The two shareholders of this company are sweeping up the goods in a large scale! The fight for equity is becoming increasingly fierce, and the internal control is out of control?

category:Finance
 The two shareholders of this company are sweeping up the goods in a large scale! The fight for equity is becoming increasingly fierce, and the internal control is out of control?


Century Jinyuans shareholders accelerate fund-raising

The equity dispute of Wantong technology lasted for more than half a year, and more and more shareholders entered the board, from the earliest Southern Silver Valley, century Jinyuan and Dehui department to now expanded to Yi Zenghui and Wang Sheng. At present, Yi Zenghui has formed a team in the southern Silver Valley. Century Jinyuan has a close relationship with Dehui system. Wang Sheng has explicitly opposed the board of directors of century Jinyuan department to enter the board of directors, but it is not clear which side to stand in.

As a representative of century Jinyuan shareholders, the increase of Tibet Jingyuan shares is highly matched with the rhythm of the fight for control of listed companies.

In March this year, Zhou Fazhan, the actual controller of Southern Silver Valley, was removed from the position of chairman of the listed company, and Tibet Jingyuan, which had been dormant for more than a year, raised his name for the first time. From April to June, Nanfang Silver Valley launched the first round of recall and re election of directors. During this period, Tibet Jingyuan raised its cards twice, and its shareholding ratio jumped to 10%. On June 23, it became the key force for the removal of Zhou Fazhans director From August to September, Chen Xiangwei, a director candidate of century Jinyuan, planned to enter the board of directors. Since August 12, Tibet Jingyuan continued to increase its stake, buying 1.7% of the shares within one month, and the shareholding ratio rose to 11.71%. However, the shareholders of century Jinyuan failed to resist the unanimity opposition of the mysterious shareholders Wang Sheng, Yi Zenghui and Nanfang Yingu, and finally Chen Xiangwei was defeated. Since mid September, Nanfang Yingu and Yi Zenghui reached an agreement on action and launched a second round of impact on the existing board seats, proposing to remove four non independent directors including Li Zhen, Wang Hui, Liao Kai and Zhen Feng Zhou Fazhan, Zhou Chengdong, Wang Xizhong and Liu Yi were re elected as new independent directors. During this period, Tibet Jingyuan increased its holdings and showed the characteristics of low frequency and large buying. The specific increase range is from September 24 to November 18, with an increase of 2% and the latest shareholding ratio of 13.73%.

Industry insiders said that according to the relevant regulations, shareholders holding more than 5% of the shares should increase their holdings by 1% within two trading days. This one breath increase of 2% in Tibet Jingyuan directly eliminates the first disclosure process of 1%. It can be seen that the speed of increasing holdings in recent two days is fast.

The shareholders who were rejected by the board of directors of Xizang Jingyuan and Xizang Xiangyuan were selected as the results of the meeting, and the proportion of shareholders who were rejected by the board of directors of Xizang and Xianggu were about 5%, and the proportion of shareholders who voted for the increase in the number of shareholders of Xizang Jingyuan and Xizang Xiangyuan would be narrowed.

What needs to be noted is that the shareholders meeting proposed by Yi Zenghui and Nanfang Silver Valley to remove directors was originally scheduled for November 20, but it was suspended by the board of supervisors on November 17, which is currently in a suspended state, and it is not known when to restart.

In terms of stock price performance, Wantong technology has shown a sharp rise and fall trend recently. In just six trading days, it has harvested three boards, including two limit boards and one down limit board. At the same time, the amplitude of the companys stock price has rapidly increased in recent two days, reaching 11.43% on November 19.

Anhui Securities Regulatory Bureau

The fierce fight for equity led to the crisis of internal control of listed companies. After special inspection, Anhui regulatory bureau found that the company had violated the rules in the decision-making process of major matters and the disclosure of the third quarter report, and issued a decision on administrative punishment to Li Zhen and Wantong technology.

The reporter of securities times u00b7 e company was concerned that the reason why the temporary general meeting of shareholders proposed by Yi Zenghui and Nanfang Silver Valley was stopped by the board of supervisors mainly focused on whether the identity of the shareholders of Yi Zenghui was uncertain.

In 2018, Yi Zenghui subscribed for Wantong technology shares with its saiying technology assets, becoming a 3.48% shareholder of the listed company, and made a commitment not to seek the control right of the listed company and maintain the independence of the listed company. Wantong technology believes that Yi Zenghui and Nanfang Silver Valley have reached an agreement and refused to hand over the control right of saiying technology, which directly violates the above commitment, and the transaction basis of issuing shares to purchase assets has been shaken. On October 15, Wantong technology filed a lawsuit with the court, requiring Yi Zenghui to cooperate with the cancellation procedures of the 14.34 million shares obtained. At present, the relevant shares have been frozen by the judiciary.

At the same time, Wantong technology disclosed in the third quarter report that it was unable to verify the authenticity of the financial data of saiying technology, an important subsidiary. From the perspective of substance over form, the content of the third quarter report is true, accurate and complete, and there is significant uncertainty, which violates the relevant provisions of the information disclosure management measures.

The debate of saiying technology out of control again

Yi Zenghui chose to stand in the southern Silver Valley and directly dragged saiying technology, a wholly-owned subsidiary of the listed company founded by Yi Zenghui, into the vortex of possible out of control, which triggered a series of concerns of regulatory authorities on listed companies.

On the evening of November 19, both sides made positive responses to the problems that Yi Zenghui and Wantong technology were responsible for each others content in the third quarter report, and whether the subsidiaries were out of control, both sides made positive responses, and the result was that they still held their own opinions.

Wantong technology believes that in view of the possible loss of control over saiying technology, the failure to carry out audit work of saiying technology, and the failure of the chairman and legal representative of saiying technology to perform their duties normally, it is not possible to verify the authenticity of saiying technologys financial data in the first three quarters of 2020. However, in order to ensure that the periodic reports are disclosed on time and the time when it is considered that it may be out of control is not in the third quarter of 2020 Within the time limit of quarterly report, saiying technology is still included in the consolidated statements, but the authenticity of relevant financial data of saiying technology is only responsible by Yi Zenghui and others.

In Yi Zenghuis opinion, the so-called saiying technology out of control is the retaliation behavior of Huang Tao, the boss of Jingyuan in Tibet, for not allowing Chen Xiangwei to enter the board of directors, and is suspected of abusing the power of the board of directors. After that, Yi Zenghui demonstrated from the aspects of finance, personnel, asset management and operation one by one. According to the reply, Yi Zenghui said that the financial personnel of the listed company can log in the financial system at any time to check the financial information of saiying technology, and the relevant asset management situation is regularly checked by the listed company. At present, the core team of saiying technology is stable and operates normally, and contributed 73.72% of the net profit of the listed company in the third quarter. To sum up, SAIN technology is not out of control.

While denying that the subsidiary is out of control, Yi Zenghui, as a person acting in concert with southern Silver Valley, also throws out the conclusion that shareholders may lose control of the board of directors of listed companies from the standpoint of his teammates. He believes that, as the largest shareholder, it is unreasonable that Nanfang Silver Valley has no seat on the board of directors. At present, Li Zhen and Wang Hui, two non independent directors of the listed company, Zhou Yan and Li Mingfa, all represent the interests of century Jinyuan, while the other two non independent directors, Liao Kai and Zhen Feng, are in opposition to Zhou Kaifa, can no longer represent Nanfang Silver Valley.

In view of the decline in the profits of Wantong technology in the first three quarters, Yi Zenghui said frankly that he suspected that the board of directors controlled by a few interest groups may have transferred profits, or deliberately made low profits, and was suspected of cooperating with relevant stakeholders to increase the holding of chips at a low price for the extraordinary general meeting of shareholders on November 20.

An industry person who has been paying close attention to the equity dispute of Wantong technology for a long time said that at present, whether the relevant subsidiaries are out of control is still at the level of controversy, and whether the future annual report audit can be carried out normally is the key measurement index. Due to the equity dispute, the audit institution of listed companies has not been determined. If it can not be settled before the annual report, the disclosure of annual report will face uncertainty, which may lead to the company wearing a star and hat, and more complex problems will arise in the follow-up.

Source of this article: Official micro editor of E Company: Guo Chenqi_ NBJ9931