The Top Two Shareholders Of Xinhua Department Store Are In A Stalemate.

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Shanghai Bao Yin has won 32% shares of Xinhua Department through six placards. Thus, Shanghai's treasure last year's shareholding ratio reached 32%, replacing the 30.94% of the 30.94% stake in.

The largest shareholder.

This directly led to a change in the ownership structure of Xinhua Department store, after which the planned increase of the company was suspended.

Because if implemented in accordance with the company's declared non-public offering plan, it will lead to the company's equity distribution does not have the conditions for listing.

In January 21st, a lawyer familiar with the rules of mergers and acquisitions in Shanghai told reporters that the struggle was in a stalemate.

"For Shanghai's treasure bank,

The company will not meet the listing requirements, and the reduction will not meet the requirements of the lock regularly. For the Wuming department, the increase will also encounter this problem, and when faced with the competition of the big shareholders, it will certainly not choose to reduce the holdings.

The lawyer believes that in the later stage, it is possible that the two sides will find their allies and enhance their voting rights by forming a concerted action relationship.

According to the provisions of the Shanghai Stock Exchange Listing Rules, the total share capital of the company is below 400 million shares, and if the shares held by the public shareholders are less than 25% of the total share capital of the twenty consecutive trading days, the company will withdraw from the market.

Under such circumstances, Shanghai Bao Yin also said that it would not rule out the next 12 months to continue to increase its holdings of Xinhua Department stores in the form of "tender offer".

This prompted the board of directors of Xinhua Department to issue a "warning". If Shanghai's treasure Bank continues to offer the takeover, Xinhua Department will also touch on the foregoing "

The regulations do not have the conditions for listing.

Because if Cui Jun wants to lead the takeover of Shanghai's treasure bank, it means that the takeover ratio of the tender offer is no less than 5% of the shares issued by the listed company.

As a result, the proportion of Choi Jun's shareholding will climb to 37%, which will lead to less than 25% of the public shareholding of Xinhua Department Store (less than 400 million shares of the total stock), prompting Xinhua Department to not have the conditions for listing.

"Shanghai Bao Yin's acquisition of Xinhua Department Stores by way of offer is not aimed at Xinhua Department Store delisting."

Shanghai Bao Yin subsequently replied through the announcement that under the circumstances of Xinhua Department store being faced with the risk of delisting, Shanghai Bao Yin would not acquire the shares of Xinhua Department Store in the form of an offer.