Text | Radar Finance, Author | Moenmeng, Editor | Deep Sea
“I am really sorry that Shanshan has come to this day. I have done my best.” On February 7, Zhou Ting, the helmsman of the Shanshan Group, told the media with some sobs after the reorganization hearing of Shanshan Group.
In November last year, as the widow of Zheng Yonggang, a well-known Zhejiang businessman, Zhou Ting took over the Shanshan line commander seal from her stepson Zheng Ju, and has been in less than three months since then, and the Shanshan line has been in constant turmoil.
Among them, on the evening of December 25 last year, Yongshan Lithium issued an announcement stating that the company’s former controlling shareholder Ningbo Jutai Investment Management Co., Ltd. (hereinafter referred to as “Ningbo Jutai”) 44.6861 million shares were frozen by judicial means, and the reason for the freezing was debt. dispute.
According to Tianyan Check information, Ningbo Jutai is a Shanshan company and the legal representative is Zhou Ting.
The Shanshan Group lost control of Yongshan Lithium Industry in November last year. At that time, with the “Reminder Announcement on the Judicial Auction of Some Shares of the Controlled Shareholder and the Predicted Change of Control Rights”, the news of Yongshan Lithium’s Change of Owner Yongrong’s Winning Quickly Diverged in the Capital Market Come.
Radar Finance learned that Pingtan Yongrong Zhisheng Investment Co., Ltd. (hereinafter referred to as “Yongrong Zhisheng”), which spent a huge amount of 804 million yuan to buy 102 million shares of Yongshan Lithium, is behind it. Wu Huaxin, the helmator. After more than 40 years of ups and downs, Yongrong Holdings has transformed from a small workshop to a large industrial group with annual revenue of more than 80 billion yuan.
It is worth noting that the “Yongrong Group” had no listed company territory before, so the bidding campaign of Yongrong won this time was generally interpreted by the outside world as paving the way for the subsequent “backdoor listing layout”.
“It’s a pity that Shanshan has come to this day”
On February 7, Ningbo was biting cold.
After the reorganization hearing of Shanshan Group, Zhou Ting, the helmsman of Shanshan Group, walked out of the court alone, unconsciously wrapped her coat tightly, and looked a little lonely.
“I am really sorry that Shanshan has come to this day. I have done my best.” Zhou Ting said in a brief interview with the media that there are still many things to do later, and she will continue to work hard, not give up, not lie down.
Zhou Ting is the widow of Zheng Yonggang, a tycoon of Zhejiang businessman, and was once a financial female anchor on TV.
In February 2023, Zheng Yonggang, who was regarded as the soul of the “Shanshan Group” by the outside world, passed away at the age of 65.
After Zheng Yonggang’s death, Zhou Ting once broke out with Zheng Yonggang’s son Zheng Ju.
At that time, some media discovered that Zhou Ting and three children sued Zheng Ju and applied to the court to freeze 51% of the shares of Ningbo Qinggang Investment Co., Ltd. (hereinafter referred to as “Ningbo Qinggang”) held by Zheng Yonggang. After that, the equity was The “Legal Inheritance Dispute” was frozen.
After a game, Zheng Ju became the new helm of the company. However, the “second-generation enterprise” who was ordered to take on the heavy responsibility in the face of danger did not protect the “family business” that he worked hard for his father.
According to the financial report released by Shanshan Co., Ltd., in 2023, the company achieved revenue of 19.07 billion yuan, a year-on-year decrease of 12.13%. During the same period, the company’s net profit attributable to shareholders plummeted by more than 70%, falling to 765 million yuan.
As we enter 2024, Shanshan Co., Ltd.’s performance has not improved significantly. In the first three quarters of last year, Shanshan Co., Ltd.’s revenue continued to decline, down 9.69% from the same period last year. The net profit attributable to shareholders of Shanshan Co., Ltd. fell by as much as 98.07%, only 23 million yuan.
In response, Shanshan Co., Ltd. explained that in the first three quarters, the company’s performance declined year-on-year mainly three reasons. First of all, the polarizer business and the negative electrode business are affected by the changes in the industry cycle, and the market competition is fierce, and the product price has dropped year-on-year, resulting in a significant reduction in net profit in the same period.
Secondly, the company continues to promote its focus strategy, divesting non-core assets, and some of the participating companies suffer heavy losses, which has a significant adverse impact on the company’s current performance. Third, part of the equity of the electrolyte business was sold in the same period last year, and investment income of approximately 244 million yuan was recognized, but there was no investment income corresponding to this business in this period.
While the performance is sluggish, Shanshan shares have many worries. On November 5, Shanshan Co., Ltd. issued an announcement stating that the company received a notice from its controlling shareholder Shanshan Group, and learned that some of the shares of the company it held were frozen by judicial or waiting for freeze.
The announcement shows that Shanshan Group has overdue debts, lowered its credit ratings for entities and debts, and major litigation or arbitration related to debt issues in the past year. The company and the controlling shareholder remain independent in assets, business, finance, etc. The frozen and marked matters of the controlling shareholder’s shares will not have a significant impact on the company’s production and operation, corporate governance, etc., and will not involve the performance of performance compensation obligations.
However, Shanshan Co., Ltd. also mentioned in the announcement that the company’s controlling shareholder is actively communicating with relevant parties to reduce the freezing ratio. However, given that the proportion of frozen and marked shares of the controlling shareholder is currently relatively high, if the subsequent shareholding is compulsory There may be a risk of change in control in judicial disposal.
On November 7 last year, Shanshan Co., Ltd. disclosed the Shanghai Stock Exchange’s decision to impose disciplinary sanctions on Shanshan Co., Ltd. and its controlling shareholder Shanshan Holdings and relevant responsible persons. It mentioned that listed companies and related entities have problems such as the controlling shareholder’s non-operating funds occupied and not disclosed in a timely manner, and some related transactions have not completed the review procedures and have not disclosed to the public in a timely manner.
In view of the above-mentioned violations and circumstances, according to the relevant documents, the Shanghai Stock Exchange decided to publicly condemn Shanshan Holdings, the controlling shareholder of Shanshan Holdings, and to serve as the chairman of Shanshan Holdings, Zheng Ju, then director and deputy general manager Li Fengfeng, then finance. Director Li Keqin and then secretary of the board of directors Chen Ying were criticized.
On the same day, Shanshan Co., Ltd. mentioned in another announcement that the company’s controlling shareholder Shanshan Group held 65.23 million shares of the company through the Guotai Junan Customer Credit Trading Guarantee Securities Account due to overdue debts in margin trading, and was forced to close the position. risk.
The announcement shows that as of October 31 last year, Shanshan Group’s principal of financing liabilities in the above-mentioned credit account was 237 million yuan. As of the date of issuance of the announcement, Shanshan Group has not yet repaid the contract liabilities due on October 31. Shanshan Co., Ltd. stated that the outstanding settlement of the above-described contract liabilities is mainly due to the financial arrangements of Shanshan Group.
At the same time, the announcement also disclosed the current debt situation of Shanshan Group. As of the date of disclosure of the announcement, the total amount of interest-bearing liabilities of Shanshan Group (except Shanshan Co., Ltd.) was 12.265 billion yuan, of which the short-term debt due within one year was 11.42 billion yuan. At present, the interest-bearing debts of Shanshan Group are all in normal existence.
On November 18 last year, Shanshan Co., Ltd. disclosed that the company’s chairman was changed from Zheng Ju to Zhou Ting.
After Zhou Ting took over, the dilemma of the Shanshan faction did not improve.
On December 25 last year, Shanshan Co., Ltd. disclosed that the company’s controlling shareholders, Shanshan Holdings and Shanshan Group, had new shares waiting for freeze.
On January 26 this year, Shanshan Co., Ltd. disclosed that the Ningbo Branch of China Construction Bank Co., Ltd., Ningchuan Branch of Ningbo Yinzhou Rural Commercial Bank Co., Ltd., and Ningbo Branch of Industrial Bank Co., Ltd. applied to the People’s Court to reimburse Shanshan Group. all.
On the same day, Shanshan Co., Ltd. disclosed its 2024 annual performance forecast, with a net profit attributable to shareholders expected to be 320 million yuan to 480 million yuan in 2024, and a profit of 765 million yuan in the same period last year; a net profit deducted from non-network profit was 750 million yuan to 900 million yuan, last year Profit of 219 million yuan in the same period.
The Shanshan Group has lost control of Yongshan Lithium
Radar Finance noticed that as the Shanshan Group fell into a dilemma, it had lost control of the listed company Yongshan Lithium.
In early November last year, Yongrong Zhisheng successfully bid for 102 million shares of Yongshan Lithium Holdings held by Ningbo Jutai for unrestricted circulating shares. It is reported that the shares in this auction account for 58.67% of Yongshan Lithium shares held by Ningbo Jutai and 19.79% of Yongshan Lithium’s total share capital.
On November 13, Yongshan Lithium issued an announcement stating that the company received the “Execution Rule of the People’s Court of Linghai City, Liaoning Province” delivered by Yongrong on the same day. The court ruled that the original registered person to be executed Ningbo Jutai Investment Management Co., Ltd. The 102 million shares of Yongshan Lithium under the company’s name belong to the buyer Yongrong Zhisheng.
Public information shows that Yongshan Lithium once used the company name “Jixiang Co., Ltd.”, mainly focusing on the production, processing, and sales of molybdenum products such as molybdenum series products such as molybdenum furnace materials. In February 2017, the “Shanshan Group” company acquired Xinhualong equity through Ningbo Jutai. In 2020, Shanshan Holdings acquired Jixiang shares through Shanghai Steel Stone, and the total proportion of Jixiang shares held by it reached 44.11%, becoming the controlling shareholder of the company.
Tianyan Check shows that Ningbo Jutai, the former controlling shareholder of Yongshan Lithium, was established in February 2016 with a registered capital of over 1.55 billion yuan. Its legal representative was Zheng Ju, the son of Zheng Yonggang, the founder of the “Shanshan Group”. It has been changed to Zhou Ting.
With this change in equity, Ningbo Jutai and its joint actor Yu Yongshan Lithium will significantly reduce the shareholding ratio from 44.11% to 24.32%, and Yongrong Zhisheng’s shareholding ratio will increase from 0% to 19.79%. , and the actual controller of Yongrong Zhisheng is Wu Huaxin.
It is worth mentioning that the process of Yongrong Zhisheng’s acquisition of this part of Yongshan Lithium Industry is not easy. According to JD.com’s judicial auction network platform, Yongrong Zhisheng experienced a fierce bidding battle during the auction process.
Among them, the starting price of 26 million shares was 116 million yuan. After 210 bids, Yongrong Zhisheng was finally sold at a price of 231 million yuan, with a premium of about 99.14% over the starting price. The starting price of the other 76 million shares is 338 million yuan. After as many as 189 bids, this part of the stock was finally sold by Yongrong Zhisheng for a price of 572 million yuan, with a premium of about 69.23% over the starting price.
According to the above transaction price, the total transaction price of 76 million shares is about 7.53 yuan per share, and the total transaction price of 26 million shares is about 8.89 yuan per share. Although the aforementioned transaction prices have a significant premium compared with the starting price, they are still lower than the closing price of Yongshan Lithium Industry on the day of 8.98 yuan per share.
In the announcement, Yongshan Lithium stated that this change in equity does not touch the tender offer, but will lead to a change in the company’s control, which will have a significant impact on the company’s equity structure and corporate governance. Because Shanghai Steel Stone gave up the voting rights corresponding to the 53.5164 million shares of Yongshan Lithium shares it holds, the company’s controlling shareholder will be changed to Yongrong Zhisheng, and the company’s actual controller will be changed to Wu Huaxin.
According to the “Detailed Equity Change Report” released by Yongshan Lithium on November 14, Yongrong Zhisheng, as the inmate of information disclosure, promises to further increase his holdings in listed companies through judicial auctions within the next 12 months. 5% to 10% of the shares to further consolidate control of the company.
Yongshan Lithium’s “new owner” is an 80 billion Fujian company, which may pave the way for “backedness” listing
Yongrong Zhisheng, which acquired 102 million shares of Yongshan Lithium Co., Ltd., was established in August 2021 and is 100% owned by Fujian Yongrong Group Co., Ltd., which is affiliated to Yongrong Holding Group Co., Ltd. and is founded by the founder Wu Huaxin is actually controlled.
In the 1970s, Wu Huaxin was born in a poor peasant family in Changle, Fuzhou. In Wu Huaxin’s childhood memories, in that era, there was a shortage of supplies and harsh living conditions. His hometown was always accompanied by narrow roads with dust and narrow roads, and a family of seven or eight even lived in a house of only more than 20 square meters.
However, his poor background did not make him surrender, but instead inspired his determination to change his destiny. He is determined to let the whole family live a good life. This dream is like a seed, taking root in his heart.
The spring breeze of reform and opening up has brought a turning point for Wu Huaxin’s family. At that time, his father bravely joined the tide of entrepreneurship and founded fiber factories and warp knitting factories, and his business gradually flourished. In 1983, my family spent 25,000 yuan to buy a Changde 303 warp knitting machine to produce nylon mosquito nets, fabrics and other products. With the continuous iteration of technology and the increasing variety of product, the products they produce are very popular in the market and are even sold overseas.
Under the influence of such a family atmosphere, Wu Huaxin has had a dream of doing business since childhood. In 1988, Wu Huaxin entered the gate of Wuhan University. In 1992, with the rise of a new round of reform and opening up, Wu Huaxin chose the path of entrepreneurship without hesitation.
However, starting a business is obviously not that easy. In the early stages of entrepreneurship, in order to understand the national warp knitting market, Wu Huaxin traveled to almost all provinces across the country, and experienced a long period of hard work, and sometimes even sleeping became a luxury.
When developing the international market, Wu Huaxin also faced considerable challenges. Since the company had no import and export rights and credit limit at that time, he was often in a passive position in transactions with customers. He recalled, “The most thrilling time was when I threw $80,000 into the customer’s account and could only wait for the other party’s news. That was betting on the entire company’s old capital! Fortunately, the other party kept its promise. , there was an echo soon.”
Faced with the numerous challenges that followed, Wu Huaxin never felt the slightest desire to retreat. With unswerving determination and extraordinary perseverance, Wu Huaxin led the company to step by step from small to large, from weak to strong, and opened up a vast world.
As Fujian warp knitting processing enterprises emerged like mushrooms after a rain, Wu Huaxin turned his attention to the upstream nylon fiber industry of the warp knitting industry. In 2001, Wu Huaxin founded the creator Nylon Industrial Co., Ltd. in Changle City, Fujian Province. This is the first private enterprise specializing in nylon production in Fujian Province, and it is another important milestone on Wu Huaxin’s entrepreneurship journey.
In 2006, with its technological leadership in the industry, Wu Huaxin established Fujian Jinjiang Technology Co., Ltd., a high-tech enterprise specializing in the research, development, production and sales of high-end nylon fibers, and soon ranked among the forefront of the world’s civilian nylon fiber enterprises.
The establishment of Jinjiang Technology has laid a solid foundation for the future development of Yongrong Holdings Group. In 2009, Fujian Yongrong Holdings Group Co., Ltd. was officially established. At the same time, the company carried out defamily management, introduced relatively advanced modern management models in the West, and started group operations.
After years of development, Yongrong Holdings Group has now become a large-scale industry with green energy and chemical new materials as its main business, integrating supply chain services, and relying on modern industrial 40 and industrial Internet technology to develop green and sustainable development. group.
According to the official website of Yongrong Holdings, the group currently has nylon business (Yongrong Co., Ltd.), acene business, new materials business, new energy materials business, port service business, energy and chemical sales business, financial services business and other business segments, with all business segments, including There are more than 60 capital and holding enterprises and nearly 10,000 employees.
In the “Top 500 Private Enterprises in China” list released by the All-China Federation of Industry and Commerce in October last year, Yongrong Holdings Group ranked 118th with revenue of 82.709 billion yuan, an increase of 27 places from the previous year.
Although Yongrong Holdings Group is strong, Wu Huaxin has never had a listed company of his own. Therefore, some analysts believe that participating in Yongshan Lithium’s stock auction may be Yongrong Holdings’ preparations for subsequent “backed” listing.
Radar Finance noticed that just a few days after the auction of 102 million shares of Yongshan Lithium, Yongrong Zhisheng’s registered capital increased from 10 million yuan to 810 million yuan, which was 804 million yuan of Yongrong Zhisheng’s bid for shares. Very close. At the same time, Yongrong Zhisheng’s legal person, executive director and contact person were also changed to Wu Huaxin, chairman of Yongrong Group.
In a tweet released on the official official account on November 13 last year, Yongrong Holdings stated that Yongrong Holdings Group successfully obtained control of Yongshan Lithium this time is an important step for the group to enter the new energy field and an important step for the group to enter the capital market. milestone. In the future, the Group will continue to empower Yongshan Lithium in terms of strategy, talent, technology, resources, etc., help Yongshan Lithium Industry develop rapidly, create a new growth curve for the Group to achieve the goal of 100 billion yuan earlier.
At the end of December last year, Yongshan Lithium disclosed that the company’s chairman had changed, and Yang Xilong, who came from Yongrong Holdings, served as the new chairman.
Where will the Shanshan Group under Zhou Ting’s helm go in the future? Radar Finance will continue to pay attention.
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