Exclusive | Hefei Construction Investment's reduction of holdings not pre disclosed? Oufeiguang: refers to income from fixed income, unless otherwise specified

Reported by Zhang Sainan, a 21st Century Economic Reporter, from ShanghaiOn the evening of October 20th, Oufeiguang (002456. SZ) issued a reduction announcement

Reported by Zhang Sainan, a 21st Century Economic Reporter, from Shanghai

On the evening of October 20th, Oufeiguang (002456. SZ) issued a reduction announcement. From October 12, 2023 to October 19, 2023, the shareholder Hefei Jiantou reduced a total of 30.03 million shares of the company through centralized bidding trading. After this equity change, Hefei Jiantou held 162 million shares of the company, accounting for 4.999998% of the total share capital of the company and is no longer a shareholder holding more than 5% of the company.

Oufeiguang is a star enterprise in the current Huawei concept stock market, and has won the "Six Board". In the current market environment of shrinking and reducing holdings, the reduction of holdings by the shareholder of Oufeiguang has attracted attention. Many investors have pointed out that the shareholder did not make pre disclosure and questioned its violation of the relevant rules for reducing holdings.

On the evening of October 20th, a reporter from 21st Century Economic Report asked Oufeiguang about this matter, and relevant personnel exclusively responded that the reduction of shares held by Hefei Construction Investment is the result of participating in the subscription of the company's non-public issuance of new shares in 2021. According to Article 75 of the "Measures for the Administration of Securities Issuance by Listed Companies" (revised on February 14, 2020) in effect at that time, the reduction of shares of listed companies obtained through non-public issuance of stocks in accordance with these Measures shall not be subject to the relevant provisions of the "Several Provisions on the Reduction of Shares by Shareholders, Directors, Supervisors, and Senior Managers of Listed Companies". So there is no need for pre disclosure of reduced holdings.

The reporter consulted senior investment bankers on relevant rules, and according to relevant regulations, more than 5% of shareholders need to make pre disclosure within 15 trading days before reducing their holdings in bidding transactions. However, if all the shares held are subscription shares issued after the new refinancing regulations, pre disclosure may not be required.

According to public information, in September 2021, Oufeiguang disclosed the results of its private placement, with an issuance price of 6.22 yuan per share, a total of 568 million shares, and a total amount of raised funds of 3.53 billion yuan. Among them, Hefei Construction Investment was one of the state-owned assets subscribed by Hefei at that time, with a distribution amount of nearly 1.2 billion yuan, holding 193 million shares, and voluntarily promising to lock in for 18 months. According to the latest announcement, the shares held by Hefei Construction Investment before this reduction were 193 million shares.

It is worth noting that the time period for Hefei Construction Investment to reduce its holdings this time is from October 12th to October 19th, which is the period of the sharp rise in the stock price of Oufeiguang. Based on the closing price of 10.57 yuan on the 19th, it also has a considerable profit compared to the issuance price at that time.

The announcement shows that this equity change is due to the information disclosure obligor reducing their holdings through centralized bidding trading on the stock exchange based on their own financial needs, and will not have a significant impact on the operation of the listed company.

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