"Private equity brother" Xu Xiang reappeared in the jianghu.
In the face of the asset acquisition plan thrown by Wenfeng shares, late at night on November 18, Xu Xiang clearly stated: "Resolutely oppose." This is the first time that Xu Xiang has spoken out in four months since he was released from prison in July this year.
At present, Xu Xiang's mother, Zheng Suzhen, directly holds 275 million shares of Wenfeng shares, ranking the second largest shareholder of the company. Therefore, the market listed Wenfeng shares as one of Xuxiang's concept stocks.
In the past period, Xu Xiang was unusually low-key, until today, in order to protect his own interests, he finally broke the silence.
However, Xu Xiang, who has regained his footing in the public eye, seems to have much more to "defend".
Xu Xiang, the former private equity brother, is known as the chief helmsman of the "Ningbo Stop Board Death Squad". Many years ago, 30,000 yuan of stock speculation was speculated to 20 billion yuan. In 2015, Xu Xiang was taken away at the Hangzhou Bay Cross-Sea Bridge on suspicion of manipulating the securities market.
(Hangzhou Bay Cross-Sea Bridge)
In July 2021, Xu Xiang, who had lost his freedom for six years, walked out of Qingdao prison.
In the four months since his release from prison, Xu Xiang has not moved. Until now, wenfeng shares have been forced to take the stage again.
Wenfeng Co., Ltd., founded in September 1995, the scope of business includes department stores, supermarkets, electrical appliances sales, etc. Xu Xiang's mother, Zheng Suzhen, is the second largest shareholder of Wenfeng Shares, directly holding 275 million shares, accounting for 14.88% of the total share capital. On the evening of November 18, Wenfeng issued an asset acquisition plan.
In this acquisition plan, Jiangsu Wenfeng Automobile Chain Development Co., Ltd. (hereinafter referred to as "Wenfeng Automobile"), a wholly-owned subsidiary of Wenfeng Co., Ltd., intends to acquire 100% of the equity of the four target companies for 538 million yuan. The four target companies are Nantong Wenfeng Weiheng Automobile, Nantong Hengrenxing Automobile, Qidong Wenfeng Hang Lung Automobile and Xuzhou Wenfeng Weijie Automobile.
Although the proposed acquisition price is as high as 538 million yuan, only one of the four companies has a positive net profit of 18.3369 million yuan, and the other three have negative profits, namely -1.0677 million yuan, -2.8247 million yuan and -2.9532 million yuan.
In addition, in the "Profit Forecast Compensation Agreement" signed by the two parties, the seller's promised performance was negative. For example, during the performance commitment period (2021-2023), the net profit achieved by Hang Lung Automobile was not less than -3.8781 million yuan, -1.7448 million yuan and -1.5848 million yuan, respectively.
Doubts abounded, and Xu Xiang also stood up, "The valuation of the target assets is too high, the quality is flat, and the major shareholders of Wenfeng shares are suspected of hollowing out the interests of listed companies." Firmly oppose the acquisition plan. In this regard, Xu Xiang told the city that Xu believes that it is harmful to the interests of other shareholders and will vote against it.
Regarding the hollowing out of the company's interests, PG China chief economist Bai Wenxi explained to the market that "through a large number of related party transactions and insider trading, insider transactions, the company's valuable assets and businesses are transferred to stakeholders, resulting in the company losing the resource support it needs for sustainable development." ”
For this acquisition, the Shanghai Stock Exchange also issued an inquiry letter overnight. Among them, the Shanghai Stock Exchange requires Wenfeng to supplement the disclosure of the profit distribution of Weiheng Automobile and Hengren Xing Automobile in the past 3 years, the source of funds for profit distribution in 2021, and whether there is a situation in which liabilities are suddenly distributed to the controlling shareholder.
In addition, the total transaction price is 538 million yuan, while Wenfeng shares' third quarter report in 2021 shows that the balance of monetary funds is 894 million yuan. Whether this cash acquisition will cause greater financial pressure on the company's daily operations.
Under the inquiry of Xu Xiang and the Shanghai Stock Exchange, the staff of the Secretary Office of the Board of Directors of Wenfeng Co., Ltd. responded that if Xu Xiang voted against it, the shareholders' meeting may not be able to proceed, and the company will also respond to the inquiry letter of the Shanghai Stock Exchange as soon as possible.
On November 19, Wenfeng Holdings opened 6% higher in early trading, and then the stock price fell back, and finally closed up 3%.
In the past, every movement of Xu Xiang could cause the restlessness of Xu Xiang's concept stocks. Stimulated by the news that Xu Xiang is about to be released from prison, on March 19, 2021, Xu Xiang's concept stocks Ningbo Zhongbai and Daheng Technology once rose and fell. In June, these concept stocks rose collectively. Among them, Ningbo Zhongbai rose more than 20% in one month.
On July 6, as the day of Xu Xiang's release from prison approached, Xu Xiang's concept stocks once again changed collectively, this time ushering in a drop stop. Ningbo Zhongbai and Daheng Technology both fell to a halt, and Kangqiang Electronics and Wenfeng shares fell by more than 3%.
This time, Xu Xiang's concept stock was quite calm. As of the close of trading on November 19, Ningbo Zhongbai was up 1.09%; Daheng Technology was up 2.41%; and Huali Family was up 0.64%.
PG China chief economist Bai Wenxi told the market that Xu Xiang has regained his freedom, and xu xiang's concept stock has been exhausted, so there will be a phenomenon of stock price rise. But because Xu Xiang is a person who restricts the behavior of the capital market, his ability to intervene in Xu Xiang's concept stocks has declined.
But for Xu Xiang, the action to "defend" Xu Xiang's concept stock began many years ago. In 2015, with Xu Xiang's imprisonment and Zexi's collapse, some of his old subordinates did not "fly separately in the face of great trouble". Some of his old subordinates followed the Xu Xiang family and worked in public companies controlled by Xu Bailiang (Xu Xiang's father) and Zheng Suzhen (Xu Xiang's mother). Xu Bailiang is the actual controller of Ningbo Zhongbai, and Zheng Suzhen is the actual controller of Daheng Technology.
Some of Zexi's "Eight King Kongs" hold important positions in Ningbo Zhongbai or Daheng Technology. For example, Zhao Yibo serves as a director in Ningbo Zhongbai, Zhao Xiufang serves as an independent director, and Lu Yongzhi serves as the chairman of Daheng Technology. "The directors of the company are all recommended by the Xu Xiang family, and their team cohesion is very good." A person close to Daheng Technology once told the city.
From the current point of view, there are three real Xuxiang concept stocks, namely Daheng Technology, Ningbo Zhongbai, where the Xuxiang family is the largest shareholder, and Wenfeng shares, which is the second largest shareholder.
Xu Xiang's release from prison seems to have changed little to these companies. "The company's operation is business as usual, and I haven't seen Xu Xiang's parents come to the company." The stake held by the Xu Xiang family is still frozen. Daheng Technology and Ningbo Zhongbai related people told the city that the frozen equity still has an impact on the company's financing.
Through the overall performance, among the three companies, Ningbo Zhongbai's performance is acceptable. According to the third quarter report of 2021, its main revenue was 646 million yuan, up 16.86% year-on-year; the net profit attributable to the mother was 30.8818 million yuan, up 77.8% year-on-year. However, Ningbo Zhongbai also has its own troubles.
In 2013, Gong Dongsheng, then chairman and general manager, illegally guaranteed a contract payment of 946.5 million yuan, resulting in Ningbo Zhongbai needing to bear joint and several liquidation liability of 527 million yuan, and the amount involved exceeded the affordable range of Ningbo Zhongbai, bringing great trouble to the already fragile Ningbo Zhongbai. Today, "Ningbo Zhongbai penalties have been issued, and shareholder claims are still in progress." Ningbo Zhongbai relevant people told the city boundary.
In the long run, the performance of Daheng Technology is slightly mediocre. According to the third quarter report of 2021, the main revenue of Daheng Technology was 1.757 billion yuan, up 18.04% year-on-year; the net profit attributable to the mother was 46.2873 million yuan, up 208.35% year-on-year. Nevertheless, in the 21 years since its listing, Daheng Technology has gone from 1.1 billion yuan in revenue and 33 million net profits in 2000 to 2.32 billion yuan in revenue and 57.22 million net profits in 2020. It can be described as low growth, and even the inflation rate has not outperformed.
Xu Xiang told the city that in these four months, Xu Xiang was resting, and as for the frozen equity, "we belong to the passive side, and what we can do is to actively cooperate." ”
In addition to defending Xu Xiang's concept stock, Xu Xiang also faces an unresolved divorce case.
On the night of the 2019 Qixi Festival, Ying Ying spoke out on social media: The sky is on, I want a divorce. 20 days later, the A-share century divorce case was heard in Qingdao Prison, and Ying Ying's main demands were two: the dissolution of the marriage relationship and the support of children.
At that time, many people questioned that Ying Ying's divorce was a "technical divorce" in order to divide the property and preserve the salary. With the passage of time, since the divorce lawsuit was filed that year, the divorce case between Xu Xiang and his wife Ying Ying has approached the third year. The disputed divorce case is still not over.
On November 19, Ying Ying told the city that there had been no progress in the divorce case since the second half of 2020. At present, she still regularly receives text messages from the court in charge of the case, extending the trial period by three months. It has been postponed for three months, and it has been many times.
"Each time the trial period expires, it is extended for three months. The reason given was that the trial period was extended in accordance with the provisions of Article 149 of the Civil Procedure Law. Ying Ying said.
Some people once believed that Xu Xiang's release from prison would be a key node in Xu Xiang's divorce case. Because Xu Xiang is more aware of the legality of assets and may come up with legal evidence. However, Xu Xiang has been out of prison for four months, and the divorce case is still at an impasse. "The evidence submitted has been submitted and my assets are good to identify. I have only two demands: one divorce and two child custody. Ying Ying stressed to the city again.
Lawyer Hu Peng of Beijing Yingke (Shanghai) Law Firm told the municipal boundary that according to the Civil Procedure Law, the trial period of civil cases needs to be extended under special circumstances, and it can be extended for six months (limited to one time) with the approval of the president of this court. Where an extension is still required, it may be extended with the approval of the higher court, and the limit on the number of extensions is not clearly stipulated.
However, "from the logic of the case, I personally feel that the divorce case itself is debatable because it does not mention the division of property, and the need to postpone the trial is debatable, and it may be necessary to wait for the results of property screening from the perspective of the court." Hu Peng said.
Other insiders believe that it is difficult to identify the property situation. First, according to the previous information, before the judgment of Xu Xiang's case, there were many sources of funds frozen and withheld, including personal accounts, trust companies and personal securities accounts, and the sources of funds were complex. Second, it may be that Xu Xiang's personal legal property is not enough to pay the fine.
In July this year, at the time of Xu Xiang's release from prison, the city boundary contacted the Qingdao Intermediate Court, "If there is a lot of property involved, the property screening time is long, and this does not clearly stipulate how much time." A staff member of the Qingdao Intermediate Court told the city boundary. Xu Xiang told the city that all we can do is to actively cooperate, "but the case has been five years, and there should always be a conclusion." ”
Up to now, for Xu Xiang, who has returned, when the once disconnected gear of fate can be connected again and start a new story is still a headache for him.
(Except for the separately marked source, the above picture is from Visual China)
(Author |.) Tao Ting, Editor | Han Zhongqiang)