Recently, Busen Shares Can Be Described As "Trouble".

Stock prices continued to decline, large shareholder equity pledge close to the warning line, the interim shareholders' meeting was small shareholders "demolition"...

But the eventful period did not end there, according to the world clothing and shoe net. Last week,

The shares also received two letters of concern from the Shenzhen Stock Exchange and the Zhejiang Securities Regulatory Commission, asking questions about the absence of the senior management of the company during the shareholders' meeting and the questionable results of the voting.

The reporter noted that at present, the company has not replied to the letter of concern, and the new real controller Zhao Chunxia has made repeated explanations through relevant media, explaining the future development strategy and specific measures of the company.

At the Busen shareholders' provisional shareholders' meeting held in January 5, 2018, a number of companies were absent from the current management.

(see the January 8th issue of Busen directors' change: Ten executive candidates are all changed or not).

In this regard, in January 8th and January 9th, the Shenzhen Stock Exchange and the Zhejiang Securities Regulatory Commission issued a letter of concern to Busen shares.

The Zhejiang Securities Regulatory Commission requires the new controlling shareholder, Chongqing an Han Shi Technology Co., Ltd. (hereinafter referred to as "security technology") to explain the pferor of the control rights, Shanghai Ruiwei asset management partnership (limited partnership).

Obviously, there is doubt whether the new technology can guarantee the stability of listed companies' control rights.

Public information shows that in late October 2017, Busen shares announced that its assets would be pferred to security technology at a price of 1 billion 66 million yuan by 16% shares.

At the same time, the right to vote for the remaining 13.86% of the shares held by technology is authorized.

As a result, technology has become Busen's new real controller.

However, what is odd is that in the January 5, 2018 general election of the new general meeting, only 49.28% of the effective voting rights were elected by Tao Baoshan, who was elected the independent director of the Fifth Board of directors. None of the other personnel motions agreed on the number of "48.44%".

According to the announcement, 219 shareholders and shareholders represented at the meeting, representing 102 million shares of voting shares, accounting for 73.21% of the total share capital of the company.

Lawyer Shen Yufeng, senior partner of Zhejiang Wulian law firm, director of financial and securities business division, analyzed that according to the letter of concern issued by Zhejiang securities regulatory bureau, the company saw the technology as the controlling shareholder, its actual controlling share ratio was only 16%, and the other part came from the pferee's voting right. Because the details of the agreement were not disclosed, whether the voting power of the entrusted party would be changed due to disputes among shareholders, which led to the instability of the company's actual controllers and the impact on the listed companies, which was the focus of attention of the regulators.

In addition, according to the proportion of voting held on the day of the provisional shareholders' meeting, 73.21% of the shareholders held a highly consistent vote, especially when the online voting accounted for more than 38.76%, and its turnout rate was also "surprisingly" consistent.

In the letter of concern of Zhejiang securities regulatory bureau, we also asked Busen to contact Chongqing Sanwei Investment Consulting Center (limited partnership) - Changsheng eleven private equity fund, Meng Xianglong, Xing Jianmin, China Galaxy Securities Limited by Share Ltd customer credit trading guarantee account, Bank of Ruijin assets Shanghai bank Hui Fu 9 asset management plan, Huarun Shen Guo Trust Co., Ltd. Huarun trust Hengyuan Huayin Jingji 1 fund collection trust scheme, Zhongtai securities Limited by Share Ltd customer credit trading secured securities account, Yang Xiangchun, Huarun Shenzhen Trust Investment Co., Ltd. Huarun trust Hengyuan and poly 1 aggregate fund trust scheme, Huang Zhong and other shareholders, whether there is or intends to become a concerted action, whether intends to further increase holdings to seek corporate control rights and other issues.

"The shareholders at the provisional shareholders meeting are often held at a higher rate of shareholding, and it is not surprising that the voting is consistent. The proportion of shareholders holding online voting is small and the voting is surprisingly consistent. If the coincidence probability is too small, in the supervision letters, the listed shareholders have more than 5% shareholders, and there are also many scattered shareholders. Obviously, the regulators pay attention to the same voting questions."

Shen Yufeng analysis said.

Shen Yufeng further said that the above questions were integrated together, and the focus of the inquiries focused directly on the current control of Busen shares. Whether or not, as seen on the surface, is controlled by the security technology, especially when the provisional shareholders' meeting is verified that there is indeed a boycott of small and medium-sized shareholders, which has constituted a substantive concerted action.

Reporters noted that in the letter of concern, regulators are also concerned about the current corporate governance of Busen shares. The Shenzhen Stock Exchange asked the company to explain why some directors, supervisors and company executives failed to attend the meeting, and whether the motion had any specific impact on the company and future arrangements.

The Zhejiang Securities Regulatory Commission has proposed that before the new board is elected, the incumbent board of directors shall propose a specific plan to ensure the lawful compliance of the company and protect the legitimate rights and interests of investors.

Shen Yufeng said that in front of Busen shares, in addition to strategic pformation, it is more urgent to answer questions from regulators, shareholders and the market, especially in the interim meeting of shareholders. Whether there is premeditated absence between management and whether the joint shareholders' confrontation with major shareholders means whether the company has "behind the scenes controllers".

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In this regard, Zhao Chunxia, a major shareholder of the company, saw the "real rescue" of the company. The stock market problem was repeated frequently. She said, "the leverage of the two tier markets has been closed down, causing the company's share price to drop sharply. There is a great dissatisfaction among the minority shareholders, which leads to the result of the change of directors and supervisors.

We are actively communicating with shareholders and will try our best to solve this problem in the next election. "

Zhao Chunxia also made clear that Busen shares would follow the direction of the pformation of financial technology, and suggested that the future Busen shares would cover three parts of the business.

One is the supply chain finance of industry, that is, to provide supply chain management services through deep cooperation with industry.

For example, now we have strategic cooperation with Busen group, and we plan to establish a joint venture.

Industry supply chain management company.

In addition, the second direction of Busen's future development is scenario supply chain finance.

The third direction is financial technology services for traditional financial institutions.

However, in view of the situation of overweight Internet financial supervision, can the company's long-term strategic plan be correct?

Confidence brought about a direct boost? The reporter consulted Busen's constable on the phone and texting, but did not receive a reply at the end of the press release.

Cao Lei, director and researcher of China Electronic Commerce Research Center, said that at present, the entry threshold for Internet finance has been significantly improved. Whether it is the pformation of listed companies, or the development of the original Internet financial enterprises, they will face strict regulatory issues.

Li Ming, general manager of Zhejiang paradise Silicon Valley industry Acquisition Department, said that the recent "speculation shell stocks" is expected to be obviously cold, financial technology companies need a large number of talents and technology reserves, plus Busen's main business and pformation direction of poor synergy, the future is hard to say.

Whether the directors and supervisors of the company have any disagreement with their shareholders when they deliberate on the bill.

Some directors and supervisors of the company did not attend the shareholders' meeting, and some senior managers did not attend the shareholders' meeting. The daily operation of the board of directors, board of supervisors and shareholders' meeting was normal and standardized.

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