Just completed private placement of funds for half a month，Aofei Entertainment (002292.SZ) disclosed dramatic changes in performance。January 30，The company’s stock price hit a new low in the past four years，Three institutions that participated in the private placement were cheated within half a month，Floating loss exceeds 10%，Market value nearly 80 million yuan。

Aofei Entertainment revised downward the company’s performance forecast on January 30，Cut profit expectations in half，It is expected that the net profit attributable to shareholders of listed companies in 2017 will decrease by 60%-90% year-on-year，Profit range reduced to 0.5 billion to 1.9.9 billion yuan。The net profit for the whole year of 2016 is 4.9.8 billion yuan。

As early as the third quarter report of 2017，The company expects the annual net profit attributable to shareholders of listed companies to change between -30% and 0%，Estimated change range 3.4.9 billion to 4.9.8 billion yuan。

Aofei Entertainment, which is in the throes of transformation, will have poor performance in 2017 as expected，But what is unexpected is，The decline is so huge。

This also means，The company suffered its first loss 188bet app since its listing in the fourth quarter of last year，And the magnitude is huge，The loss range is 1.1.6 billion to 2.Between 6.5 billion yuan。

Investor confidence has been frustrated，Opening on January 30th，The company’s stock price directly breaks through all moving averages，With 12.Opening at 11 yuan，Down 8 throughout the day.10%，Close at 12.36 yuan。12.11 yuan，This is the lowest share price of Aofei Entertainment in the past four years (before restoration)。

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The strange thing is，On January 15th just half a month ago，Aofei Entertainment has just completed a private offering，Company with 13.Issue 5021 at a price of 94 yuan.520,000 shares，Raised nearly 700 million yuan。with the latest stock price 12.Compared to 11 yuan，The fixed-increase price has dropped by more than 10%。

As early as the day the fixed increase plan was disclosed，Aofei Entertainment closed a long negative line，9.83% drop，Directly invert the fixed increase price and stock price。Before the scheduled increase is completed，The company’s stock price has been fluctuating between 14 yuan and 15 yuan。

Actually，The private capital raising of Aofei Entertainment did not go smoothly。The amount of funds raised has shrunk by more than 70%。Originally planned to raise 23 funds.5.1 billion yuan is used to invest in IP resource construction projects、IP management operation system construction project and supplementary working capital，In the end, only 700 million yuan was raised。Deduction of various issuance expenses，The actual net amount of funds raised is 6.7.9 billion yuan。The company has no choice but to，Investments in related projects have also shrunk significantly。

Investment status of funds raised for private placement projects

The fundraising process also had twists and turns。Ao Fei Entertainment’s non-public offering included one subscription and three additional purchases。Within the valid subscription 188bet online sports betting period of the first subscription invitation，Only one investor made a quotation subscription；First additional subscription，No one added；Second additional subscription，Another fund has added an additional 20 million yuan；An additional organization was introduced only after the third addition。

In the end, the three allocated investment institutions were Shanghai Oriental Securities Asset Management Co., Ltd.、Hui’an Fund and Hongta Red Earth Fund。Today，These three institutions may regret it。

Aofei Entertainment’s allocation status of non-public issuance institutions

Judging from the three quarterly reports of Aofei Entertainment，The expectations for the fourth quarter at that time may have been too optimistic。

The company’s net profit attributable to shareholders of listed companies in the first three quarters of 2017 was 3.1.5 billion yuan，Decreased by 27% year-on-year.96%。Among them，1.8.2 billion yuan is non-recurring gains and losses，If the net profit attributable to the parent is deducted, only 1 will be left.3.4 billion yuan，The year-on-year decline has reached 58.32%。

There may be a reason for this “over-optimism”.

At that time，Aofei Entertainment is at a critical juncture in the non-public issuance of shares。Passed the review by the Issuance Review Committee on June 6, 2017，Obtained the approval document from the China Securities Regulatory Commission on August 17。The company will launch the issuance next，Invite institutions to subscribe。

If you don’t pack yourself well at this time，Not only cannot it be sold at a good price，It’s difficult to even sell。I only received about 30% of the funds from the company's "Subscription Invitation" issued four times，It can be seen。

To win the favor of the institution，Strengthen investors’ confidence。Period，Aofei Entertainment also gave a shot in the arm。

In the explanation of matters after the private placement meeting in November 2017，188bet app download Aofei Entertainment once made it clear，"The company's current production and operation conditions are normal，All businesses are developing well，No major changes in fundamentals，Based on the current situation, it is expected that there is no great uncertainty in the company’s future operations”。At the same time，Performance expectations，The company is still optimistic，“Changes in the company’s performance can be reasonably expected，And the relevant risks have been fully disclosed”。

Obviously，Judging from the magnitude of this performance change，Relevant risks have not been fully disclosed。

What is supposed to come will come，The stone for fixed-increase financing has landed，Performance revision announcement party disclosure。

Regarding performance changes，Aofei Entertainment explained that there are three reasons: the trendy toy business launched in the fourth quarter did not meet expectations；The company’s overseas film and television business has shrunk and adjusted and its film and television investment business has suffered losses；The company’s game business did not meet expectations and the goodwill impairment of the corresponding business subsidiary, etc.。

Performance in 2017，It was the rapid expansion in the previous year、The bitter fruit of great strides。

2016，At that time, the company’s total market value was at its peak of more than 70 billion yuan。At that time, the abbreviation of Aofei Entertainment Securities was still Aofei Animation，But the company is not satisfied with just animation、Layout in the toy field，And I hope there are more stories to tell，Exercise your fists in more areas。

For this，At that time, Aofei Entertainment adopted an external expansion，Multiple acquisitions of related companies，Movie、TV series、Game、anime、Toys、VR and other industries are in full bloom，The goal is to build a pan-entertainment ecological group with 188bet app download IP as the core，At the same time, he proposed the vision of becoming "Oriental Disney"。

However，How to digest various acquisitions smoothly，How to coordinate development among various businesses，The answer sheet submitted in 2017 was not ideal。

The reality is，Business aspects of the new layout，Loss in film and television business，Game business did not meet expectations；Even his own profession，The toy business also fell short of expectations。Today the total market value has shrunk to 16.8 billion yuan。

On its performance，Aofei Entertainment responded to the interface news，2017，Aofei continues to promote business focus，pair game、Film and television and other interactive entertainment businesses have made strategic adjustments，Having a certain impact on the performance in 2017，However, the above reasons are all one-time impacts and have been adjusted now。Next，Aofei will develop film and television with demonic IP as its core、Game、Drama industry and other interactive entertainment industries，Integrate internal and external resources to form a synergy，Work together to create quality products。

New Year，It is unknown whether Aofei Entertainment’s performance will improve smoothly。However，Regarding this dramatic change in performance，There is another way to say，After low base in 2017，It is a high probability that the performance in 2018 will increase。At that time，The one-year sales lock-up period of the three institutions has just expired。

*Source of this article: Jiemian News，Author: Zhang Yi，Original title: "Just after completing financing, the performance changed. This animation company caused institutions to lose 80 million in half a month》