Glory Sun Financial: Hongxing Laihua Hotel and its ultimate beneficial owner are independent third parties

Opinion Network News: On January 20, Baoxin Financial Group Co., Ltd. issued a supplementary announcement saying that it was regarded as the sale of equity in Shenzhen Bangkai.

After reading the announcement, Baoxin Financial said that Hongxing Laihua Hotel was ultimately owned by Luo Xuzhong and four individuals, respectively, about 98.36% and 1.64%, all of whom were independent third parties. According to the deep understanding, full knowledge and certainty of the directors of Glory Sun Financial after making all reasonable enquiries, Hongxing Laihua Hotel and its ultimate beneficial owners are independent third parties.

After combing, the shareholders of Shenzhen Hongxing Laihua Hotel Co., Ltd. include Shenzhen Hefeng Sports Culture Co., Ltd., Shenzhen Shengbang Enterprise Management Co., Ltd., Zhan Dunjie, Chen Guoshui and Zou Danqi. Shenzhen Hefeng Sports Culture Co., Ltd. is 100% owned by Luo Xuzhong as the legal representative, and Shenzhen Shengbang Enterprise Management Co., Ltd. is legally represented by Qiao Yuanshan, which is jointly held by Qiao Yuanshan and Shenzhen Hefeng Sports Culture Co., Ltd.

Previously, on 14 January 2022, Shenzhen Bangkai (an indirect non-wholly-owned subsidiary of the Company) entered into two separate capital injection agreements with Baokai Industry (an indirect wholly-owned subsidiary of the Company) and Hongxing Laihua Hotel respectively, while the equity of Shenzhen Bangkai indirectly held by Baoxin Financial will be diluted from 75.5% to 54.91% after the completion of the capital injection agreement. Pursuant to the capital injection agreement, Baokai Industrial and Hongxing Laihua Hotel shall subscribe for 280 million subscription shares and 500 million subscription shares respectively at a price of RMB1 per subscription share, while Shenzhen Bangkai shall issue the above shares respectively, which are equivalent to approximately 18.66% and 33.33% of all issued Bangkai shares after the expansion of the subscription shares.

Upon completion, the total registered share capital of Shenzhen Bangkai will increase from RMB720 million to RMB1.5 billion, and will be held by Baokai Industrial to approximately 30.91% and Hongxing Laihua Hotel by approximately 37.56%. Therefore, Baokai Industry and Hongxing Laihua Hotel injected a total of 780 million yuan into Shenzhen Bangkai.

It is reported that Shenzhen Bangkai holds a property project called the Baoxin Science and Technology Park project located in the Guangming New Area of Shenzhen, China. The conclusion of the capital injection agreement will allow Shenzhen Bangkai to have additional funds to improve liquidity to repay part of the outstanding bank loans and allocate funds for the final stages of the construction of the Baoxin Science and Technology Park project, while diversifying the risks of the Group's development of the project.

This article originated from the viewpoint real estate network