Lakala Payment Co.Ltd(300773) 5 announced on May 20 that shareholder Yan Lin reduced 5 million shares through centralized bidding from April 25 to May 10, with an average reduction price of 18.101 yuan / share and a reduction amount of 90.505 million yuan.
However, the shareholder Yan Lin obtained Lakala Payment Co.Ltd(300773) 5 million shares held by Chen Jiangtao at the price of 23.1 yuan / share through judicial auction on May 6, 2021, and his lawyer completed all transfer procedures. In Lakala Payment Co.Ltd(300773) “prospectus for initial public offering and listing on GEM”, Chen Jiangtao publicly promised that: (1) within 36 months from the date of listing of the issuer’s shares, the company / I will not transfer or entrust others to manage the shares directly or indirectly held by the company / I and issued before the issuer’s public offering of shares, nor will the issuer repurchase such shares. (2) Within 12 months after the expiration of the above lock-in period, the direct or indirect transfer of the old shares of the issuer held by the enterprise / I shall not exceed 25% of the old shares of the issuer held by the enterprise / I at the time of this listing (excluding the shares newly purchased by the enterprise / I from the public market after this issuance of shares by the issuer). Within the 13th to 24th months after the expiration of the lock up period, the direct or indirect transfer of the old shares of the issuer held by the enterprise / myself shall not exceed 25% of the old shares of the issuer held by the enterprise / myself directly or indirectly at the beginning of the 13th month after the expiration of the lock up period (excluding the shares newly purchased by the enterprise / myself from the public market after the issuance of shares by the issuer).
According to article 7.4.10 of the guidelines for self discipline supervision of listed companies of Shenzhen Stock Exchange No. 2 – standardized operation of companies listed on gem: “if the promisor makes commitments such as share restriction, and the shares held by him are transferred non tradable due to judicial enforcement, inheritance, legacy, legal division of property and other reasons, the transferee shall abide by the relevant commitments made by the original shareholder.” The Lakala Payment Co.Ltd(300773) 5 million shares obtained from Yan Lin’s auction need to continue to fulfill the relevant commitments made by Chen Jiangtao. Yan Lin’s share reduction violates that “within 12 months after the expiration of the above lock-in period, the direct or indirect transfer of the old shares of the issuer held by the enterprise / I shall not exceed 25% of the old shares of the issuer held by the enterprise / I at the time of this listing (excluding the shares newly purchased by the enterprise / I from the public market after the issuance of shares by the issuer).” Our commitment.
Lakala Payment Co.Ltd(300773) said that the main reason for Yan Lin’s violation of the commitment was that she was not familiar with the trading rules. It was unclear that although the equity after the lifting of the ban was in the state of lifting the ban, it was not necessarily marketable. In addition, due to the urgent need to raise funds due to personal debt, she only operated according to her understanding of the ban and the actual saleable quantity of the securities account. All the funds she sold were used to repay personal debt except tax deduction.
