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Illegal reduction, repurchase!
Source: China Fund Daily
The trainee reporter heard what he said.
After Hillhouse, shareholders of listed companies have committed to repurchase after illegal reduction of their holdings.
On the evening of May 7, Gaoling Information announced that the company's shareholder, Xiamen Xinjiu Investment Management Co., Ltd.-Yancheng Jinqihang II Enterprise Management Partnership (Limited Partnership) (referred to as "Jinqihang II") reduced its holdings of the company's shares without disclosing the reduction plan in advance, in violation of the previous promise.
Jin Qihang II promised that within 6 months after the disclosure of the above announcement, it would choose an opportunity to buy back shares that had been illegally reduced, and pay all the proceeds from the illegal reduction to the account designated by Gaoling Information.
Employee negligence leads to breach of promise
Gaoling Information self-examination found that Jin Qihang II did not disclose the reduction plan in advance and failed to fulfill the promise made in the Gaoling information prospectus: "before and after the reduction of the company's shares, the obligations of information disclosure should be fulfilled in a timely and accurate manner in accordance with the relevant regulations of the China Securities Regulatory Commission and the stock exchange."
According to the Gaoling information prospectus, Jin Qihang II promises that when it reduces its shares according to its own capital needs after the expiration of the lock-up period, it will conscientiously abide by the relevant regulations of the China Securities Regulatory Commission and the stock exchange on shareholder reduction, prudently formulate stock reduction plans, and reduce its holdings of Gaoling Information shares through centralized bidding trading, block trading, agreement transfer or other legal means. The company will be notified three trading days in advance to make an announcement.
In this regard, Jin Qihang II attributed the reason as: "the staff failed to deeply understand the commitment made in the company's prospectus, not subjectively and intentionally."
Gaoling Information notice said that Jinqihang II will formulate and implement effective management measures to strengthen the management of securities accounts and operate cautiously to prevent such incidents from happening again.
Promise to buy back illegally reduced shares
Jin Qihang II illegally reduced its holdings of Gaoling Information shares 26Freevideopoker96930,000 shares, with a transaction value of 6.2012 million yuan.
In this regard, Jin Qihang II promised to choose an opportunity to buy back the shares that were illegally reduced within 6 months after the disclosure of the announcement, and to pay all the proceeds from the illegal reduction to the account designated by Gaoling Information after the repurchase.
The reporter noticed that this is another similar case after Hillhouse.
On November 8, 2023, HHLR Management Co., Ltd. (HHLR), a subsidiary of Hillhouse, received a notice from the China Securities Regulatory Commission on suspicion of transferring Longji Green Energy shares in violation of restrictive regulations.
On the evening of April 19, 2024, Longji Green Energy announced that HHLR promised to continue to increase its holdings of Longji Green Energy shares with self-raised funds, and to complete the repurchase of all the reduced shares in the coming month. If this part of the share repurchase involves income, it will be owned by the listed company.
On the day of the Longji Green Energy announcement, HHLR completed its first repurchase of shares in the company, increasing its shareholding from 4.98 per cent to 5 per cent.
Statistics show that listed companies whose shareholders have been ordered to buy back their illegal holdings include Laiyi, Shanghai Xinyang, Zhengyuan shares, Wanye Enterprises, Xiao Song shares, ST Nanwei (rights protection), and so on.