On March 30, Beijing Succeeder Technology Inc(688338) ( Beijing Succeeder Technology Inc(688338) , SH) disclosed that Zhang Zhaohui, the former shareholder of the company, had received the notice of filing a case from the CSRC. The CSRC decided to file a case against him because he was suspected of illegal reduction of the company’s shares.
Beijing Succeeder Technology Inc(688338) said that this case filing is a special investigation on the former shareholder Zhang Zhaohui’s involvement in the above matters, which has nothing to do with the company and will not affect the company’s daily business activities.
Who is Zhang Zhaohui? What’s the matter with the alleged illegal reduction?
one year reduction of shares
According to the announcement issued by the listed company on January 26, Zhang Zhaohui, the former shareholder of the company, directly held 146000 shares of the company during his tenure as Beijing Succeeder Technology Inc(688338) core technical personnel, accounting for 0.18% of the total share capital of the company, and the source of the shares held was the shares before the initial public offering of the company.
On July 28, 2021, Beijing Succeeder Technology Inc(688338) issued an announcement that according to the relevant reply, Beijing Succeeder Technology Inc(688338) issued 20.412 million A-Shares to the public. The company was officially listed on the science and Innovation Board of Shanghai Stock Exchange on August 6, 2020. After the issuance, the total share capital of the company was 81.648 million shares. The number of shareholders of restricted shares listed and circulated this time is 9, holding a total of 8526600 shares of restricted shares. From August 6, 2021, restricted shares will be listed and circulated.
The reporter of the daily economic news noted that at that time, Zhang Zhaohui held 146000 shares of limited sale shares, accounting for 0.18% of the total share capital of the company.
Before long, Zhang Zhaohui reduced his holdings. On August 28, 2021, Beijing Succeeder Technology Inc(688338) disclosed that from August 19 to August 26, 2021, Zhang Zhaohui successively reduced the shares of the company four times through centralized bidding. The specific situation is to reduce 10000 shares on August 19; On August 20, 26400 shares were reduced; 50600 shares were reduced on August 25; On August 26, 59000 shares were reduced. After the four reduction, the number of shares held by Zhang Zhaohui was reduced to 0.
In fact, Zhang Zhaohui is not the only director, supervisor and senior staff who reduced the company’s shares. On September 3, 2021, Beijing Succeeder Technology Inc(688338) disclosed that due to their own capital needs, the company’s supervisors Wang Xiaoqing and Zhang Ying planned to reduce their shares in the company through centralized bidding. Among them, Wang Xiaoqing plans to reduce no more than 279700 shares, no more than 0.34% of the total share capital of the company; Zhang Ying plans to reduce her holdings of no more than 120000 shares, no more than 0.15% of the company’s total share capital.
It is also the reduction after the lifting of share restrictions. Why did Zhang Zhaohui violate the rules? The announcement disclosed by the listed company shows that the reduction of Zhang Zhaohui’s above shares violates the “commitment on share locking” in the relevant provisions, that is, within four years from the expiration of the restriction on the sale of pre IPO shares, the annual transfer of pre IPO shares shall not exceed 25% of the total number of pre IPO shares held by the company at the time of listing.
Beijing Succeeder Technology Inc(688338) 2021’s announcement on August 28 shows that Zhang Zhaohui’s previous two holdings accounted for 6.85% and 18.08% of his personal holdings respectively. The previous two holdings totaled 24.93%, which did not constitute a violation, but he continued to reduce the remaining 75.07% of his holdings.
Zhang Zhaohui has resigned
Beijing Succeeder Technology Inc(688338) the above announcement also shows that from August 25 to August 26, 2021, Zhang Zhaohui illegally reduced a total of 109600 shares of the company due to his failure to properly manage his personal stock account, accounting for 75.07% of his shares. The average price of reduction is about 48.35 yuan / share, and the total amount of reduction is about 5.297 million yuan before tax.
According to the announcement, Zhang Zhaohui deeply reflected on the above illegal reduction of holdings and expressed sincere apology for the negative impact on the company and the majority of investors.
On September 18, 2021, Beijing Succeeder Technology Inc(688338) announced that Zhang Zhaohui had illegally reduced the company’s shares, violated relevant rules and failed to fulfill the relevant commitments disclosed in the prospectus. The company held Zhang Zhaohui seriously accountable for his illegal reduction, took measures such as stopping the payment of wages according to the relevant commitments signed on December 20, 2019, and required him to continue to fulfill his commitments. Recently, Zhang Zhaohui applied to the company for resignation and completed the resignation procedures. After his resignation, Zhang Zhaohui no longer held any position in the company.
The illegal reduction of holdings did not end due to Zhang Zhaohui’s resignation. Subsequently, Zhang Zhaohui received the decision on administrative supervision measures for issuing warning letters to Zhang Zhaohui issued by Beijing Securities Regulatory Bureau. Recently, Zhang Zhaohui received the notice of filing a case from China Securities Regulatory Commission.
Beijing Succeeder Technology Inc(688338) performance express shows that the company achieved an operating revenue of 240 million yuan in 2021; A year-on-year increase of 7.88%; The net profit attributable to the owners of the parent company was 973688 million yuan, a year-on-year increase of 40.73%. As of the closing on March 30, Beijing Succeeder Technology Inc(688338) share price was 39.29 yuan / share, up 1.11%.
