Zhengtong automobile (01728. HK) announced that according to the relevant auction details page of jd.com judicial auction network platform, the equity auction had ended at 10 a.m. on May 19, 2022 Saic Motor Corporation Limited(600104) (“the buyer”) successfully auctioned 1.52 billion Unlisted Foreign Shares of Dongzheng finance held by the company, with a transaction price of RMB 1.607 billion.
According to the bidding announcement, bidding instructions and other relevant provisions published by the Shanghai financial Court on the judicial auction network platform of jd.com, the buyer shall pay the balance of the bidding transaction price (the balance after deducting the deposit) into the designated account of the Shanghai financial court before 16:00 on May 29, 2022, and the buyer shall apply to the relevant departments for approval of equity change with the confirmation of auction transaction. If the buyer obtains the approval procedures within the time limit determined by the Shanghai financial court, the Shanghai financial court will make an auction closing ruling according to law, and the above equity shall be owned by the buyer from the date when the Shanghai financial court delivers the auction closing ruling to the buyer. Therefore, the auction still involves the payment of the balance of the auction transaction price, handling the approval procedures for equity change, delivering the auction transaction ruling and transfer registration. There is still some uncertainty whether the equity change can be completed.
The company has applied to the stock exchange to resume the trading of the company’s shares from 9 a.m. on May 20, 2022.
