crashxspyro| Just walk away? Shanghai Shanggong's real controller's disguised "clearance" caused controversy

editor2024-05-27 14:27:279Academia

A common announcement of the transfer of a share agreement has been criticized by investors after the disclosure.

A few days ago, Shanghai Shanghai Gong issued an announcement, in fact, the controller Shu Hongrui signed a "share transfer agreement" with Shanghai Mingxin Guangchu on May 22. Upon completion of the transfer, the proportion of shares held by the latter will increase from 0% to 7%.Crashxspyro.96%.

The reporter found that Shu Hongrui currently has a direct shareholding ratio of 21.07%, of which the number of frozen shares accounts for 13.11% of the company's total share capital. In other words, exceptCrashxspyroExcept for the non-transferable rights restrictions such as the share freeze involved, the remaining 7.96% of its holdings have been transferred by agreement.

In this regard, some investors questioned: why the actual controller disguised "clearance"?

On May 27, Shanghai Shanghai Gong once fell more than 6% in intraday trading. By the midday close, the company's share price was at 14.16 yuan per share, with a turnover rate of 3.68%.

Shanghai Hugong announced a few days ago that Shu Hongrui, the company's controlling shareholder and real controller, plans to transfer 25.3141 million shares of the company with unlimited sale conditions to Shanghai Mingxin Optical Storage, accounting for 7.96 per cent of the company's total shares. After the completion of this change of rights and interests, it will not lead to changes in the company's controlling shareholders and actual controllers.

The announcement shows that the unit price of the underlying shares is 13.88 yuan per share, and Shu Hongrui will cash out 351 million yuan through this agreement.

So far, Shu Hongrui directly holds 67.0097 million shares in the company, accounting for 21.07% of the company's total share capital. Among them, the cumulative number of frozen shares is 41.6956 million shares, accounting for 62.22% of the number of shares directly held and 13.11% of the total share capital of the company. The shares transferred under this agreement do not involve any rights restrictions such as equity pledge or freezing.

It is worth mentioning that Shu Hongrui's shares in the company were ruled to be judicially frozen mainly because of his personal divorce proceedings.

In October last year, Shanghai Shanghai Gong issued an announcement, in which the company sent a letter asking Shu Hongrui, the actual controller, and Miao Liping, the actual controller, to learn that Shu Hongrui filed an appeal with the Shanghai Xuhui District people's Court for personal reasons, demanding that he and Miao Liping be ordered to dissolve their marriage and divide their property.

According to the company's disclosure at the time, Miao Liping's shareholding was 6.81%, and her combined shareholding with Shu Hongrui was 27.88% (consistent with the disclosure of the first quarterly report in 2024). Based on the midday closing price on May 27th, the corresponding market capitalization is about 1.255 billion yuan.

So far, Shanghai Shanghai Gong has not disclosed the progress of the case, the final outcome of the lawsuit has not been able to judge, there is uncertainty about whether the actual control of the company has changed.

In fact, Shu Hongrui has started to reduce its holdings many times before. The announcement shows that between January 10, 2023 and August 4, 2023, Shu Hongrui reduced its stake in the company by means of centralized bidding and block trading, accounting for 4.93 per cent of the company's total share capital. If the deal is included, Shu Hongrui has reduced his stake in the company by 12.89% in the past year or so.

crashxspyro| Just walk away? Shanghai Shanggong's real controller's disguised "clearance" caused controversy

(original title: "just walk away?" The actual controller in disguise "clearing the stock" causes controversy)

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