(Original title: Hainan Coconut Island plans to raise no more than 654 million yuan to maintain the stability of the equity structure and the actual controller will change)
On the evening of November 27, Hainan Coconut Island (600238) disclosed a fixed increase plan. The listed company plans to raise no more than 654 million yuan by issuing shares to Hainan Xintang, which is controlled by its chairman Wang Xiaoqing, at a price of 8.08 yuan per share. All issuance expenses will be used to repay bank loans and replenish working capital.
The announcement disclosed that after the completion of the private placement, Wang Xiaoqing will control 18.34% of the shares of Hainan Yedao through Hainan Xintang and Haikou Huixiang, and the actual controller of the listed company will be changed from Feng Biao to Wang Xiaoqing.
As of the announcement date of the plan, the total share capital of Hainan Coconut Island was 448 million shares, and Dongfang Junsheng held 16.84% of the company’s shares, which is the controlling shareholder of the listed company; Feng Biao held 40% of Dongfang Junsheng’s shares and Dongfang Junsheng 100% The voting right is the actual controller of Hainan Coconut Island.
According to the announcement, the purpose of Hainan Coconut Island’s fixed increase includes adjusting the control of listed companies and enhancing investor confidence.
“As of the announcement date of this plan, the 75,486,500 shares held by Dongfang Junsheng, the current controlling shareholder of Hainan Yedao, have all been frozen by the judicial system, which has adversely affected the stability of the listed company’s control and credit funds of the listed company. “Hainan Coed Island said that through this fixed increase, the actual controller of the listed company will be changed to Wang Xiaoqing, which will help increase the stability of the company’s equity structure, improve the credit situation of listed companies, and enhance the expectations of investors in the secondary market. Safeguard the rights and interests of minority shareholders.
Hainan Yedao said that the listed company is mainly engaged in the brewing of health wine. In recent years, with the development of the company’s business, the company’s demand for working capital has continued to increase. Through this fixed increase, Hainan Yedao can supplement the working capital required for the operation of listed companies, reduce capital costs, reduce financial risks, and provide necessary financial support for the company’s product structure adjustment and product upgrades.
On November 25, Hainan Coconut Island announced that the company and relevant responsible persons had received a regulatory warning from the Shanghai Stock Exchange. After investigation, Hainan Yedao disclosed the “Foreign Investment Announcement” on April 28, 2021, and planned to establish a joint venture company with Maotai Town Confused Wine (Group) Co., Ltd., Renhuai City, Guizhou Province, to cooperate in the production and sales of sauce-flavored liquor business. Hainan Yedao promised in the relevant contract that in the next five years, the listed company or a coordinated third party will inject 5 billion yuan into the Hutu Group to help build the Hutu Group into the second largest sauce-flavored wine company in Renhuai.
“However, the company did not disclose that there are major uncertainties in the source of the above-mentioned 5 billion yuan investment funds, and that the specific investment plan has not yet been determined.” The Shanghai Stock Exchange stated that Hainan Coconut Island’s disclosure of relevant information on foreign investment matters was incomplete and violated relevant regulations. As a result, the Shanghai Stock Exchange issued regulatory warnings to Feng Biao, then chairman and general manager of the company, and Yang Peng, secretary of the board of directors.
On August 19 this year, Hainan Coconut Island also disclosed that Feng Biao, the general manager of the listed company, applied to resign as the general manager of the company due to personal reasons.
According to the data, Hainan Coconut Island was listed on the Shanghai Stock Exchange in January 2000, and has been involved in many fields including health wine, liquor, food and beverage, real estate development, trade, and investment.
According to the third quarterly report of 2022, Hainan Coconut Island achieved revenue of approximately 574 million yuan in the first three quarters, a year-on-year decrease of 15.5%, and a net profit loss of 13.8258 million yuan; in the third quarter, Hainan Coconut Island’s revenue was 181 million yuan, a year-on-year decrease of 28.63%. Loss of 24.9586 million yuan.
In this regard, Hainan Yedao said that changes in the category of wine products and different sales models have caused the gross profit margin of wine to decline compared with the same period of the previous year, resulting in a decrease in gross profit contribution and an increase in operating losses.
“With the investment of raised funds, it will help reduce the company’s financial expenses. It is expected to reduce the short-term borrowing costs of 16 million yuan per year, and enhance the company’s resistance to financial risks.” In the latest fixed increase fundraising announcement, Hainan Yedao said that after the implementation of the fund-raising investment project, the company’s main business is still the production and sales of alcoholic products, and this issuance will not have a major impact on the company’s business structure.