The transfer and entrustment of voting rights by major shareholders may result in the vacancy of the actual controller for more than half a year. It is undoubtedly good news for a listed company in trouble.
However, the share prices of listed companies ran ahead three days before the official disclosure of the news. Such a strange thing happened to Guanfu Holdings Co.Ltd(002102) .
After the share price rose for three consecutive days, it was disclosed on Guanfu Holdings Co.Ltd(002102) may 17 that the four shareholders planned to account for 24.5% of the share capital 19% of the shares and voting rights were introduced into a state-owned enterprise in Jingzhou, Hubei Province by means of transfer and entrustment. After the transaction is completed, Jingzhou state-owned assets will be the actual controller of the company.
Guanfu Holdings Co.Ltd(002102) has been in trouble for many years. Because the former major shareholder brought huge liabilities for illegal external guarantees and loans without decision-making procedures, Guanfu Holdings Co.Ltd(002102) the audited institution issued a qualified audit report in the annual report of 2021. The shares held by the former major shareholders have been auctioned one after another, resulting in the company having no actual controller since October 2021.
The introduction of Jingzhou state-owned assets makes it possible for Guanfu Holdings Co.Ltd(002102) to get out of trouble. However, just before the disclosure of this news, its share price rose sharply in advance for three consecutive days from May 13 to 17. The first financial survey found that during the Guanfu Holdings Co.Ltd(002102) surge, almost all of the top five trading seats were purchased from the local securities business department in Jingzhou.
Is it a coincidence or a leak of information that the above-mentioned business department seats were bought in advance?
Jingzhou state-owned assets entered Guanfu Holdings Co.Ltd(002102) , and there were traces to follow before. In the first quarter of this year, the company bought Guanfu Holdings Co.Ltd(002102) more than 50 million shares in the secondary market and accepted the equity pledge of other shareholders. At the same time, some brokerage business departments that appeared this time also bought a lot during the period.
share price rush
In the morning trading on May 18, continuing the trend of the previous day, Guanfu Holdings Co.Ltd(002102) opened up sharply, opening with an increase of 5.14%, reaching the highest level of 3.89 yuan in the whole day, then diving quickly and falling to the limit at the end of the trading. As of the closing, its latest share price was 3.52 yuan, down 4.86%, with an amplitude of 10%.
Guanfu Holdings Co.Ltd(002102) the day before, it was disclosed that the major shareholder Chen liequan and his concerted action person Shantou jinchuangying Investment Consulting Center (hereinafter referred to as “jinchuangying”) were planning to transfer 135 million shares to Jingzhou Chengfa Capital Operation Co., Ltd. (hereinafter referred to as “Chengfa capital”) at a price not lower than 95% of the closing price of the trading day before the signing date of the agreement. After the completion of the transaction, Chengfa capital will become its shareholder holding 186 million shares, accounting for 7.04%.
At the same time, Chen liequan, Deng Haixiong, Jin chuangying and Shantou Jinsu Investment Consulting Center (hereinafter referred to as “JinSu investment”) also plan to entrust the voting rights of Guanfu Holdings Co.Ltd(002102) 587 million shares held to Chengfa capital for exercise. After the entrustment came into effect, the number of shares with disposable voting rights of Chengfa capital reached 637 million, accounting for 24.7% 19%, became the controlling shareholder of the company, and Jingzhou SASAC became the actual controller.
Registered in Guanfu Holdings Co.Ltd(002102) , Dehua County, Fujian Province, its main business includes pharmaceutical intermediary, plastic trade e-commerce, etc. In 2018, the Lin family, the former controlling shareholder of the company, in the name of listed companies and holding subsidiaries, illegally issued commercial acceptance bills, guarantees and external loans, involving an amount of 2.36 billion yuan. After the incident, 227 million shares held by the Lin family have been auctioned successively since July 2020. Previously, the company had no actual controller.
By the end of March this year, Chen liequan held Guanfu Holdings Co.Ltd(002102) 307 billion shares, accounting for 11.66%, and was the largest shareholder. Deng Haixiong, Jin chuangying and JinSu investment jointly hold 10.61% of the shares of the company.
The violation of the original actual controller resulted in Guanfu Holdings Co.Ltd(002102) bearing huge debts, which has not been solved so far. As of the end of last year, the balance of the company’s repayment liability still reached 1.26 billion yuan, which led to the audit report with qualified opinions issued by the audited institution of the 2021 annual report.
The imminent entry of state-owned assets is undoubtedly a great benefit to Guanfu Holdings Co.Ltd(002102) for . However, as early as three days before the disclosure of equity changes, in the absence of signs, its share price suddenly began to “rush”. From May 13 to 17, Guanfu Holdings Co.Ltd(002102) rose 4.91%, 3.22% and 4.82% respectively, and the share price rose from 3.26 yuan to 3.7 yuan, with a cumulative increase of more than 13% in three days.
According to the transaction data, since January this year, Guanfu Holdings Co.Ltd(002102) transaction volume has been in a downturn, and the transaction volume is basically between more than 10 million yuan and 40 million yuan. For example, from April 28 to May 12, the transaction volume is only more than 34 million yuan at most and less than 16 million yuan at least.
However, the stock price rush, huge earthquake and the trading volume of Guanfu Holdings Co.Ltd(002102) were not significantly enlarged simultaneously. From May 13 to 18, the turnover of the stock was 41.72 million yuan, 55.89 million yuan, 75.21 million yuan and 172 million yuan respectively, with a total turnover of more than 374 million yuan. However, except May 18, the turnover of the other three trading days increased slightly, but the volume was not obvious.
Compared with the previous April 5 and 6, the share price of St Guanfu rose slightly by 1.7% and 3.63%, but the turnover reached 90.97 million yuan and 157 million yuan respectively. In addition, the stock has several trading days this year, with a turnover of more than 50 million yuan, but the rise in the share price is not obvious.
The transaction did not increase, but the share price rose sharply because a small number of seats ate a lot of goods. According to the available data, from May 13 to 17, only the top five seats were purchased, with a total purchase amount of more than 26.5 million yuan, accounting for more than 15% of all transactions. If the purchase amount accounts for half of the transaction, the proportion will reach about 30%.
who is buying
Guanfu Holdings Co.Ltd(002102) before the announcement, what funds were running away?
According to the available data, in the above three trading days, the Jingzhou West Beijing Road Business Department of Changjiang Securities Company Limited(000783) , China Securities Co.Ltd(601066) two securities companies bought 6.99 million yuan and 6.46 million yuan respectively, with a net purchase of 3.32 million yuan and – 1.258 million yuan Southwest Securities Co.Ltd(600369) Beijing Road and Gf Securities Co.Ltd(000776) Jingzhou Jiangjin Road bought 6.318 million yuan and 2.57 million yuan respectively.
According to the above data, from May 13 to 17, Guanfu Holdings Co.Ltd(002102) totaled about 172 million yuan, while the purchase amount of the above four business departments reached 22.44 million yuan, accounting for about 13%. Deducting the selling part, the purchase amount of the above four business departments accounts for about 27%.
It is this group of Jingzhou securities business departments that have largely influenced the trend of Guanfu Holdings Co.Ltd(002102) the market.
The business department of the above-mentioned securities companies that bought heavily was not active before, and the number of transactions Guanfu Holdings Co.Ltd(002102) was not much.
According to the data of the dragon and tiger list, in nearly 16 years since August 2006, China Securities Co.Ltd(601066) Jingzhou West Beijing Road business department has appeared in the dragon and tiger list 135 times in total, including 41 times since 2017 and only twice this year, but all of them are related to Guanfu Holdings Co.Ltd(002102) Changjiang Securities Company Limited(000783) the above-mentioned business departments have appeared a little more. They have appeared in the dragon and tiger list 43 times this year, three of which are related to Guanfu Holdings Co.Ltd(002102) .
Although the transaction is not active, the trading time points of the business departments of some securities companies are highly close. Taking Changjiang Securities Company Limited(000783) , China Securities Co.Ltd(601066) Jingzhou West Road business department as an example, the two business departments bought 17.32 million yuan and 11.21 million yuan respectively from March 28 to 30 this year.
Gf Securities Co.Ltd(000776) Jingzhou Jiangjin Road business department is the same. On March 25, the business department bought Guanfu Holdings Co.Ltd(002102) 438 million yuan. On the same day, Changjiang Securities Company Limited(000783) Jingzhou West Beijing Road business department also bought 4.09 million yuan.
information leakage or coincidence
Accepting equity pledge and eating goods in the secondary market on a large scale. Before the formal transfer of shares, Chengfa capital took over the control of Guanfu Holdings Co.Ltd(002102) control, which has been revealed.
In January this year, Chengfa capital was pledged a large number of Guanfu Holdings Co.Ltd(002102) shares. On January 27, jinchuangying and JinSu investment two shareholders pledged 88 million shares and 12 million shares of listed companies, accounting for 3.8% in total, to Chengfa capital in the name of their own financing.
At the same time, Chengfa capital also holds Guanfu Holdings Co.Ltd(002102) a large number of shares. According to the first quarterly report, as of the end of March, Chengfa capital held Guanfu Holdings Co.Ltd(002102) 5052 million shares, with a shareholding ratio of 1.92%, ranking eighth among the top ten shareholders and seventh among the top ten circulating shareholders.
At the end of 2021, three months ago, Chengfa capital had not appeared in the list of the top ten shareholders and the top ten circulating shareholders. According to the disclosure of the annual report, as of the end of December last year, Guanfu Holdings Co.Ltd(002102) the tenth largest circulating shareholder held 29.75 million shares. According to this calculation, even if Chengfa capital had bought before, it increased its holdings of at least 20.57 million shares in the first quarter of this year.
Although the specific purchase time cannot be determined, the Guanfu Holdings Co.Ltd(002102) share price also fluctuated sharply in the first quarter of the large-scale purchase of Chengfa capital. From March 23 to 28 this year, Guanfu Holdings Co.Ltd(002102) rose sharply for four consecutive days, and the share price rose from 3.52 yuan to 4.28 yuan, with a cumulative increase of more than 21%.
However, the rise of Guanfu Holdings Co.Ltd(002102) failed to continue on March 28. After rising rapidly to 4.28 yuan, it turned down and finally closed down by 4.9%. After three consecutive days of decline, it fell again to 3.56 yuan at the close of the 30th, with a cumulative decline of nearly 20% in the three days.
It is during the period of sharp fluctuations that the above-mentioned securities companies’ business department seats appeared one after another. From March 23 to 30, Changjiang Securities Company Limited(000783) Jingzhou West Beijing Road bought 17.32 million yuan and sold 11.52 million yuan, China Securities Co.Ltd(601066) Jingzhou West Beijing Road bought 11.21 million yuan and sold 12.43 million yuan in the same period.
Before the disclosure finds the actual controller, Guanfu Holdings Co.Ltd(002102) share price runs ahead of schedule. It is still unknown whether it involves information disclosure or coincidence. Different from other foreign shell buyers, Guanfu Holdings Co.Ltd(002102) is registered in Dehua County, Fujian Province. However, since some businesses have been operated in Jingzhou for many years, the company has many local contacts in terms of business, personnel and equity..
In 2014, Guanfu Co., Ltd. invested 1.8 billion yuan to acquire all the equity of nengte Technology Co., Ltd. (hereinafter referred to as “nengte technology”) from Chen liequan and others. After the acquisition, Chen liequan became a shareholder of Guanfu Holdings Co.Ltd(002102) holding 12.96%.
Nengte technology, founded in 2006, is registered, produced and operated in Jingzhou. According to Guanfu Holdings Co.Ltd(002102) disclosure, in February this year, due to the needs of industrial planning and development, the old plant area of nengte technology, which covers an area of 49700 square meters and is located in Jingzhou Development Zone, was requisitioned by the local land department at the price of 19 million yuan.
According to public information, Chen liequan is from Jingzhou, and his disclosed address is located in Shishou, a county-level city under Jingzhou. After the acquisition of nente technology, Chen liequan successively served as Guanfu Holdings Co.Ltd(002102) vice chairman, chairman and other positions since June 2015, and performed the duties of board secretary on behalf of him. In April this year, Chen liequan pledged his 125 million shares to a local bank to provide guarantee for Guanfu Holdings Co.Ltd(002102) financing.
