Five years after “getting married” Zibo Qixiang Tengda Chemical Co.Ltd(002408) ( Zibo Qixiang Tengda Chemical Co.Ltd(002408) ), the cedar department is about to usher in the moment of “breaking up”.
Zibo Qixiang Tengda Chemical Co.Ltd(002408) march 16 announcement shows that the controlling shareholder Qixiang group and its acting in concert cedar industry and the actual controller Zhang Jin agreed to transfer the control of the company based on their own capital needs. The proposed bidder is the well-known taimeng investment group
The framework agreement signed by all parties shows that taimeng investment will facilitate the provision of a total financing of 4.2 billion yuan to cedar industry or its designated related parties as soon as possible. After conducting comprehensive due diligence on Qixiang group and Zibo Qixiang Tengda Chemical Co.Ltd(002408) company, taimeng investment decided to promote the potential share purchase transaction. The purchase price of 80% equity of Qixiang group shall not exceed 8.35 billion yuan in principle.
add insult to injury: the equity of Qixiang group held by cedar is frozen
In November 2016, Zhang Jin officially “married” Zibo Qixiang Tengda Chemical Co.Ltd(002408) .
at that time, cedar holdings, through its subsidiary Junhua group, signed an equity transfer agreement with 48 natural persons such as Che Chengju, the controlling shareholder of the company, Zibo Qixiang Petrochemical Group Co., Ltd. (hereinafter referred to as “Qixiang group”), and transferred 80% of the equity of Qixiang group held by the latter for about 4.818 billion yuan, thus indirectly obtaining Zibo Qixiang Tengda Chemical Co.Ltd(002408) 4190% of the shares, Become the new controlling shareholder of the company
Zibo Qixiang Tengda Chemical Co.Ltd(002408) is a leading enterprise in the comprehensive utilization of carbon 4 in China and the largest methyl ethyl ketone manufacturer in China. Zhang Jin was in high spirits at that time. He told the media at the end of April 2016 that the goal of cedar holdings in the next five years is three trillion, trillion sales, trillion assets and trillion market value. “Cedar will promote the listing of some excellent core enterprises in the future.”
Through this acquisition, cedar holdings finally has the first listed company platform.
Now, six years later, cedar Holdings has been in trouble. At the end of January this year, Zhang Jin, founder of cedar holdings, sent a letter of apology confirming that the company had difficulties in cashing.
On March 16, Zibo Qixiang Tengda Chemical Co.Ltd(002408) announced that it had recently received a notice from the indirect controlling shareholder cedar Industry Group Co., Ltd. (hereinafter referred to as “Cedar industry”) that the equity of 3638356 million yuan of Qixiang group held by cedar industry was frozen by the judiciary due to the dispute over other contracts between cedar industry and Pingtan Huiyin No. 1 equity investment partnership, The equity frozen by the judiciary accounts for 80% of the registered capital of Qixiang group, and the freezing period is three years.
Zibo Qixiang Tengda Chemical Co.Ltd(002408) said that the equity freeze “has nothing to do with the daily operation of the company and will not affect the normal production, operation and management of the company.” However, as Qixiang group is the direct controlling shareholder of the listed company, the 80% equity held by the indirect controlling shareholder cedar industry has been subject to judicial freezing measures, which also means that the company has the risk of changing the actual controller.
Zibo Qixiang Tengda Chemical Co.Ltd(002408) said in the announcement that cedar industry is actively negotiating with the applicant to deal with the share freeze and strive to lift the equity freeze of the controlling shareholder of the company as soon as possible.
taimeng connection: Zibo Qixiang Tengda Chemical Co.Ltd(002408) or change the owner
Zibo Qixiang Tengda Chemical Co.Ltd(002408) received a letter of concern on February 16, 2022.
The payment of some trust products of cedar holdings is overdue, and the supply chain business related to its underlying assets is suspected of “idling” trade, which has attracted continuous attention. It is noteworthy that Zibo Qixiang Tengda Chemical Co.Ltd(002408) also involves supply chain management business.
In February 2017, Zibo Qixiang Tengda Chemical Co.Ltd(002408) established Zibo Zibo Qixiang Tengda Chemical Co.Ltd(002408) supply chain Co., Ltd. (hereinafter referred to as “Tengda supply chain”) as a wholly-owned subsidiary and engaged in supply chain management business. In the first half of 2021, the company’s supply chain management business realized a revenue of 10.354 billion yuan, accounting for 58.33% of the company’s operating revenue. The financing parties of cedar holdings trust products involve 30 companies, including Shanghai Minyue Nonferrous Metals Co., Ltd., Guangzhou Shunqian Trading Co., Ltd. and Shanghai Rongyi metal materials Co., Ltd.
Shenzhen Stock Exchange last month asked the company to verify whether the above 30 companies are suppliers or customers of Tengda supply chain. In response, the company said in the reply that the wholly-owned subsidiaries Zibo Tengda supply chain and Guangzhou Tengda supply chain had a transaction with Shanghai Rongyi metal materials Co., Ltd. (hereinafter referred to as “Shanghai Rongyi”), and the funds involved in the transaction had been settled in accordance with the contract.
The mystery of supply chain management business has not been uncovered, and Zibo Qixiang Tengda Chemical Co.Ltd(002408) has faced the situation of changing ownership.
On March 7, Zibo Qixiang Tengda Chemical Co.Ltd(002408) announced that Qixiang group and cedar industry are planning major matters related to the change of control of the company. The counterparty is a professional investment management organization, focusing on equity investment and other fields. If the above transaction goes smoothly, it will lead to the change of the actual controller of the company.
However, the receiving party has not been announced yet, Zibo Qixiang Tengda Chemical Co.Ltd(002408) just announced on March 13 that Qixiang group recently received the notice of administrative punishment issued by Shandong regulatory bureau of CSRC. According to relevant regulations, Qixiang group will not be able to directly transfer the equity of listed companies for six months. The announcement disclosed at that time showed that Qixiang group and cedar industry were further negotiating with the acquirer on other plans for planning the change of control of the company.
On March 16, the receiver finally announced: Pacific Alliance Investment Group (PAG). The framework agreement signed by all parties shows that taimeng investment will facilitate related parties, relevant financial institutions or other third parties to provide a total of 4.2 billion yuan of financing to cedar industry or its designated related parties through entrusted loans and creditor’s rights purchase as soon as possible.
Next, taimeng investment will conduct comprehensive due diligence on Qixiang group and Zibo Qixiang Tengda Chemical Co.Ltd(002408) company. Pagac shall notify other parties before April 30 whether it is satisfied with the results of due diligence and intends to promote potential share purchase transactions. All parties shall complete the signing of the equity transfer agreement within 15 days after the above notice, and the purchase price shall not exceed RMB 8.35 billion in principle.
at present, the total market value of Zibo Qixiang Tengda Chemical Co.Ltd(002408) is 24.1 billion yuan, and Qixiang group holds 46.47% of the shares of the company, with a corresponding market value of about 11.2 billion yuan
According to the announcement, Qixiang group, the controlling shareholder of the company, cedar industry and Zhang Jin, the actual controller, agreed to transfer the control of the company based on their own capital needs and the needs of the company’s long-term development Zibo Qixiang Tengda Chemical Co.Ltd(002408) said that the relevant arrangements of this transaction are conducive to enhancing the company’s financial credit, improving the company’s anti risk ability, facilitating the coordinated development of advantageous resources between the company and shareholders and improving the company’s comprehensive profitability. “The company will maintain the stability of the existing management team, continue to focus on its main business and maintain the sustainability and stability of its development strategy.”
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Taimeng investment focuses on the investment and management of private equity, real estate and creditor’s rights in the Asia Pacific region. Headquartered in Hong Kong, the group has branches in Beijing, Shanghai, Shenzhen, Seoul, Tokyo, Singapore, Melbourne and Mumbai. According to the announcement, the asset scale of taimeng investment management is more than 45 billion US dollars, and the cumulative investment in Asia is more than 75 billion US dollars. It is one of the largest comprehensive investment institutions in Asia.
On November 21, 2017, taimeng acquired the controlling interest of zhenai.com, a well-known marriage platform. On December 12, 2018, Tencent music entertainment group was listed and traded on the New York Stock Exchange. At that time, taimeng investment group held 9.8% and was the second largest shareholder after Tencent group.
