ZOJE Shares: Trouble Entangled With The Large Shareholders To Apply For Bankruptcy

For investors of ZOJE shares (002021), the news that the controlling shareholder ZOJE holding group applied for bankruptcy will not only be a psychological shock.

There is a series of indications that although the listed companies claim that their operations are independent from the major shareholders, how much trouble will the big shareholder bankruptcy bring to the company is still unknown.

Be jointly and severally liable

Although there have been some suggestive announcements before, the news of the bankruptcy of ZOJE group still makes investors feel rather abrupt.

On Friday, ZOJE shares announced that in September 4th, the company received the "civil ruling" of the Yuhuan County court of Zhejiang Province, which was pferred by ZOJE group. The ruling reads: ZOJE group accepts the bankruptcy liquidation application of the ZOJE group in accordance with the relevant provisions of the bankruptcy law because it can not pay off its due debts and its assets are obviously insufficient to repay all debts.

Prior to this, the company has repeatedly announced that the controlling shareholder's shares were frozen and fell into litigation, but no one thought that the major shareholders suddenly will go bankrupt.

With this

ZOJE shares issued a major lawsuit notice that in September 2nd, the company received a civil judgment issued by a Puning court in Guangdong Province, ruling that ZOJE group should pay 20 million yuan to repay Zhang Haibin's loan principal, Cai Kaijian (actual controller), Cai Bing (Cai Kaijian's daughter), ZOJE ZOJE Puning supply chain group Limited by Share Ltd (large shareholders of listed companies and Cai Kaijian controlled), ZOJE kitchen and toilet Limited by Share Ltd (controlled by Cai Kaijian) and ZOJE share share responsibility.

The problem is that the listed company said that before receiving the civil judgment, the company had never received any legal documents related to the case, and the company and company Dong Jiangao had no knowledge of the loan item, the warranty for joint and several liability and the court acceptance and hearing of the loan dispute.

The company said that Cai Kaijian signed the seal of the company and the signature of the legal representative on his joint liability guarantee. His signature was also signed by Cai Kaijian. He also signed a warranty for joint and several liability, and privately withheld the legal documents related to the case which he should send to the company. He never served or informed the company.

How much more companies do not?

"In the current announcement, there is a lawsuit of twenty million yuan. Is it the case that the twenty million yuan lawsuit has bankrupted such a large group? How many holes have been put into the big shareholder? The listed company has been carrying out a joint liability of twenty million yuan for its inexplicable reason. In addition to this twenty million yuan, will there be other cases in trial? Another time bomb will appear again?" the unexpected incident surprised the investors.

"Companies know all have been announced, in addition to the current 20 million yuan joint liability case, listed companies do not know at present.

We do not know whether the company has been implicated in other cases. "

ZOJE stock securities department staff told the public securities and Caixin network reporter.

In addition, the company said Cai Kai Jian is a private seal, but whether the judiciary accepts such an explanation is now unknown.

"The company has asked a lawyer to deal with this matter."

The staff said.

ZOJE shares had previous conviction.

The Shenzhen Stock Exchange has confirmed that since 2006, the then chairman Cai Kaijian has instructed the relevant personnel of the company to allocate funds to the controlling shareholder ZOJE Holdings Limited.

As of December 31, 2007, the balance of illegal occupying funds amounted to 169 million 855 thousand and 400 yuan, and the company failed to fulfill the corresponding examination and approval procedures and information disclosure obligations for the above matters.

Investors are worried about how many things will happen in the future and how much trouble a listed company will be involved in.

Restructuring is still unknown.

Judging from the current situation, ZOJE shares are likely to face changes in the actual controller.

The largest shareholder of the company, the supply chain group, the second largest shareholder, ZOJE group and the third largest shareholder, Cai Kaijian, has been frozen in the ownership of ZOJE shares.

In the context of ZOJE's bankruptcy filing, other holdings may also be difficult to keep.

And ZOJE stock securities department staff said that the company level has not yet considered the restructuring issue.

"The new batch of board members of the company is mainly recommended by large shareholders. The previous board of directors reelection has nothing to do with restructuring, mainly the introduction of professional managers.

As for the future or how to restructure, the company does not know here.

The aforementioned staff said.

ZOJE shares said in the announcement that at present, the production and operation of the company is normal.

The company is actively preparing for the action. However, due to the fact that the lawsuit procedure has just started, the company can not predict and confirm the final joint payment amount. Therefore, it is impossible to estimate the impact of this lawsuit on the company's current profits and future profits.

For ZOJE shares related events, Volkswagen securities and Caixin network will remain concerned.