to transfer part of the equity or control of the listed company" to solve the problem.

Zhao Guodong entered into separate negotiations with Guangxi Guangzhou Investment Asset Management Co., Ltd. (hereinafter referred to as "Guangzhou Investment Management") on August 15 and Guangxi Investment Group Financial Holdings Co., Ltd. (hereinafter referred to as "Guangzhou Investment Management") on August 23. Financial Holdings") signed a "Letter of Intent", intending to transfer more than 5 shares or corresponding rights and interests of Omar Electric. The transaction price obtained will be used first to solve the redemption issues involved in the wallet financial platform and other related debts of Mr. Zhao Guodong.

Immediately afterwards Wallet Finance announced that 200 million yuan in earnest money from Guangdong Investment Management had been received, and everything seemed to be going well.

Picture taken from Wallet Finance

But two months later, on October 16, the other party that signed the "Letter of Intent", Guangtou Financial Holdings, decided to terminate the intention, and Omar Electrical Appliances Said that it will continue to plan the transfer.

The equity transfer progress was stalled, and Zhao Guodong encountered obstacles in solving the financial problem of his wallet, but he temporarily retained actual control of Omar Electric. In Omar Electric's 2018 semi-annual report, it was made clear that this transfer of equity or corresponding interests may lead to changes in the company's actual control.

At present, a total of 182 million shares of the company’s shares held by Zhao Guodong have been pledged, accounting for 100% of the total number of company shares he holds and 16.79% of the company’s total share capital. Independent investor Li Yang told Unicorn Finance that Omar Electric is currently in a trading suspension period. If it resumes trading without solving the problem, there will indeed be a risk of continued downward movement, but operationally, the trading suspension can continue until the problem is resolved. "If it really doesn't work, you can sell the shell. The shell of Omar Electric is quite good."

In fact, since Zhao Guodong entered Omar Electric with his mutual fund business in 2015, he has been questioned by "backdoor listing". I also encountered the pressure of performance betting, but in the face of the redemption crisis, it confirmed the saying, "You can only win if you are alive." As the mutual financial industry bids farewell to the era of making money by lying down, the game between this new business incorporated into listed companies and the original main business is changing.

Frequent changes in senior executives

In the past two months, there have been frequent changes in senior executives of Omar Electric.

Including board secretary and deputy general manager He Shiqiong, securities affairs representative Zhou Jianghai, director, financial director and deputy general manager Yang Ruizhi, vice chairman and deputy general manager Li Yingchen, and independent director Zhu Yujie have resigned. .

Except that He Shiqiong, Yang Ruizhi, and Zhu Yujie no longer hold any positions in the company, Li Yingchen and Zhou Jianghai also continue to hold other positions in the company.

Dijiao Financial Inquiry Tianyancha found that Li Yingchen previously worked at a mutual financial company under Omar Electric Co., Ltd. as a senior executive of Ningxia Wallet Financial Services Small Loan Co., Ltd. (hereinafter referred to as "Ningxia Small Loan Company").

While resigning from his position in a listed company, he also quit being an executive of Ningxia Small Loan Company.

The person who succeeded Li Yingchen as the deputy general manager of Omar Electric is Feng Jinmin. She has held middle and senior management positions in online banking, JD.com Finance and other institutions. Interestingly, Zhao Guodong’s resume shows that he served as vice president of JD.com Group and CEO of online banking.

Screenshot from the Big Wisdom Data Center

Judging from the latest executive composition of Omar Electric, the general manager is Zhao Guodong, and the deputy general managers are Zhang Jia, Yu Weibao and Feng Jinmin. There are three Is a financial business background. Yu Weibao is mainly responsible for the refrigerator business. At the end of June this year, he signed the "Equity Transfer Agreement Regarding Guangdong Omar Refrigerator Co., Ltd." with other executives responsible for the refrigerator business. ")'s equity, we will talk about Omar Electric's proposed sale of the refrigerator business in detail below.

It can be said that this round of executive turnover does not pose much of a threat to the future layout of Omar Electric’s mutual financial business.

The struggle between refrigerators and financial business

Before the wallet financial payment problem occurred, Omar Electric once planned to sell its refrigerator business.

According to Omar Electric’s plan, Omar Refrigerator 40’s equity is planned to be sold to the core management team of Omar Refrigerator, while still falling within the scope of the company’s consolidated statements. In fact, as of the first half of this year, the refrigerator business revenue is still the majority of Omar Electric’s total revenue, accounting for 84%. Why did it choose to sell part of it?

Omar Electric explained that the equity was sold to the refrigerator business management team. The purpose is to combine the interests of the Omar Refrigerator management team with the interests of the company, stimulate the enthusiasm of the Omar Refrigerator core management team, and enhance the company's asset liquidity and optimize the company's asset structure through this equity transfer.

Judging from the results, the proposal was not approved by the shareholders' meeting.

Not long after, Wallet Finance had an overdue problem. From the outside world, this is a big blow to the company. However, a financing manager of Wallet Finance told Dujiao Finance, "The predecessor of Wallet Finance is Bao. Currently, Wallet Finance and Bao are both traffic drainage platforms, and the focus of operations is wallet finance. But in fact, P2P traffic drainage is a very small part of the business, and the most important thing is Its business is actually automobile finance. ”

According to Omar Electric’s semi-annual report, in the first half of this year, Omar Electric’s refrigerator business achieved revenue of 3.2 billion yuan and a net profit of 216 million yuan; the main operating company of financial technology business. Zhongrong Financial (Beijing) Technology Co., Ltd. achieved revenue of 500 million yuan and net profit of 147 million yuan. Wallet Financial Services revenue was 154 million yuan and net profit was 76.25 million yuan. Financial products accounted for 50% of the total net profit in the first half of the year, and platform service business revenue accounted for the highest proportion, with a year-on-year increase of 417.99.

So how much impact will the overdue wallet finance have on the company? Maybe we will find out after the company’s third quarter financial report is released.