On December 22, Zheshang Securities Co.Ltd(601878) issued an announcement on the mixed ownership reform plan of the wholly-owned subsidiary Zheshang Futures Co., Ltd. (hereinafter referred to as “Zheshang futures”) and its listing on Zhejiang stock exchange.
In order to support Zheshang futures to further enhance its market competitiveness, promote the sustainable and high-quality development of Zheshang futures and accelerate its progress to the top of the industry, Zheshang Securities Co.Ltd(601878) the 25th meeting of the third board of directors deliberated and adopted the proposal on starting the mixed reform of Zheshang Futures Co., Ltd., agreed to start the mixed reform of Zheshang futures, and took December 31, 2020 as the base date, Start the asset evaluation and other work involved. On December 21, 2021, Zheshang Securities Co.Ltd(601878) the board meeting deliberated and approved the proposal on the mixed ownership reform plan of the wholly-owned subsidiary Zheshang Futures Co., Ltd., agreed that Zheshang futures would adopt the method of capital increase in this mixed reform, and introduced investors through public listing on Zhejiang stock exchange.
It is reported that the proportion of the newly added registered capital in the registered capital after capital increase will be set at the upper and lower limits. After the completion of the mixed reform, Zheshang Securities Co.Ltd(601878) holds at least 51% equity of Zheshang futures and remains the controlling shareholder. The base price of this mixed reform and capital increase is based on the recorded asset evaluation price, and on the basis of the base base price, the transaction price is finally determined according to the bidding results of Zhejiang Industrial exchange. The mixed reform of Zheshang futures still needs to be publicly listed on Zhejiang stock exchange, and the counterparty shall be determined according to the listing and transaction results of Zhejiang stock exchange. The employee stock ownership plan will not be implemented in this mixed reform. Zheshang Securities Co.Ltd(601878) does not participate in this mixed reform and capital increase. This transaction does not constitute a major asset reorganization specified in the administrative measures for major asset reorganization of listed companies.
On the same day, Zheshang Securities Co.Ltd(601878) the board of directors agreed to lend subordinated debt to Zheshang futures. The total scale of subordinated debt is 400 million yuan, the debt term is 4 years, and the interest rate is fixed. The subordinated debt lending funds are mainly used to supplement the working capital of Zheshang futures and enrich the net capital to meet its industrial services and other short-term business development needs.
(Beijing business daily)
