Wantong technology falls into litigation

Since this year, Wantong science and Technology (002331) due to frequent infighting in the A-share market is particularly concerned. Now, Wantong technology, which has not yet subsided, has added to the litigation storm. On the evening of October 18, Wantong technology announced that the company sued Yi Zenghui company for capital increase dispute. After examination, Hefei intermediate people’s court held that the lawsuit met the legal acceptance conditions and decided to file the case for trial. It is worth mentioning that recently, the board of supervisors of Wantong science and technology approved the proposal of Yi Zenghui and Nanfang Silver Valley to recall four directors, Li Zhen, Liao Kai, Wang Hui and Zhen Feng, and issued a notice of the general meeting of shareholders on the same day, and the meeting was scheduled to be held on November 20. As a key minority shareholder, when Yi Zenghui is involved in litigation, it is worth paying attention to where the next general meeting of shareholders of Wantong technology will go. < / P > < p > Why bring a lawsuit? It is understood that on September 7, 2017, Wantong technology and Yi Zenghui and other 12 people signed the agreement on the purchase of assets by Chengdu Saiying Technology Co., Ltd. Accordingly, Wantong technology purchased 100% equity of Chengdu Saiying Technology Co., Ltd. (hereinafter referred to as “saiying technology”) held by 12 people, including Yi Zenghui, by issuing shares. Among them, the company issued 14343958 shares to yizenghui. < / P > < p > the restructuring transaction was completed on February 13, 2018. Yi Zenghui held 14343958 shares of the company and served as the director of Wantong technology. Wantong technology became a wholly-owned shareholder of saiying technology, and Yi Zenghui was still the chairman, legal representative and general manager of saiying technology. As an important premise and part of the restructuring transaction, Yi Zenghui and others signed the relevant commitment letter. During the commitment period, Yi Zenghui signed the agreement on persons in concert with Nanfang Yingu on September 14, 2020, which directly violated its commitment not to increase the company’s shares directly or indirectly by any means. Yi Zenghui and others also signed a letter of commitment to guarantee the independence and integrity of the assets of the listed company, including the complete operating assets of the listed company; I and my affiliated enterprises will not illegally occupy the funds, assets and resources of the listed company. However, Yi Zenghui refused to comply with the company’s decision on September 23, 2020 to remove Yi Zenghui and others from the board of directors of saiying technology and the resolution of saiying technology’s election of a new chairman of the board of directors, and refused to hand over the control of SAIN technology to the new directors and the chairman of the board. The above-mentioned behavior violates its commitment to not illegally occupy the assets and resources of the listed company. As the plaintiff, Wantong technology filed a lawsuit against Yi Zenghui. Wantong technology requested a judgment to terminate the agreement on the purchase of assets by Chengdu Saiying Technology Co., Ltd. between the plaintiff and the defendant; the defendant was ordered to cooperate with the Shenzhen Branch of China securities registration and Clearing Co., Ltd. to cancel the registration of 1433958 shares of the company held by Yi Zenghui; and ordered the defendant to bear the litigation costs and other related costs of the case. < / 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.