Usually, the actual controllers of listed companies have a certain leading edge in the shareholding ratio, which is an important basis to ensure their voice.
However, the reporter of the “daily economic news” noted that the proportion of shares of the company jointly held by the controlling party Huang family of Shouhang High-Tech Energy Co.Ltd(002665) ( Shouhang High-Tech Energy Co.Ltd(002665) , SZ; the previous closing price was 3.66 yuan) has been less than 5%. In terms of shareholding ratio alone, the Huang family has lagged far behind the Gansu rescue fund. However, the listed company said that the judicial auction will not lead to the change of the company’s control right for the time being.
shareholding ratio reduced to less than 5%
According to the disclosure on the afternoon of Shouhang High-Tech Energy Co.Ltd(002665) 318, the company recently received the simplified equity change report issued by the shareholder Beijing Tianjin rongchuang bellows (Tianjin) Co., Ltd. (hereinafter referred to as Beijing Tianjin rongchuang) and its concerted actors. Beijing Tianjin rongchuang and its concerted actors, Mr. Huang Wenjia and Mr. Huang Qingle, reduced 29.55 million shares of the company through judicial auction from February 22 to February 26, Accounting for 1.16% of the total share capital of the company.
After the above equity changes, the proportion of Shouhang High-Tech Energy Co.Ltd(002665) shares held by Beijing Tianjin rongchuang and its persons acting in concert has been less than 5% (4.38%). Among them, Beijing Tianjin rongchuang holds 62700 shares, accounting for China Vanke Co.Ltd(000002) % of the total share capital of the listed company; Huang Wenjia holds 712393 million shares, accounting for 2.81% of the total share capital of the listed company; Huang Qingle held 399714 million shares, accounting for 1.57%.
According to the annual report of Shouhang High-Tech Energy Co.Ltd(002665) 2020, Beijing Tianjin rongchuang is the controlling shareholder of Shouhang High-Tech Energy Co.Ltd(002665) and Huang Wenjia, Huang Qingle and Huang Wenbo are the actual controllers of the company. By the end of 2020, the shareholding ratio of Beijing Tianjin rongchuang to Shouhang High-Tech Energy Co.Ltd(002665) was 6.39%, and the shareholding ratios of Huang Wenjia and Huang Qingle were 7.63% and 3.21% respectively. Huang Wenbo indirectly held shares through Beijing Tianjin rongchuang. At that time, the total shareholding ratio of Beijing Tianjin rongchuang, Huang Wenjia and Huang Qingle in Shouhang High-Tech Energy Co.Ltd(002665) was as high as 17.23%.
In just over a year, why did the shareholding ratio of the Huang Family decline sharply? Combing the announcement of Shouhang High-Tech Energy Co.Ltd(002665) , it can be seen that since 2021, listed companies have repeatedly disclosed that Huang Wenjia, Huang Qingle, Beijing Tianjin rongchuang and other share pledge repurchase defaults, and their holdings have suffered passive reduction.
In fact, the financial crisis of the Huang family appeared as early as 2019.
In June and August 2019, Shouhang High-Tech Energy Co.Ltd(002665) successively disclosed that Huang Qingle and Huang Wenjia had breached their stock pledge, and some of their holdings were facing passive reduction. Under financial pressure, the Huang family reached an agreement with Gansu M & A (rescue) Fund (limited partnership) (hereinafter referred to as Gansu M & A fund) in November 2019, and Beijing Tianjin rongchuang transferred 251 million Shouhang High-Tech Energy Co.Ltd(002665) shares (accounting for 9.90% of the total share capital of the listed company) to Gansu M & A fund. After this transaction, the total shareholding ratio of Shouhang High-Tech Energy Co.Ltd(002665) controlling shareholders and persons acting in concert will be reduced from 31.85% to about 21.96%.
In the second half of 2020, the shareholding of Huang Qingle and Beijing Tianjin rongchuang suffered passive reduction again, which led to the further reduction of the shareholding proportion of the Huang family.
Huang family has been trying to save themselves
In September 2020, after the passive reduction of shareholding, the proportion of Shouhang High-Tech Energy Co.Ltd(002665) shares held by Jingjin rongchuang decreased from 10.12% to 9.78%, and Gansu M & A fund became the single largest shareholder of the listed company. However, at that time, the total shareholding ratio of the Huang family was still ahead of Gansu M & A fund, and its control position was not shaken.
Now, the proportion of shares held by the Huang family is less than 5%, while Shouhang High-Tech Energy Co.Ltd(002665) still said that the company may have unstable control. However, based on the provisions of the articles of association, the agreement on concerted action and the proportion of the actual controller in the management of the company, this judicial auction will not change the control of the company, nor will it have a significant impact on the normal production and operation of the company.
According to Shouhang High-Tech Energy Co.Ltd(002665) “articles of association”, the company defines the controlling shareholder as: the shareholder whose shareholding ratio accounts for more than 50%; Shareholders who hold less than 50% of the shares but have enough voting rights to have a significant impact on the resolutions of the general meeting of shareholders. The company defines the actual controller as the person who can actually control the company’s behavior through investment relationship, agreement or other arrangements.
Combined with the above situation, “the proportion of actual controllers in the company’s management” seems to be the main factor for listed companies to determine that the Huang family is still the actual controller of the company. At present, Huang Wenbo is the chairman of the company, Huang Qingle is the vice chairman and deputy general manager of the company, and Huang Wenjia is the director and general manager of the company.
The reporter of the daily economic news noticed that the Huang family has been trying to save themselves.
In October 2020, Beijing Tianjin rongchuang, Huang Wenjia and Shouhang High-Tech Energy Co.Ltd(002665) signed the cooperation framework agreement on debt relief and restructuring with Dongfang Bangxin Capital Management Co., Ltd. (hereinafter referred to as Dongfang Bangxin). Dongfang Bangxin plans to assist Beijing Tianjin rongchuang, Huang Wenjia and related parties to fully solve the stock pledge debt pledged by holding Shouhang High-Tech Energy Co.Ltd(002665) shares with no more than 1.5 billion yuan. Unfortunately, the above-mentioned rescue and restructuring cooperation has not made substantive progress.
In December 2021, Shouhang High-Tech Energy Co.Ltd(002665) signed a cooperation agreement with the people’s Government of Suzhou District of Jiuquan City (hereinafter referred to as the government of Suzhou District). The agreement stipulates that the listed company will move its registered address to Suzhou District and build the enterprise headquarters. Suzhou district government will provide relocation subsidies to the company in batches according to the relocation procedure nodes of the company. At the same time, the listed company will invest in the construction of a number of “solar thermal + photovoltaic + wind power” and “photovoltaic + energy storage” new energy power generation bases in the cities under the jurisdiction of Jiuquan City.
In late February of this year, Shouhang High-Tech Energy Co.Ltd(002665) announced the completion of the registration procedures for the change of registered address in industry and commerce, and became a listed company in Jiuquan. Judging from the comments of investors in the stock bar, when Gansu state-owned capital platform has a large proportion of shares, the shareholding proportion of Shouhang High-Tech Energy Co.Ltd(002665) actual controller has shrunk sharply, which also makes some investors have more expectations for the future development of the company.
