Kunlun Trust Intends To Reduce YOUNGOR Shares

It has been nearly a month since the SFC issued the "Regulations on the shareholding of shareholders of listed companies and the high shareholding of directors and supervisors" issued by the securities and Futures Commission in May 27th, as well as the detailed rules for the implementation of the shareholdings of shareholders and directors of listed companies.

According to the world clothing shoes and hats net, recently,

Group Limited by Share Ltd (hereinafter referred to as YOUNGOR) issued the "notice on holding more than 5% of shareholders' reduction plan". The announcement said: Kunlun trust, for the sake of capital arrangement, intends to reduce some of the unlimited selling shares held by the Kunlun trust and investment fund No.1 trust fund scheme by means of centralized bidding, trading and block trading.

The total planned share reduction does not exceed 214 million 886 thousand and 800 shares, that is, no more than 6% of the total share capital of the company, and the reduction price is not less than 10.58 yuan / share.

The announcement showed that as of June 19, 2017,

YOUNGOR holds 465 million 990 thousand and 980 shares of tradable shares, which account for 13.01% of its total share capital, of which 1 million 800 thousand shares are held through the "Kunlun twenty-six securities investment trust fund plan", representing 0.0503% of the total share capital, and the above-mentioned shares are Kunlun trust from two level.

Buying; through the "Kunlun trust, the first investment fund collection trust scheme", the company holds 464 million 190 thousand and 980 shares of the tradable shares with unlimited selling conditions, accounting for 12.96% of its total share capital, and the shares issued by the Kunlun trust in April 2016, which have been subscribed by the company, have expired on April 13, 2017.

According to the new rule of reduction, the reduction of holding price within 12 months after the lifting of the ban period of shareholders shall not exceed 50%. At the same time, it is necessary to satisfy the requirement that "the total number of shares that can be reduced through the stock exchange centralized bidding paction every 3 months shall not exceed 1% of the total shares of the company".

At the same time, in the way of reduction, bulk trading reduction was also included in the regulation for the first time.

The fifth provision of the implementing rules clearly stipulates that the reduction of large shareholders or reduction of specific shareholders and the adoption of bulk trading shall not exceed 2% of the total number of shares within 90 consecutive days.

The reduction of the trust scheme in Kunlun is considered to be a reduction in the maximum price.

In 2016, YOUNGOR's non-public offering program showed that the issue price was RMB 15.08 yuan / share.

After 10 to 4 and dividends, 10.58 yuan / share is almost the cost price.

In the new regulation, it is clear that the shareholders can only reduce the total share capital by 6% by reducing the two ways to reduce the total share capital by centralized bidding and block trading, that is to say, the Kunlun trust is the most important one.

According to the Kunlun trust announcement, the period of reduction from December 26, 2017 to three after the date of the announcement is in conformity with the provisions of the new regulation.

According to incomplete statistics of Wind data, by the year June 22nd, there were 33 top ten stocks in the trust scheme with a shareholding ratio of more than 5%, of which 18 were trust fund schemes.

Based on public information, the reporter inquired into the "trust fund No. 48 collection fund trust plan" of Tibet trust investment in Mount Everest, Tibet, which was established in June 30, 2016.

Tibet Mount Everest 2017 quarterly report shows that the aggregate trust scheme is currently the third largest shareholder of the company, with a shareholding ratio of 12.76%.

That is to say, even if the effect of the lifting period is not considered, according to the new regulation, it will take three years to withdraw from the centralized bidding way, and it will take one and a half years to complete the reduction through bulk trading.

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