Red Star Capital Bureau reported on June 30 that on June 27, the actual controller of the A-share listed company Boya Seiko (300971.SZ) and his wife "divorced" again, which was the third time in three years.
Li Wenxi is 61 years old this year, Cen Hong is 56 years old this year, and the two parties directly hold 28.84% of the company's total share capital. If calculated according to the closing price of Boya Seiko on June 27 (19.10 yuan / share), the market value of the shares held by the two is about 463 million yuan. Boya Seiko said in the announcement that the case has not yet been tried in court, the company cannot judge the outcome of the lawsuit, and there is uncertainty about whether the actual control of the company will change.
Since the beginning of this year, a number of A-share listed companies have reported the divorce of the actual controller and chairman. In January, Changchun High-tech (000661. SZ) announced the divorce of the second shareholder Jin Lei, and according to the closing price on the day of the announcement, the market value of the shares taken by Jin Lei's ex-wife exceeded 4 billion yuan. In April, Minglida (301268. SZ) announced that Tao Cheng and Lu Pingfang, the actual controllers, have dissolved their marriage, and the market value of the shares divided by the divorced property is about 1.8 billion yuan according to the closing price on the day of the announcement.
The 61-year-old actual controller "divorced", involving 463 million yuan of shares
The wife had transferred the equity to her husband free of charge
Recently, Boya Seiko issued an announcement saying that the actual controller Li Wenxi informed that he had recently received the "Notice of Response to the People's Court of Xiangyang High-tech Industrial Development Zone", and the plaintiff Cen Hong v. Li Wenxi divorce dispute case was filed by the People's Court of Xiangyang High-tech Industrial Development Zone, and the plaintiff requested a divorce and property division.
According to public information, Li Wenxi and Cen Hong are the controlling shareholders and actual controllers of Boya Seiko. Li Wenxi, aged 61, has served as the general manager, executive director and chairman of Xiangyang Boya Precision Equipment Co., Ltd. since November 2001. Cen Hong is 56 years old this year, and since July 2013, Cen Hong has served as the legal person, executive director and general manager of Xiangyang Chongxian Cultural and Creative Co., Ltd.
Red Star Capital Bureau noted that the previous listing prospectus of Boya Precision showed that Boya Precision's predecessor, Boya Co., Ltd., was originally jointly established by Cen Hong and his brother Cen Yuanqi and others, with a registered capital of 500,000 yuan, Cen Yuanqi invested 300,000 yuan, and Cen Hong contributed 100,000 yuan in the form of real estate. In 2008, Cen Yuanqi and Cen Hong transferred all their shares to Li Wenxi, and the transfer price of Cen Yuanqi was 1 yuan/capital contribution, and Cen Hong was transferred free of charge.
Screenshot from Boya Seiko's listing prospectus
Up to now, Li Wenxi directly holds 21.826 million shares of the company (accounting for 25.98% of the company's total share capital), Cen Hong directly holds 2.4 million shares of the company (accounting for 2.86% of the company's total share capital), and the two parties directly hold 24.226 million shares of the company (accounting for 28.84% of the company's total share capital). If calculated according to the closing price of Boya Seiko on June 27 (19.10 yuan / share), the market value of the shares held by the two is about 463 million yuan.
Boya Seiko said in the announcement that the lawsuit only involves the actual controller's personal shareholder rights and interests of the company, and has nothing to do with the company's production and operation, and will not have a significant impact on the company's operation.
Three lawsuits were filed in three years, and the lawsuit was withdrawn just two months ago
Why do the actual controller couple frequently "get divorced"?
The Red Star Capital Bureau noticed that this is the third time in three years that Li Wenxi and Cen Hong have "divorced".
When Li Wenxi and Cen Hong "divorced" for the first time, Boya Seiko had been listed for less than a year, and Cen Hong sued for divorce. In January 2022, Boya Seiko announced that Li Wenxi recently received the "Notice of Response to the People's Court of Xiangyang High-tech Industrial Development Zone", and the plaintiff Cen Hong v. Li Wenxi divorce dispute case was filed by the People's Court of Xiangyang High-tech Industrial Development Zone on January 10, 2022, and the plaintiff requested a divorce and property division.
However, the first lawsuit for divorce was unsuccessful. In April 2023, Boya Seiko announced that Li Wenxi received the "Civil Judgment" issued by the court, which ruled that the plaintiff Cen Hong and the defendant Li Wenxi would not be allowed to divorce. At that time, Boya Seiko said that after learning from the parties, Li Wenxi and Cen Hong did not appeal within 15 days after receiving the judgment, and the first-instance judgment had taken effect.
Nearly a year later, Li Wenxi sued for divorce again. In March 2024, Boya Seiko announced again that Li Wenxi filed a lawsuit with the People's Court of Xiangyang High-tech Industrial Development Zone, requesting the dissolution of his marriage with Cen Hong and the division of property (including equity), creditor's rights and debts in accordance with the law.
In May of this year, the divorce proceedings were put on hold again. Boya Seiko announced that Li Wenxi received the "Civil Ruling" issued by the People's Court of Xiangyang High-tech Industrial Development Zone, and the plaintiff Li Wenxi withdrew the lawsuit.
Less than two months after withdrawing the lawsuit, Cen Hong sued for divorce again, which attracted market attention. Why sue for divorce again? On June 30, Red Star Capital Bureau called Boya Seiko, but there was no reply as of press time.
In the discussion area of Boya Seiko stock bar, some investors mentioned that the frequent "divorce" of the actual controller has a great impact on the company's stock price and the control of the listed company. There are also market voices questioning that the divorce of the couple may be for the purpose of "detouring to reduce holdings". According to Zhongxin Jingwei, on June 28, the secretary of the board of directors of Boya Seiko replied that "there is no detour to reduce the relevant arrangements".
The day after the disclosure of the divorce dispute between the actual controller and his wife, as of the close of trading on June 28, Boya Seiko closed down 2.25% at 18.67 yuan per share, with a total market value of 1.568 billion yuan.
The actual controller pledged 13.5 million shares to raise 100 million yuan
A-share listed companies have had many "divorce cases" this year
According to the official website, Boya Seiko was established at the end of 1999 and is a private joint-stock enterprise and a state-level high-tech enterprise providing high-end precision equipment and precision parts products.
Boya Seiko's 2023 annual report shows that the company achieved operating income of 428 million yuan, a year-on-year increase of 3.16%; The net profit attributable to shareholders of the listed company was 66.2584 million yuan, a year-on-year increase of 7.05%.
However, in the first quarter of 2024, the company's profit declined, achieving an operating income of 75.8746 million yuan, a year-on-year decrease of 9.37%; The net profit attributable to shareholders of listed companies was 13.823 million yuan, a year-on-year decrease of 12.48%.
Red Star Capital Bureau noticed that Boya Seiko disclosed a news that Li Wenxi's shares were pledged a few days ago. Its announcement said that on May 15, it was learned that 13.5 million shares of Boya Seiko held by Li Wenxi were pledged, accounting for 61.85% of his shares, accounting for 16.07% of the company's total share capital, and the corresponding financing balance was 100 million yuan, and the purpose of the pledge was "personal capital needs".
Boya Seiko said that Li Wenxi's repayment funds came from its own and self-raised funds, and it had the corresponding capital solvency. At the same time, Boya Seiko emphasized that the share pledge will not have an adverse impact on the company's production and operation, corporate governance, etc., and the pledged shares do not involve the performance of performance compensation obligations. This is also the first time that Boya Precision has appeared since its listing.
Screenshot from the announcement of the listed company
Since the beginning of this year, a number of A-share listed companies have repeatedly reported the divorce of the actual controller and chairman.
On January 11, Changchun High-tech (000661. SZ) announced the divorce of its second shareholder, Jin Lei, and split his more than 30 million shares of the company into the name of his ex-wife. According to the closing price of the day, the market value of the shares taken away by the ex-wife exceeded 4 billion yuan.
On April 2, Minglida (301268. SZ) announced that the actual controllers Tao Cheng and Lu Pingfang have dissolved their marriage and made relevant arrangements for the division of divorce property. Ms. Lu Pingfang holds a total of about 81,884,300 shares of the company through direct and indirect means, accounting for 20.47% of the company's total share capital. According to the closing price on the day of the announcement, the market value of the shares divided by the divorce property is about 1.8 billion yuan.
Red Star News reporter Qiang Ya Milling
Edited by Deng Lingyao
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