Per Edit: Liang Xiao
Image source: Photo.com
On the afternoon of January 18th, st. Shengda (002259, SZ) shareholders' meeting was held at Chengdu headquarters. The shareholders' meeting has attracted much attention from the outside world: on the one hand, The new actual controller of ST Shengda, Boholtang, will take over the company's board of directors; on the other hand, among the 4 non-independent director candidates nominated by Boholtang, Shen Jianhong, vice president of Quanjian Group, is prominently listed.
Quan Jian was suspected of pyramid schemes, in fact, the controller and so on have been arrested, why did Bohol Tang nominate Quan Jian executives as ST Sheng da director candidates? This has aroused great concern from the outside world.
On January 18, the Daily Economic News reporter attended the meeting as an investor and learned on the spot that Shen Jianhong did not attend, and the other 3 director candidates nominated by Bohol Hall were all present. However, judging from the on-site voting, Shen Jianhong's proposal as a director candidate received 100% of the votes against the on-site vote. The total number of shares voted on the spot was 223 million shares, more than a quarter of the total share capital of listed companies.
Why did shen Jianhong previously nominate him as a director candidate for ST Shengda? Shan Yang, the actual controller of Bohol Hall, told reporters that the main department is Bohol Tang is engaged in the Traditional Chinese medicine industry, and Quan Jian also has a Traditional Chinese medicine business. At the same time, it denied that the funds for Bohol Hall's takeover of ST Shengda came from Quan Jian.
On January 18, Jiang Changzheng took a group photo with Shan Yang after the st shengda shareholders' meeting. Left: Jiang Changzheng, Right: Shan Yang
Image source: Photo by reporter Zhu Wanping
<h2>On-site voting: Vice President Quan Jian received 100% of the vote against </h2>
The shareholders' meeting attracted much attention from the outside world. Before the meeting, the Sichuan Securities Regulatory Bureau and the Shenzhen Stock Exchange successively sent letters to ST Shengda, asking it to explain why Shen Jianhong was nominated as a candidate for director of the company.
On January 15, ST Shengda received an inquiry letter from the Sichuan Securities Regulatory Bureau, asking it to explain the process and reasons for nominating Shen Jianhong, vice president of Quanjian Group, as a director candidate. On the 17th, ST Shengda announced that it received a letter of concern from the Shenzhen Stock Exchange and was asked to explain the relationship between Bohol and its affiliates and Quanjian Group, and whether there were capital transactions or cooperation.
At present, ST Shengda has not replied to the above matters.
However, at the shareholders' meeting held on the afternoon of January 18, the results of the on-site voting showed that Shen Jianhong was almost out, and he received 0 votes in favor and 100% against the vote on the spot.
The "Daily Economic News" reporter also learned on the spot that because Quanjian Group was caught in the whirlpool of public opinion, especially after its founder Shu Yuhui and many other executives were criminally detained, Bohol Hall had wanted to kick Shen Jianhong out of the game, and originally planned to not consider the proposal at the shareholders' meeting on the 18th. However, due to the relevant announcement, there is no time to make corresponding changes and give up.
Bohol Is now the actual controller of St. Shengda's major shareholder, Shengda Group. According to its intention, Sheng Da Group voted against all the relevant proposals of Shen Jianhong at the shareholders' meeting, and the relevant proposals of Shen Jianhong were also rejected by other small and medium-sized shareholders present at the scene. The other three director candidates nominated by Bohol, Shan Yang, Feng Chao and Guo Yafei, all received 100% of the votes in favor of the on-site vote.
Bohol intends to take over 100% of the equity of Sheng Da Group and thus become the owner of ST Sheng Da. In November last year, Bohol Tang announced that it would acquire 100% of the equity of Sheng Da Group for 20 million yuan and undertake the latter's huge debt of nearly 4 billion yuan to st. Sheng Da. The actual controller of the listed company will be changed from Jiang Changzheng to Shan Yang, the actual controller of BoholTang.
However, due to the debt problem of Sheng Da Group being plagued by a large number of lawsuits, the equity of Sheng Da Group held by the original actual controller Jiang Changzheng has been frozen, and Bohol Tang has not yet obtained 100% of the equity of Sheng Da Group. However, Shan Yang has now served as the chairman and legal representative of Sheng Da Group.
<h2>Bohol is committed to solving the problem of capital occupation </h2>
The shareholders' meeting on the 18th did not start on time at 2 o'clock in the afternoon. According to the "Daily Economic News" reporter on the spot, it is mainly The Sheng Da Group that requires Bohol Tang to issue a letter of commitment to solve the problem of the former's huge illegal capital occupation of ST Sheng Da. As of January 15, 2018, Sheng Da Group occupied about 932 million yuan of ST Sheng Da's funds, accounting for 55.81% of the net assets of the listed company; in addition, without the deliberation of the board of directors and shareholders of the listed company, ST Sheng Da illegally borrowed from Sheng Da Group, and provided a guarantee balance of 160 million yuan.
Sheng Da Group is willing to sell 100% of its own equity to Bohol Tang for a mere 20 million yuan, and at the same time cooperate with Bohol Tang to let the other party control ST Shengda, which is an important premise that Bohol Tang must solve the problem of huge capital occupation.
Originally, according to the Equity Transfer Agreement and related documents of the two parties, Bohol Tang promised to settle the amount of shengda forestry funds occupied by not less than 200 million yuan before November 30, 2018, and to fully resolve the capital occupation and illegal guarantee of shengda group to ST shengda by december 31, 2018 at the latest. However, due to the freezing of the majority of the shares of Sheng Da Group by the creditors, the above arrangement could not be realized.
However, Bohol agreed to continue to resolve the issue of the use of funds by the Shengda Group on ST Shengda, but the detailed arrangements were not released. According to Jiang Changzheng, the actual controller and chairman of ST Shengda, on the spot, on January 18, the meeting was delayed, that is, under the auspices of the Sichuan Securities Regulatory Bureau, the plan should be refined.
"The original plan is only a general provision, there is no penalty for breach of contract, if Bohol Hall does not solve the problem of the capital occupation of ST Shengda by Shengda Group, what should it do?" Need to be clear. Jiang Changzheng revealed.
Shan Yang also revealed that he is trying to find a way to solve the problems faced by ST Shengda. "We have already taken out part of the funds to solve the problem of arrears owed by the suppliers of Sheng Da Group." Shan Yang said, but for the specific source of funds and other issues, it did not respond in detail. It is understood that on December 24 last year, some suppliers also went to the headquarters of Sheng Da Group to collect debts.
<h2>Jiang Changzheng explains the defeat in detail: the problem lies with ourselves </h2>
Jiang Changzheng, a deputy department-level cadre, made his fortune in forestry and was once ranked among the richest people in Kawauchi with the listing of ST Shengda. Today, its own debt dilemma is entangled, and the development of ST Shengda has also encountered many problems.
Why did it get to where it is today? Jiang Changzheng frankly said that there was a problem in the company's development strategy, and "the integration of forest boards should not be carried out."
Jiang Changzheng revealed that ST Shengda had a lot of cash in hand after listing, when he saw that wood-based panels were very profitable, known as "printing machines", so he built new wood-based panel factories in Guangyuan and other places, but because everyone saw this business opportunity, a rush led to overcapacity, and the newly built wood-based panel factory not only did not make money, but also lost money one after another, becoming a non-performing asset.
In order to prevent listed companies from being dragged down, Jiang Changzheng is ready to divest the relevant forestry assets from ST Shengda, but no one looks at it. "Originally, we were prepared to peel off a little bit, and no one could only let Sheng Da Group pick it up." Jiang Changzheng said.
In December 2016, ST Shengda announced that it would divest assets such as home forests from Shengda Group. In order to raise a cash consideration of 941 million yuan, Sheng Da Group borrowed 1.4 billion yuan from Huabao Trust through the situation of pledging st Sheng Da shares. Later troubles arose.
"The trigger was that Warburg Trust sued us." Jiang Changzheng said that one of the money borrowed from Huabao Trust was due, and Sheng Da Group was sued by the other party due to continuous losses and could not get the money.
A chain reaction ensued. Some banks saw that Sheng Da Group was sued by Warburg Trust, and it was even more difficult for the group to borrow money from the bank. Jiang Changzheng originally planned to mortgage forestry assets from banks after receiving back forestry assets from ST Shengda, but forestry assets were different from real estate, and in the end this wishful thinking failed.
"There are also changes in the country's financial environment, deleveraging and other factors, but the main problem is still ourselves." Jiang Changzheng said.
<h2>Jiang Changzheng denied embezzling hundreds of millions of yuan for stock speculation</h2>
It is worth mentioning that when the st. Shengda equity was pledged to Huabao Trust, the stock price of ST Shengda was about 10 yuan / share, but then the ST Shengda stock price had 9 consecutive drops, as of January 18 this year, its stock price was only 2.32 yuan / share.
"At that time, the stock price continued to fall, and the shares pledged to Huabao Trust were close to blowing up, and Huabao Trust notified us to fill the position." Jiang Changzheng revealed.
At this time, financial institutions are no longer willing to renew loans, and they are still urging to repay the money. To this end, Jiang Changzheng borrowed a large amount of money from some small loan companies. "Originally it was only a short-term stage, do a bridge fund, get the bank's funds and pay it back." Jiang Changzheng said that 200 million yuan was given to Huabao Trust for filling positions.
In order to borrow money, Jiang Changzheng also guaranteed the loan of Sheng da Group in the name of ST Sheng Da. According to ST Shengda, Shengda Group borrowed 25.65 million yuan, 10 million yuan, 140 million yuan and 50 million yuan from Jiang Lan, Qin Dongliang, Yang Chen and Cai Yuan respectively.
Jiang Changzheng revealed that borrowing 140 million yuan from Yang Chen in December 2017 was actually borrowing From China Fortune Merchants Investment Group Co., Ltd., which Yang Chen said was a comprehensive enterprise group involved in financing guarantees, pawn auctions, futures brokerage and other fields. According to a recent report by China Securities News, Yang Chen's borrowing principal is actually only 110 million yuan, and the interest is as high as 30 million yuan.
The paper wrapper can't hold the fire. Originally, ST Shengda relied on the nearly 1 billion yuan of cash obtained from the divestiture of forestry assets, plus the funds raised in the account, which can be described as a heavy gold. Under the operation of Jiang Changzheng, after st shengda violated the law to guarantee the shengda group, a large number of creditors demanded that ST shengda bear joint and several liability, and some of the funds in the account of the listed company were also transferred, and ST shengda was also brought into the ditch.
Some media reports questioned that Jiang Changzheng misappropriated ST Sheng up to hundreds of millions of yuan of funds for stock speculation. Jiang Changzheng denied this. It said that even when st. Shengda's stock price continued to plummet, it did not use money to maintain the stock price, which was meaningless. "The accounting firm designated by the regulatory authorities has checked our accounts inside and out, and there is no problem."
After the meeting, Shan Yang, Feng Chao and Guo Yafei, the new directors of ST Shengda, all had a brief exchange with the shareholders on the spot. Shan Yang said that he has been in the Chinese medicine industry for more than 30 years, and in the future, he may put the Chinese medicine industry under Bohol Hall into listed companies. Guo Yafei said that in the future, he will be more responsible for financial operations and other matters.
The "Daily Economic News" reporter noted that as of 10:00 a.m. on January 19, the results of ST Shengda's shareholders' meeting yesterday have not yet been released, but Quan Jian's vice president lost the election of the director is almost a nail.
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