The assets bought by a listed company for 900 million yuan are sold for 1 yuan! A real movie can't be played like this! The key object of the sale is still a related party, is this regarded as stealing the company's assets? Is it regarded as the transfer of interests? It is just that the vast number of small and medium-sized shareholders are pitiful and are being played around by the company's rulers.
Recently, Zhidu Co., Ltd., a listed company with a market value of more than 10 billion yuan in A-shares, announced that the company intends to sign an equity transfer agreement with Ruitai Zhonghe Technology Co., Ltd. in Beijing, and transfer Shanghai Falcon Network Co., Ltd., which is 100% owned by the company, to Ruitai Zhonghe Company at a price of 1 yuan. After this announcement came out, shareholders fryed. Here are a few points worth paying attention to.
First, buy high and sell low. This Shanghai Falcon Company was bought by Zhidu for 868 million yuan or nearly 900 million yuan a few years ago. As a result, it is now sold for 1 dollar. It's hard to figure out. Selling like this is equivalent to all the 900 million being lost. 900 million, it's not a small amount of money, and it will be sold for 1 yuan. This loss is the company's. But behind the company are the majority of small and medium-sized shareholders. As of September 30, 2023, the total number of shareholders publicized by Zhidu shares has reached 84,000. That means each shareholder lost $10,000.
Second, Zhidu shares have no actual controller. According to the company's share capital structure, the company's largest shareholder is Beijing Zhidu Depu Equity Investment Center (Limited Partnership), with 209 million shares and a shareholding ratio of 16.37%. The second largest shareholder is Zhidu Group Co., Ltd., with a shareholding ratio of 6.51%. The third largest shareholder is Lhasa Economic and Technological Development Zone Zhiheng Consulting Co., Ltd., with a stake of 1.74%. The others are small shareholders who hold about 1% of the shares. This means that there is no single major shareholder of the listed company Zhidu shares, and there is no actual controller. That means that the company is a purely market-oriented company in principle, and it is controlled by professional managers, which is the best business model.
But what is actually interesting is that the company's largest shareholder, Beijing Zhidu Depu Equity Investment Center (Limited Partnership), is the executive partner of Zhidu Group Co., Ltd. It means that the main manager of this limited partnership is this Zhidu Group Co., Ltd. In addition, the second largest shareholder of Zhidu shares is Zhidu Group Co., Ltd., with a shareholding ratio of 6.51%. That means that the main decision-making and operation management of this listed company Zhidu shares is managed by the people of Zhidu Group. It's not a state of actual controller. Nominally, there is no actual controller, but in fact, someone is deciding the direction of the company.
Third, the object of buying high and selling low is the company's former independent directors. The object of the asset sale of Zhidu shares is Beijing Ruitai Zhonghe Company, which was only established in 2022. The company's shareholding structure is 58% owned by Duan Donghui and 42% held by Qin Junhong. Duan Donghui, the major shareholder, served as an independent director of Zhidu from January 2015 to February 2021. At this time, Zhidu shares sold the assets bought by 900 million yuan to the former independent directors for 1 yuan, which is considered a related party transaction? Fourth, the assets sold have shown signs of profitability. Although the company's announcement to sell Shanghai Falcon for 1 yuan is to throw off the burden, because according to the company's disclosed statements, Shanghai Falcon's net assets are negative 144 million. On the surface, it's fine. But in fact, Shanghai Falcon has already begun to generate a profit of 7.7 million from January to September 2023. This means that the Shanghai Falcon is about to start turning a profit. At this time, the company is in a hurry to sell it for 1 yuan, is it boring?