On February 20, Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) (600872) announced that the company received a notice from the controlling shareholder Zhongshan Runtian that the Lhasa intermediate people’s court would judicially auction 27.244 million non restricted tradable shares of the company held by Zhongshan Runtian on the Internet platform, accounting for 3.42% of the total share capital of the company.
The announcement shows that the auction time is from 10:00 on March 22, 2022 to 10:00 on March 23, 2022 (except for delay). At the same time, the auction is divided into four batches. The first to third batches auction 7.966 million shares in each batch, accounting for 1% of the total share capital of Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) respectively; The fourth batch auctioned 3.344 million shares, accounting for 0.42% of the total share capital.
Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) said that at present, the above judicial auction matters are still in the publicity stage, and the follow-up will involve auction, payment, equity change and transfer, and the auction results are still uncertain.
Zhongshan Runtian currently holds 193 million Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) shares, accounting for 24.23% of the total share capital of the latter. Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) said that if the above judicial auction is successful, it will not lead to the change of the company’s actual control, affect the company’s production and operation, and cause the company’s equity distribution not to meet the listing conditions.
The actual controller of Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) is Yao Zhenhua. The reporter noted that since last year, Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) has repeatedly issued announcements about the judicial freezing or judicial marking of some shares of controlling shareholders.
At present, the Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) shares held by Zhongshan Runtian have pledged 164 million shares, accounting for 84.78% of its shares and 20.54% of the total share capital of the company; The cumulative number of judicial marks is 112 million shares, accounting for 57.84% of its shares and 14.01% of the total share capital of the company; The cumulative number of judicial frozen shares was 34.92 million, accounting for 18.09% of its shares and 4.38% of the total share capital of the company; The cumulative number of judicial waiting to be frozen is 48.24 million shares, accounting for 25.00% of its shares and 6.06% of the total share capital of the company.
In view of the high proportion of Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) shares held by Zhongshan Runtian pledged (frozen), the shares held by Zhongshan Runtian still have the risk of being disposed of due to other lawsuits. Zhongshan Runtian said that facing temporary financial difficulties, the group is accelerating the sales of real estate projects, accelerating the sale of special assets, trying to recover funds, properly solve the debt problem and ensure the controlling shareholder status of Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) .
The reporter noted that not long ago, Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) also received a regulatory letter from the Shanghai stock exchange due to the increase of controlling shareholders’ holdings and share pledge. In response to the working letter, Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) said that Zhongshan Runtian took active measures and still failed to reduce the share pledge ratio by less than 80% by the end of 2021. I apologize. At present, Zhongshan Runtian is communicating with some pledgees to resolve the scheme and strive to reduce the pledge proportion; However, it is not ruled out that the progress of capital withdrawal is not ideal, resulting in the passive reduction of shares held.
At the same time, Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) is actively promoting the fixed increase, but the company also admits that there is a risk of uncertainty in the fixed increase due to the obstruction of real estate business stripping. In this regard, Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) plans to complete the sale of Zhonghui hechuang’s equity as soon as possible, implement the stripping of other real estate businesses, the establishment of raised investment projects, land use and environmental impact assessment at the same time, and strive to convene a general meeting of shareholders before the end of 2022 to consider the fixed increase and submit it to the CSRC for approval.
In addition, Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) also replied to the Shanghai stock exchange that Zhongshan Runtian is willing to continue to promote the share increase plan, strive to reduce the pledge proportion and promote non-public offering. In view of the large difference between the early real estate sales collection and asset disposal plan and the actual completion, the progress of subsequent sales collection and asset disposal is slow, and the return of funds is not timely, Resulting in the risk that the share increase plan cannot be completed on schedule, the pledge proportion cannot be further reduced, and the non-public offering fails.
Last month, Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) disclosed the performance express of 2021. Last year, the company achieved a total operating revenue of 5.116 billion yuan and a net profit of 753 million yuan, with year-on-year changes of – 0.14% and – 15.39% respectively. The company said that in 2021, the demand growth rate of the condiment industry decreased, resulting in the decline of the revenue of the subsidiary Meiweixian company, but the revenue of the parent company (monomer) real estate project was recognized and increased.
In terms of net profit, affected by the rising cost of main raw materials and the decline of income, the profit of Meiweixian company decreased, but the net profit of the parent company increased due to the recognition of income from real estate projects.
From the institutional point of view, it is generally focused on the gradual recovery of Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) condiment business in the fourth quarter of last year. For example, Southwest Securities Co.Ltd(600369) mentioned that this is because the fourth quarter is the peak season of traditional dynamic sales of condiments, and consumer demand is in a recovery trend. At the same time, affected by the company’s price increase, dealers are willing to take goods and channel stock has increased. In view of the current risks faced by the company, several institutions have also given tips, involving the pledge risk of major shareholders, the uncertainty risk of fixed increase projects, etc.
