China Good Packaging Network
On the evening of January 30, Hexing Packaging issued the “2018 Annual Results Announcement Amendment Announcementâ€, which adjusted the performance expectations for the period from January 1, 2018 to December 31, 2018.
On October 25, 2018, Hexing Packaging predicted in the Company's Third Quarterly Report for 2018 that the net profit attributable to shareholders of listed companies in the year 2018 would be 250%-280%, and the range of net profit change would be 532.628 million. Yuan -58,483.39 million yuan.
In the latest announcement, Hexing Packaging said that the net profit attributable to shareholders of listed companies in 2018 is 50%-80%, and the range of net profit changes is 238,856,600 yuan - 277,027,700 yuan.
Hexing Packaging pointed out that the company participated in the establishment of Xiamen Bridge and Hexing Equity Investment Partnership (Limited Partnership) (hereinafter referred to as “M&A Fundâ€) on February 16, 2016. The M&A Fund completed the acquisition of Hezhong on June 30, 2016. 100% of Chuangya Packaging Services (Asia) Co., Ltd., 100% of Hezhong Chuangya Packaging Service (Kuala Lumpur) Co., Ltd., 100% of Hezhong Chuangya Packaging Service (Johor) Co., Ltd., Hezhong Chuangya Packaging services 99.90% of the shares of Indonesia Batam Co., Ltd., 99.998% of the shares of Hezhong Chuangya Packaging Services (Thailand) Co., Ltd. (the above companies are hereinafter referred to as "standard companies"). The management of the company considers that the company is not an executive partner. It only has an 18% share in the M&A fund and does not have the power to unilaterally control or control the M&A fund. Therefore, the M&A fund has not been included in the consolidation scope in the current period.
In 2018, the company acquired the target company held by the M&A fund, and used the merger of enterprises under the same control to perform relevant accounting treatment. In August 2018, the Accounting Supervision Report of the Listed Companies in 2017 issued by the Accounting Department of the China Securities Regulatory Commission clarified the judgment on the control of structured entities. In combination with the document and the current regulatory trend, given that the company owns most of the M&A funds. The return has a one-vote veto of the investment decision-making committee. It is proposed to include the M&A fund in the scope of consolidation at the initial establishment, and then restate the 2016 and 2017 financial statements, resulting in an out-of-share income of 296 million due to mergers and acquisitions in 2018. The restatement will be re-stated to 2016. This major factor has corrected the 2018 original performance forecast net profit change from 250% to 280% to 50% to 80%.
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