Original title: Breach of commitment to reduce holdings by nearly 2.9 billion yuan WuXi AppTecShareholders are investigated by the Securities Regulatory Commission
Every time reporter Sun Jiaxia and intern Cheng Ya Every time editor Tang Hui
On the evening of June 16, WuXi AppTec (603259, SH) once again issued a new progress announcement regarding shareholder Shanghai Yingyi Investment Center (Limited Partnership) (hereinafter referred to as Shanghai Yingyi) illegally reducing holdings, stating that Shanghai Yingyi has received Investigation notice from the Securities Regulatory Commission.
According to WuXi AppTec’s announcement on the evening of June 11, Shanghai Yingyi will reduce its holdings of WuXi AppTec’s shares through the Shanghai Stock Exchange’s centralized bidding trading system from May 14 to a total of 2.894 billion yuan. WuXi AppTec was listed on May 8, 2018, just after the lifting period of the stocks of its listed companies. Shanghai Yingyi’s shareholding reduction did not disclose the shareholding reduction plan through the listed company 15 trading days in advance as promised, nor did it notify one of the actual controllers of the listed company that entrusted voting rights in writing 5 trading days before the company’s shares were sold. GeLi (Li Ge).
The staff did not realize the violation
On the evening of June 16, WuXi AppTec announced that due to Shanghai Yingyi’s suspected violation of information disclosure, the China Securities Regulatory Commission decided to open an investigation. According to WuXi AppTec’s announcement on the evening of the 15th, the Shanghai Stock Exchange has also issued a supervisory work letter to listed companies. The supervisory content also focuses on Shanghai Yingyi’s illegal shareholding reduction.
The matter was disclosed on the evening of June 11. As soon as WuXi AppTec’s announcement was made that day, the stockholders in the stock market instantly exploded. The announcement stated that from May 14 to June 7, 2021, WuXi AppTec shareholder Shanghai Yingyi reduced its holdings of 16.11 million shares of listed companies (before the distribution of rights and interests in 2020) through a centralized bidding method on the Shanghai Stock Exchange, June 8, 2021 Continue to reduce holdings of 1.14 million shares of listed companies (after the distribution of rights in 2020), and reduce holdings of 17.25 million shares in total, accounting for 0.6962% of the total share capital of listed companies.
The price range of Shanghai Yingling’s reduction is 143.49 yuan/share to 176.88 yuan/share, and the total amount of reduction is 2.894 billion yuan. Before the reduction, Shanghai Yingyi held 20.54 million A shares of listed companies, accounting for about 0.8381% of the company’s total share capital (calculated on the basis of the total share capital of 2.45 billion shares on May 13, 2021 before the reduction). After the reduction, as of June 11, Shanghai Yingyi held 4.17 million shares of the company, accounting for approximately 0.1419% of the company’s total share capital (calculated based on the total share capital of 2.94 billion shares as of June 10, 2021).
In other words, Shanghai Yingyi has sold about 83% of WuXi AppTec’s shares. Shanghai Yingyi explained that before the reduction, Shanghai Yingyi held 0.8381% of the total equity of the listed company, which was less than 1% of the total equity. The relevant staff did not realize that as a delegated voter, Shanghai Yingyi was listed on the company’s A shares. At that time, it had already made a commitment to reduce the shareholding of the company, and the relevant reduction regulations of the China Securities Regulatory Commission should be applied, which led to this violation of the commitment to reduce the shareholding behavior. In addition, Shanghai Yingyi apologized for the impact and said that he was aware of the violation and had conducted a deep self-reflection.
Failed to comply with relevant commitments
The “Daily Business News” reporter noticed that WuXi AppTec was listed on the A-share market on May 8, 2018, and May 10, 2021 is the day of listing. However, Shanghai Yingyi began to reduce its holdings of the company’s stocks on May 14, which was just 4 days after the circulation date.
WuXi AppTec announced on June 11 that the listed company noticed changes in the number of shares held by Shanghai Yingyi after the implementation of the 2020 equity distribution on June 8. Commitments made. The “secret reduction of holdings” by Shanghai Yingyi also came to the surface.
At the same time, WuXi AppTec also stated that Shanghai Yingyi failed to comply with relevant commitments before implementing this reduction, did not notify the listed company in advance, and did not disclose the implementation of the reduction plan through the listed company 15 trading days in advance and other related procedures.
The reporter inquired about WuXi AppTec’s prospectus and found that shareholders of companies such as Shanghai Yingyi had promised to reduce their holdings of company shares that were issued before the company’s initial public offering. The shareholding reduction plan will be disclosed in advance 15 trading days.
The prospectus also shows that GeLi (Li Ge), one of the actual controllers of the listed company, signed a voting power of attorney with Shanghai Yingyi, stipulating that Shanghai Yingyi will entrust the voting rights corresponding to all of the issuer’s equity to GeLi (Li Ge) exercise.
The delegated voting party promised to comply with relevant laws and regulations on information disclosure, insider trading, etc., when reducing the company’s shares, notify the actual controller in writing 5 trading days before the sale of the company’s shares, and cooperate with the actual controller to carry out the reduction. Holding relevant exchange filings, information disclosure, and implementation arrangements for shareholding reduction in order to comply with this letter of commitment. Therefore, Shanghai Yingyi violated the above-mentioned relevant commitments.
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