On the one hand, the stock price has been trading for several consecutive days, and on the other hand, the company’s employee stock ownership plan has been greatly reduced. This unusual situation has attracted the attention of the exchange. On March 23, Sundy Land Investment Co.Ltd(600077) ( Sundy Land Investment Co.Ltd(600077) ) received the inquiry letter from Shanghai Stock Exchange. Previously, another inquiry letter sent by Shanghai Stock Exchange to Sundy Land Investment Co.Ltd(600077) has not been replied by the company.
The background of this event is that on March 22, Sundy Land Investment Co.Ltd(600077) once announced that the company’s 2018 employee stock ownership plan had sold 324292 million shares on March 22, with about Shanghai Pudong Development Bank Co.Ltd(600000) shares remaining, and the sale has not been terminated. Previously, Sundy Land Investment Co.Ltd(600077) disclosed that it planned to advance 1.6 billion yuan to participate in a lithium extraction project in a salt lake in Argentina. However, during the deliberation of the board of directors, Sundy Land Investment Co.Ltd(600077) 3 independent directors abstained from voting on the above proposal.
The reporter noted that Sundy Land Investment Co.Ltd(600077) has been trading at the limit for seven consecutive trading days since March 14, that is, after the disclosure of the above-mentioned advances. However, on March 23, the company’s share price closed at the limit. An announcement that night showed that the company’s 2018 employee stock ownership plan had been sold out, which means that the above-mentioned about Shanghai Pudong Development Bank Co.Ltd(600000) shares were cleared within one day.
The Shanghai Stock Exchange said that the above reduction was widely concerned by the market and investors and put forward regulatory requirements for the company. According to the requirements of Shanghai Stock Exchange, Sundy Land Investment Co.Ltd(600077) shall further verify the specific reduction of two phases of ESOP, including but not limited to the composition and shareholding of ESOP holders, management and benefit distribution mechanism, the background of this reduction, decision-making process and participants, the specific time point, quantity and price of this reduction, and subsequent reduction arrangements, and fully remind relevant risks.
The reporter noted that during the abnormal fluctuation of Sundy Land Investment Co.Ltd(600077) stock trading, the company repeatedly disclosed that directors, supervisors and senior managers did not reduce their holdings of the company’s shares, and it was clear that there were no other major matters that might have a great impact on the company’s share price. The Shanghai stock exchange requires Sundy Land Investment Co.Ltd(600077) combined with the reduction of the employee stock ownership plan, to self inspect and explain whether the information disclosure in the early stage is true, accurate and complete, and whether there is any inconsistency between the information disclosure before and after.
As mentioned above, Sundy Land Investment Co.Ltd(600077) has not replied to the inquiry letter received by the exchange before. The Shanghai Stock Exchange said that in the early stage, your company disclosed that it planned to advance 1.6 billion yuan to participate in the construction and operation of a lithium extraction project in a salt lake in Argentina. Our department issued a regulatory inquiry letter on relevant matters, requiring the company to explain whether there are demands such as maintaining the stock price in combination with the reduction arrangements of relevant parties, and the company has not replied so far.
As required by the Shanghai Stock Exchange, Sundy Land Investment Co.Ltd(600077) shall verify the recent direct or indirect reduction and subsequent reduction arrangements of the controlling shareholders and their persons acting in concert, actual controllers, directors, supervisors and other relevant parties in strict accordance with the requirements of the inquiry letter, and explain the purpose of this transaction on this basis.
The reporter learned from the previous announcement that in the previous inquiry letter, the Shanghai stock exchange required Sundy Land Investment Co.Ltd(600077) to make supplementary disclosure on the decision-making and commercial rationality of the project, the relevant risks of the project and the source of funds Sundy Land Investment Co.Ltd(600077) in the relevant announcement of delaying the reply to the inquiry letter, it said that the above matters need to be further verified and improved, and it is temporarily impossible to reply and disclose within the specified time. At the same time, there is great uncertainty about the advance of advance fund participation in the lithium extraction project in Argentina.
In the latest inquiry letter, the Shanghai Stock Exchange also requested Sundy Land Investment Co.Ltd(600077) to conduct a comprehensive self-examination on the control of internal information in the early stage, and verify the recent stock trading of the company’s directors, supervisors, controlling shareholders and actual controllers, counterparties, other relevant parties and their directors, supervisors, major shareholders and actual controllers, as well as the above-mentioned insiders such as close relatives.
The Shanghai Stock Exchange said that Sundy Land Investment Co.Ltd(600077) all directors, supervisors and senior managers should be diligent and responsible, verify the relevant issues involved in the inquiry letter as soon as possible, speed up the progress of the reply to the inquiry letter, urge the company to fulfill its obligation of information disclosure in time and clarify the market expectation as soon as possible.
The Shanghai Stock Exchange said that the reduction of shareholders’ holdings and the provision of financial assistance to foreign investors are major issues of concern to investors. Sundy Land Investment Co.Ltd(600077) all directors, supervisors and senior managers should be diligent and responsible, earnestly implement the requirements of this working letter with an attitude of being responsible to investors, disclose immediately after receiving the letter, speed up the reply to the inquiry letter and this letter, carefully verify relevant matters, and reply to our department in writing within 5 trading days, And fulfill the obligation of information disclosure.
