Whose Busen Shares? Major Shareholders And Actual Controllers Are In Constant Dispute.

Who shares Busen? In the evening of September 9th, *ST Busen (that is, "Busen shares") issued a joint statement with Beijing orient Heng Zheng technology and Trade Co., Ltd. and Shanghai Rui Wei asset management partnership (limited partnership).


According to the statement, all parties to safeguard the interests of listed companies and realize the high quality development of listed companies as the "common divisor", through strengthening the main business management and management, assisting the listed companies to develop new businesses, and jointly cope with the violation of guaranty litigation, and strive to achieve 2019 losses.


At the same time, the parties will reach agreement on major issues such as follow-up governance of listed companies as soon as possible, and hold shareholders' meetings to consider relevant matters, and promote the completion of the general election of directors and supervisors of listed companies, so as to enhance the confidence of investors and customers and employees. Among them, Beijing orient Heng Zheng technology and Trade Co., Ltd. (hereinafter referred to as "Orient Heng Zheng") and Shanghai Rui Wei asset management partnership (limited partnership) (hereinafter referred to as "Rui Fei assets") are the largest shareholder and the second largest shareholder of Busen shares.


In fact, in the chaos of the provisional shareholders' meeting held recently, orient Heng Zheng is considered to be the culprit. Busen shares announced in the announcement that due to the interference and pressure of the relevant personnel of Dongzheng Heng, resulting in the witness unable to attend the shareholders' meeting normally, the shareholders' meeting was cancelled and the election was held separately.


01 disputes continue


According to the securities times e company, Mr. Zhao Chunxia, vice chairman of Dongfang Heng Zheng, said that "runner up" chairman asked for 150 million yuan departure fee. Among them, Zhao Chunxia still sees the actual controller of science and technology. In April 2018, Zhao Chunxia became chairman of Busen shares through the introduction of technology.


It is understood that Zhao Chunxia is still the founder of Internet loan platform. Zhao Chunxia shares Busen shares through holding company, hoping to expand the supply chain finance with the resources of listed companies, which has been fully demonstrated in the 2017 annual report. However, due to other shareholders' confusion, after several months of tug of war, Busen's share control battle came to an end.


In November 22, 2017, Busen shares announced the termination of its participation in the establishment of a network small loan company. Due to poor management, its operating income in 2018 was 320 million yuan, a decrease of 6.99% compared with the same period last year. The net loss attributable to shareholders of listed companies was 193 million yuan, and the deficit increased by 470.36% over the same period last year.


In April 28th this year, Busen shares announced that the company's net profit in 2017 and 2018 for two consecutive accounting years were all negative. The company's stock will be dealt with special treatment of delisting risk warning in April 30th. The stock abbreviation is changed from "Busen shares" to "*ST Busen". In addition, a number of financial subsidiaries set up by Busen investment are also in a loss.


During the year and a half of Zhao Chunxia's taking over, Busen shares suffered successive negative control incidents such as "control over rights", illegal guarantee litigation, and continued loss of operating performance, and all 16% of Busen's shares (22 million 400 thousand shares) held by science and technology were auctioned off by law.


In April 28th, the 22 million 400 thousand stake of Busen shares fell to the hammer. "Buyer" Du Xin gained the controlling power of the listed company, and the transaction price was 283 million 800 thousand yuan. This also means that the 22 million 400 thousand shares of Busen shares are owned by Dong Heng Zheng. After the transfer, Dongheng Heng will hold 16% of Busen's shares and become the largest shareholder. Zhao Chunxia is the second largest shareholder through 13.86% stake in Rui's assets.


But Busen shares said its actual controller has not changed. In reply letter, the company said that the Fifth Board members were elected and effective in performing their duties, and Zhao Chunxia decided to select more than half of the board of directors of the company through his actual voting rights of the listed company. Therefore, at present, the actual controller of listed companies has not changed, and is still Zhao Chunxia.


But Duxin said, "if we buy stocks directly from Zhao Chunxia and make some market premiums according to the market price, we can understand shell fees. Now, she is living on the so-called second largest shareholder, but in fact, there are no 1 shares in *ST Busen, so 150 million yuan is out of the question.


02 Zhao Chunxia running?


It is worth mentioning that, in the evening of August 19th, the reply announcement on the letter of concern of the Shenzhen Stock Exchange issued by Busen shares showed that in addition to the largest shareholder of the company, the 5 shareholders of Busen Group Limited, Chongqing Xin Sanwei investment consulting center, Zhang Xing Liang, Meng Xianglong and Zhang Xu were all bluntly saying that "Zhao Chunxia himself ran away" and called for a temporary shareholders' meeting to remove the relevant personnel posts.


The Oriental constant regularized that the minority shareholders of the company were very worried about the situation of the listed company, and agreed with the Licensing companies representative to "convene the provisional shareholders' meeting and submit a motion to remove the relevant directors and supervisors". At the same time, he nominated 5 people such as Du Xin to be the fifth independent directors of the Fifth Board of directors of Busen, nominated Deng Da Feng and Gao Peng as the non staff representative supervisors of the company's board of supervisors.


At the shareholders' meeting held in September 2nd, the scene became a mess, but afterwards they threw each other away. Busen shares said in its announcement that before the shareholders' meeting, the two shareholders' meetings appointed by Beijing Kyoto law firm witnessed lawyers' interference and pressure from the shareholders of Dongfang Heng Zheng before the meeting, which led to a witness unable to participate in the testimony of the stock East Conference.


However, the Kyoto law firm in Beijing said the announcement was basically untrue, and its lawyers were not shareholders' witnesses or witnesses. At the same time, the reasons why the law firm did not accept the *ST Busen Commission included the pressure exerted by the stakeholders of the company's Dongfang Heng Zheng.


However, the Kyoto law firm in Beijing said that in view of the urgent report from Dongfang Heng Zheng to your bureau, the lawyers who wanted to attend the meeting were "unscrupulous lawyers". After discussion, we decided not to accept the special appointment to witness the shareholders' meeting.


In response, Busen shares said that it is actively looking for other law firms providing witness services to shareholders' meetings. Because the company's shareholders' meeting failed to carry out supervision and social concerns, and the future impact is uncertain, the internal audit of the law firms did not recommend this sensitive period to provide witness services to avoid disputes.


Seven finance found that in the joint statement of Busen shares and Tomo Kojun and Ruiwei assets, the parties involved or basically reached internal reconciliation. Earlier, in the Busen shareholders' interim shareholders' meeting, there were media reports that "non corporate shareholders' participation in investment in love investment sparked controversy and eventually led to a runaway situation."


The Shenzhen Stock Exchange asked Busen shares to explain whether the reasons for cancelling the shareholders' meeting were consistent with the company's disclosure, and to explain what measures should be taken to ensure the normal order of shareholders' meetings in accordance with the provisions of the twenty-second rules of the general meeting of shareholders. However, Busen shares did not respond to this, saying only that the shareholders' meeting was obviously interfered and obstructed.


03 love investment to be rescued


According to seven financial understanding, in the September 1st announcement, Busen shares pointed out: after verification, up to now, the AI investment platform has not received written notification from the public security organs for investigation. On the Internet, "love investment is placed on file investigation" situation, the company calls the relevant departments, unable to verify relevant information.


However, according to the securities times, Du Xin also gave his understanding of the situation. "Our colleagues asked about economic investigation some time ago, and got an oral confirmation from the economic investigation. Love investment has been put on file." Up to now, Busen shares still say that AI investment has not received relevant notice.


As a matter of fact, since July 2018, a lot of overdue repayment has occurred in the investment of love investment. The platform has tried to resolve risks by increasing collection efforts, litigation, debt to equity swap, creditor's rights barter, and setting up SPV. As of June 17, 2019, the platform has accumulated 157 enterprises to prosecute borrowings, involving more than 4 billion 600 million yuan.


Statistics show that AI investment was established in March 2013, and was affiliated with an investment network (Beijing) Network Technology Co., Ltd., Zhao Chun Xia as chairman of the board. Busen and AI investment are regarded as brothers. According to the relevant data, as of August 1st, the number of loaned loans was 95 thousand and 800, the balance of loans was 12 billion 909 million yuan, the overdue amount was 11 billion 110 million yuan, and the total amount of compensation was 5 billion 484 million yuan.


In reply to the notice issued by the Shenzhen Stock Exchange, Busen shares said that Busen shares and AI investment independently run without any business dealings or capital exchanges. Therefore, there is no significant impact on the day-to-day operation of the company. But so far, love investment and Busen shares actual controller Zhao Chunxia still do not know where.