36,000 shareholders want to cry without tears! The controlling shareholder suddenly filed for bankruptcy, the company’s share price fell 95% or had to be delisted

Original headline: 36,000 shareholders want to cry without tears! The controlling shareholder suddenly filed for bankruptcy, the actual controller was reduced from rich man to old man, and the company’s stock price fell 95%, or faced delisting

Summary

[36.000 azionisti vogliono piangere senza lacrime! L’azionista di controllo ha improvvisamente annunciato che il prezzo delle azioni della società è crollato del 95% o ha affrontato il delisting]Deep in the debt crisis and the suspension of trading for nearly 7 months, * ST Opal issued an announcement on the evening of November 20 that it could not pay off its debts and had insufficient resources. In order to pay off all debts, there is no no possibility of reorganization or resolution, the controlling shareholder of the company Foshan Zhongji Investment Co., Ltd. (hereinafter referred to as Zhongji Investment) has been declared bankrupt by the court. This means that the actual control of * ST Opal may change.

Deep in the debt crisis,SuspensionFor the past 7 months*STOPReleased on the evening of November 20thadHe stated that there is no possibility of reorganization or reconciliation due to the inability to pay off the debts due and that the assets are not enough to pay off all the debts,the companyHoldingshareholderFoshan Zhongji Investment Co., Ltd. (hereinafter referred to as Zhongji Investment) was declared bankrupt by the court. this means,*STOPEffective controlPower or change.

It is worth noting that Chen Lihao, the actual controller of Zhongji Investment, has repeatedly appeared on the Hurun Report. The Chen Lihao family ranked 13th on the Foshan rich list with a net worth of 7.1 billion yuan in 2018. However, in recent years, they have been reduced to a dishonest executor. In May of this year, Chen Lihao was also investigated by the Securities Regulatory Commission for suspected violation of securities laws and regulations.

In addition, ST OP’s existing litigation and arbitration cases result in a total amount ofRMB3 billion yuan, equity, real estate,landAnd other core assets are also frozen, the main assets are in danger of being auctioned and the company is also in danger of closing the listing.

　　*STOPThe controlling shareholder declares bankruptcy

On the evening of November 20, * ST OP announced that the company recently received the “civil judgment” from the Shunde District People’s Court of Foshan City, Guangdong Province, from the manager of controlling shareholder Foshan Zhongji Investment Co. , Ltd.

The “civil ruling” stated that: Foshan Zhongji Investment Co., Ltd. cannot pay off its outstanding debts, and its assets are not sufficient to pay off all debts, there is no possibility of reorganization or reconciliation and it meets the conditions for declaring bankruptcy. RepublicenterprisePursuant to Article 2 of the Bankruptcy Law and the first paragraph of Article 107, the ruling is as follows: Foshan Zhongji Investment Co., Ltd. will be declared bankrupt.

　　Once the 100 yuan shares fell into a debt crisis

Public information shows that * ST OP is a smart logistics, integrated e-commerce platform andsupply chainFinance is an integrated service provider, with business scope involved in the steel, finance and other industries.The company was a leading third party steel logistics company in China, owned and controlledWarehouseThe maximum capacity reached 2.7 million tons, and the annual processing capacity reached 3.4 million tons at the peak.

In 2014, * ST OPP was once favored by investors after it was listed on the SME board of the Shenzhen Stock Exchange.In June 2015, it was praised by investors as a 100 yuan share, with a market value of 18.7 billion yuan.。

In 2018 * ST Oppo found that the microloan business was reducing cash flow and fell into a debt crisis.

The financial report shows that in the first half of 2018, the company’s operating activitiesmovable propertyStudent net cash flow was -56 million yuan, mainly due toWholly owned subsidiaryOupu’s small loan funds are withdrawn from circulation and other influences.

Additionally, according to Times Weekly, * ST Oppo’s land and properties with a book value of 230 million yuan were seized and severalbankThe account was forced to deduct and freeze. With the addition of 1.341 billion yuan of illegal warranties, ST OPP’s business activities are in trouble, storage and processing activities have been curtailed and trading activities are essentially stagnant.

At the end of 2018, Zhongji Investment planned to hold all voting rights, convening rights, nominating and proposing rights, participation rights, supervisory and suggestion rights, and ownership rights with the exception of income and for the transfer of shares corresponding to 316 million shares of listed companies. Rights other than rights are irrevocably entrusted to Guangzhou Bohui Investment Co., Ltd. (Bohui Investment) and Guangdong Shunkong Urban Investment Real Estate Co., Ltd. (Shunkong Urban Investment) for exercise.

Behind Bohui Investment is the well-known Cedar Holdings, and the actual controller of Shunkong City Investment is the State Asset Supervision and Administration Commission of Shunde District, Foshan City. The transaction failed because it did not pass the approval of Zhongji Investment’s board of directors and shareholders.

On April 24, 2019, due to large assurances of breach and corporate stagnation that triggered more risk warnings, * ST Opus was put on a hat; on September 10 of the same year, Zhongji Investment was sent to Shunde District, Foshan City due to insolvency. The people’s court asked for the liquidation of the bankruptcy.

Furthermore, in November 2018, the “16 Zhongji E1” announced that since Zhongji Investment has practically lost its normal financing function, the current capital rotation is difficult and liquidity is scarce. At the end of November 28, 2018, he did not fully pay “16 Zhongji E1” as agreedBondThe interest and principal amounted to approximately 160 million yuan, which was a breach of the contract. In December of the same year, “16 Zhongji E2” also violated the contract.

It is worth mentioning that the current 501 million shares of * ST Opal held by Zhongji InvestmentCommitmentThe rate reaches 99.9989%, all judicially frozen. The cumulative number of shares held by Zhongji Investment waiting to be frozen is 8.78 billion shares, far exceeding its holdings. On November 16 this year, the listed company announced that all of the company’s shares held by China Foundation Investment will be auctioned in early December.

The financial report shows that as of the third quarter of 2020 * ST OP achieved a turnover of 446 million yuan.YoYAn increase of 222.32%, attributable to shareholders of listed companiesNet profit-31.33 million yuan, down 65.21% year on year. At the end of the reporting period, the company’s total assets were 735 million yuan, an increase of 9.6% from the end of the previous year. Attributable to shareholders of listed companiesNet assets-2.504 billion yuan, down 1.27% from the end of the previous year. Since 30 April * ST Oppo has been suspended and its listing will be suspended from 15 May. As of November 20, the company’s share price remained at 0.77 yuan per share as of the close of April 29.

　　Listed companyEffective controlOr change

* ST Opus’ largest shareholder is Foshan Zhongji Investment Co., Ltd., with a 47.43% stake, the actual controller is the Chen Lihao family, with a 21.18% stake.

On November 16 of this year, * ST OP issued a reminder notice that all of the company’s controlling shareholder shares will be auctioned, stating that the number of shares auctioned this time is 500,855. 934 shares, equal to 100% of the number of shares held. Investors are advised to be aware of the related risks.

At the same time, considering the opening of the judicial auction, the transferee of this auction is uncertain. After completion of the auction process, the controlling shareholder of the company and the actual controller are expected to change. Ownership of effective control of the company will be determined by the outcome of the auction.

　　The actual controller has been reduced from “Hurun Rich List” to Lao Lai

Chen Lihao was also a man of the world. According to related reports, he started getting involved in the steel industry at the age of 25 and later founded five steel companies including Nanda Steel Pipe Industrial Co., Ltd., Shungang Flat Slitting Co., Ltd., Pujin Steel Trading Co., Ltd. and Guangdong Oupu Steel Logistics Co., Ltd., which is worthy of the name. “The king of steel”. In 2014 * ST Oppo, controlled by Chen Lihao, was listed on the SME board of the Shenzhen Stock Exchange. The company’s share price once jumped to 100 yuan and its market value was close to 18 billion yuan. Rely onloan* The listing of ST Opus, Chen Lihao’s net worth has skyrocketed. The Chen Lihao family appeared in the 2015, 2016 and 2017 Hurun report. In 2017, the Chen Lihao family ranked 563 in the Hurun report with a net worth of 7.1 billion yuan.

Unfortunately, Chen Lihao was flagged as dishonest for failing to implement related arbitration obligations and violating the property reporting system. In May of this year, Chen Lihao was investigated by the Securities Regulatory Commission for suspected violation of securities laws and regulations.

　　Share price plummeted by more than 95%, * ST OPP could be delisted and 36,000 shareholders are covered

Data show that as of the first quarter of this year, * ST OPTo share36,000 shareholders.

* ST OP was listed in 2014 and releasedprice18.29 yuan / share, with a market value of nearly 4 billion yuan on the first day of listing. In 2015, the share price once reached 125.55 yuan, with a market value of 17.821 billion yuan. The share price dropped below 2 yuan in May 2019 and has hovered around 1 yuan since then.

Since the beginning of this year, the share price has fluctuated downward, as of April 30, the share price has been below 1 yuan for 10 consecutive trading days and the market value is only 813 million yuan. Compared to the all-time high, the market value has dropped by more than 95%.

* ST OP has currently been suspended from the market and could possibly be revoked.

(Source: Economic Daily News)

(Responsible Director: DF527)