At its peak, Zhongke's investment market value exceeded 654.38+30 billion yuan, so it became a benchmark enterprise of the New Third Board. However, today's market value is less than 9 billion yuan. This decline took less than three years.
China Merchants will be forced to terminate its listing.
65438+February 15 Share Transfer Company announced that according to the Notice on Relevant Issues Concerning the Financing of Listed Financial Enterprises and the Notice on Relevant Issues Concerning the Self-examination and Rectification of Listed Private Equity Institutions, two listed private equity institutions have invested in China Merchants (832 168). OC) and Daren Asset Management (83 1639. OC)，
According to the announcement issued by Everbright Securities, a brokerage sponsored by China Merchants, the reasons why China Merchants was forced to terminate its listing are as follows:
According to the audited financial data of 20 16, the sum of investment management fee income and performance reward accounts for 4 1.39% of the income source, which does not meet the requirement of 80%.
According to the regulations of share transfer company, the rectification period given to the company is 1 year, which has reached the specified period 1 year.
Shan Xiangshuang wrote in China Merchants official website that as a comprehensive investment group, private equity fund management is only a part of the company's business, especially after the company's private placement, the proportion of direct investment has greatly increased, and the income from direct investment has expanded, resulting in the income from private equity business accounting for less than 80%. As the group is the main body of listed companies, the group manages more than 60 surviving funds. According to the fund management contract, the change of fund managers requires the consent of all investors, and the company cannot liquidate the funds or change the managers of these managed funds in a short time. As the object of rectification and verification, the Group can't cancel the qualification of group fund manager, and finally can't meet the standard.
The market value ranges from13 billion to 8.3 billion.
2065438+On March 20th, 2005, China Merchants announced the listing of the New Third Board at an issue price of 10.83 yuan/share. 65438+February 15, the share price of China Merchants dropped by 6. 10% to close at 0.77 yuan, and the current total market value is 8.334 billion yuan, which is far from the peak of13 billion yuan.
In the spring breeze, China Merchants used to be the king of financing and the king of growth in the New Third Board market. At the same time, it is also known as the "shell king" because it has swept a lot of goods in A shares.
According to "China Fund News", when the New Third Board was very popular in the first half of 20 15, Zhongke Merchants raised funds in the New Third Board market for many times, with a total financing amount of about 10 billion yuan. What surprised the industry even more was that China Merchants subsequently threw out a 30 billion refinancing bill.
This move shocked all parties in the market. In the end, although the 30 billion fixed increase was not really implemented, it made the regulatory authorities notice the crazy refinancing behavior of equity fund companies listed on the New Third Board.
Subsequently, the regulatory authorities tightened the listing of investment companies such as equity fund companies on the New Third Board, and no new investment companies were listed on the New Third Board.
King Tunk once made a fortune.
In the secondary A-share market, China's investment promotion also caused an uproar.
China securities journal reported that during July and August of 2065438+2005, when A shares fluctuated greatly, China Science and Technology Group (CSEC) frantically "swept the goods". In just two months, Zhongke Co., Ltd. invested billions of yuan to attract investment and quickly listed 16 companies.
This "shell-blocking mode" once won a great victory in Tai Ding New Materials. In July of 20 15, China Merchants invested about 260 million yuan twice to bid for Tai Ding New Materials, and in addition, SF Holdings borrowed Tai Ding New Materials on 20 16, China Merchants earned a lot of money.
However, from 20 16, the regulatory authorities began to increase the audit requirements for asset restructuring of listed companies and crack down on shell speculation. At the beginning of this year, China Merchants planned a large-scale "clearance operation", and its subsidiaries announced a "clearance reduction" of eight stocks including Mianshi Investment.
But strangely, after the expiration of the six-month reduction period, "clearance reduction" became "mini reduction". On July 25, Mianshi Investment announced that the time limit of Zhongke Huitong's reduction plan had passed, and it only reduced its holdings of 100 shares on June 20. On the same day, Shahe shares also announced that Zhongke Huitong reduced its holdings by 65,438+000 shares on June 65,438+06, and the shareholding ratio after the reduction is still 65,438+065,438+0.565,438+0%. For Xianglong Power and Beikuang Technology, Zhongke Huitong only reduced its holdings by 300 shares and 500 shares respectively.
This is a technology with only one purpose, that is, to prepare for the subsequent clearance and lightening.
"First, reduce 100 shares or 200 shares. If his shareholding falls below 5%, he can divest himself of his major shareholder status, operate flexibly without regulatory restrictions, and have more choices in the time, quantity and method of reducing his holdings, which may increase the profit space. 100 hand can be described as very accurate, just right and understandable. "
65438+On February 7th, China Merchants announced that the company will implement the stock reduction plan in the next six months according to its own capital demand, with a total reduction of about 3 billion yuan.
Not only that. In an interview with the media, China Merchants said that it would gradually reduce its shares in listed companies until it completely withdrew, and would no longer invest in listed companies by placard.
Has begun to land in other capital markets.
According to the arrangement of share transfer company, China Merchants will be suspended on February 18 (next Monday) and resumed on February 1 9 (next Tuesday). During the resumption of trading, the listed company and the sponsoring securities firm shall continuously disclose the risk of termination of listing (at least three days).
On February 26th, 20 17, 17, listed companies that did not meet the rectification conditions were forced to withdraw from the market.
In the face of the upcoming mandatory delisting, Shan Xiangshuang said, "Our termination of listing on the New Third Board is indeed a big setback for China Merchants, but we have started to land in other capital markets. A blessing in disguise is a blessing in disguise. "
According to Sina Finance, informed sources revealed that China Science Investment Corporation will land in Hong Kong's capital market, and Singapore is also under consideration.
However, where the shareholders of China Merchants will go is still a question.
According to the report disclosed by China Merchants in the third quarter, the company has 27 13 shareholders. In this regard, the national share transfer system specifically pointed out that the termination of listed companies should actively respond to investors' demands, and the sponsoring brokers should designate special personnel to be responsible for the termination of listed companies and disclose contact information, assist in the communication of investors in the termination of listed companies, and guide the termination of listed companies to properly solve investors' demands.
Shan Xiangshuang said, "In any case, in accordance with the requirements of the share transfer system, we will work together with the sponsoring brokers to properly handle the follow-up matters after the termination of listing, especially the protection of the rights and interests of small and medium investors."