Jin Yu Che Cheng (000803): The Major Shareholder'S Equity In Debt Dispute Was "Strong Beat".

In October 16th, 000803.SZ announced that the shares held by the former controlling shareholder of Jinyu holdings will be auctioned, and the structure of shareholders will change accordingly.

"If the auction is successful, according to shareholders' rights and interests, the voting rights and income rights of Jinyu holdings must be enjoyed by new buyers," said a staff member of the secretaries of the listed company in an interview with reporters.

The original major shareholder equity was "strong beat".

In October 15th, Jinyu Che Cheng received the notice of the Zigong intermediate court. The notice indicates that the court intends to conduct a one-off auction of the shares held by Jinyu holding company on the Jingdong judicial auction platform. The starting price is subject to the closing price of the last trading day before the auction.

The reason for the auction stems from a debt dispute that has been entangled for many years. In July 2016, Jinyu holdings and its actual controllers signed loan contracts with Beijing Lian you consulting. Jinyu holdings took all the shares held by the company as collateral, and the joint and several liability guarantor was Hu Xiancheng, Hu Xianlin, Wang Xiru and Tang Hui Hui.

According to the open court ruling, the Beijing Union Advisory Group has loaned 579 million yuan to Jinyu holdings. As of February 28, 2018, unpaid interest plus penalties totaled 63 million 118 thousand and 700 yuan. Since March 1, 2018, the annual interest rate is 15% and the daily penalty rate is 0.02%.

Owing to the delay in repayment of the loan, in April of last year, Beijing Lian you consulting applied to the court for enforcement. In August of the same year, Jin Yu holdings applied to the court for a request for no enforcement.

After several times of "sawing", the shares held by Jinyu holding company failed to escape the outcome of forced auction. For the auction progress, Jinyu car city secretaries staff told reporters: "there is no definite auction time."

The struggle for control has changed.

Public information shows that Jinyu holdings, the executor of the debt dispute case, is the original controlling shareholder of the listed company. Now it is the second largest shareholder of the company, holding 30 million 26 thousand shares of the company, accounting for 23.51% of the total share capital of the company, while the other two executors, Hu Xiancheng and Hu Xianlin, are listed separately as the original controller and former chairman of the listed company.

Before 2017, Jinyu car city was controlled by Hu family, and became a shareholder of the listed company in November of that year because of the "entry" of the North control group. Since then, the company has been in the whirlpool of "equity struggle" for more than two years. During this period, the control of Hu family has been gradually weakened.

Up to now, among the 9 directors of the company, only two independent directors of Hu Zhiqi and Hu Ming, and an independent director of Ho Yun are from Jinyu holdings, of whom Hu Zhiqi is the son of Hu Xian Lin.

It is worth mentioning that in the upcoming change of board of directors, Jinyu holdings still nominate the three directors as directors of the company. In this regard, a listed company secretaries staff told the financial union reporter: "up to now, Jinyu Holdings has not withdrawn the nomination of directors, the registration date is October 16th, this auction will not affect the nomination of directors."

For Jinyu holdings, whether they are facing a situation of total withdrawal from the listed companies, the staff responded: "if the auction is successful, according to shareholders' rights and interests, the voting rights and income rights of Jinyu holdings must be enjoyed by new buyers."