(Source: Visual China)
On January 3, Weilong shares (603779. SH) issued an announcement on the results of changes in the shares of more than 5% of shareholders, saying that Yang Guangdi, the company's third largest shareholder, and persons acting in concert reduced their holdings of the company's shares by 2.91% through collective bidding transactions and block transactions. After the reduction, its shareholding changed from 9.32% to 6.41%.
Titanium media APP noticed that including Yang Guangdi, the former largest shareholder Shenzhen Shiqian, etc., the original major shareholders of Weilong shares are accelerating their withdrawal, but only Yang Guangdi and his concerted actions can be described as "accurate", and they can always "cash out" when the company's stock price is high. Behind the rise in stock prices that frequently deviate from fundamentals, it is indispensable to be fueled by floating capital.
Floating capital pushed up the stock price, and major shareholders accelerated their departure
According to the announcement, Yang Guangdi and his concerted actor Wuxi Tongda Import and Export Trade Co., Ltd. (hereinafter referred to as "Tongda Import and Export") reduced their holdings of Weilong shares by 0.95% and 1.96% respectively from June 15 to 16, 2023 and December 20 to 21, 2023, with price ranges of 12.58-13.27 yuan and 11.78-12.96 yuan respectively.
(Yang Guangdi and his concerted action reduction situation, source: Weilong shares announcement)
Coincidentally, the reductions of Yang Guangdi and Tongda Import and Export were both after the company's two rounds of market increases. On June 2, 2023, Weilong shares suddenly rose to a limit, and since then, it has started a round of vigorous rising market, and on June 19 of the same year, it once touched a new high of 14.46 yuan. On June 15 and 16, Tongda Import and Export reduced its holdings of 6.525 million shares through block trading, and the transaction price was almost the "mountaintop price" of the industry.
Coincidentally, on December 19, 2023, Weilong shares suddenly rose to the limit and pulled three daily limits in a row, although there were repeated in the next few days, they were all fluctuating at a high level, and the new high of the stage hit 13.55 yuan on December 22. Yang Guangdi once again "harvested" at a high level, and from December 20 to 21, he "accurately" reduced his holdings through centralized bidding at a price of 11.78-12.96 yuan.
（威龙股份日K线图，来源：wind）
Titanium media APP noticed that Weilong shares have a figure of capital behind the two markets. On June 6, 2023, the business department of Zhengzhou Shangdu Road of Huaan Securities and the business department of Pingdingshan Road of Huaan Securities bought 23.7544 million yuan and 9.3883 million yuan respectively, becoming the strongest promoters of the company's price limit on that day, and then sold them on June 8. On the same 6th, Guotai Junan headquarters and Huatai Securities headquarters also appeared on the buy list.
On June 8, the main buying force became the business department of Shengang Securities Shenzhen Shennan East Road, the business department of Industrial Securities Nanjing Lushan Road, etc., both of which "retreated" on June 12; on June 20, the well-known tourist capital seats Zheshang Securities Hangzhou Wuxing Road Business Department, Dongcai Securities Lhasa Unity First Business Department, and CITIC Securities Shanghai Liyang Road gathered on the Weilong shares buy list on the same day.
On December 20 and 21, 2023, Guotai Junan Headquarters and Huatai Securities Headquarters were once again on the list, especially Huatai Junan Headquarters.
In fact, Yang Guangdi is not the only shareholder who has accelerated the withdrawal of Weilong shares. On June 10 last year, Weilong Co., Ltd. announced that the company's shareholder China Railway Baoying Assets - Ping An Bank - China Railway Baoying - Runjin No. 1 Asset Management Plan completed the reduction of 1.6637 million shares, accounting for 0.5% of the company's total share capital.
The former largest shareholder of Weilong shares, Shenzhen Shiqian, reduced its holdings more frequently. In December 2022, Shenzhen Shiqian reduced its holdings of 4,415,400 shares of Weilong shares through centralized bidding transactions, and from May 15 to June 5, 2023, Shenzhen Shiqian once again reduced its holdings of 9,982,400 shares of Weilong shares through block trading and centralized bidding. So far, the shareholding ratio of Shenzhen Shiqian has further decreased to 16.97%.
During this period, Shenzhen Shiqian also transferred 26,619,900 shares of the company (accounting for 8% of the company's total share capital) to Hangzhou Phoenix at a price of 7.69 yuan per share, with a total consideration of 205 million yuan, a premium of about 18%. After the change in equity, Shenzhen Shiqian only holds 9.97% of the company's shares, ranking the second largest shareholder.
According to the company's announcements on December 6 and 8, 2023, Shenzhen Shiqian has changed to 5.97%.
Shareholder changes, market speculation expectations
It is worth noting that the accelerated departure of the original major shareholders of Weilong shares was at the critical moment when the company's major shareholders changed and the board of directors was about to expire.
At the end of October 2022, the company's second largest shareholder, Xincheng No. 1 Private Equity (100% controlled by Jimo State-owned Assets), transferred 62,571,880 shares (accounting for 18.80% of the company's total share capital) to Shandong Jiuhe Yuntou by agreement at a unit price of 7.69 yuan per share, totaling about 481 million yuan. The transfer of shares will be officially completed in May 2023, and Jiuhe Cloud Investment will officially become the largest shareholder of Weilong shares. Since then, the share price of Weilong shares has taken off many times, with a cumulative increase of more than 60% during the year.
On the one hand, after Jiuhe Yuntou, which has a background in Shandong state-owned assets, was promoted to the company's largest shareholder, it showed its purpose of further controlling the company. On May 18, 2023, Jiuhe Cloud Investment proposed to the board of directors of Weilong Co., Ltd. to convene the first extraordinary general meeting of shareholders in 2023.
At this meeting, most of the proposals submitted by Jiuhe Yuntou involved the company's personnel. These include the removal of Zhao Ziqi as a director nominated by the original shareholders, the removal of Zheng Linlin, the secretary of the board of directors, the nomination of Zhang Peng as a non-independent director of the fifth board of directors of the company, and the nomination of Bai Lu as the secretary of the board of directors. However, Zhao Ziqi and Zheng Linlin did not have any improper circumstances during their tenure, and these two proposals were immediately rejected by the board of directors. And the nomination of Zhang Peng and Bai Lu, as well as the proposal to convene an extraordinary general meeting of shareholders, did not receive the support of the board of directors.
In the eyes of the outside world, Jiuhe Yuntou's "proposal" is obviously "entrained". According to public information, Zhang Peng is the current financial director of Jiuhe Cloud Investment, and Bai Lu has worked for Shandong Xincheng Hengye Group, the sole investor of Xincheng No. 1 Private Equity, since June 2020.
The first confrontation between the old and new shareholders, Jiuhe Cloud Investment did not get the "sweetness", and this phenomenon also caused the Shanghai Stock Exchange to quickly issue a regulatory work letter to Weilong shareholders.
However, on June 2, Weilong announced that at the 12th meeting of the company's fifth board of directors, Jiuhe Yuntou nominated Zhang Peng, Zhu Qiuhong and Zhang Zhijing as candidates for non-independent directors of the company's sixth board of directors.
On the other hand, in addition to the controlling shareholder's local state-owned background, the market's expectation of Weilong shares also comes from the three new non-independent directors nominated by Jiuhe Yuntou, all of whom are from Shandong Aite Yunxiang Information Technology Co., Ltd. (hereinafter referred to as "Shandong Aite Yunxiang"). According to the official website of Shandong Aite Yunxiang, the company started in 2018 and is a leading high-tech enterprise in China with big data services, application cloud services, intelligent solutions and services.
It is reported that Shandong Aite Yunxiang is very powerful in the industry, and it has developed rapidly in recent years, and some projects such as the computing power center have been relatively large. And Yan Pengfei, the actual controller of Weilong shares, is the chairman of Shandong Aite Yunxiang.
Even though Weilong has publicly stated that the company's main business will still focus on wine production and sales, the market's conjecture about the company's introduction of the concept of computing power has not stopped.
It is worth mentioning that in the company's latest announcement, Jiuhe Cloud Investment pledged its 22.08 million unrestricted tradable A shares to Qingdao Qingyin Financial Leasing Co., Ltd.
The market believes that behind such frequent capital operations, there may be big moves brewing, and the guess is directly pointing to the company's restructuring. However, recently, Weilong shares replied to investors that the company will continue to focus on the production and sales of its main business and increase sales. On the eve of the Spring Festival, Weilong is carrying out wine sales activities and taking effective measures to deal with the current market environment of downgrading consumption levels.
By the way, on the last trading day of 2023, the share price of Weilong shares continued to fall, falling by 13.32% this week.
(This article was first published in the Titanium Media APP, by |.) Yang Huan)