On February 28, Anhui Wantong Technology Co.Ltd(002331) ( Anhui Wantong Technology Co.Ltd(002331) , SZ) announced that according to the relevant laws and regulations and the company’s current shareholders’ shareholding, the composition of the board of directors, the significant impact of shareholders on the company’s decision-making and other factors, after careful judgment, it was determined that the controlling shareholder of the company was Tibet Jingyuan and the actual controller was Huang Tao.
Public information shows that the controlling shareholder and actual controller of Tibet Jingyuan is Huang Tao, with a shareholding ratio of 60%. Huang Tao is the son of Huang Rulun, the founder of century Jinyuan, and currently holds 60% of the equity of century Jinyuan Investment Group Co., Ltd. It is understood that over the past two years, disputes over Anhui Wantong Technology Co.Ltd(002331) control have erupted between century Jinyuan system and southern Yingu system for many times. Now, the overall situation has been set.
On February 28, Anhui Wantong Technology Co.Ltd(002331) closed at 8.15 yuan / share, down 0.85%.
Tibet Jingyuan holds 19.97%
According to the announcement, as of February 20, Anhui Wantong Technology Co.Ltd(002331) among the top ten shareholders, Tibet Jingyuan was the largest shareholder with a shareholding ratio of 19.97%, and Nanfang Silver Valley, the second largest shareholder, had a shareholding ratio of 8.44%, and Nanfang Silver Valley has continuously reduced its shareholding in Listed Companies since May 2021.
Anhui Wantong Technology Co.Ltd(002331) believes that, except for the above shareholders, the proportion of shares held by other shareholders of the company does not exceed 5.00% of the total share capital of the company. The shareholding ratio of Jingyuan in Tibet is 11 percentage points higher than that of Yingu in the south, with a large gap in shareholding ratio. Therefore, Tibet Jingyuan is the largest shareholder holding voting shares of the company, and has a large shareholding gap with the second largest shareholder.
In terms of the composition of the board of directors, Chen Xiangwei, chairman of Anhui Wantong Technology Co.Ltd(002331) board of directors, Mao Zhimiao, Zhen Feng and Li Mingfa, independent director, were nominated by Tibet Jingyuan. Xu Xiaowei, the director nominated by the nomination committee of the current board of directors, once worked in century Jinyuan, a related party of Jingyuan, Tibet.
Anhui Wantong Technology Co.Ltd(002331) believes that the above five directors are influenced by the will of Tibet Jingyuan, the shareholder, when exercising their rights as directors. Although they may not have a decisive impact on the decisions of the board of directors, they are enough to have a significant impact on the resolutions of the board of directors. Therefore, although there is no case that more than half of the directors of the company are nominated by shareholders, combined with the nomination of shareholders, the composition of the nomination committee of the current board of directors and the past employment experience of the nominated directors, more than half of the directors of the company are affected by the will of stock dongxizang Jingyuan when exercising their rights as directors.
In addition, from February 9, 2021 to February 24 this year, at the five general meetings of shareholders held by Anhui Wantong Technology Co.Ltd(002331) held in , the number of shares held by Tibet Jingyuan increased from 70796700 to 81927700, and its proportion of voting shares in the total number of shares attending the meeting increased from 20.54% to 81.78%.
Anhui Wantong Technology Co.Ltd(002331) said that due to the gradual stabilization of the company’s control, the gradual reduction of the total number of shares attending the general meeting of shareholders and the continuous increase and stability of the shareholding proportion of Tibet Jingyuan, the proportion of voting shares owned by Tibet Jingyuan in the total number of shares attending the meeting gradually increased and reached more than 1 / 2. It is basically possible to decide all matters that need to be considered by the general meeting of shareholders by ordinary resolution. Therefore, the voting rights of the company’s shares that Tibet Jingyuan can actually control are enough to have a significant impact on the resolutions of the company’s general meeting of shareholders, and can basically decide the election of more than half of the members of the company’s board of directors.
2021 advance loss of 61.235 million yuan – 117 million yuan
Statistics show that Tibet Jingyuan mainly invests around the development strategy of century Jinyuan, mainly including group business related industries such as real estate, construction, hotel culture and tourism, leisure and entertainment, great health and financial services, as well as emerging fields such as science and technology incubation, Internet technology, new energy and automobile manufacturing.
By the end of 2020, Tibet Jingyuan had total assets of 4.147 billion yuan, net assets of 1.927 billion yuan, operating income of 0, investment income of 127 million yuan and net profit of 126 million yuan.
In addition, Huang Tao, the actual controller of Tibet Jingyuan, also controls 65 enterprises including century Jinyuan, with a shareholding ratio of 9.11% in China Finance International (00721, HK), a Hong Kong listed company, and 11.88% in Xinming Life Technology (00474, HK). Huang Tao also holds 11.65% of the shares of ABC Life Insurance Co., Ltd.
Anhui Wantong Technology Co.Ltd(002331) in terms of performance, the company has suffered losses for two consecutive years since the dispute over control broke out in 2020. The net profit attributable to the parent company in 2020 was a loss of 195 million yuan, a year-on-year decrease of 215.87%. The loss in 2021 is expected to be 610235 million yuan – 117 million yuan.
In this regard, Anhui Wantong Technology Co.Ltd(002331) said that according to the implementation plan for accelerating the application service of Expressway electronic non-stop toll collection issued by the national development and Reform Commission and the Ministry of transport in 2020, the relevant businesses had been implemented and settled in the previous year, resulting in the increase of the operating revenue base in the same period of the previous year and the decrease of projects reaching the settlement time point in the current period, As a result, the operating income of the current period decreased.
Meanwhile, saiying technology, a wholly-owned subsidiary of the company, has not obtained a new certificate after the expiration of relevant qualification certificates, resulting in a decrease in new orders and a decrease in operating revenue during the reporting period. It is reported that in 2021, saiying technology’s operating performance fell short of expectations, and its future operating conditions and profitability are uncertain. Anhui Wantong Technology Co.Ltd(002331) it is estimated that the provision for goodwill impairment formed by the acquisition of saiying technology is 60 million yuan to 73.54 million yuan.
In addition, Huadong Electronics, a Anhui Wantong Technology Co.Ltd(002331) subsidiary, paid Ankang Qiyun a performance bond of 26 million yuan for signing the construction contract of Ankang big data Industrial Park project; East China Electronics contracted the housing construction project of the project to Jiangsu Nanfang and paid an advance payment of 30 million yuan. At present, there is no basis for cooperation in the relevant contracts, and there is uncertainty in the implementation of the contracts. With the addition of the overdue 10 million yuan of external financial assistance that saiying technology has not recovered, it is in the litigation stage, Anhui Wantong Technology Co.Ltd(002331) for the above matters, it is expected to withdraw 16 million yuan to 39 million yuan of impairment reserves.
