Modern Boulevard Is Surprised To See That The Company Under The Limit Board Has Broken Up To Create A Board.

In June 25th, morden Avenue released a pre disclosure announcement that the controlling shareholder, the actual controller and its co operative persons were frozen in the company's shares and the possible passive reduction. In June 26th, the morden Avenue was closed.

The June 25th announcement showed that the modern Avenue received the notice of the controlling shareholder, the actual controller and its unanimous action, Ruifeng group, Lin Yong Fei and Weng Wuqiang about the passive reduction matters. Regarding the issue of stock pledge financing, founder securities may start the execution procedure, and handle the pledge of the three shareholders to the shares of Founder Securities.

It comes from equity pledge two years ago.

From August 2017 to September, the controlling shareholders, the actual controllers and their concerted actions, Ruifeng group, Lin Yong Fei and Weng Wuqiang respectively signed the "equity pledge repo business agreement" and the corresponding "guarantee contract" with the total number of pledge shares totaling 120 million shares. At that time, the stock price of modern Avenue was between 17 yuan / share -20 yuan / share. According to two market related sources, stock pledge in the latter half of 2017 is usually between the 85% off -5 discount of the current share price, and the qualification of listed companies needs to be considered.

However, after April 2018, the company's share price fell all the way. By the end of January 2019, the price of modern Avenue has been down to below 5 yuan / share. Since February 1st, the stock price of modern Avenue has started to pick up, and its share price has risen to around 7 yuan / share in March. Announcements show that in March 2019, when morden Avenue regularly inspected shareholders' shareholding, it was learned that the controlling shareholder of the company, Ruifeng group, the company's actual controller Lin Yongfei and its co operative man, Wuqiang's shares held by the company were frozen by law.

In March 11th, the modern Avenue received the inquiry letter from the Shenzhen Stock Exchange. In the reply to the enquiry, it showed that some of the shares of the modern Avenue held by Ruifeng group, Lin Yongfei and Weng Wuqiang were frozen by the Hunan Provincial Higher People's court because of their pledged securities repurchase disputes with Founder securities Limited by Share Ltd (hereinafter referred to as "Founder Securities"). Ruifeng group, Lin Yongfei and Weng Wuqiang jointly hold 288 million shares of the Boulevard Avenue, accounting for 40.35% of the total share capital of the company; the total number of pledge shares is 256 million shares, accounting for 35.91% of the total share capital of the company, accounting for 88.99% of the total number of shares held by the company; the total number of shares being frozen by the judiciary is 136 million shares, accounting for 19.03% of the total share capital of the company.

In April, Ruifeng group, Lin Yongfei, Weng Wuqiang and relevant parties reached an agreement on the implementation of the settlement agreement with Founder Securities on the issue of frozen shares. The agreement confirmed the amount of debt, the time limit for repayment and the way of repayment.

However, in June 25th, the announcement showed that the modern Avenue received the notice from Ruifeng group, Lin Yongfei and Weng Wuqiang about the above matters. In regard to the above pledge financing, founder securities may start the execution procedure and deal with the three shareholders' pledge to the shares of Founder Securities. If Fangzheng securities can be disposed of through the two market concentration bidding before the 15 trading days after the announcement, it will probably lead to the reduction of passive regulations by Ruifeng group, Lin Yongfei and Weng Wuqiang. If the founder securities company starts the execution process and comply with the provisions of the listed companies' shareholders and the directors and supervisors' holdings of shares, it will lead to the largest reduction of the company's stock in Ruifeng group, Lin Yongfei and Weng Wuqiang to 73 million 600 thousand shares, 16 million 597 thousand and 400 shares and 4 million 400 thousand shares respectively, representing 13.28% of the total share capital of the company, but it will not cause changes in the actual controller of the company.

In June 25th, the stock price of morden road fell 3.19% to 5.16 yuan / share, and in June 26th, the stock price of modern Avenue closed at 5.68 yuan / share.

With the downward trend of stock prices, "injured" also have employees. In December 19, 2018, the controlling shareholder of modern Avenue issued a company stock initiative to employees of the company. During the buying period of the controlling shareholder Ruifeng group (from December 24, 2018 to December 28th), 30 employees of the company and its wholly-owned subsidiary and the controlling shareholder company increased their holdings by means of centralized bidding through the stock exchange system of the Shenzhen stock exchange. The total number of stock holdings increased to 159 thousand shares, and the average price of the increase was about 6.6452 yuan / share. The total amount of the increase was 1 million 56 thousand and 600 yuan.

Why did the trading limit occur after the liquidation crisis? Reporters noted that the company's capital operation has been frequent in recent years, including the intensive operation of Yuenan's acquisition and disposal.

In March 2017, morden Avenue invested 490 million yuan to buy the new three board listed company, but it was 100% of the total interest. However, by the end of October 22, 2018, the modern Avenue announced that it would sell the 100% stake and the related assets and liabilities of the headquarters building to the controlling shareholder Ruifeng group. The total consideration of the transaction is 2 billion 240 million yuan. Then, in November 7, 2018, it will be removed from the trading target.

In April 2019, morden Avenue has said on the interactive platform of the Shenzhen stock exchange that the main business of the company is in line with the mainstream business requirements of the science and technology board. If all other conditions meet the standards of the science and technology board, and if the division of the science and Technology Innovation Board can promote the main body of the market and expand the overall performance of the listed entities, we will vigorously support and actively promote the application of the science and technology board. Regarding the capital operation of the modern Avenue, the Beijing News reporter called the modern Avenue office for many times in the afternoon of June 26th.