Can Keheng, a state-owned asset company, be a “counter attack”

Recently, Jiangmen Keheng Industrial Co., Ltd. (hereinafter referred to as “Keheng”) announced that the controlling shareholder and actual controller of the company are planning to transfer the control right and plan to transfer part of their shares to Zhuzhou High Tech Group Co., Ltd. (hereinafter referred to as “Zhuzhou Gaoke”), and it is expected that the total proportion involved will not exceed 6% of the total share capital of the company. According to Keheng, the above issues will lead to changes in the company’s controlling shareholders and actual controllers. The counterparties of this transaction are state-owned assets, and the matter involves the prior approval of competent departments. It is reported that Wan Guojiang, the controlling shareholder and actual controller of the listed company, and Tang Fen, acting in concert, first transferred no more than 6% of the equity to the trading partner. Up to now, the total share capital of Keheng shares is 212 million shares, assuming 6% is the upper limit of this transfer, and according to the closing price (13.77 yuan) on the trading day before the suspension, the equity transfer involves about 175 million yuan. < / P > < p > in addition to equity transfer, the actual controllers of listed companies also plan to transfer their control rights by issuing additional shares to Zhuzhou Gaoke. However, at present, the specific transfer announcement and fixed increase plan have not been published, so the amount of money involved in the change of control right is not known. < p > < p > taking Keda shares (full name of “Keda Group Co., Ltd”) as an example, the then controlling shareholder of the company transferred the equity to the trading party, and the latter subscribed for the equity of Kodak shares through non-public offering, and the price of equity transfer was much higher than the closing price of Keda shares on the previous trading day, while the price of non-public offering was lower than the closing price. In view of the above situation, Shen Meng, executive director of Xiangsong capital, told reporters earlier, “the main body of equity transfer is the controlling shareholders of listed companies, while non-public offering mainly affects listed companies. Generally speaking, the cost per share of the offeror is diluted and the difference is not big, but for shareholders, it will get more income. ” According to Tianyan information, Zhuzhou hi tech was established in 1999 with a registered capital of 2 billion yuan, which is a wholly-owned company held by the Management Committee of Zhuzhou Development Zone. Up to now, the company’s business scope covers the investment and development of high-tech projects and the production and operation of high-tech products, the land development and construction of the industrial park of the high-tech zone and the surrounding supporting parks, the construction of water conservancy projects, and the existing state-owned assets of the management and Management Committee. According to public information, Keheng has been mainly engaged in the manufacturing of rare earth luminescent materials since its establishment, and was listed on the Shenzhen Stock Exchange in 2012. < / P > < p > however, the company’s performance has changed since it was listed. In 2014, Keheng’s revenue dropped to 390 million yuan, and the first cash loss of net profit was – 49 million yuan, a sharp drop of 1357.86% year-on-year. Behind this, the company’s revenue from rare earth luminescent materials decreased. < / P > < p > wind data shows that the company has planned a number of mergers and acquisitions after its listing, most of which focused on 2016 and 2017. During this period, Keheng has successively acquired 100% equity of Haoneng technology and 36.67% equity of yuekehongrun. However, there are also failures such as purchasing 100% equity of Wanjia equipment. < p > < p > after the consolidation of Haoneng technology, which is engaged in lithium-ion battery related business, Keheng’s revenue in 2017 increased by 161.83% year-on-year, and its net profit also increased by 264.44%. However, only in the past year, the revenue and net profit of Keheng Co., Ltd. have both declined due to the sharp drop in the price of raw materials for lithium-ion battery cathode materials. < / P > < p > according to the latest financial data, in the first half of 2020, the company’s operating revenue reached 660 million yuan, a year-on-year decrease of 19.81%; the net profit was – 34.9045 million yuan, a year-on-year decrease of 238.97%. Industry insiders believe that the introduction of new strategic investors will not only add “fresh blood” to the company, but also ease the financial pressure of the company’s actual controllers. According to disclosure, as of October 21, although some of the Pledged Shares have been released, the total number of shares pledged by the actual controller Wan Guojiang and Tang Fen, acting in concert, is still 41.8087 million shares, accounting for 91.56% of the shares held by them, and the share pledge rate is relatively high. < / P > < p > according to the announcement issued by the company, from April to may 2020, wangguojiang and Tang Fen reduced 721200 shares in total through centralized bidding, and realized RMB 7.2957 million; during the period from September 9 to September 22, 2020, wanguojiang and Tang Fen reduced their holdings of 2.211 million shares (accounting for 1% of the total share capital of listed companies) by means of agreement transfer. If the equity issue is successful, the two will also “record” nearly 200 million yuan in revenue. Sun Xiaobo, a former member of the China Securities Regulatory Commission’s gem development and Adjudication Committee and executive partner of Beijing tianyuanquan accounting firm, was sentenced to 11 years’ imprisonment, fine and confiscation of bribes and bribes for taking bribes, according to the judgment released by China judicial document website. It is reported that sun Xiaobo used his position as a member of the board’s development and examination committee to provide help to a number of IPO enterprises (currently listed companies), including Keheng shares that have been listed. It has been disclosed that in March 2012, on the day before the company’s meeting, Wan Guojiang, chairman of Keheng Co., Ltd., asked sun Xiaobo to take care of the company in a hotel near Taipingqiao in Beijing, and gave him 20000 euros. The reporter learned from the official website of China Securities Regulatory Commission that Keheng Stock Co., Ltd. was approved on March 13, 2012. At that time, there were 7 members of the gem development and examination committee, including sun Xiaobo. < / P > < p > Disclaimer: the purpose of this article reprinted by china.com finance and economics is to convey more information and does not represent the views and positions of the website. The content of this paper is for reference only and does not constitute investment advice. Investors operate accordingly and bear their own risks. < p > < p > Chinanet is a national key news website under the leadership of the Information Office of the State Council and managed by China foreign language publishing and Distribution Bureau. Through 11 versions in 10 languages, the website releases information 24 hours a day, which is an important window for China to carry out international communication and information exchange.