Fengchen shares receivables to the Stock Exchange inquiry letter requires whether there are inside information leakage in advance

Fengfen (SH601700, closing price of 5.67 yuan, market value of 6.470 billion yuan) announced on the evening of August 5th. The Shanghai Stock Exchange issued the "Inquiry Letter" to the company to further explain and explain the company on related issues.

"Daily Economic News" reporter noticed that the Shanghai Stock Exchange focused on the five major issues of the situation in recent years, high asset -liability ratio, and whether related stock transactions have been leaked in advance.

According to the restructuring plan, listed companies intend to acquire 100%equity of Suzhou Jingying Optoelectronics Technology Co., Ltd. (hereinafter referred to as Jingying Optoelectronics) and raised supporting funds. Crystal Sakura Optoelectronics is mainly engaged in the development, production, and sales of monocrystalline silicon rods, polycrystalline silicon ingots, monocrystalline silicon wafers and polycrystalline silicon wafers.

Buying before the suspension of private placement was questioned

The Shanghai Stock Exchange pointed out that Shanghai Yiluo Private Equity Fund Management Co., Ltd. -Red Pullet Jinlin Yiluo No. 1 Private Equity Fund (hereinafter referred to as Shanghai Yiluo) Before the reorganization of Fengchen's reorganization, he bought it from the company's controlling shareholder Fan Jiangang. 1.79%company shares. It is reported that Shanghai Yilo bought the stocks of listed companies in 2020, and the time and amount of the purchase was more consistent with the time and amount of the transaction reduction of the controlling shareholder. In view of this, the Shanghai Stock Exchange requires listed companies to combine the controlling shareholder and related insiders to plan the time node of the reorganization matters, indicating that the background of a large transaction between the controlling shareholders and Shanghai Yiluo before the suspension of the trading. Shareholders and unanimous actors and Shanghai Yiluo historical stock transactions, including time, amount, trading background, and explain whether there is a relationship or other funds.

On July 26, "Daily Economic News" published an exclusive report of "Wind Shares to resume the stock price of the stock price before the suspension of private equity buying, and the shares seller is suspected to be the company's controlling shareholder". The report pointed out that the shareholders' shareholding disclosed on the evening of July 25 showed that as of July 11, Shanghai Yiluo held 20.4 million shares of the company, with a shareholding ratio of 1.79%. shareholder. Coincidentally, Fengfen shares issued an announcement on July 7 that the company's controlling shareholder Fan Jiangang recently wrote a report that it reduced its holdings of 20.4 million shares on July 5, accounting for 1.79%of the company's total share capital. Taken together, Shanghai Yilo's holdings are likely to come from Fan Jiangang.

Every report also pointed out that Shanghai Yiluo is very popular with Fengwei shares. As early as the annual report of Fengfen's 2020, Yilo No. 1 appeared publicly. At that time, it held 22.55 million shares of the listed company and held 1.99%, which was the fourth largest shareholder of the company. It was from November to December 2020 that Fan Jiangang had reduced the company's shares through a large transaction and reduced the company's shares and reduced it. The quantity is exactly 22.55 million shares.

On the evening of July 26, Fengfen shares issued a clarification announcement stating that 20.4 million shares of the company held by Shanghai Yilo indeed were transferred from Fan Jianang, the company's controlling shareholder. The listed company said that the company has strictly done information confidentiality on the reorganization matters, and there is no inside information leakage. The above -mentioned community transactions do not involve insider transactions.

It is necessary to further explain the reasons for the performance fluctuations of the standard

The restructuring plan shows that the performance of Jingying Optoelectronics has fluctuated in recent years. The net profit from 2020 to the first half of 2022 was about -81.778 million yuan, 105 million yuan, and 712.51 million yuan. The asset -liability ratio at the end of the first half of the year was about 76.3%, 75.77%, and 78.76%, respectively, and the liability level was high.

In this regard, the Shanghai Stock Exchange requires the changes in the main products and revenue structure of Jingying Optoelectronics, which explains that the reasons for the fluctuations of Jingying Optoelectronics in recent years are largely different from the operation of companies in the same industry; The liability structure, main loan objects and funds of photoelectricity indicate the reason why the company's asset -liability ratio is high, and it is clear whether there is still a large amount of capital investment in the future.

In addition, the Shanghai Stock Exchange also paid attention to that the daily affiliated transaction amount of Jingying Optoelectronics in 2017 was about 17.4748 million yuan, mainly for the purchase of raw materials. In view of this, it requires that listed companies to supplement the disclosure reporting period of the reporting period of Jingying Optoelectronics, including transaction objects, content, amount, and proportion.

"Ask the company to supplement the time, methods, methods, whether actual payment, related valuation pricing, etc. of each transaction party obtained the target asset shares, etc., to explain whether the transaction party's lock -up period meets the requirements of the rules, and whether there is a consistent action relationship between the other transactions. "The inquiry letter in the Shanghai handedment was proposed.

Daily Economic News

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