Xun You accelerator, the core product of Xun You science and technology, can be said to be an essential network acceleration tool in the early years. As the head of the online game acceleration segment, it was successfully listed on 20 15 and became the "first online game acceleration share". However, the development of technology in Xun You in recent years is not optimistic. According to the data, Xun You Science and Technology suffered big losses in 20 18, 20 19, 202 1 year, and its net profit in the first quarter of 2022 was19100000 yuan.
However, even in the case of declining performance or even losses, it does not prevent core executives from fighting for years. The founders of the three companies, Xu Yuan, Jun Chen and Zhang Jianwei, have been arguing endlessly. In March, 20021,Zhang Jianwei, then the chairman of the board of directors, was removed from his post by a vote of the board of directors. The promoters were Xu Yuan and Jun Chen.
They all say "three women's lives", but the palace fights of three old men in Xun You Science and Technology are equally wonderful.
There was only one person left in the former "iron triangle"
According to the announcement issued by Xun You Science and Technology on June 2, the board of directors passed the proposal with 5 votes in favor, 2 votes against and 1 abstention, and officially removed Xu Yuan from the post of president.
Xu Yuan, the largest shareholder and then president of Xun You Science and Technology, voted against it. He believes that he "as the CEO and founder of Xun You Science and Technology, he is conscientious, loyal and diligent in all aspects of the company" and should not be kicked out. Zhang Yunfan, another director, also objected, on the grounds that "the existing information cannot support it".
Most of the remaining directors stood on the opposite side of the president, and the most striking vote came from the chairman Jun Chen.
Jun Chen is a veteran who founded Xun You Science and Technology with Xu Yuan and Zhang Jianwei in 2008. At present, he is the second largest shareholder of the company, holding 6.44%, second only to Xu Yuan's 10.75%. In an agreement signed before, Jun Chen, Xu Yuan and Guiyang Big Data Group should have taken a "concerted action relationship" when voting, but he voted in favor and even nominated Xu Yuan's successor.
The proposal to appoint a new president ended in the invalid opposition of Xu Yuan and Zhang Yunfan, and the result was basically a foregone conclusion.
It is worth mentioning that Xu Yuan's previous shares were frozen because of another founder, Zhang Jianwei. It was he who had borrowed a large sum of money from Zhang Jianwei before, and the money had expired, which caused the stock to be frozen. On the second day after the news came out, Xun You Science and Technology was affected, with the opening price falling by 5%, and it fell by 1 1% only in the first half of the morning.
Coupled with the equity pledge crisis that has been hanging over Xun You Science and Technology, it seems that it is not incomprehensible for the board of directors to decide to change people under the frequent negative news.
Now that Xu Yuan has been exempted, Jun Chen is the only one of the three founders who established Xun You Science and Technology in the past. And Zhang Jianwei, as early as last year, used the same voting resolution to kick the "alliance" between Jun Chen and Xu Yuan out of the position of chairman or even director.
If we want to really sort out this protracted "history of infighting", we have to go back to five years ago.
"Gong Dou Opera" among the Old People
20 17 can be said to be a turning point in the development of science and technology in Xun You.
Just two years ago, Xun You Science and Technology aimed at the pain point of slow network speed, and successfully listed on the Growth Enterprise Market (GEM) relying on the single business of online game accelerator deus ex. As soon as it went public, it shocked the market with the daily limit of 19, and once became a "monster stock" at that time, as well.
It's just that the good times don't last long, and the acceleration of domestic network makes the role of accelerator gradually chicken ribs; Coupled with the vigorous development of mobile games, PC-side games have also been affected. The single defect of Xun You's business was exposed, and its income was severely compressed. The data shows that the operating profit of Xun You in 20 16 was 1 100 million yuan, a year-on-year decrease of 81.04%; The total profit was 3 1 100 million yuan, down 53. 14% year-on-year.
20 17, Xun You Science and Technology acquired Chengdu Lion Roar Technology Co., Ltd. for 2.7 billion yuan to expand the mobile Internet advertising business. At that time, Xun You Science and Technology's total assets were only 749 million yuan, and the standard "Snake Swallow Elephant" acquisition plan also laid the groundwork for a series of subsequent storms.
First of all, the lion's roar failed to bring beneficial effects to Xun You. From the first year, the performance promise was not met, and the compensation was rotten. According to the announcement of Xun You 202 1, 202 1 initially estimated the impairment loss of assets for the goodwill and intangible assets formed by the merger of Chengdu Shihao Technology Co., Ltd. is about 97 million yuan.
At the same time, this failed merger also triggered the first contradiction of the founder's "iron triangle".
The main participant in the acquisition of Chengdu Lion Roar was then President Xu Yuan. At that time, he borrowed a sum of money from Zhang Jianwei, the then chairman, to acquire a part of the equity of Lion Roar. There is no clear information about the specific amount, but what is certain is that by March 20021year, he still had 16989300 yuan outstanding.
Due to Xu Yuan's failure to repay the loan in time, Zhang Jianwei filed a lawsuit with Chengdu Intermediate People's Court in August 2065438+2009, and it was from then on that all the shares of the company held by Xu Yuan were frozen by property preservation.
Perhaps the debt dispute added a fire, and the counterattack came quickly. At the end of August, Xu Yuan and Jun Chen proposed to the board of directors that Zhang Jianwei should be removed from the post of chairman on the grounds of "lack of understanding of the company's industry, development strategy and main business, and long-term absence from the company's strategy formulation and daily operation and management", and proposed that Xu Yuan should serve concurrently.
Not to be outdone, Zhang Jianwei submitted a proposal to dissolve President Xu Yuan.
The withdrawal of the motion brought a whitewashed peace. During this period, Zhang Jianwei and Xu Yuan signed a settlement agreement, agreeing to pay off their debts before June 30, 20021.
Another big event happened in 2020. Xun You Science and Technology, with unfavorable revenue, has finally found a lifeline-Guiyang Big Data Group and SASAC behind it. In September of that year, Xun You and Guiyang Big Data signed the Supplementary Agreement to the Rescue and Investment Agreement and the Voting Rights Entrustment Agreement. The signing of this contract means that Xu Yuan and Jun Chen will maintain a concerted action relationship with Big Data Group in the future, while Zhang Jianwei is excluded from this relationship.
20021March 12, Xu Yuan and Jun Chen took the lead again, for the same reason as last time, and because of "lack of strategic integration and planning for the big data industry in Xun You and Guiyang", someone proposed to dismiss Zhang Jianwei.
Zhang Jianwei is the same as before. You submitted a motion to remove Xu Yuan from the presidency. His real war-torn behavior is to apply to the court to enforce Xu Yuan's outstanding remaining debt1698,380 yuan, and at the same time, he pointed out in the motion that Xu Yuan was guilty of embezzlement, misappropriation of company funds, trading with counterparties and other major crimes.
The final result of this struggle is that Zhang Jianwei, then chairman, lost more than the last time.
With 8 votes in favor and 65,438+0 votes against, the Board of Directors passed the Proposal on Removing Mr. Zhang Jianwei from the Company's directorship. Although Xu Yuan paid off all debts in April, Zhang Jianwei has been kicked out of the company's decision-making level and even the position of director.
Interestingly, Xu Yuan said at the company's shareholders' meeting at that time, "I am in a golden age, and I will take Xun You Science and Technology to a new height in the next 10 year."
He should not have expected that he would end up in the same situation the next year.
Xun You's future is uncertain.
Jun Chen was once a staunch comrade-in-arms of Xu Yuan, and now he is the last of the three. The candidate for the new president has also been determined, and Wu, the general manager of the largest subsidiary, Subao Technology, will take over.
It is understood that Fast Running Technology led by Wu is the largest subsidiary, and its main business is mobile network accelerator, which is mainly used in smart phones and other mobile internet device.
The swift travel technology that the two of them have to face may be a big mess.
In recent years, the income of science and technology in Xun You has fallen sharply. According to the annual financial report, Xun You Science and Technology suffered a net profit loss of 790 million in 20 18, and a net profit loss of 2010/860,000; After a brief turnaround in 2020, the net profit was 33.58 million yuan, and the loss was 65438+74 million yuan again in 202 1 year.
The accumulated loss in four years is 265,438+billion yuan, which is closely related to the dispute between Zhang, Yuan and Chen. At the same time, we must face up to the fact that the single business problem exposed by Xun You Science and Technology from 20 15 has not been solved. According to its 20 15 annual report, Xun You online game accelerator is the only revenue component of Xun You science and technology; By 202 1, the revenue of Xun You accelerator was 43 1 10,000 yuan, still accounting for 9 1. 16% of the company's operating income.
But today, I am afraid that the online game accelerator is not a good business that can support listing alone.
With the acceleration and stability of mobile network, domestic players no longer only need accelerators to play most games, but only some foreign games need accelerators to provide stable services. This can be seen from Xun You Science and Technology's initial listing fund-raising project "Master of Light Speed". The revenue of this network acceleration tool in 2020 is only 59,600, 202 1 or even 0.
Master of light speed
Despite this, both the company's disclosure announcement on June 2 and the interview with the new president Wu said that they should "integrate the acceleration capabilities of PC and mobile." After the coaching change, the main direction of Xun You Science and Technology is still network acceleration. In the case that the C-terminal function is slightly insufficient, the business direction may turn more to newer application scenarios such as enterprise services and car networking.
In addition, the actual controller of Xun You Technology is actually Guiyang Big Data Group. Since the performance of 20 19 Company dropped sharply, Xun You Science and Technology has successively held equity transfer negotiations with Zhejiang Digital Group and Chengdu Gaotou Group. After all failed to terminate, Xun You waited for the bail-out agreement of Guiyang Big Data Group.
Since then, Xun You Science and Technology has gradually deepened its cooperation with Guizhou and Guiyang. Therefore, the East-West Computing Project, which just landed in March this year, is likely to become a potential life-saving straw for the company in the future.
However, at present, in the short term, Xun You Science and Technology may have to rely on its own efforts in the accelerator market. Under the premise that its core business has become a thing of the past, the former three-person entrepreneurial team fought to the last person regardless of the face of the past. This ending is really embarrassing.
This article comes from Zinc Finance.