Hongbo shares, which used to be "10 baggers", are facing the biggest challenge after the cross-border computing business, and Zhou Weiwei, CEO of InBev Digital, a wholly-owned subsidiary, was suddenly dismissed, and investors are highly concerned about the trend of the incident and its subsequent impact.
Previously reported: Suddenly! Computing power bull stocks, internal disputes escalate!
"Channel suppliers, partners, and customers are already very worried that if they propose to terminate the agreement, it is unlikely that they will be able to reach a new cooperation in the current environment. Zhou Weiwei told the reporter of Securities Times E Company, "I have lost the platform of InBev Digital, and I have returned to the state of communication with my partner before there is no InBev Digital, that is, when the original project company has not registered and confirmed, it recognizes people and faces." ”
Hongbo shares replied to the reporter of Securities Times E Company that the dismissal was due to Zhou Weiwei's personal reasons and would not have a significant impact on the company's daily production and operation activities. The company actively communicates with employees, suppliers and customers. At present, the subsidiary InBev Digital Technology is working normally, with stable progress in various businesses and stable cooperative relations with major customers.
The variables at the governance level of listed companies are also increasing. The shares held by the original controlling shareholder of Hongbo shares have almost been transferred by the judiciary, and the shareholding ratio of other single shareholders has not exceeded 1%, and the company's shareholding structure is extremely dispersed. In this context, the board of directors nominated by the original controlling party of Hongbo shares has raised concerns about the stability of its performance. Zhou Weiwei believes that the board of directors of Hongbo shares is a remnant of the original controlling shareholder after losing power, which is an abnormal state. Hongbo shares said that the company's existing board of directors in accordance with corporate governance rules and laws and regulations to perform their duties, elected by the general meeting of shareholders, for all shareholders, the company's decision-making is based on the company's overall interests and all shareholders' rights and interests.
It is not clear what kind of dispute the original controlling shareholder of Hongbo shares fell into, but objectively, through judicial transfer, it reduced its holdings by more than 20% in just over a month, and the corresponding market value reached 2.5 billion yuan. After the transferee took over this part of the shares, it was quickly sold through a block transaction, and finally the secondary market took over.
What is the impact of emergencies?
On April 16, the "takeover of subsidiaries and the dismissal of CEOs" were "very sudden" for Zhou Weiwei. Zhou Weiwei said that his position as CEO of InBev Digital Technology was designated by many parties, and Hongbo did not fully communicate before the dismissal; although there was friction with Hongbo in the early stage, there was no communication about his own position and personnel, and he did not know the true thoughts of the listed company.
On the morning of the same day, a document (scanned picture) involving the appointment and dismissal of persons was transferred to the employee group of InBev Digital, and the payment was "InBev Digital", the main content of which was that the company (referring to: InBev Digital) and the superior company (referring to: Hongbo shares) made a decision in accordance with the law to terminate the labor contract with Zhou Weiwei and others, which took effect at 8 o'clock on April 16. On the document, the reason for the dismissal of the above-mentioned personnel was the serious dereliction of duty and malpractice of the listed personnel, and listed the suspected embezzlement, illegal trading of Hongbo shares, insider trading, etc., and said that it had been reported to the public security organs and the Securities Regulatory Bureau in accordance with the law. Zhou Weiwei's response to this is that this is a criminal charge without evidence, and the lawyer has been preparing the other party's defamatory materials.
At the same time as the dismissal documents, the external security team guarded the office of InBev Digital, and all employees were notified to work remotely from home for two days. The contradiction between Hongbo shares and the original management team of InBev Digital Technology has been fully escalated. On April 19, the board of directors of Hongbo Co., Ltd. dismissed Zhou Weiwei from the position of deputy general manager at the level of listed companies. The latest news shows that InBev Digital has resumed on-site work.
"I have lost control of InBev Digital and cannot participate in the work. Zhou Weiwei told the reporter of Securities Times E Company, "Some employees of InBev Digital Technology were dismissed, and some took the initiative to resign, which had a great impact on business development. Zhou Weiwei also said that channel suppliers, partners, and customers have been very worried that if they propose to terminate the agreement, it is unlikely that they will reach a new cooperation in the current environment. "I have lost the platform of InBev Digital, and I have returned to the state of communication with my partner before there was no InBev Digital, that is, when the original project company did not have registration and confirmation, it recognized people and faces. Zhou Weiwei said.
Hongbo shares said in an interview with a reporter from Securities Times E Company that the dismissal was due to Zhou Weiwei's personal reasons and would not have a significant impact on the company's daily production and operation activities. Hongbo Co., Ltd. said that the company has actively communicated with employees, suppliers and customers, and at present, the subsidiary InBev Digital Technology is working normally, various businesses are progressing steadily, and the cooperative relationship with major customers is stable.
At present, InBev Digital has two major customers - Beijing Jingneng International Holdings Co., Ltd. (hereinafter referred to as "Beijing Jingneng") and Beijing Baichuan Intelligent Technology Co., Ltd. (hereinafter referred to as "Baichuan Intelligent").
According to the announcement of Hongbo shares in October last year, the total contract amount between InBev Digital Technology and Beijing Jingneng is close to 1 billion yuan, and Beijing Jingneng entrusts InBev Digital Technology to carry out the construction planning, equipment procurement and deployment and optimization services of the intelligent computing center, and the overall scale of the intelligent computing center is expected to be no less than 2000PFLOPS computing power, and the delivery of the first phase of 1024PFLOPS computing power equipment will be completed before October 31, 2023, and 50% of the total amount of the first phase of the transaction will be paid within 3 working days after the agreement is signed, that is, 499.84 million yuan. By the end of 2023, InBev Digital Technology has received the first contract payment of 499.84 million yuan, and the company has delivered some equipment and obtained the phased equipment acceptance confirmation. It is precisely because of the recognition of this income that Hongbo's 2023 annual performance forecast has "changed face", causing a big turmoil.
The contract between InBev Digital and Baichuan Intelligent was signed in December 2023, involving a total amount of 1.382 billion yuan, InBev Digital will provide Baichuan Intelligent with all the computing power and resources of a certain scale of NVIDIA intelligent computing servers, as well as supporting software, applications, and technical services, and the two parties will settle the actual monthly fees according to the agreement during the cooperation period, and the performance period is from January 30, 2024 to January 31, 2027. Regarding this cooperation, Hongbo Co., Ltd. replied to investors' questions on April 21, saying that the relevant business of InBev Digital Technology is being carried out in an orderly manner, and the specific operation situation is subject to the subsequent announcement.
The reporter of Securities Times E Company also tried to contact Beijing Jingneng and Baichuan Intelligent for an interview, but did not receive a reply.
It will take time to continue to observe how Zhou Weiwei's dismissal will affect InBev Digital Technology and Hongbo shares. Hongbo shares also recently said that artificial intelligence-related business is the company's future strategic development direction, and the subsidiary InBev Digital Technology currently has a mature operation team, long-term business planning and stable partners, and the company will continue to actively invest in the advantages to boost the company's development.
Is the Board of Directors on a solid basis for performing its duties?
In an interview with a reporter from Securities Times E Company, Zhou Weiwei repeatedly mentioned Mao Wei, the former actual controller of Hongbo shares.
"At that time, Mao Wei, the actual controller of Hongbo, was willing to make a quick investment decision and start the project of InBev Digital, and I am still grateful, even with the grace of knowing it, because the entire business environment and demand for computing power products at that time are very different from the current market. Zhou Weiwei said, "Hongbo shares are listed companies, at that time provided proof of funds, public liability information, to prove that there is enough capacity for construction projects, and it is a financial investment does not interfere, so Hongbo shares were selected for cooperation." ”
However, at the beginning of this year, the shares held by Huiyi Trade and Yutai Holdings, the original controlling shareholders of Hongbo Shares, were almost completely transferred by the judiciary, and Mao Wei lost his identity as the actual controller. In the context of the escalation of the conflict between the two sides, Zhou Weiwei questioned whether the board of directors of Hongbo shares still represented the interests of the original controlling shareholder. In addition, as of the end of September last year, the shareholding ratio of other single shareholders of Hongbo shares did not exceed 1%, the company's shareholding structure is extremely dispersed, and the board of directors nominated by the original controlling party has caused concerns about the stability of its performance.
The sixth board of directors of Hongbo Co., Ltd. began to perform its duties on August 31, 2022, with a term of three years. At that time, Hongbo shares were under the actual control of Mao Wei. On April 19, 2023, Mao Wei resigned as chairman of Hongbo for personal reasons, and the position was transferred to Ni Hui, who became a regular at the beginning of this year. According to the resume, Ni Hui used to be the administrative vice president of Kaifeng Corporation of Henan Yutai Xingye Intelligent Security Co., Ltd., and is currently the chairman of Kaifeng Xinwei Electronic Technology Co., Ltd., both of which are actually controlled by Mao Wei.
After Mao Wei lost his status as the actual controller, the directors, supervisors and senior management team of Hongbo Co., Ltd. did not change.
Hongbo shares replied to the reporter of Securities Times E Company that the company's existing board members perform their duties in accordance with corporate governance rules and laws and regulations, and are elected by the general meeting of shareholders to serve all shareholders. All decisions of the company are based on the interests of the company as a whole and the rights and interests of all shareholders. The company has fulfilled its information disclosure obligations, and the relevant content has been disclosed in the announcement.
Hongbo also said that due to the judicial deduction of the shares held by the original controlling shareholder, the company has been changed to no actual controller. A few days ago, the independent directors of the company sent a "Letter of Supervision on Strengthening the Level of Corporate Governance" to the board of directors of the company. On the basis of performing their duties and communicating with the company's annual audit institution, the independent directors put forward a number of supervision opinions to the company from the perspective of safeguarding the rights and interests of all shareholders. The Company will actively listen to the suggestions of independent directors, strengthen the level of corporate governance, further optimize and improve the performance system of independent directors of the Company, create conditions for independent directors to perform their duties, ensure that independent directors can play their full role, improve the level of standardized operation of the Company, ensure the steady development of the Company's operation, and effectively safeguard the legitimate rights and interests of all shareholders, especially the majority of small and medium-sized investors.
The judicial transfer has become a channel for huge reductions
Mao Wei became the owner of Hongbo shares in May 2019, when he acquired 71,263,800 shares of the You family (accounting for 14.3% of the total share capital) at a price of 713 million yuan through Yutai Holdings. Soon after, Mao Wei was successfully elected as the chairman and general manager of Hongbo Co., Ltd., and began to lead the operation and management of listed companies. On November 4, 2020, Mao Wei acquired 40 million shares of the You family (accounting for 8.03% of the total share capital) for 400 million yuan through Huiyi Trading, and the total shareholding rose to 22.33%, consolidating the controlling stake.
According to an earlier video,Mao Wei said,Fancy Hongbo shares three points,One is that the company is one of the leading enterprises in the lottery (printing),The second is that the overall quality of the company is very clean,The third is the company's financial situation、Management is very good. It is also worth mentioning that the unit price of these two transfers is 10 yuan per share, which corresponds to a stock price higher than 30% on the same day.
However, Mao Wei, Huiyi Trading and Yutai Holdings were deeply involved in judicial disputes.
In April 2023, Mao Wei transferred 94.23% of the equity of Yutai Holdings to Li Xiaolin and 100% of the equity of Huiyi Trading to Yang Kai, and the three of them formed a concerted action relationship and jointly controlled Hongbo shares. On June 12 and September 12, 2023, Yutai Holdings passively reduced its holdings of Hongbo shares by 0.31% due to failure to repay Caitong Securities financing debts, and passively reduced its holdings by 0.18% due to contract disputes. Since January 5 this year, the shares held by Huiyi Trading and Yutai Holdings have been continuously transferred by the judiciary, and as of February 28 this year, the total shareholding ratio has been reduced to 0.65%. Therefore, Hongbo Co., Ltd. announced that the company's controlling shareholders were changed from Yutai Holdings and Huiyi Trade to no controlling shareholders, and the actual controllers were changed from Li Xiaolin, Yang Kai and Mao Wei to no actual controllers.
According to the announcement, from January 5th ~ February 23rd, Huiyi Trade and Yutai Holdings were judicially transferred 106 million shares, accounting for 21.17% of the total share capital of Hongbo shares. Based on the closing price on the day of transfer, the corresponding market value reached 2.464 billion yuan. During the period, there were only 34 trading days, and the reduction efficiency of Huiyi Trading and Yutai Holdings can be described as "efficient". Further exploration can also find that the transferee of the shares transferred by Huiyi Trading and Yutai Holdings has been sold through a block transaction, and the transferee of the block transaction is very likely to have completed the sale through centralized bidding.
Under normal circumstances, it is unlikely that the controlling shareholder of an A-share listed company would reduce its holdings in the secondary market in such a short period of time.
Specifically, the 20.09 million shares held by Yutai Holdings were judicially transferred to Jining Canal Development Venture Capital Co., Ltd. on January 15, and then on January 16 and 17, Hongbo shares appeared in 3 large transactions, with a total of 20.09 million shares transferred, and the seller's business department is also located in Shandong Province, Caitong Securities Shandong Branch. On January 18, Lankao County Urban Construction Investment and Development Co., Ltd. acquired 7 million shares of Hongbo held by Yutai Holdings through judicial transfer, and the next day, the local Zhongyuan Securities Lankao Yulu Avenue Business Department sold 7 million shares through block trading.
In the process of judicial transfer, Bazhong State-owned Capital Operation Group Co., Ltd. (hereinafter referred to as "Bazhong State-owned Capital Operation Group") has acquired a total of 64.94 million shares of Hongbo held by Huiyi Trading and Yutai Holdings, accounting for 13.03% of the total share capital. The undisclosed report on changes in equity of Pakistan-owned Chinese operating group also shows that it has been selling, and its shareholding ratio has never reached 5%. This is also illustrated by the correspondence between judicial transfers and block trades.
For example, on January 9 and 23, the Pakistani Chinese-owned operation group received 12 million shares and 5.94 million shares of Yutai Holdings, respectively, and the two securities business departments located in Bazhong sold the same number of shares through block transactions the next day; Pakistan China-owned operation group received 24 million shares of Huiyi Trading on January 24, and Galaxy Securities sold the same number of Hongbo shares in three transactions the next day. In total, the Bazhong Yuntai Street Business Department of Galaxy Securities and the Bazhong Jiangbei Avenue Business Department of Huaxi Securities sold a total of 62.94 million shares during this period, which was 2 million shares less than the cumulative number of shares transferred by Pakistan China-funded Operation Group.
The relevant person in charge of Pakistan China-owned operation group replied to an interview with a reporter from Securities Times E Company that the case involved is subject to the public information of the court, and (the shareholding situation) is subject to the announcement of the listed company. Hongbo shares also told the Securities Times E company reporter that Pakistan China-owned operating group due to judicial deduction and transfer of shares, up to now the number of shares held by it has not met the information disclosure standards required by laws and regulations, the company continues to pay close attention to the changes in the company's shareholders' shareholdings, and will timely fulfill the information disclosure obligations in accordance with the requirements of relevant laws and regulations. At present, the company has not received any formal notice that the shareholding ratio has touched the "raising card" line.
Editor-in-charge: Peng Bo
Proofreading: Wang Jincheng