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Layout of Automobile Industry Chain Taizhou State-owned Assets Plan to Enter Zhejiang Xiantong

日期: 2022-07-26
浏览次数: 0

On the evening of July 24th, Zhejiang Xiantong announced that Taizhou Financial Investment Group Co., Ltd. (hereinafter referred to as 'Taizhou Jintou') planned to acquire control of the company by transferring equity to lay out the automobile industry chain.

According to the announcement, Li Qifu, the actual controller and chairman of Zhejiang Xiantong, Jin Guiyun, the general manager, and Shao Xuejun, the deputy general manager, signed the Share Transfer Framework Agreement with Taizhou Jintou. 3 people plan to 'hand over' 78.75 million shares of listed companies (accounting for 29.09% of the total shares of listed companies at present) by means of agreement transfer and voting right waiver, thus transferring the control right of the company.

Limited by the requirement that the transfer ratio of Li Qifu, Jin Guiyun and Shao Xuejun should not exceed 25% of their total shares every 12 months, this transaction is planned to be conducted twice by means of share transfer and waiver of voting rights.

In the first transaction, Li Qifu, Jin Guiyun and Shao Xuejun intend to transfer their 25% shares (45 million shares, corresponding to 16.62% of the shares of listed companies) to Taizhou Jintou or a third party designated by Taizhou Jintou. The transfer price is planned to be 17.5 yuan/share. In the second transaction, Li Qifu, Jin Guiyun and Shao Xuejun intend to transfer their 25% shares (33.75 million shares, corresponding to 12.47% of the company's shares) to Taizhou Jintou or a third party designated by Taizhou Jintou. The transfer price shall not be lower than the lower limit of the block trading price of the shares of the listed company on the signing date of the transfer agreement.

In order to ensure the stability of the control right of Taizhou Jintou, Li Qifu promised to reduce his holdings within 18 months after the completion of the first transaction transfer (after the completion of the second transaction transfer); If the first transaction transfer is not completed in 2022, the aforementioned commitment period of reduction will be extended by 6 months.) Zhejiang Xiantong will be reduced, and the number of shares to be reduced will be 14,377,500, corresponding to 5.31% of the shares of listed companies.

In addition, Li Qifu also explained the waiver of voting rights, and agreed to waive the voting rights of 67.68 million shares of Zhejiang Xiantong (corresponding to 25% of the shares of listed companies) held by him from the completion date of the first transaction transfer. If Li Qifu completes the commitment of share transfer and reduction on schedule, his voting rights will be restored in time.

All transactions were successfully completed, and finally Taizhou Jintou will hold 78.75 million shares of Zhejiang Xiantong (holding 29.09%), Li Qifu will hold 57.51 million shares of listed companies (holding 21.24%), and the controlling shareholder and actual controller of the company will be changed to Taizhou Jintou.

Zhejiang Xiantong is one of the major automobile sealing strips manufacturers in China, and its main products include rubber sealing strips and plastic sealing strips. In 2021, the company achieved operating income of 787 million yuan, a year-on-year increase of 27.40%; Realized a net profit of 142 million yuan, a year-on-year increase of 33.10%. In the first quarter of 2022, the company realized operating income of 222 million yuan, a year-on-year increase of 12.04%; Realized a net profit of 36.1445 million yuan, a year-on-year decrease of 26.09%.

Tianyanchao shows that Taizhou Jintou was established in 2014, and it is 100% owned by Taizhou State-owned Capital Operation Group Co., Ltd., and the actual controller is Taizhou SASAC. Taizhou Jintou's business scope includes financial equity investment, government equity investment fund management, asset management and industrial investment.


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