Why did Shao Neng's shares from "regret" by the delisting person soared?

After Shenzhen Fangfang failed to pay the auction funds as scheduled, after constituting the substantial "abandonment", it was regarded by the secondary market as a clear "good". Why is there such a bizarre phenomenon?

Author: Li Wei Ao grows

Figure: Tuwa Creative

Guide

One || On May 11, 2022, Shao Neng announced that the Shenzhen Municipal Intermediate People's Court intends to put a public auction on the Taobao judicial auction network platform on the Taobao judicial auction network platform.

2 || This 142 million shares, the evaluation value is 719 million yuan, the starting price is 611 million yuan, which is about 4.3 yuan/share.当日有两个买家参与竞价，在经过318次竞价，316次延时后，竞买号G8083成功竞得，成交价为13.05亿元，折合每股约为9.2元，即相较于起拍价溢价As high as 114%.

Three || After Shenzhen Fangfang's actual "abandonment", Shao Neng's stock price has risen, a total of 28.27%in the five trading days, and the daily limit on July 11 and July 12.

On July 12, 2022, after a short -term fluctuation of the opening, Guangdong Shaoneng Group Co., Ltd. (000601.SZ, hereinafter referred to as: Shao Neng) the stock price quickly rose and continued until the closing. On July 11, the stock trend was also the same, and it closed on the same day.

In fact, Shao Neng shares announced from July 5, 2022. Shenzhen Fangfu Industrial Co., Ltd. (hereinafter referred to as Shenzhen Fangfu) shared the remaining 142 million shares (about 1.245 billion Yuan, Shao Neng's stock price has risen from 5.20 yuan/share on the day to 6.67 yuan/share on July 12, and has risen by 28.27%in 5 trading days.

Several people familiar with the matter told the reporter of the Economic Observation Network that Shenzhen Fangfu Company will "abandon" Shao Neng shares, as early as June 17, 2022, when he successfully bid to Shao Neng's equity, that is, in some market participants It was circulated, "And before and after the auction, Shenzhen Fangfu did not have contact and communication with the board of directors of Shao Neng, which is not in line with the practice of the industry." After Shenzhen Fangfang failed to pay the auction funds as scheduled, after constituting the substantial "abandonment", it was regarded by the secondary market as a clear "good".

Why is there such a bizarre phenomenon?

After 7 years of enrollment, Yao Zhenhua's shares held by Yao Zhenhua were forced to shoot

Shao Neng was established in June 1993 and headquartered in Shaoguan, Guangdong. It was listed in August 1996. Its main business is to power generation. For a long time, Shaoguan state -owned enterprises controlled the company.

2015 is the year when private insurance companies in Mainland China frequently raise their licenses in the secondary market. Yao Zhenhua, Guangdong Shantou, who participated in Vanke Enterprise Co., Ltd. (000002.SZ), is famous for its fell swoop. The asset management product of the limited company (hereinafter referred to as Qianhai Life) holds 15%of Shao Neng shares, becoming the largest shareholder of the latter. The previous largest shareholder, Shaoguan State -owned Assets Holdings Shaoguan Industrial Assets Management Co., Ltd., with a shareholding of 14.43%, retired.

Yao Zhenhua's subordinates have gradually entered the board of directors and supervisors of Shao Neng. However, the post of chairman and general manager has not changed, and Chen Laiquan and Xiao Nangui, who are still the state -owned asset system of Shaoguan.

In the following years, Qianhai Life's shareholding in Shaoen shares gradually rose to 19.95%, totaling 216 million shares.

In March 2020, Qianhai Life and Shenzhen Hualitong Investment Co., Ltd. (hereinafter referred to as Huali Tong) signed the "Share Transfer Agreement", and Qianhai Life transferred the company's stock to Hualitong Company.

After penetrating the equity, Huali Tong Company was also actually controlled by Yao Zhenhua.

Starting around 2021, Yao Zhenhua's funds were tight, their corporate debts were in their debt, and they repeatedly breach of the contract. "The daily salary cannot be paid, so a large number of people leave," Yao Zhenhua's former important subordinates told reporters from the Economic Observation Network.

His Majesty Yao Zhenhua said to the reporter of the Economic Observation Network that one of the reasons for the breakage of the funds of Yao Zhenhua was involved in the automotive industry from 2017. "At that time (2017 to 2018) When I voted to 10 billion to 20 billion to Li Feng (then Vice President of Baoneng Automobile and President of Guanzhi Auto), we felt unreliable. Because the car could not be sold at all. "

From 2021 to 2022, due to frequent defaults, the equity of many listed companies owned by Yao Zhenhua was judged by the judicial frozen, which includes Shang Shao shares held by Huali Tong Company.

On May 11, 2022, Shao Neng announced that the Shenzhen Municipal Intermediate People's Court intends to put a public auction on the Taobao judicial auction network platform on the Taobao judicial auction network platform.

On May 12, Shao Neng's shares closed at a price of 4.86 yuan/share.

114% of the premium Shenzhen Fangfu A competition was successful

"Yao Zhenhua's capital chain is broken. After the debt is entangled, he has become Shao Neng's 'negative assets'. If you can use judicial auctions to change a largest shareholder, it will bring new hope to investors, so he announces it After his equity is to be auctioned, everyone is buying Shao Neng's shares. " An investor analyzes the reporter of the Economic Observation Network. Another informed person told the Economic Observer Network reporter that a large state -owned enterprise in Guangdong Province intends to enter Shao Neng Holdings and injects new assets. "For this reason, they have communicated with the board of directors of Shao Neng. "

However, from July 11th to 12th, 2022, when the reporter of the Economic Observation Network asked the Secretary of the State -owned Assets Corporation and the Board of Directors of the Guangdong Province, the employees of the two companies expressed their unknown employees.

On June 17, 2022, Shao Neng shares auctioned on the Taobao judicial auction network platform.

This 142 million shares were evaluated by 719 million yuan, and the starting price was 611 million yuan, which was about 4.3 yuan/share.当日有两个买家参与竞价，在经过318次竞价，316次延时后，竞买号G8083成功竞得，成交价为13.05亿元，折合每股约为9.2元，即相较于起拍价溢价As high as 114%.

That night, the identity of the successful competition was the announcement of Shenzhen Fangfu Industrial Co., Ltd.

On June 17, Shao Neng's stock price also stabilized from the morning, and suddenly rose the daily limit to the closing of 6.47 yuan/share in the afternoon.

"Another participating in the auction but failure is the original Guangdong -owned state -owned enterprise that he must get the must," told the reporter to the Economic Observation Network.

Who will take it again after abandoning the purchase?

The success of Shenzhen Fangfu's auction made the capital market surprised.

According to industrial and commercial information, Shenzhen Fangfu Company was established on December 28, 2021 with a registered capital of RMB 1 million. The only shareholder is Fangfu Group Co., Ltd. registered in Hong Kong.

Lu Jiawen, the legal representative, executive director and general manager of Shenzhen Fangfu Company, and Huang Zhiheng, the supervisor, did not have experience in other companies or localities.

Fangfu Group Co., Ltd. was also established on December 13, 2021. Its foreign investment and control enterprises have only Shenzhen Fangfu family.

"Shenzhen Fangfu is the 'care' found by Yao Zhenhua. Its purpose is to delay and even prevent the change of Shang Shao's largest shareholder. Before the auction, Shenzhen Fangfang did not have any contact with Shao Neng's board of directors and Communication, this is very abnormal, not in line with the practice of our industry. "A person who is close to Shao Neng shares told the Economic Observation Network reporter.

On July 12, 2022, the Secretary of the Board of Directors of Shao Neng also confirmed to the reporter of the Economic Observation Network that Shenzhen Fangfu Company did not contact Shao Neng's board of directors.

A reporter from the Economic Observation Network repeatedly contacted Yao Zhenhua's Public Relations of Baoneng Group to verify, but the other party never answered the phone call.

According to the "Bidding Announcement" disclosed by the Shenzhen Intermediate People's Court, after the auction is transaction, the buyer should pay the balance of the auction to the designated account within 10 working days. 1 day.

On July 5th, Shao Neng announced that after communicating with the Shenzhen Intermediate Court, it was confirmed that as of 14:30 that day, Shenzhen Fangfu Company has not delivered the remaining 1.245 billion yuan (deducting the previously paid 60 million yuan in margin).

On July 4th, the Baoan Bureau of the Shenzhen Market and Quality Supervision and Administration Commission also disclosed that it was unable to contact Shenzhen Fangfang's registered residence or operating venue.

The address of the registered registration of Shenzhen Fangfu Company is 1st floor of the A office building of Xinghong Science and Technology Park, Xinghong Science and Technology Park, No. 111, Fenghuanggang Community Reservoir Road, Xixiang Street, Baoan District, Shenzhen.

After Shenzhen Fangfang's actual "abandonment of purchase", Shao Neng's stock price has risen by 28.27%during the five trading days, and continuously rose daily limit on July 11 and July 12.

"Because the investor once again participated in the equity of Shao Neng's shares in the Guangdong -owned state -owned company, and re -ignited it, and there were rumors that once they joined the host, they would inject new assets." Observation network reporter said.

Will the Shenzhen Intermediate People's Court restart the judicial auction of Shao Neng's equity? On July 12, 2022, the Secretary Office of the Board of Directors of Shao Neng said to the reporter of the Economic Observation Network that there is no specific timetable at present.

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