On the 22nd, it fell 7.77% from the daily limit to the daily limit. On the 23rd, it fell directly to the daily limit. Previously, it was five consecutive daily limit boards! The share price of Sichuan Languang Development Co.Ltd(600466) has been stimulated like a “roller coaster” in the past seven trading days.
On the evening of December 23, Sichuan Languang Development Co.Ltd(600466) announced that the subsidiary of the company planned to transfer 100% of the equity of Chongqing YANGJIU trading company at a transaction consideration of 1 yuan. Just after the announcement, the company received an inquiry letter from the Shanghai Stock Exchange, asking the company to explain the rationality of the transaction consideration of only 1 yuan and other transactions.
1 yuan transfer of 100% equity of Chongqing YANGJIU
As of the closing on the 23rd, Sichuan Languang Development Co.Ltd(600466) reported 2.35 yuan per share, down 9.96%, with a turnover of 627 million yuan, a turnover rate of 16.05%, and the latest market value of 7.132 billion yuan.
On the same day, Sichuan Languang Development Co.Ltd(600466) announced that Sichuan Languang Hejun Industrial Co., Ltd., a wholly-owned subsidiary of the company, Chengdu Junyu Enterprise Management Co., Ltd. and the transferee Chongqing yueningshan Enterprise Management Co., Ltd. signed the equity and project transfer agreement of Chongqing YANGJIU Trading Co., Ltd. on December 22.
According to the agreement, Chongqing yueningshan plans to acquire 100% of the equity of Chongqing YANGJIU. The transaction will be carried out in the form of debt taking acquisition. The transaction consideration is 1 yuan, and the company after the equity acquisition will continue to bear the subject liabilities agreed in the agreement.
The announcement also said that the transaction is expected to reduce the company’s current profit by about 1.488 billion yuan. After the equity transfer is completed, the subject matter of the transaction will no longer be included in the consolidated statements of listed companies.
For the reasons for the transaction between the two sides, Sichuan Languang Development Co.Ltd(600466) said that the transaction is conducive to the company to promote the construction and delivery of projects related to the transaction object, reduce the company’s liabilities and promote the company to solve the current debt problem. Source: company announcement
the exchange urgently issued an inquiry letter
Just after the announcement of asset sale was issued, the Shanghai stock exchange quickly issued an inquiry letter, asking to explain the reasons and rationality of transaction consideration, equity evaluation method and deliberation procedures.
According to the announcement, before the transfer, Sichuan Languang Development Co.Ltd(600466) will restructure the assets of Chongqing YANGJIU, including Chongqing YANGJIU and its subordinate Chongqing future city 104 Mu project, Chongqing Furong public management project and Tianjin station. The book net assets after the simulated transaction is 1.484 billion yuan, while the price of this transaction is only 1 yuan. In this regard, the Shanghai stock exchange requires to explain the reason and rationality of the transaction pricing of only 1 yuan, and whether the transaction arrangement damages the interests of listed companies.
The announcement also shows that the subject matter of this transaction is valued by the asset-based method, and the total equity evaluation value is determined to be 2.2846 million yuan, which is far lower than the book net assets after the simulated transaction. In this regard, the inquiry letter requires Sichuan Languang Development Co.Ltd(600466) to explain the reasons and rationality of the great difference between the two. At the same time, it requires that the transaction does not adopt the market method or income method, but only the asset-based method.
It is worth noting that Chongqing yueningshan, the counterparty, was established on December 13, 2021 for only 10 days, with a registered capital of only 100000 yuan. In this regard, the inquiry letter requires Sichuan Languang Development Co.Ltd(600466) to disclose the basic information such as the ownership structure, shareholder background, actual controller and capital source of Chongqing yueningshan. Source: company announcement
the controlling shareholder’s equity will be passively reduced again
On the evening of the 23rd, Sichuan Languang Development Co.Ltd(600466) also announced that the company received a notice from the controlling shareholder Blu ray group that its stock pledge transaction and margin trading business with the company’s shares as collateral will be subject to compulsory disposal procedures by relevant financial institutions according to the agreement. From January 17 to July 16, 2022, financial institutions related to the above businesses plan to dispose of the underlying securities through centralized bidding at the stock exchange, and plan to reduce their holdings of no more than 60698600 shares (accounting for 2% of the company’s current total share capital). The reduction price will be determined according to the market price.
According to the data, as of December 23, Blu ray group held Sichuan Languang Development Co.Ltd(600466) about 1.521 billion shares, accounting for 50.13% of the total share capital of the company.
Just two days ago, Sichuan Languang Development Co.Ltd(600466) just announced that as of December 21, Blu ray group passively reduced its holdings of about 61.34 million shares through centralized bidding, with a reduction ratio of 2.02% and a total reduction amount of about 156 million yuan.
According to the data, as of November 30, Sichuan Languang Development Co.Ltd(600466) the total amount of principal and interest of debt due and unpaid totaled 25.881 billion yuan (including bank loans, trust loans, debt financing instruments and other debt forms).
(China Securities Journal)
