Due to the pledge repurchase dispute, the controlling shareholder of Zoneco Group Co.Ltd(002069) Changhai County Zoneco Group Co.Ltd(002069) Investment Development Center (hereinafter referred to as the investment development center) may be affected.
On February 18, Zoneco Group Co.Ltd(002069) announced that it had received the notice from the controlling shareholder investment development center, the shareholder Changhai County Zoneco Group Co.Ltd(002069) girdle Economic Development Center (hereinafter referred to as “girdle economic development center”) and the shareholder Changhai County Zoneco Group Co.Ltd(002069) big consumption economic development center (hereinafter referred to as “big consumption economic development center”) that the above shareholders had received the execution ruling issued by the court and ruled to auction 109.96 million shares of ” Zoneco Group Co.Ltd(002069) ” securities held by the investment development center were sold off. Zoneco Group Co.Ltd(002069) said in the announcement that if the auction (sale) of the ruled shares is completed, the investment development center will passively reduce its holdings and lead to changes in equity, which may affect the position of the controlling shareholder of the company.
Looking back on the previous situation, on October 15, 2021, Zoneco Group Co.Ltd(002069) announced that the company’s controlling shareholder investment development center, shareholder’s economic development center and shareholder’s big consumption economic development center pledged some of their shares to Ping An Securities due to financing needs, but did not complete the obligation of share pledge repurchase repayment. At that time, the three shareholders received the award of Shenzhen International Arbitration Court, It is ruled that the investment development center shall repay the principal of the financing funds and pay the corresponding liquidated damages to Ping An Securities within 10 days after the ruling is made, and the economic development center and heavy consumption economic development center shall be liable for compensation within half of the debts determined by the investment development center in the ruling.
However, due to the failure of relevant shareholders to fulfill their repayment obligations, the case entered the execution procedure. The three shareholders, as the Executees, will also change the price of their frozen securities and use the proceeds to pay off their debts.
Public information shows that the investment and development center is a collectively owned enterprise wholly owned by the people’s Government of Zoneco Group Co.Ltd(002069) Town, Changhai County. At present, it holds a total of Zoneco Group Co.Ltd(002069) 159968900 shares, accounting for 22.50% of the total share capital of the company and is the controlling shareholder of Zoneco Group Co.Ltd(002069) . The girdle economic development center and the big consumption economic development center are collectively owned enterprises wholly owned by the girdle village villagers’ committee of Zoneco Group Co.Ltd(002069) Town, Changhai County and the big consumption village villagers’ committee of Zoneco Group Co.Ltd(002069) Town, Changhai County, respectively. They are important shareholders of Zoneco Group Co.Ltd(002069) .
In fact, the shares of Zoneco Group Co.Ltd(002069) held by the investment development center have been auctioned or ruled to pay off the debts for many times recently, and the proportion of Zoneco Group Co.Ltd(002069) shares held by the investment development center has also decreased from the original 30.76% to the current 22.50%. However, the amounts of several transactions disposed of earlier were relatively small, which did not have a substantive impact on its controlling position. Due to the relatively large number of shares ruled to be disposed of this time, according to the information disclosed in the announcement, if the 109.96 million shares held by the investment development center are auctioned (sold) and changed in the future, the number of Zoneco Group Co.Ltd(002069) shares held by the investment development center will be reduced to 50.089 million shares, and the shareholding ratio will also be reduced to about 7.03%.
It is noteworthy that the 109.96 million shares ruled to be disposed of this time account for 15.46% of the total share capital of Zoneco Group Co.Ltd(002069) . If the spin off is not carried out, the buyer who obtains this part of the equity will become the largest shareholder of Zoneco Group Co.Ltd(002069) in the future. However, it is still unknown whether the equity will be split, auctioned and sold, and there is uncertainty whether it can be successfully auctioned or sold.
A lawyer who declined to be named told reporters that if the equity can not be successfully auctioned or sold, the court may also rule to directly compensate the applicant for execution.
In addition, the business situation of Zoneco Group Co.Ltd(002069) in recent years is not optimistic due to the continuous disaster of shrimp and scallop. The performance forecast released by the company recently shows that the company is expected to achieve a profit of 6 million yuan to 9 million yuan in 2021.
