Xinhua Department Store Control Rights Struggle Deadlocked

After six times of raising a card and holding on to one another, Cui Jun, a private Shanghai boss, won the Cci Capital Ltd and its concerted action (hereinafter referred to as "Shanghai treasure"), and finally became the largest shareholder of Xinhua Department with 32% stake.

But the voting rights corresponding to their shareholdings were temporarily frozen.

The Xinhua Department Store issued a notice on the night of January 20th, disclosing the "decision on administrative supervision measures" issued by the Ningxia Securities Regulatory Commission to Shanghai Bao Yin for the first time. In the decision, the Ningxia Securities Regulatory Commission ordered Shanghai Bao Yin to hire an intermediary before February 15th to conduct verification, make clear statements and make public disclosure of the related matters. Before that, the company shall not exercise voting rights on the shares held by Xinhua Department store.

This is another wave of Cui Jun's lead in Shanghai's treasure house's entry into Xinhua Department store.

Prior to this, Shanghai Bao Yin and Xinhua Department store old main Beauty Group Holdings Limited (hereinafter referred to as the "wumi Department") continued the tug of war, staged a major battle of equity.

Even a rare case in the capital market is the case that a company's stock right is not listed because of placards.

According to the regulations on the acquisition of listed companies, the acquirers shall carry out

The acquisition shall employ a professional institution registered in China with financial qualification as a financial consultant.

If a purchaser fails to hire financial advisers in accordance with the provisions of these measures, he shall not purchase listed companies.

Shanghai's treasure bank disclosed its takeover in December 15th last year.

However, the financial advisers' opinions and lawyers' opinions have not been disclosed so far.

As for the delay in the long term of intermediaries

The reason for this is that as early as last December 15th, Shanghai Bao Yin explained it through the relevant announcement: Shanghai Bao Yin and its legal representative, Cui Jun, were punished and fined by the Ningxia Securities Regulatory Commission for violating the securities law. Therefore, the law firms and financial advisers agreed that they could not express their professional opinions on the related matters of the acquisition report.

According to the twenty-first Century economic report reporter, Shanghai Bao Yin and Cui Jun refused to accept the decision of administrative penalty in the administrative penalty decision (2015-1) issued by the Ningxia Securities Regulatory Commission. At present, they have applied for administrative reconsideration to the SFC and must wait for the result of administrative reconsideration.

However, the outcome of the reconsideration has not yet been issued.

The securities and Futures Commission ordered the Shanghai Bao Yin to invite intermediaries to carry out verification of relevant matters, make clear opinions and publicly disclose the decision on administrative penalty.

Shanghai Bao Yin people told reporters in January 21st, "we are doing", but he failed to disclose that it is a supplementary disclosure of financial advisers' verification opinions, lawyers' special opinions, or disapproval of supervisory and administrative measures to apply for administrative reconsideration or court proceedings.

The source said that in order to avoid information disclosure violations, he could not disclose more information, all based on the announcement.