On the evening of May 21, Jinlong Electromechanical Co., Ltd. announced that due to the sharp decline in the stock price of the company in the recent days, some of the shares pledged by the controlling shareholder Jinlong Group touched the liquidation line and there was a risk of liquidation.
At present, Jinlong Group has hit a total of approximately 13,980,000 shares in pledged shares, which accounted for 43.99% of the total shares held by the company, and accounted for 17.41% of the company's total share capital.
The announcement also stated that Jinlong Group's current debt risk has not been lifted, and it will take active measures to resolve the risk of stock collateral by raising funds, additional margin or additional pledges.
Big shareholders’ debt risk
Since November 27, 2017, Jinlong Electromechanical has suspended trading for more than 6 months.
At that time, Jinlong Electromechanical Bulletin stated that the company was planning to issue major issues for the issuance of shares to purchase assets. In view of the uncertainties in the planning matters, the company applied for suspension.
On February 26th, the reason for the company to change its suspension was that the controlling shareholder Jinlong Group was planning the equity transfer of the company. The matter may involve changes in the company’s control rights. The actual controller of the equity intended transferee is the local state-owned assets supervision and management committee. Related parties are negotiating on the specific plan for the matter.
On March 8th, the company disclosed that the planned issuance of shares for the purchase of assets was as follows: The company intends to purchase Fujian Zhongke Optocore Optoelectronics Technology Co., Ltd. by not less than 51% of the shares through the issuance of shares, but the relevant conditions are not yet mature. termination.
Subsequently, the two sides of the transaction of the equity transfer of Jinlong Group failed to reach a consensus, and therefore decided to terminate the equity transfer of the company.
Previously, Jinlong Electromechanical once stated at the performance briefing that because the controlling shareholder Golden Dragon Group's own operations have a large demand for funds, it has a higher proportion of its listed company’s equity pledged. To maintain the stability of the listed company, the controlling shareholder intends to transfer it. Some of the listed company's equity is held to reduce its pledge ratio.
In March of this year, Jinlong Group suffered a partial default of pledged equity.
In April, the relevant debts involved in the above-mentioned breach of the stock pledge business were liquidated, and the related stocks involved have also been completed.
However, after the cancellation of the default pledge, Jinlong Group immediately re-pledged. Currently, Golden Dragon Group cumulatively pledged 316.85 million shares, accounting for 99.69% of the total shares held by the company, accounting for 39.45% of the company's total share capital.
On the first day of resumption on May 15th, the announcement stated that Jinlong Group had a change in equity. Jinlong Electrical and Mechanical Co., Ltd. Jin Shaoping transferred its 26% stake in Jinlong Group to the new chairman Huang Lei, and 25% of the equity was transferred to Li Yong. After the completion of the equity change, Jin Shaoping also held a 39.55% stake in Jinlong Group, which is still the company's actual controller.
Among them, Huang Lei is not related to Li Zhi and there is no concerted action between the two parties.