Lining'S Capital Operation Was Challenged By &Nbsp; Or China'S Failure To Shell Out.

December 20th, according to Hong Kong media reports, the extraordinary China (8032) announced the acquisition of a month ago

The 17 China announced the acquisition of Li Ning Co, and the gem listing committee ruled that the takeover constitutes a counter takeover under the listing rules, and the company is appealing against the decision.

At the end of August this year, Lining, the gymnast prince, announced that he intends to invest about 31% of his Li Ning Co stake in the new flagship flagship energy saving (extraordinary China predecessor).

Lining was originally expected to pay 31% of the shares.

According to the listing rules, "anti takeover" usually refers to a paction that affects the control of the company, or in disguised form, the proposed acquisition of assets.

Those who are familiar with the listing requirements point out that the listing rules are principles based (non article based), so there are no specific indicators to define the difference between simple injection and acquisition.

When the Commission reviews individual pactions, it will consider the intention of the paction. If the company's explanation fails to convince the Committee of the motive for injecting or acquiring assets, the paction will cause significant changes to the company (such as the impact of control or changes in the industry). The committee will consider the paction as an "anti takeover".

The person who knows the listing requirements adds that the committee will not deliberately obstruct the free trading of the listed companies, nor oppose the company's backdoor. But the premise is that any paction that is equivalent to the disguised buying shell must be listed as the same as the company's request, and no one can get the status of the listed company in a way that is easy to be listed.

Chen Ning, executive director of extraordinary China, said yesterday that the stock exchange would be able to respond to the company's appeal in the first month or so, and is confident that it can finally complete the paction.

The company then issued a statement through public relations companies, saying that the extraordinary Chinese intention continued to purchase under the Listing Rules of gem, and established strategic cooperation with Lining to develop the extraordinary China into a sports and environmental protection integrated enterprise.

The statement also stressed that the anti takeover ruling does not mean that the acquisition of Lining's deal has failed, but that the paction needs more time to meet more requirements, and the company will do its best to meet these requirements to complete the paction.

If the appeal is dismissed, the extraordinary China will explore various methods and continue to undertake acquisitions under the relevant rules.

Speed up scheme, helpless stock price

In fact, through the issuance of a large number of new shares and the injection of 31% Li Ning Co shares and other "empty handed" methods, Lining quickly grew up to be happy and energy saving, and developed the internal housing business by backdoor, which is known as "four technological stunning".

Although China's share price surged from 18% to 0.92 yuan in the following day, the stock price has dropped to 0.395 yuan on the 17 th.

Li Ning Co's share price fell by nearly 9% on the day, with a low level of 22.8 yuan. Since then, it has been hovering at that level and has received 21.25 yuan on 17 days.