Just now, the A-share “prison storm” added another member. the evening of March 2, *ST Pengqi (600614) announcement, received the actual controller Zhang Pengqi Family members provided Lishui City, Zhejiang Province People’s Procuratorate “Notice of Arrest”, Zhang Pengqi suspected of insider trading crime, the Lishui City People’s Procuratorate decision, on February 26, 2021 On February 26, 2021, he was arrested according to the law.
This announcement, perhaps the last straw that crushed *ST Pengqi, *ST Pengqi has reached the edge of delisting, its shares have been suspended since July 17, 2020. And on the eve of suspension, has been nine consecutive trading days closing price below 1 yuan, the possibility of delisting is very high.
According to the financial data, as of September 30, 2020, the number of shareholders of *ST Pengqi is still as many as 49,947 households.
In response to the arrest of the company’s controller suspected of insider trading crimes, some investors in the stock bar helplessly lamented, “Is it really going to be delisted?”, “hope is dashed, delisting no doubt.
Zhang Pengqi had “a war of fame”, high-profile entry into Pengqi Technology
With Zhang Pengqi’s imprisonment, a “empty glove” capital operation came to an end.
Time dial back to August 2016, the unknown Zhang Pengqi suddenly became famous in the A-share war. It spent 1.197 billion yuan to take 7.59% of the shares of Dingli (the predecessor of *ST Pengqi), and its concerted action holders together hold 15.18% of the shares of *ST Pengqi, becoming the largest shareholder of the listed company.
In order to completely control *ST Pengqi, since April 2017, Zhang Pengqi and Song Xueyun couple and other persons acting in concert began to violently increase their holdings in *ST Pengqi.
On April 20, 2017, *ST Pengqi announced that Song Xueyun increased her holdings in Pengqi Technology by 54,021,900 shares, and after this increase, the shareholding of Ms. Song Xueyun and her concerted actions in Pengqi Technology rose to 18.27%.
At the same time, Zhang Pengqi and Song Xueyun couple threw out the next plan to increase holdings through the Yunnan Trust Seere 23 pooled fund trust plan to increase holdings of *ST Pengqi shares, the plan to increase the amount of 400 million yuan – 470 million yuan.
It is worth mentioning that Yunnan Trust Sealui 23 trust plan is designed with 2:1 leverage, which means that Zhang Pengqi, Song Xueyun and other concerted actors plan to use 200 million to pry 400 million of the plan to increase their holdings.
Ultimately, the shareholding plan was completed on September 27, 2017, increasing the cumulative shareholding of *ST Pengqi by 2.13%, raising the shareholding of Zhang Pengqi and Song Xueyun to 20.4%. Subsequently, the shareholding ratio of Mr. and Mrs. Zhang Pengqi once rose to 22.7%, much higher than the second and third largest shareholders, becoming the actual controller of the listed company.
According to public information, *ST Pengqi is a holding-type listed company, the main business in the subsidiary companies to carry out. Among them, Luoyang Pengqi main business for titanium and titanium alloy metal casting, aluminum alloy and aluminum-magnesium alloy precision casting, precision machining, laser welding, its products are mainly used in aviation, aerospace, naval and other military fields; Baotong Tianyu is mainly engaged in the research and development, production and sales of radio frequency and microwave group products, to provide customers with specialized, customized and personalized product services.
But after Zhang Pengqi took charge, *ST Pengqi’s performance has been in decline, has suffered losses for three consecutive years. 2020 first three quarters, the company’s business is almost stagnant, operating income of only 49 million, a year-on-year plunge of 96%.
An “empty glove” capital operation
*ST Pengqi’s performance is in the toilet, perhaps as early as the first day of Zhang Pengqi’s ownership has been destined.
In 2016, Zhang Pengqi’s first stake in Dingli shares (*ST Pengqi predecessor) of 1.197 billion yuan, which it borrowed, in the first time after the stake, it will be all shares pledged to finance the repayment of loans.
According to the warning letter issued by the Shanghai Securities Regulatory Bureau on Zhang Pengqi, Zhang Pengqi in the third month after the shares, it pledged 123 million shares of *ST Pengqi, and concealed the pledge, and this part of the pledged funds, is used to pay the above 1.197 billion yuan part of the rest of the funds are also pledged from the shares of *ST Pengqi.
And the funds behind the increase in holdings, is also Zhang Pengqi and Song Xueyun couple in February 2017 to Guangjin small loans to borrow, leverage and come.
According to the announcement of *ST Pengqi on January 12, 2021, Zhang Pengqi and Song Xueyun couple, and the loan contract disputes with Guangzhou Golden Holdings subordinate companies, involving a total of 68 cases, the total principal amount of the loan involved in the lawsuit 340 million yuan.
Thus, Zhang Pengqi into the *ST Pengqi is a “empty glove” play, obviously no long-term operation of the listed company’s intention.
After it gets the actual control, *ST Pengqi will burst mines constantly. Up to now, *ST Pengqi irregular guarantee amount has been as high as 1.424 billion yuan; *ST Pengqi, the actual controller involved in more than 20 lawsuits, the cumulative amount of litigation involved in about 1.3 billion yuan; outstanding debt due more than 430 million yuan.
The most helpless is perhaps *ST Pengqi small and medium shareholders, since 2015 to the eve of suspension, *ST Pengqi share price from the highest point of 17.58 yuan all the way down to 0.74 yuan, a cumulative decline of more than 95%, the total market value is evaporated 29.5 billion yuan.
Up to now, *ST Pengqi has been listed as a defaulted executor, and has been sued for as many as 116 court announcements and 101 lawsuits, most of which are loan disputes.
In July 2019, the actual controller and chairman of *ST Pengqi, Zhang Pengqi, was criminally detained by the Lishui Municipal Public Security Bureau for alleged insider trading and leaking insider information.
*ST Pengqi stands on the verge of delisting
Now, *ST Pengqi has fallen below the face value of 1 yuan for nine consecutive trading days, has stood on the edge of the delisting cliff, and Zhang Pengqi’s imprisonment may become the last straw to break the camel’s back, its stock resumption, the probability will face a continued decline in the test.
On January 14, 2021, *ST Pengqi issued a delisting risk alert announcement, due to 2018 and 2019, the company’s financial reports by the accounting firm issued an audit report unable to express an opinion, the company’s shares have been suspended from July 17, 2020. At present, the work related to the application for resumption of listing is still in progress, and there is uncertainty whether the accounting firm will issue a standard opinion on the Company’s annual financial accounting report for 2020. The company’s shares may be at risk of delisting.
And it seems that *ST Pengqi did not completely give up, January 29, 2021, *ST Pengqi actually issued a pre-earnings announcement, is expected to turn a loss to profit in 2020, net profit attributable to shareholders of the listed company is about 35 million yuan to 42 million yuan.
The main reason for the pre-earnings is that the subsidiary Pengqi real estate achieved operating profit in 2020, compared with the same period last year, an increase of about 160 million yuan.
On the day the results were disclosed, *ST Pengqi was questioned by the regulator.
The letter of inquiry showed that as Pengqi Real Estate mainly engaged in real estate development and sales, net assets of 243 million yuan at the end of 2019, a net profit loss of 1.307 million yuan, the main business profit of only 2.831 million yuan; the first half of 2020 main business profit is a loss of 139,100 yuan, therefore, the regulatory authorities have doubts about Pengqi Real Estate operating profit increased by 160 million year-on-year, questioning whether there is income and profit manipulation to avoid delisting.
In the face of this letter of inquiry, *ST Pengqi has chosen to be silent. Up to now, it has postponed replying to the inquiry letter for three times in a row, citing the Epidemic as the reason.
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