Home Business The second instance of the divorce case of the chairman of Laishan Tongling was pronounced, and Shen Dongjun’s appeal failed, and the control may go to the Ma family | Daily Economic News

The second instance of the divorce case of the chairman of Laishan Tongling was pronounced, and Shen Dongjun’s appeal failed, and the control may go to the Ma family | Daily Economic News

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On December 2, Laishan Tongling (603900, SH) announced that on December 1, the company’s former actual controller Shen Dongjun received the divorce of Ma Qiao and Shen Dongjun from the Nanjing Intermediate People’s Court of Jiangsu Province on November 26, 2021. The second-instance judgment made in the case[(2021)Su01MinZhongNo.11569]: The appeal was rejected and the original judgment was upheld; this judgment is the final judgment. In this regard, Shen Dongjun said: respect the court’s judgment, but at the same time reserve the right to appeal in accordance with the law.

At the same time, Lai Shen Tong Ling also disclosed that the 31.16% of the company’s shares held by Shen Dongjun will be divided into 53042900 shares of Ma Qiao, which will account for 15.58% of the company’s total share capital. This equity change will result in changes in the controlling shareholder and actual controller of the listed company.

On December 1, Laishan Psychic closed at RMB 7.35 per share. On December 2, trading in the stock was suspended throughout the day due to “important issues that have not been announced.”

The second instance dismissed the appeal

As early as November 20, 2019, Ma Qiao filed a divorce lawsuit in the court, requesting a divorce and property division. It was not until January 6 this year that Laishan Psychic disclosed that Shen Dongjun, as the defendant, received the Court’s “Notice of Response to Prosecution” on December 16, 2019.

In June of this year, at the 2020 Annual General Meeting of Shareholders of Laishan Tongling, a reporter from “Daily Business News” asked Shen Dongjun about the divorce, but Shen Dongjun avoided discussing it at the time and said that the announcement shall prevail.

On the evening of July 30, Laishan psychic announcement stated that on July 29, the company’s actual controller Shen Dongjun received the court’s civil judgment[(2019)Su0104MinchuNo12973](first-instance judgment), and the judgment was granted to the plaintiff Ma Qiao Divorced from the defendant Shen Dongjun. Shen Dongjun holds 37.3002% of Nanjing Chuanshi Meijing Investment Management Co., Ltd. (hereinafter referred to as “Jianshi Meijing”) and 31.16% of Laishan Tongling. Ma Qiao and Shen Dongjun each get 18.6501%. And 15.58%.

In this regard, Shen Dongjun said that he himself would file an appeal in accordance with the law within 15 days from the date of service of the judgment, and the announcement stated that it was impossible to judge the progress and results of the appeal and follow-up of the case at that time.

At that time, a psychic person close to Laishan told reporters that the case took 591 days from the filing of the case on December 16, 2019 to the first-instance judgment on July 29, 2021. It was not easy. Under normal circumstances, Shen Dongjun definitely wants to appeal, but the general situation is basically set, and the appeal is just a formality. “Shen Dongjun is currently more cooperative in the division of property after divorce.” The person also said.

However, Shen Dongjun did not seem to be reconciled.

On October 29, Laishan Psychic announced that in order to represent the company’s intention to understand the controlling shareholder and actual controller Shen Dongjun in a divorce case, the company intends to participate in the second instance of the divorce case between Shen Dongjun and Ma Qiao as a third party without independent claim rights. , This matter has no direct impact on Shen Dongjun’s divorce case and the company’s profit and loss.

In this regard, directors Ma Jun, Lin Yize and his wife both voted against. Ma Jun said that Chairman Shen Dongjun once again used public weapons to manipulate the board of directors in an attempt to get the listed company to intervene in his personal divorce case to achieve his purpose of delaying the litigation time. This will put the listed company in a long-term unstable and turbulent situation, which is not conducive to the company. And the interests of all shareholders.

And Ma Jun and Ma Qiao are brothers and sisters.

However, on November 4, Laishan Tongling disclosed that the company still submitted the “Application for Participation in Litigation” to the Nanjing Intermediate People’s Court, but the court did not approve the application. The company stated that it will no longer participate in the second instance of the divorce case between Shen Dongjun and Ma Qiao as a third party without independent claim rights.

On the evening of December 2, Ma Jun told the “Daily Business News” reporter that the previous divorce case “a boot has not landed” has had a certain impact on the company’s operations. Not only did the company perform “triple jumps”, but Shen Dongjun also grew up. The three positions of chairman, general manager, and secretary of the board of directors are “single shoulder”, which does not comply with the “Guidelines for Corporate Governance of Listed Companies.”

“The company is still attracting the attention of the market. In the future, we will gradually return the company to the right track through standardized governance and adjustment of business operations, and operate in strict accordance with the laws and regulations that listed companies should follow, and hand over a satisfactory report card.” Ma Jun said.

The Ma family will return

According to the announcement, Shen Dongjun’s control over the psychic of Laishan will change. After the change of rights, Ma Jun, Lin Yize (married with Ma Jun), Ma Qiao (brother and sister with Ma Jun), and Chuanshi Meijing (Ma Jun) Jointly controlled with Ma Qiao), acting in concert.

Among them, Ma Jun, Ma Qiao, and Lin Yize directly hold 25.13%, 15.58%, and 5.55% of Laishan Psychic, while Chuanshi Meijing holds 2.18% of Laishan Psychic. Ma Jun and his concerted actions People collectively control 48.45% of the shares of Laishan Tongling.

Image source: screenshot of company announcement

The equity change involved a tender offer, and Ma Jun and his concerted parties promised to reduce the company’s shares held by him or its controlling shareholders to 30% or less within 30 days from the date of the announcement, and not to proceed. Tender offer.

However, Ma Qiao expressed that he did not want to accept the company’s shares and the shares of Chuanshi Meijing acquired due to judicial judgments, and promised to transfer all of the above shares within 30 days from December 3, 2021; at the same time, Ma Jun promised that from December 2021 Within 30 days from the 3rd, by means of equity transfer, etc., I ensure that I do not constitute control over Chuanshi Meijing. So far, shareholders have not made tender offers.

In this regard, on the evening of December 2nd, Ma Jun told the “Daily Economic News” reporter that since Ma Qiao passively accepted the shares obtained by the court’s judgment, he touched on the tender offer. After communicating with the Shanghai Stock Exchange, he finally chose Ma Qiao for transfer. The plan for all shares, “My sister originally wanted to obtain dividends for the company’s future development by holding shares, but in order to avoid tender offer, this plan is also helpless.”

In addition, the above-mentioned people close to Laishan and psychic said that since Ma Jun and Ma Qiao form a concerted relationship, if the total shareholding ratio of Ma Jun and others falls below 30%, the control rights will be unstable and will affect the listed company. There are disadvantages, so Ma Qiao can only choose the option of transferring all the shares.

Regarding whether there will be a third party to transfer Ma Qiao’s shares within 30 days, the person said that the current market value of Lai Shen Tong Ling is not high, only about 2.5 billion yuan, and there are many investors who are optimistic about Lai Shen Tong Ling in the market. Ma Jun is a technical background, and the industry expects him to return to company management relatively high.”

Cover image source: Photograph-500874989

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