Under the successive announcements of Liancheng CNC and Longi Green Energy, it still did not escape the impact of Li Chunan's investigation of . On August 22, the stock prices of Liancheng CNC and Longi Green Energy both declined. Longi Green Energy's maximum decline in the session exceeded 6%, and Liancheng CNC's maximum decline exceeded 7.5%.
htmlOn August 19, a chairman of Liancheng CNC received an announcement, pushing the company and "Photovoltaic Mao" Longi Green Energy to the forefront. Liancheng CNC said that Li Chunan, chairman of the company, decided to file a case against him for suspected insider trading in the securities market. China Securities Regulatory Commission in accordance with the " Securities Law of the People's Republic of China " and other laws and regulations. Li Chunan, chairman of Liancheng CNC, is also the actual controller and controlling shareholders of Longi Green Energy, Li Zhenguo and Li Xiyan and Li Xiyan . On August 20, Li Chunan appeared in an online investor exchange event at Liancheng CNC, saying that "the target suspected of insider trading does not involve listed company stocks." On the evening of August 21, Longi Green Energy also issued an announcement stating that Li Chunan "is suspected of insider trading the target of the company's stock."Beike Finance reporter noticed that while Li Chunan was investigated, another New Third Board listed company, Longi Electromagnetic, also issued an announcement on August 19 stating that Zhao Nengping, one of the actual controllers of the company, was also investigated by the China Securities Regulatory Commission on August 19. Li Chunan is the third largest shareholder of Longi Electromagnetics.
Li Chunan was investigated. The market value of 400 billion "Photovoltaic Mao" shrank by 57 billion in two days
htmlOn the evening of August 21, the listed company Longi Green Energy issued an announcement to clarify the investigation of Li Chunan by the China Securities Regulatory Commission. Longi Green Energy said that Li Chunan's actual controller and controlling shareholder are the actual controllers of the company and the controlling shareholders Li Zhenguo and Li Xiyan."As of June 30, 2022, Li Chunan held 160,143,858 shares of the company, accounting for 2.11% of the company's total share capital, and the shareholding ratio did not exceed 5%, which was relatively low." Although
issued a clarification announcement, opened on August 22, the stock price of Longi Green Energy still fell, with the largest intraday drop of more than 6%. As of the close, Longi Green Energy's stock price was 53.41 yuan per share, corresponding to a total market value of 404.9 billion yuan. Data shows that Longi Green Energy’s stock fell 7.89% on August 19. Previously, the closing of August 18, Longi Green Energy's corresponding total market value was 461.9 billion yuan. Based on this calculation, Longi Green Energy's market value shrank by 57 billion yuan in two trading days.
Longi Green Energy also stated that at present, Li Chunan does not hold any position in the company, including directors, and does not participate in the company's daily operations and management. The matters filed in this case will not have a substantial impact on the company's operations. "After confirming to Mr. Li Chunan, the matter he was filed this time was suspected of insider trading not the company's stock, and it does not involve the company's related matters."
"The insider trading object is suspected of not the company's stock" also appeared in the announcement of the listed company Liancheng CNC.
Liancheng CNC stated in an online investor exchange held by August 20 that the target of the chairman suspected of insider trading does not involve the listed company's stocks, and the chairman will also actively cooperate with the relevant departments to investigate. Other specific information is temporarily inconvenient to disclose. If there is any relevant progress, the company will disclose it in a timely manner in the form of an announcement.
Li Chunan himself also attended the above online exchange.
Regarding the impact of Li Chunan's investigation on the company's operations and refinancing, Liancheng CNC responded that the matters filed for this investigation are only an investigation of the chairman's personal information and will not affect the company's normal production and operation activities.
Liancheng CNC released the investor activity record on August 20, and Li Chunan attended.
However, the investor activity held by Liancheng CNC did not rebound in the company's stock price. On August 22, Liancheng CNC stock price fell sharply, closing at 75.1 yuan per share, down 6.13%.
Beike Finance reporters noticed that Liancheng CNC announced a 1.36 billion yuan private placement plan in July this year, and plans to use the raised funds for projects such as single crystal furnace expansion, photovoltaic cell chips and photovoltaic module equipment and supplementary working capital.Liancheng CNC stated in the draft that the private placement focuses on the photovoltaic and semiconductor equipment industries in the company's main business areas, and further promotes the company to expand its industrial landscape, deeply deploy the photovoltaic core auxiliary materials industry, and optimize the company's main business product structure.
Li Chunan's investigation means that the listed company's private placement will be temporarily suspended. Liancheng CNC stated that in terms of refinancing, due to the investigation, the company does not meet the requirements of stock issuance conditions for , the refinancing plan will be temporarily suspended, but it will not affect the actual development of the company's fundraising project. The company has used its own funds and self-raised funds to invest first.
"At present, the company has sufficient orders in hand, and will implement the expansion plan in an orderly manner. If necessary, the chairman will provide financial support to the company free of charge."
Li Chun'an's capital map: actual control of Liancheng CNC. It has a close relationship with the "Longji system"
In addition to Longji Green Energy, Liancheng CNC (835368.BJ) is another business center of Li Chun'an. Li Chun'an and Zhong Baoshen, chairman of Longji Green Energy, are the actual controllers of the company.
, established in 2007, Liancheng CNC mainly engaged in single crystal furnace and cutting equipment business, was listed on the New Third Board in April 2016, listed on the Selected Layer in July 2020, and landed on , the North Exchange in 2021.
Longi Green Energy has been a major customer of Liancheng CNC all year round. In 2021, Liancheng CNC sold line cutting equipment and single crystal furnaces, wire cutting equipment and other products to Longi Green Energy and its subsidiaries, achieving operating income of 1.477 billion yuan, accounting for 72.42% of the total operating income that year. The high "binding" between
and Longi is a long-term concern for Liancheng CNC investors. In this regard, Li Chunan said in an interview with Securities Times in 2020 that Longi ranked first among solar module manufacturers and had a stable financial performance. For such a high-quality company, it is very logical for Liancheng to develop and serve Longi as a strategic customer.
Li Chunan said that the progress and development of modern large-scale production, especially the industrial system with high technological content, is an effective way to achieve industrial strategic coordination, integrated integration of technology and technology, and coordination of market rhythms.
He also proposed that the equity of Liancheng CNC and Longi Green Energy is relatively scattered, and the ownership and operating rights are appropriately separated. When making decisions, related shareholders and related directors abstain from voting. The management negotiates market principles around the interests of their respective enterprises. The internal control system of both parties are relatively complete and must follow the process. In addition, both parties are public companies and must fully disclose information. All cross-linked transaction orders, including expected related transactions, related transactions that have occurred in the future, and major contracts, must be announced in a timely manner.
Longi founders Li Zhenguo, Zhong Baoshen and Li Chunan are all students of Lanzhou University . Lanzhou University's alumni interview in 2017 showed that in 1993, Zhong Baoshen founded the first company in Fushun , committed to the research and development and expansion of the field of magnetic materials application. Afterwards, Li Chunan received an invitation from Zhong Baoshen and rushed from Lanzhou to Fushun, and the two started their own business together. In 1996, the company registered its trademark and took the name of "Longji". On the one hand, it commemorated Jiang Longji, the old principal of Lanzhou University, and on the other hand, it meant "ambition of prosperity and a foundation for eternal prosperity".
In 2000, Li Zhenguo founded Xi'an Longji Silicon Materials Co., Ltd. . In 2006, Zhong Baoshen and Li Chunan left Shenyang one after another and devoted themselves to Xi'an Longji; in 2007, Zhong Baoshen and Li Chunan invested in the establishment of Dalian Liancheng CNC Machinery Co., Ltd. In 2012, Longi was listed on on . At that time, Longi Green Energy's prospectus disclosed that Li Chunan was Li Zhenguo's classmate and one of the main initiators of Longi. He served as a director of Longi and participated in the company's production and operation. When
was first listed, Li Chunan once surpassed Li Zhenguo to become the largest shareholder of Longi Green Energy Technology Co., Ltd. . According to the 2012 interim report, Li Chunan held 18.04% of the shares at that time, exceeding Li Zhenguo's 17.6%. In the first quarter of 2014, Li Chunan's holdings fell behind Li Zhenguo, who continued to increase his holdings. In the following years, Li Chunan maintained the position of Longi Green Energy's second largest shareholder until the third quarter of 2020.
wind data shows that on May 19, 2015, Li Chunan had a large proportion of share reduction. At that time, Li Chunan reduced his holdings by 4.43% of the shares, and his shareholding ratio dropped to 12.35%. In recent years, with the reduction of holdings, Li Chunan's role in Longi has been weakening.
Li Chunan's capital map is not only this, and his participating companies are basically closely related to the "Longi System", including Longi Instruments, Longi Electromagnetics and other companies.
According to the 2022 semi-annual report released by Longi Instruments, a company listed on the New Third Board, the company's actual controllers are Zhong Baoshen and Zhao Sihai. As of the end of June, Li Chunan held 16.796 million shares of Longi Instrument, with a shareholding ratio of 14.46%. All of the above shares are in unrestricted sales.
In addition, the fourth and fifth largest shareholders of Longi Instruments are Zhang Chengchen and Zhao Nengping, who hold 7.22% and 5.99% of the shares of Longi Instruments respectively.
repeatedly reduced its holdings in Longi Green Energy, cashing out 19 billion yuan in two months, and blood transfusion of Longi Electromagnetics nearly 4 billion
can provide free financial support for Liancheng CNC, Li Chunan has cashed out more than 19 billion yuan in the process of reducing its holdings in Longi Green Energy, from October to December 2020 alone.
In October 2020, Longi Green Energy announced that due to "personal capital needs", Li Chunan planned to reduce his holdings of the company's unrestricted circulating shares through centralized bidding, and the number of shares to be reduced shall not exceed 1% of the company's total share capital. 2020html At the end of 4, Li Chunan completed the reduction of his holdings, with the total amount of reduction of 34.3000 million yuan.
In December 2020, Li Chunan reached an equity transfer agreement with Hillhouse Capital , transferring 226 million shares of Longi Green Energy Co., Ltd. to the latter, accounting for 6% of the company's total share capital. It is disclosed that Li Chunan's share reduction was due to his own financial arrangements. The transfer price per share of transaction was 70 yuan, and the total transaction consideration was 158.4100 million yuan .
Longi Green Energy's latest 2022 first quarter report shows that as of the end of the period, Li Chunan held 2.11% of the listed company's shares, ranking as the seventh largest shareholder. Wind data shows that the reference market value of Li Chunan's shares as of the end of the first quarter was 8.258 billion yuan.
Beike Finance reporter also noticed that after continuous share reduction, Li Chunan was still considered to be able to exert a significant influence on Longi Green Energy and its subsidiaries for a long time.
According to the 2021 annual report released by Longi Electromagnetic in March 2022, when introducing the relationship between Longi Green Energy and its subsidiaries, it was stated that "Li Chunan exerted a significant influence and Zhong Baoshen served as chairman."
It is worth mentioning that after the intensive share reduction in 2020, the flow of funds obtained by Li Chunan has also been attracting attention from the market. So, where will so much money flow to?
Beike Finance reporter found that in the first half of 2021, Li Chunan had a large amount of funds flowing to Longi Electromagnetics, a company listed on the New Third Board.
From February to May 2021, the company's actual controllers Zhang Chengchen and Zhao Nengping received a large amount of funds of Li Chunan (his spouse Weng E, classmate Zhao Xinmao, and subordinate Huizhi Investment employee Liu Ximei) respectively. Li Chunan's funds come from the transfer income of Longi Green Energy Technology Co., Ltd. he held.
The establishment of Longi Electromagnetics is also very story-breaking. Longi Electromagnetic Announcement: In the early days of its establishment, the company was founded by five Lanzhou University alumni. During the company's development, the respective shareholding ratio and business focus changed. Zhong Baoshen's business areas are mainly focused on the listed company Longi Green Energy Technology Co., Ltd., Li Chunan and Wang Xuewei's business areas are mainly in Liancheng CNC, and Zhang Chengchen and Zhao Nengping's business areas are mainly in Longi Electromagnetic.
In 2019, Longi Electromagnetic decided to go to the New Third Board to list. In January 2021, Li Chunan, who was the director of Longi Electromagnetic at the time, resigned from the position of director of Longi Electromagnetic because he served as chairman of Liancheng CNC. In September 2021, Longi Electromagnetic submitted an application for listing of the Selected Layer.
Two months after submitting the Selected Layer, the large-scale financial transactions between Li Chunan, Zhang Chengchen and Zhao Nengping were also questioned by the stock transfer system. Longi Electromagnetics was asked whether there were other agreements between Zhang Chengchen, Zhao Nengping and Li Chunan, whether there were equity holding or other interest arrangements, and whether there was interest transfer.
Longi Electromagnetics failed to respond to the inquiry at that time. After the selected layer was transferred to the Beijing Stock Exchange for review for review, in December 2021, Longi Electromagnetic suspended the review due to its expiration of its financial report and resumed the review in March 2022. On July 14, 2022, Longi Electromagnetic suddenly announced that it had withdrawn its application for listing on the Beijing Stock Exchange based on future strategic adjustments.
【Who did you trade insider? The actual controller of Longi Electromagnetics was investigated at the same time, and Li Chunan is the third largest shareholder]
Longi Electromagnetics announced that it would withdraw its application for listing on the Beijing Stock Exchange for only more than a month. Zhao Nengping, chairman of Longi Electromagnetics and one of the actual controllers, received a notice of investigation from the China Securities Regulatory Commission on the same day as Li Chunan.
According to the announcement of Longi Electromagnetic on August 19, Zhao Nengping decided to file a case against him in accordance with the Securities Law of the People's Republic of China and other laws and regulations for suspected insider trading in the securities market.
In the announcements of Liancheng CNC and Longi Electromagnetics, the announcement of Li Chunan "is suspected of insider trading is not the company's stock", the announcement of
Longi Electromagnetics did not mention whether the insider trading target was Longi Electromagnetics, but only stated in the announcement, "The investigation matters of this case are only an investigation of Mr. Zhao Nengping's personal, and will not affect the company's daily business management activities, nor will it affect the normal performance of personal duties."
Longi Electromagnetics issued an announcement showing that Zhao Nengping, one of the actual controllers of the company, was also investigated by the China Securities Regulatory Commission on August 19. The data shows that the actual controllers of Longi Electromagnetics are Zhang Chengchen and Zhao Nengping, who respectively hold 33.46% and 22.78% of Longi Electromagnetics. In addition to Li Chunan, who is the third largest shareholder of Longi Electromagnetics, Zhong Baoshen also holds 5.74% of Longi Electromagnetics, making him the fourth largest shareholder of the company. The Longi Electromagnetic announcement introduced that Zhang Chengchen and Zhao Nengping both held positions in Longi Co., Ltd.
It is worth mentioning that in 2020, Zhao Nengping was also issued a warning letter for trading Liancheng CNC stocks.
According to Longi Electromagnetic announcement, Zhao Nengping and Wang Xiaoping (husband and wife relationship) were self-regulated and regulated on December 24, 2020 for conducting Liancheng CNC shares transactions. In addition, Shijin Technology is a company in which Zhao Nengping holds 1.56% of the shares, and Zhao Nengping was also asked by the Liaoning Securities Regulatory Bureau to assist in investigating matters related to Shijin Technology's secondary market transactions.
The Shijin Technology here is a company listed on the New Third Board and is also closely related to Li Chunan. In October 2021, Shijin Technology, a company listed on the New Third Board, completed an additional stock issuance, among which the investor is Liancheng CNC, a shareholder who already holds shares in Shijin Technology. After the completion of the additional issuance, Liancheng CNC's holdings of Shijin Technology increased to 17.6667 million shares, accounting for 21.07% of the company's total shares.
In addition, Li Chunan and Zhao Nengping also hold shares in Shenyang Tongxiang Bio-Pesticide Co., Ltd., of which Li Chunan holds 18.64% of the shares and Zhao Nengping holds 13.66% of the shares.
Beijing News Shell Finance reporter Zhu Yueyi Li Yunqi
edit Song Meilu
proofreading Jia Ning
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