On the evening of July 25, Fengfan Co., Ltd. (SH601700, closing price of 5.83 yuan, market value of 6.646 billion yuan) issued a reorganization plan, and planned to acquire 100% equity of photovoltaic silicon wafer manufacturer Suzhou Jingying Optoelectronics Technology Co., Ltd. (hereinafter referred to as Jingying Optoelectronics). and raise matching funds. For Fengfan Co., Ltd., which is mainly engaged in various types of ultra-high voltage transmission line towers, this acquisition is a cross-border move, and the target belongs to the current popular photovoltaic silicon wafer industry. Therefore, the company’s restructuring plan also aroused investors’ concern. Hot discussion. Many investors are expecting a good performance after the company’s shares resume trading. In fact, after the company’s stock resumed trading on July 26, it also successfully reached the daily limit of “one”.
The reporter of “Daily Economic News” noticed that a product of the large-scale private equity Shanghai Yiluo Private Equity Fund Management Co., Ltd. (hereinafter referred to as Shanghai Yiluo) stepped on the pace of mergers and acquisitions of Fengfan shares. Judging from the announcement of Fengfan Shares, Shanghai Yiluo settled before the listed company’s stock suspension on July 12, and its shareholding is suspected to come from the listed company’s controlling shareholder and director Fan Jiangang. Historically, this product of Shanghai Yiluo was quite popular with Fengfan, and its shareholding at that time was also suspected to be from Fan Jiangang.
Stocks were heavily bought by private equity before trading suspension
According to the shareholders’ shareholding situation disclosed by Fengfan on the evening of July 25, as of July 11, Shanghai Yiluo-Red Oak Jinlin Yiluo No. 1 Private Equity Fund (hereinafter referred to as Yiluo No. 1) held 20.4 million shares of the company , with a shareholding ratio of 1.79%, making it the fourth largest shareholder/tradable shareholder of the company.
In the first quarter report of Fengfan shares in 2022, Yiluo No. 1 did not appear, that is to say, it bought Fengfan shares aggressively after the first quarter of this year.
Coincidentally, on July 7, Fengfan Co., Ltd. issued an announcement saying that the controlling shareholder Fan Jiangang recently notified the company that he had reduced his holdings of the company’s shares by 20.4 million shares through a block transaction on July 5, accounting for 1.79% of the company’s total share capital. This reduction has been completed. In this reduction, Fan Jiangang cashed out a total amount of 97.308 million yuan.
According to the block transaction data disclosed by the Shanghai Stock Exchange, Fengfan shares only had one block transaction on July 5, with a transaction amount of 97.308 million yuan, and the buying seat was Shenwan Hongyuan Securities Zhangjiagang Renmin East Road Sales Department.
Based on the above information, it is possible that the shares of Yiluo 1 came from Fan Jiangang. If this speculation is true, it means that this private equity product bought a large number of shares from the controlling shareholder of the listed company and the company’s directors before the listed company was reorganized and suspended, and realized the “surprise purchase”.
Wang Zhibin, a lawyer from Shanghai Minglun Law Firm, told the “Daily Economic News” reporter that under normal circumstances, controlling shareholders and directors are insiders of inside information of listed companies. In line with business common sense.
“The key to judging whether it constitutes an insider transaction is the determination of the time when the insider information was formed.” He said that if there is evidence to prove that when the block transaction occurred, the listed company’s reorganization has been relatively determined and insider information has been formed, then this transaction will be suspected of being involved. constitutes insider trading.
In response to this situation, a reporter from the “Daily Economic News” called Fengfan’s public call on July 26, but the call was not answered. The reporter then called Shanghai Yiluo’s public number and sent interview questions to the other party through WeChat as required. On the afternoon of the 26th, the other party replied: “We are not accepting interviews for the time being.”
Yiluo No. 1 successfully “sell high and buy low”
According to the official website of Shanghai Yiluo: “The company was established in February 2011 and is one of the earliest professional private equity firms in China.”
The chairman of Shanghai Yiluo is Xu Chuanhua. It is said that Xu Chuanhua has 18 years of experience in securities investment. After two complete rounds of bull and bear market transitions, he has rich practical experience and a stable investment style. In the past 18 years of research and investment in listed companies, Xu Chuanhua and the investment research team have formed a set of investment and research systems with value mining as the core, and carried out top-down logical sorting of listed companies, and finally implemented the enterprise value judgment. , and effectively explore value depressions.
Shanghai Yiluo stated that its investment strategy is: “The main asset allocation in this plan is stocks, with a moderately balanced allocation of various styles and industries, and a mature risk control system to build and optimize the portfolio. Strive to minimize the risk of withdrawal. Achieve long-term stable absolute returns, while creating long-term higher excess returns.”
Shanghai Yiluo was selected as the best five-year private equity fund company by relevant institutions in 2020; in the same year, Xu Chuanhua was selected as the “Top Ten Fund Managers for Equity Strategies in the Past Three Years” by relevant institutions.
Previously, Henan Yiluo Investment Management Co., Ltd. (hereinafter referred to as Henan Yiluo), the predecessor of Shanghai Yiluo, was regulated because of the issue of letter disclosure. In April this year, the Shanghai Stock Exchange issued an announcement to issue a regulatory warning to Henan Yiluo. The Shanghai Stock Exchange pointed out that Henan Yiluo did not stop trading in time and disclose the equity change report when it held 5% of the shares of COSCO SHIPPING Development (SH601866, closing price of 3.11 yuan, market value of 42.3 billion yuan) through its management. , the number of illegal transactions accounted for about 0.1607% of the company’s total share capital, and the report on changes in equity was not disclosed until August 4, 2021.
The reporter found through the China Securities Investment Fund Industry Association that there are more than 100 private equity fund products managed by Shanghai Yiluo; among them, Yiluo No. 1 was established on November 23, 2018, and the filing time was December 10, 2018.
The reporter of “Daily Economic News” noticed that Yiluo No. 1 is quite fond of Fengfan shares.
As early as in the 2020 annual report of Fengfan Co., Ltd., Yiluo No. 1 appeared publicly. At that time, it held 22.55 million shares of the listed company, with a shareholding ratio of 1.99%, making it the fourth largest shareholder of the company; coincidentally, it was from November to December 2020 that Fan Jiangang, the controlling shareholder of Fengfan, passed a block transaction. The company’s shares were reduced, and the number of reductions was exactly 22.55 million shares.
As of the end of the third quarter of last year, Yiluo 1’s shareholding remained unchanged. However, in Fengfan’s 2021 annual report, Yiluo No. 1 has disappeared. This shows that it has significantly reduced its positions in the fourth quarter of last year.
From the perspective of the disk, the share price of Fengfan shares suddenly rose sharply in mid-to-late December last year. If Yiluo 1 was reduced during this time period, it would undoubtedly benefit a lot. In the fourth quarter of last year, the weighted average price of Fengfan shares was 6.366 yuan per share. From this point of view, Yiluo No. 1’s return to the carbine can be described as “sell high and attract low”.
Source of cover image: Photo Network_501142567
