Xing boyue once again increased its stake in St Jinhua, and once declared that he would not actively seek control

category:Finance
 Xing boyue once again increased its stake in St Jinhua, and once declared that he would not actively seek control


In this increase, Xing boyue increased its holdings of St Jinhua shares by 2.236 million shares, accounting for 0.60% of the total share capital of the company; Yang Bei increased the holding of 490000 shares of the company, accounting for 0.13% of the total share capital of the company; Du Ling increased the holding of 638000 shares of the company, accounting for 0.17% of the total share capital of the company; Zhong Chunhua increased the holding of 369000 shares of the company, accounting for 0.10% of the total share capital of the company. Before the increase, the shareholding ratios of Xing boyue, Du Ling, Yang Bei and Zhong Chunhua were 14.83%, 1.95%, 2.19% and 1.38%, respectively. After this increase, Xing boyue and his persons acting in concert held 79.72 million shares of St Jinhua shares, accounting for 21.357% of the companys shares. In fact, from November 3 to 10, Xing boyue and his persons acting in concert had increased their holdings of St Jinhua by call auction, accounting for 1% of the total shares of the company. It is precisely after this increase that Xing boyue and his people acting in concert have become the largest shareholder of St Jinhua.

From the perspective of the current equity structure of St Jinhua, there are two other shareholders holding more than 5% of the shares except Xing boyue and the persons acting in concert. One is Jinhua Investment Holding Group Co., Ltd. holds 19.14% shares, and the other is Shiji Jinhua Co., Ltd. It holds 8.04%. Xing boyue and its persons acting in concert do not have a concerted action relationship with the above shareholders.

St Jinhua said that although the total shareholding ratio of Xing boyue and its persons acting in concert is slightly higher than that of Jinhua Investment Holding Group Co., Ltd., this equity change does not lead to the change of the actual controller of the company in combination with the exercise of voting rights of shareholders, composition of the board of directors and appointment of senior managers. From the perspective of the board of directors, the board of directors of St Jinhua has 7 members, including 4 non independent directors and 3 independent directors. The non independent directors Zhang Chaoyang, Wu Mengyao, Cui Shengdai and Xing Yajiang were all nominated by Jinhua Investment Holding Group Co., Ltd., and Xing Yajiang was the father of Xing boyue. From the perspective of senior management, there are three senior managers in the company, including one general manager and two deputy general managers. General manager Han Zhuojun joined the company in 1996, and vice general manager Cui Shengdai joined Xian Jinhua Technology and Technology Holding Co., Ltd. in 2014. Wu Mengyao, deputy general manager, is the daughter of Wu Yijian, the actual controller of the company. All three are former senior executives of the company. Based on this, St Jinhua believes that the above executives are all appointed by Jinhua Investment Holding Group Co., Ltd. through the current board of directors. Therefore, the control right and daily operation and management of listed companies have not changed. With regard to the reasons for the continuous increase of shares held by Xing boyue and the persons acting in concert, St Jinhua explained in the announcement that Xing boyues participation in the judicial auction to obtain the equity of Jinhua shares and subsequently planned to increase the holding of a certain number of shares is optimistic about the future development of the company and hopes that the listed company can continue to develop steadily. St Jinhua said that under the condition of stable operation of the company, Xing boyue and his persons acting in concert will not actively seek control of the listed company. Except Xing Yajiang, who is a director of the company, will not nominate new directors to the board of directors to maintain the stability of the operation and business of the listed company. Source: Securities Times editor in charge: Yang Bin_ NF4368

St Jinhua said that although the total shareholding ratio of Xing boyue and its persons acting in concert is slightly higher than that of Jinhua Investment Holding Group Co., Ltd., this equity change does not lead to the change of the actual controller of the company in combination with the exercise of voting rights of shareholders, composition of the board of directors and appointment of senior managers. From the perspective of the board of directors, the board of directors of St Jinhua has 7 members, including 4 non independent directors and 3 independent directors. The non independent directors Zhang Chaoyang, Wu Mengyao, Cui Shengdai and Xing Yajiang were all nominated by Jinhua Investment Holding Group Co., Ltd., and Xing Yajiang was the father of Xing boyue. From the perspective of senior management, there are three senior managers in the company, including one general manager and two deputy general managers. General manager Han Zhuojun joined the company in 1996, and vice general manager Cui Shengdai joined Xian Jinhua Technology and Technology Holding Co., Ltd. in 2014. Wu Mengyao, deputy general manager, is the daughter of Wu Yijian, the actual controller of the company. All three are former senior executives of the company. Based on this, St Jinhua believes that the above executives are all appointed by Jinhua Investment Holding Group Co., Ltd. through the current board of directors. Therefore, the control right and daily operation and management of listed companies have not changed.