proposes to remove the four directors sent by the actual controller's family. This is an important measure for the nine shareholders to take up legal weapons to save themselves, but they should also strictly regulate the behavior of major shareholders invading the interests of listed companies from a system.
"Major shareholders' holdings" is a relatively common phenomenon among A-share listed companies and is also extremely harmful. It not only harms the interests of company shareholders, but also seriously damages the long-term interests of listed companies and endangers the healthy development of listed companies. Therefore, the right and wrong surrounding the "major shareholders' holding of funds" are staged almost every day.
htmlJanuary 23rd was originally an ordinary day; but for the two listed companies, this day was destined to be unusual. One is Kangdexin. Because the major shareholder has a large amount of money, the company's bond defaults, the main bank accounts are frozen, and the company's stocks are labeled "ST" on the same day. The other company is Gaosheng Holdings , with a total of 9 shareholders holding 29.33% of the shares. It jointly proposed to remove four directors sent by the actual controller's family, including the removal of Li Yao as chairman and the removal of Wei Zhenyu, Li Yao, Zhang Yiwen and Sun Peng as directors.Why should we remove the four directors sent by the actual controller’s family? This is because the actual controller's family has regarded the listed company Gaosheng Holdings as its own cash machine. According to the information, Wei Zhenyu and his family, Li Yao, the company's chairman and general manager, Zhang Yiwen, the company's director, secretary of the board of directors and financial director, Sun Peng, and others failed to perform relevant approval procedures for the company many times during the operation of Gaosheng Holdings, and used the company's official seal, contract seal and financial special seal without the approval of the board of directors, and illegally signed loan contracts and guarantee contracts on behalf of the company, etc., for Wei Zhenyu and his affiliated companies to misappropriately external guarantees and borrow money illegally.
Retracing the historical announcement of Gaosheng Holdings, it can be seen that listed companies do have illegally provided guarantees to major shareholders and their affiliates and the actual controllers' affiliates to occupy listed companies' funds. Among them, Wei Zhenyu illegally guaranteed approximately RMB 340 million to major shareholders and their affiliates, and Wei Zhenyu's affiliates occupied 182 million yuan of Gaosheng Holdings' funds. In April 2018, because Xiong Peiwei and Zhao Congbin's loans expired and no longer extended, Huaxi Yunyou failed to repay the loan as scheduled. After approval by Chairman Li Yao, the 182 million yuan deposit in the bank account of the listed company was transferred to the actual controller's affiliated company Shunrixing for about 90 million yuan and the actual controller's father's cooperative company Long Mingyuan for 92 million yuan. The total of the two funds was actually a loan from Dai Huaxi Yunyou to repay Xiong Feiwei and Zhao Congbin.
Based on the above circumstances, the announcement on October 25, 2018 showed that Gaosheng Holdings and its controlling shareholders were warned by the Hubei Securities Regulatory Bureau; the announcement on November 28, 2018 showed that the Shenzhen Stock Exchange imposed disciplinary sanctions on Gaosheng Holdings and related parties. Previously, on September 27, 2018, Gaosheng Holdings was investigated by the China Securities Regulatory Commission for suspected illegal and irregular information disclosure.
Based on Wei Zhenyu's illegal guarantees to the major shareholder and its affiliates, and the fact that Wei Zhenyu's affiliates occupied 182 million yuan of Gaosheng Holdings, the actions of the four directors sent by the actual controller's family have seriously damaged the interests of the listed company and all shareholders. If this behavior continues to be allowed to happen, it will only be a matter of time before listed companies are hollowed out, and the interests of listed companies and shareholders will be more seriously damaged. It is not impossible to follow *ST Huaze's footsteps and be forced to delist.
In this case, nine shareholders, Yu Ping, Weng Yuan, Xu Lei, Yuan Jianing, Wang Yu, Liu Fengqin, Fu Gangyi, Fang Yu and Li Wei, bravely stood up and proposed to remove the four directors sent by the actual controller's family. This is an important measure for the nine shareholders to take up legal weapons to save themselves. Faced with the situation where major shareholders repeatedly damage the interests of listed companies, if shareholders still turn a blind eye to it, it will only cause major shareholders to harm the interests of listed companies to be more rampant, and the interests of listed company shareholders will be even greater. The proposal to remove the four directors sent by the actual controller's family is a "confrontation" between shareholders and the actual controller, and also a self-rescue of the nine shareholders. It is not only conducive to safeguarding the long-term interests of listed companies, but also to safeguarding the interests of all shareholders. Therefore, the practices of the 9 shareholders are worthy of recognition.
From the perspective of protecting the interests of listed companies and investors, the stock market should strictly regulate the behavior of major shareholders infringing on the interests of listed companies from a system. On the one hand, major shareholders and their affiliates should be strictly prohibited from embezzling funds from listed companies; on the other hand, major shareholders invading the interests of listed companies must be returned within a time limit. Before paying off the deposit, all rights of the major shareholder shall be frozen, including suspending all directors appointed by the major shareholder in the listed company, and automatically suspending their powers in the listed company. This move is obviously more conducive to protecting the interests of listed companies and all shareholders.
(Editor in charge: Dai Tingting)
