Dongxing Securities 42.53 million shares will be auctioned by more than half of the market value

Recently, the reporter of "Daily Economic News" learned from Ali auction that Dongxing Securities (SH601198, stock price of 8.56 yuan, and market value of 27.670 billion yuan) held by "a certain company" will be auctioned on July 29. 8.67 yuan/share, the total price is 369 million yuan.

The reporter learned that the aforementioned "a certain company" is Fujian New Union, the seventh largest shareholder of Dongxing Securities. As of the end of the first quarter of 2022, Fujian New Joint held 42.5306 million shares of Dongxing Securities, with a shareholding ratio of 1.32%, of which 42.53 million shares were pledged. As for the reasons for being auctioned by the shares, the reporter learned from a judgment, or it is related to the provision of liability guarantees for other corporate claims to ensure the guarantee guarantee.

It is worth mentioning that in October 2016, Fujian New Union obtained 42.5306 million shares of Dongxing Securities, with a fixed increase price of 18.81 yuan/share, cost nearly 800 million yuan. However, the closing price of Dongxing Securities has shrunk by more than half compared to the fixed -increase issuance price (post -repeat rights).

The starting price is 8.67 yuan/share

"Daily Economic News" reporter was informed that the Fuzhou Intermediate People's Court of Fujian Province will be at 10:00 on July 29, 2022 to 10:00 on July 30, 2022 (except for delay), and in the Fuzhou Intermediate People's Court of Fuzhou Province, Fujian Province Taobao's auction of 42.53 million shares of Dongxing Securities on the Taobao judicial auction network platform.

According to the judicial auction announcement, the aforementioned shares of the auction are unlimited sales conditions, and the shares have been pledged to the Fuzhou Branch of China Everbright Bank Co., Ltd. (hereinafter referred to as Everbright Bank Fuzhou Branch).

In addition, the start auction price for the online judicial auction of 42.53 million shares of Dongxing Securities is the average price of the closing price of the first 20 trading days of 2022 (including the day of the announcement on the announcement date (including the day). The number of shares is 42.53 million shares "as the starting price, which is about 369 million yuan. The auction margin was 38 million yuan, and the price increase was 1.9 million yuan. On July 7th, the closing price of Dongxing Securities was 8.56 yuan. It is not difficult to see that the current price of secondary markets is slightly lower than the starting price of judicial auctions.

Although the announcement did not reveal who the owner was the specifics, the reporter found that of the first ten major shareholders of Dongxing Securities in the first quarter of the 2022 report of Dongxing Securities, only the seventh largest shareholder Fujian Xinlian Investment Co., Ltd. (hereinafter referred to as Fujian New joint) Equity pledge occurred. As of the end of the first quarter of 2022, Fujian New Joint held 42.5306 million shares of Dongxing Securities, with a shareholding ratio of 1.32%, of which 42.53 million shares were pledged.

Regarding the equity of Dongxing Securities in Fujian New Securities, it should be traced back to October 2016. Dongxing Securities will issue 254 million shares to Shandong High -speed, CITIC Securities, Tianbao Mining and Fujian New United Union for 18.81 yuan/share. The fundraising funds reached 4.777 billion yuan, of which Fujian New jointly provided 42.5306 million shares, cost about 800 million yuan.

From the first quarter report of Dongxing Securities in 2022, it can be found that Fujian New Union has not reduced its holdings since its distribution. However, during the holding period, Dongxing Securities's stock price performance was not satisfactory. From the calculation of the shares of the Dingguang shares on October 17, 2017 to July 7, the stock price of Dongxing Securities fell more than 48%. In addition, Wind data shows that the closing price of Dongxing Securities on July 7 has shrunk by nearly 52%compared to the fixed -increase issuance price (post -rectal rights). Therefore, even according to the starting price of 8.67 yuan, all 42.5306 million shares held by Fujian's new joint holding are less than 370 million yuan.

The announcement did not disclose the reason for being auctioned

Although the reason for the auction was not disclosed in this online judicial auction announcement, the reporter learned through inquiries that this may be related to the joint responsibility guarantee for other companies' claims to guarantee the guarantee.

According to a judgment disclosed by the China Magistrate Document Network in June 2022, in October 2019, the Fuzhou Branch of Everbright Bank and Fujian Liujian Group Co., Ltd. (hereinafter referred to as Liujian Group) signed the "Comprehensive Credit Agreement". The highest credit amount is RMB 1.20 billion. In the same month, four companies and individuals, including Fujian New Union, and Everbright Bank Fuzhou Branch signed the claims under the aforementioned "Comprehensive Credit Agreement" to provide joint liability guarantee guarantees.

It is reported that on October 14, 2019, Fujian New joint shareholders' meeting agreed to apply for a comprehensive credit RMB 1.21 billion in the Liujian Group and its subsidiaries in Fuzhou Branch of Everbright Bank. The credit quota provides a joint responsibility guarantee for the debt generated by the transfer of authorization, and the guarantee amount is 1.21 billion yuan. In addition, it also agreed to provide guarantee for Liujian Group to pledge the company's legacy of 42.53 million shares of Dongxing Securities that the company's legal holding of 42.53 million shares to Everbright Bank Fuzhou Branch.

According to the above -mentioned "Comprehensive Credit Agreement", Everbright Bank Fuzhou Branch signed 13 "Loose Fund Loan Contracts" with Liujian Group, totaling 727 million yuan. The former issued a loan to the latter in accordance with the contract. However, the Liujian Group did not repay the principal of the loan according to the contract. As of June 21, 2021 (excluding the day), the Liujian Group still owed the Budong Branch of the Fuzhou Branch of the Fuzhou Branch of 727 million yuan. As a result, the Fuzhou Branch of Everbright Bank filed a lawsuit on the aforementioned Liujian Group and Fujian New United.

According to the first trial of the Fuzhou Intermediate People's Court, Liujian Group should pay 727 million yuan and corresponding interest, compound interest and interest rates of the borrowing principal of the Fuzhou Branch of Everbright Bank.Within 4 companies and individuals, including Fujian New Union and individuals signed the relevant agreed guarantee scope, they were liable for the aforementioned debt.At the same time, the Fuzhou Branch of Everbright Bank has the right to pay 42.53 million shares held by Dongxing Securities held in Fujian's new joint name under the new joint name of Fujian or the debt determined by the judgment at the agreed guarantee with the agreed guarantee with the agreed and selling price of the price.Priority compensation within the range.

Daily Economic News

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