After receiving the Shenzhen Stock Exchange's "Letter of Concern", GreenCon Biochemical (002868) announced the suspension of the transaction of intending to acquire 100% of the equity of Jiangxi Weike, a company in the photovoltaic industry chain, and the company's stock hit the daily limit on the 8th.
htmlOn August 1, Lvkang Biochemical disclosed a package of announcements. Because it is optimistic about the future development prospects of the target company and the photovoltaic adhesive film industry, the company plans to purchase 100% of the equity of Jiangxi Weike held by Wanghong Center and Wang Meijun in cash. The company's shareholders, Heli Asia, Fujie Pingtan and Beijing Kangmin, signed a "Cooperation Framework Agreement" with Yirui Investment, Changxin No. 2, Ciyin Investment and Xiao Han, intend to transfer the total 57.0781 million shares of the company they hold (accounting for 36.73% of the company's total share capital) to the equity transferee. The listed company sells 100% of the equity of Putan Thermal Energy to the counterparty of the placement of asset transaction, and the counterparty of the placement of asset transaction shall pay the cash consideration to the listed company.The implementation of share transfer and asset disposal in this transaction is a prerequisite for each other, and the asset acquisition is based on the implementation of share agreement transfer and asset disposal.
Lukang Biochemical stated that the company's original main business, veterinary drug research and development, has suffered losses for years due to the impact of policies and rising raw material prices. It is planned to enter the film industry through this asset acquisition and contribute new performance growth points to the company. As soon as the news came out, the company's stock price hit the daily limit for five consecutive trading days from August 1 to 5, with a cumulative increase of more than 60%.
For this asset trading plan, the Shenzhen Stock Exchange immediately issued a "Letter of Concern" to Lukang Biochemical on August 3. The Shenzhen Stock Exchange pointed out that the equity transfer matter involves the company's directors and senior executives changing some of the shares' sales restriction commitments made during their IPO, and requires the company to verify whether there are any violations of the commitment or other restricted rights. Jiangxi Weike lost 6.6374 million yuan in 2021, and a loss of 6.8863 million yuan from January to April 2022, with an asset-liability ratio of 92%, an estimated value of 100 million yuan, and a premium rate of about 632%. As of the end of the first quarter of 2022, Lvkang Biochemical had only 58.2844 million yuan in cash. It explains the reasons and necessity of the company's high premium acquisitions when the target assets are lost and the debt-to-asset ratio is high, and whether there is a situation of catering to hot topics to speculate on stock prices; self-check whether there are insider information leakage, insider trading, etc.
After being questioned by the Shenzhen Stock Exchange for speculation on the stock price, on the 8th, Lvkang Biochemical announced that it would suspend the above trading plan. With the suspension of trading, the company's stock price immediately hit the limit, closing at 18.3 yuan per share, with a turnover of 22.6554 million yuan.
Due to the deviation of the decline of the day of the day, Lukang Biochemical ranked on the Dragon and Tiger List on the 8th. Two powerful business departments appeared on the list, ranking first and fourth respectively. Buy Yi CICC Shanghai Branch and bought 1.6031 million yuan, and sold Sicaixin Securities Hangzhou West Lake International Trade Center Securities Branch to sell 693,600 yuan.
Reporter Zhu Rong
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