On The Eve Of The Auction, The Letter From The Department Concerned About Busen'S Share Control Battle Stopped.

A judicial auction, which concerns Busen shares (002569), has suddenly changed.

Sudden change on the eve of auction

On the evening of February 15th, the securities times e reporter learned that the 22 million 400 thousand shares of Busen stock were originally scheduled for public auction on Ali's judicial platform from 10 February 16th to 10 February 17th.

However, due to "letter from the relevant departments, we ask for a reprieve".

It is worth noting that the suspension of equity auctions appears rather abrupt.

Securities Times e company reporter noted that in the afternoon of February 15th, 18 hours and 20 minutes from the auction, the auction procedures for the above 22 million 400 thousand shares are still in the normal countdown.

But in the evening, it was postponed because of the letter from the relevant departments.

In January 3, 2019, Busen shares announced that it had recently received the auction notice issued by the first intermediate people's Court of Shanghai on the implementation of the notarization of creditor's rights instruments in the case of Huabao Trust Co., Ltd. and its controlling shareholder, Chongqing an Han HSI Technology Co., Ltd., and will publicly auction 22 million 400 thousand shares of Busen stock held by security technology.

It is reported that the above auction shares account for 100% of Busen shares held by the technology company, accounting for 16% of the total number of Busen shares.

At that time, Busen shares had pointed out that the auction is still in the stage of publicity. The subsequent auction will involve auction, payment, court ruling and pfer of stock rights. If the above procedures are completed, the controlling shareholder of the company will change.

3 discount for multiple entry bid

In fact, the shareholding of Busen, which was held by science and technology, finally ended in a public auction. It had already planted a "Curse" as long as it became the controlling shareholder of Busen.

In October 2017, an agreement was signed between the 1 billion 66 million yuan (1 billion 66 million yuan) for the 16% shares of Busen shares held in Shanghai Rui. The two sides signed a consensus action agreement, which was entrusted to the former with the right to vote for the remaining 13.86%.

As a result, the proportion of shareholding of science and technology in controlling voting rights was 29.86%, and Zhao Chunxia became the new real controller.

However, the security of the company is totally pledged for financing.

At the beginning of June 2018, the announcement of Busen shares revealed that the 22 million 400 thousand shares of Busen stock which were pledged by the technology to the Warburg trust company had all touched the closing line, accounting for 100% of the shares held by the company, that is, 16% of the total share capital of Busen shares.

As the stock price of Busen continued to decline, in July 31, 2018, the company did not fulfill the obligation of repurchase in accordance with the requirements of Warburg trust. Warburg trust applied for the certificate of execution of the notary office of Yangpu District, Shanghai, and applied for the compulsory execution of the first intermediate people's court of Shanghai.

In the end, the court made the executive ruling, waiting for the 22 million 400 thousand shares of the company held by the technology.

At the same time, Zhao Chunxia, the real controller of Busen shares, is also a real controller of P2P platform.

In August 2018, Zhao Chunxia's P2P platform had a debt overdue investment.

As of September 30th of that year, the total amount of loans invested by AI investment platform was 42 billion 118 million yuan, the loan balance was 13 billion 190 million yuan, the overdue amount was 2 billion 448 million yuan, and the number of overdue pens was 9137.

Under the "internal and external troubles", it is easy to see the reasons for the above 22 million 400 thousand equity auctions.

But in the auction notice of shareholding power, Busen shares said that the listed companies and the controlling shareholders were different subjects of the technology, and the company remained independent from its controlling shareholders in terms of assets, business and finance.

Up to now, Busen's daily operation and production activities are normal, and this matter will not have a significant adverse impact on the normal production and operation of listed companies.

In fact, Zhao Chunxia's Busen shares have been struggling for a year.

In January 14th, Busen's performance correction notice showed that the company was expected to lose 185 million yuan -1.98 billion in 2018, while in the three quarter of 2018, Busen's net profit margin in the 2018 quarter was 2018 yuan to 5 million yuan. In 2017, Busen's share loss was 33 million 807 thousand yuan.

Although Zhao Chunxia and her Busen share are in trouble, the 22 million 400 thousand share auction is full of attention.

According to the auction requirements, the shares of the 22 million 400 thousand shares of Busen are evaluated at a price of 241 million yuan, with a starting price of 228 million yuan and a discount of 10.17 yuan / share.

In February 15th, Busen shares closed at 13.05 yuan / share, in other words, the initial price of the latest two market closing price discount of nearly 3.

There are 3 imaginary space and a controlling right change of a listed company, so this auction has attracted a lot of attention from the market.

Auction information shows that up to now, 6 people have signed up to participate in bidding.

There are indications that the 2240 equity auction of Busen shares will launch a battle for control rights, but a letter from the relevant departments has stopped the play.