The loss was 11.3 yuan / share, and the “loss was 61.3 yuan / share”.
On March 25, Jiangsu Tongda Power Technology Co.Ltd(002576) ( Jiangsu Tongda Power Technology Co.Ltd(002576) , SZ; previous closing price of 12.72 yuan / share) announced that the controlling shareholder of the company Tianjin Xinda Ruiming enterprise management consulting center (limited partnership) (hereinafter referred to as Tianjin Xinda) planned to transfer Jiangsu Tongda Power Technology Co.Ltd(002576) 15.65% of its shares to Nantong Yida Enterprise Management Consulting Co., Ltd. (hereinafter referred to as Nantong Yida). Meanwhile, Tianjin Xinda will give up the voting rights corresponding to the remaining shares thereafter. If the above agreement is finally implemented, Nantong Yida will become the controlling shareholder of the listed company; Jiang Yufeng, Jiang Keyu and their sons will become the actual controllers of the listed company.
The reporter of the daily economic news noted that in February 2017, it was Jiang’s father and son who transferred the actual control of Jiangsu Tongda Power Technology Co.Ltd(002576) to the current actual controllers Wei Shaojun and Wei Qiang. More than four years after the change of control, Jiang’s father and son wanted to buy back the control of the listed company. In 2017, Tianjin Xinda transferred the equity at the price of 30.3 yuan / share, but at this time, it sold the equity at the price of 11.61 yuan / share.
30.3 yuan / share buy 11.61 yuan / share sell
According to the Jiangsu Tongda Power Technology Co.Ltd(002576) announcement, Tianjin Xinda signed the share transfer agreement with Nantong Yida on March 25, which agreed that Tianjin Xinda would transfer its Jiangsu Tongda Power Technology Co.Ltd(002576) 15.65% shares to Nantong Yida. Meanwhile, Tianjin Xinda will give up the voting rights corresponding to the remaining 14.62% shares of the listed company within 36 months from the date of completion of the transaction.
After the completion of the transaction, Nantong Yida will become the shareholder with the largest share of Jiangsu Tongda Power Technology Co.Ltd(002576) voting rights, Jiang Yufeng and Jiang Keyu will become the actual controllers of Jiangsu Tongda Power Technology Co.Ltd(002576) and control 17.68% of the shares of the listed company and 32.3% of the voting rights.
In February 2017, Jiangsu Tongda Power Technology Co.Ltd(002576) announced that the controlling shareholder of the company would be changed from Nantong Yida to Tianjin Xinda, and the actual controller would be changed from Jiang Yufeng and Jiang Keyu to Wei Shaojun and Wei Qiang. In other words, more than four years after the change of control, Jiang’s father and son wanted to regain control of the listed company, which also caused an uproar among investors.
So is it a gain or a loss for the Weishi father and son to buy and sell? The reporter noted that the unit price of buying equity is much higher than the selling price. In this transaction on the 25th, Tianjin Xinda transferred Jiangsu Tongda Power Technology Co.Ltd(002576) 15.65% shares to Nantong Yida at the price of 11.61 yuan / share, with a total transaction amount of slightly more than 300 million yuan.
In February 2017, Jiang Yufeng transferred 6% of his shares to Tianjin Xinda at the price of 30.3 yuan / share. In September of that year, Jiang Yufeng signed a share transfer agreement with Tianjin Xinda again to transfer 24% of his shares to Tianjin Xinda at the same price. In other words, Tianjin Xinda acquired 30% of the shares at a price of nearly 1.5 billion yuan.
The change of control in 2017 took less than two months from the signing of the share transfer agreement to the completion of the final change. During the period, in order to smoothly promote the change of control, Jiang Yufeng also repurchased 15.2 million pledged shares with his own funds and lifted the pledge within one month after receiving the transfer payment under the share agreement.
once wanted to be listed in backdoor, and its revenue has increased steadily in recent years
Why is the change of control moving so fast? This may stem from the fact that the Weis planned to promote backdoor listing after obtaining control.
Wei Shaojun is also the chairman of Longji Taihe Real Estate Co., Ltd. (hereinafter referred to as Longji Taihe). It is understood that Longji Taihe is a well-known real estate enterprise. According to Jiangsu Tongda Power Technology Co.Ltd(002576) previous disclosure, by the end of 2020, Longji Taihe had total assets of 83.99 billion yuan and net assets of 17.9 billion yuan. The main business of Jiangsu Tongda Power Technology Co.Ltd(002576) is the R & D, production, sales and service of stator and rotor cores of motors, generators and new energy vehicles.
Shortly after the Weishi father and son took over Jiangsu Tongda Power Technology Co.Ltd(002576) the ownership, they began to plan to put the real estate business into the listed company and change the main business of the listed company. The proposed value of the assets put in exceeded 16 billion yuan, which was more than ten times that of the assets put out by Jiangsu Tongda Power Technology Co.Ltd(002576) at that time.
This massive major asset restructuring was terminated at the end of 2017. After the resumption of trading, the share price of Jiangsu Tongda Power Technology Co.Ltd(002576) also plummeted. In two months, the share price nearly halved and remained in the doldrums. In recent years, it has fluctuated widely in the range of 8 yuan / share to 22 yuan / share.
However, the performance of Jiangsu Tongda Power Technology Co.Ltd(002576) was good during the reign of Weishi father and son. From 2017 to 2021, the revenue of listed companies increased steadily, which were 1.085 billion yuan, 1.155 billion yuan, 1.294 billion yuan, 1.516 billion yuan and 2.003 billion yuan respectively. The net profits attributable to shareholders of listed companies were 04 million yuan, 19 million yuan, 34 million yuan, 89 million yuan and 107 million yuan respectively. This performance has changed the declining trend when Jiang’s father and son were at the helm – the net profit suffered a significant loss in 2014, and the net profit fell by nearly 50% year-on-year in 2016.
The real estate business of Weishi father and son is in crisis. According to a number of media reports, in 2021, many projects of LONGJITAIHE in many parts of the country were suspended, delayed or even delayed delivery for many times, which caused the owners to protect their rights. At the same time, different commercial ticket holders reflect that LONGJITAIHE has been unable to pay the due amount since at least October 2021.
Qixinbao information shows that Longji Taihe recently added three Court announcements. The court time is April this year, and the cause of the case is the dispute over the claim for bill payment.
Backdoor listing failed, and the real estate business is facing a crisis, which may be the reason why Weishi father and son ceded control again four years after taking over. The reporter of the daily economic news will continue to pay attention to the development direction of Jiangsu Tongda Power Technology Co.Ltd(002576) future business after the former actual controller Jiang’s father and son take charge again.
