Recently, a reporter from "Daily Economic News" learned from Ali Auction that 42.53 million shares of Dongxing Securities (SH601198, stock price of 8.56 yuan, market value of 27.67 billion yuan) held by "a certain company" will be auctioned on July 29. The starting price is 8.67 yuan per share, with a starting price of 369 million yuan.
The reporter learned that the aforesaid "a certain company" is the seventh largest shareholder of Dongxing Securities, Fujian Xinlian.As of the end of the first quarter of 2022, Fujian Xinlian 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 reason for the auction of the shares held, the reporter learned from a judgment that it may be related to the joint liability guarantee provided by Fujian Xinlian for the creditor's rights of other companies.
It is worth mentioning that Fujian Xinlian obtained 42.5306 million shares of Dongxing Securities through a fixed increase in October 2016, at a fixed price of 18.81 yuan per share, costing nearly 800 million yuan.However, now the closing price of Dongxing Securities has shrunk by more than half compared with the issue price of the fixed increase (post-resumption).
The starting price is 8.67 yuan / share
The "Daily Economic News" reporter was informed that the Intermediate People's Court of Fuzhou City, Fujian Province will be held at the Intermediate People's Court of Fuzhou City, Fujian Province from 10:00 on July 29, 2022 to 10:00 on July 30, 2022 (except for delays). 42.53 million shares of Dongxing Securities were auctioned on the Taobao judicial auction network platform.
According to the judicial auction announcement, the above-mentioned auctioned shares are tradable shares with unrestricted conditions, and the shares have been pledged to China Everbright Bank Co., Ltd. Fuzhou Branch (hereinafter referred to as China Everbright Bank Fuzhou Branch).
In addition, the starting price of the online judicial auction for 42.53 million shares of Dongxing Securities is “the average closing price of the 20 trading days before the announcement date of June 27, 2022 (inclusive) (ie MA20=8.67 yuan) * total The number of shares is 42.53 million shares” as the starting price, which is about 369 million yuan.The auction deposit is 38 million yuan, and the price increase is 1.9 million yuan.The closing price of Dongxing Securities on July 7 was 8.56 yuan. It is not difficult to see that the current secondary market price is slightly lower than the starting price of the judicial auction.
Although the announcement did not reveal who the owner of the lot was, the reporter found from the first quarter report of Dongxing Securities in 2022 that among the top ten shareholders of Dongxing Securities, only the seventh largest shareholder Fujian New United Investment Co., Ltd. (hereinafter referred to as Fujian New United) took place in the equity pledge.As of the end of the first quarter of 2022, Fujian Xinlian held 42.5306 million shares of Dongxing Securities, with a shareholding ratio of 1.32%, of which 42.53 million shares were pledged.
Regarding Fujian Xinlian's holding of Dongxing Securities' equity, it should be traced back to October 2016. Dongxing Securities non-publicly issued 254 million shares to four companies, Shandong Expressway, CITIC Securities, Tianbao Mining and Fujian Xinlian, at a price of 18.81 yuan per share. The raised funds amounted to 4.777 billion yuan, of which Fujian Xinlian was allocated 42.5306 million shares, costing about 800 million yuan.
It can be found from Dongxing Securities' first quarterly report in 2022 that Fujian Xinlian has not reduced its holdings since it was allocated.However, during the holding period, the performance of Dongxing Securities stock price was not satisfactory. From October 17, 2017, after the aforementioned fixed increase shares were listed for circulation to July 7 (post-resumption), Dongxing Securities stock price fell by more than 48%.In addition, Wind data shows that the closing price of Dongxing Securities on July 7 has shrunk by nearly 52% compared with the issue price of the fixed increase (post-resumption).Therefore, even based on the starting price of 8.67 yuan, the total price of all 42.5306 million shares held by Fujian Xinlian is less than 370 million yuan.
The announcement did not disclose the reason for the auction
Although the reason for the auction was not disclosed in the announcement of this online judicial auction, the reporter learned through inquiry that this may be related to the joint liability guarantee provided by Fujian Xinlian for the creditor's rights of other companies.
According to a judgment disclosed by China Judgment Documents Network in June 2022, in October 2019, China Everbright Bank Fuzhou Branch signed a Comprehensive Credit Agreement with Fujian Liujian Group Co., Ltd. (hereinafter referred to as Liujian Group), stipulating that the former is the latter Provide a maximum credit line of RMB 1.21 billion.In the same month, four companies and individuals, including Fujian Xinlian, and China Everbright Bank Fuzhou Branch respectively signed the aforementioned "Comprehensive Credit Agreement" to provide joint and several liability guarantees.
It is reported that on October 14, 2019, Fujian Xinlian held a shareholders' meeting and agreed to apply for a comprehensive credit line of RMB 1.21 billion for Liujian Group and its subsidiaries at the Fuzhou Branch of China Everbright Bank, and the borrower, with the approval of China Everbright Bank, made a third-party settlement agreement. A joint liability guarantee is provided for the debts arising from the sub-authorization of the credit line, and the guarantee amount is 1.21 billion yuan.In addition, it also agreed to provide guarantee for Liujian Group and pledge the 42.53 million shares of Dongxing Securities legally held by the company to the Fuzhou Branch of China Everbright Bank.
According to the above-mentioned "Comprehensive Credit Agreement", China Everbright Bank Fuzhou Branch signed 13 "Working Capital Loan Contracts" with Liujian Group, totaling 727 million yuan, and the former issued loans to the latter according to the agreement.However, Liujian Group failed to repay the loan principal as agreed. As of June 21, 2021 (excluding the day), Liujian Group still owed Everbright Bank Fuzhou Branch the loan principal of 727 million yuan.As a result, China Everbright Bank Fuzhou Branch filed a lawsuit against the aforementioned Liujian Group and Fujian Xinlian.
According to the first-instance judgment of the Fuzhou Intermediate People's Court, Liujian Group should repay the loan principal of Fuzhou Branch of China Everbright Bank of 727 million yuan and the corresponding interest, compound interest and penalty interest.Fujian Xinlian and other 4 companies and individuals shall be jointly and severally liable for the judgment of the aforesaid debts within the scope of the relevant guarantees signed by them.At the same time, China Everbright Bank Fuzhou Branch has the right to provide the pledge provided by Fujian Xinlian, that is, the 42.53 million shares of Dongxing Securities held by Fujian Xinlian at a discount or the debt determined by the judgment with the proceeds from the auction or sale, within the agreed guarantee. Priority compensation within the scope.
Every reporter Chen Chen every editor Xiao Ruidong
(Editor in charge: Jiang Ninglu)
