Home » “Working emperor” Tang Jun returns to the public’s vision and joins the two major shareholders of Taoli Bread to join Divison

“Working emperor” Tang Jun returns to the public’s vision and joins the two major shareholders of Taoli Bread to join Divison

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“Working emperor” Tang Jun returns to the public’s vision and joins the two major shareholders of Taoli Bread to join Divison

Yangcheng Evening News • Yangcheng School Author: Ding Ling 2021-08-22

It’s not as simple as financial investment, or the expectation of integrating assets with its information software companies

By Ding Ling, All Media Reporter, Yangcheng Evening News

Tang Jun, the once enviable and controversial “working emperor”, returned to the public’s view because he “scoured” a company on Taobao.

According to the disclosure of Divison (300167) on the evening of August 19, the bidder Shanghai Sayo Port Enterprise Consulting Services Partnership (hereinafter referred to as “Shanghai Sayo Port”) has paid the auction balance, and the listed company has 35.356 million shares (accounting for the total 11.78% of the equity) is about to fall into the pocket. In June of this year, Shanghai Sayo Port’s brother company Shanghai Ziguo Enterprise Management Co., Ltd. (hereinafter referred to as “Shanghai Ziguo”) has obtained 12.459700 shares through foreclosure, accounting for 4.15% of the total share capital. After the equity is delivered, Shanghai Sayo Port and Shanghai Ziguo will hold a total of 47,816,300 shares of Divison, accounting for 15.93% of the company’s total share capital, and become the largest shareholder.

According to information from Tianyan, Tang Jun is behind the two Shanghai companies.

Not as simple as financial investment

Where do these two Shanghai companies come from? According to the disclosed data, Shanghai Sayo Port has a debt ratio of 107% in the past three years and zero operating income. It is a shell company. Shanghai Ziguo’s debt ratio is ridiculously high, with zero revenue in the past two years, and it is also a shell company. Obviously, these are two investment companies.

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It is also worth noting that in addition to Tang Jun, Wu Zhigang and Sheng Yali, who hold 37.5% of Shanghai Sayo Port, also have backgrounds. They are the original shareholders of Taoli Bread (603866).

Taoli Bread prospectus shows that Wu Zhigang served as a director of the company from June 13, 2013 to June 12, 2016, and directly held 80,355,900 shares; Sheng Yali held 51,112,200 shares. Taoli Bread’s announcement shows that as of this year’s half-year report, Wu Zhigang and Sheng Yali hold 99,895,400 shares and 8,615,19 million shares, respectively, and their shareholding ratios are 10.49% and 9.05% respectively. Calculated based on the closing price of 29.70 yuan on August 20, the corresponding market values ​​were 2.967 billion yuan and 2.559 billion yuan respectively. Among them, Sheng Yali is the director of Taoli Bread and the supervisor of Shijiazhuang Taoli Food Co., Ltd.

According to Divison’s announcement, after the equity change, the company’s original largest shareholder, Beijing Ance, holds 47,328,300 shares of the company, accounting for 15.76% of the total share capital. However, the company’s stocks held by Beijing Ance have been frozen by the judicial system and waiting for judicial freezing, and there is still the possibility of judicial disposal in the future.

The announcement also shows that after the completion of this equity change, the two parties will not reduce their holdings in the next 12 months except that Shanghai Ziguo will transfer part or all of its shares to Shanghai Sayo Port, which is acting in concert in the next 12 months. Shares of listed companies; in the event of business development and strategic needs of listed companies, or necessary business integration or capital operations, Shanghai Sayo Port and its concerted parties do not rule out increasing their shareholding in the next 12 months.

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This means that Tang Jun and Taoli Bread’s investment in Divisun this time is not as simple as a financial investment.

There are certain asset integration expectations

Then why did Tang Jun choose to join Divison? Judging from the publicly disclosed business map of Tang Jun, the companies he masters are mainly information software, and there may be synergy with Divison’s main business, and there is a certain expectation of asset integration.

Divison’s business covers areas such as park intelligent services, software and digital services, video products and solutions. It was listed on the Shenzhen Stock Exchange in 2011. At that time, Divison had a bright moment. The company’s stock price hit 56.24 yuan in 2015, with a market value of more than 15 billion yuan. But as the company’s performance declines year after year, the stock price has also declined. As of the close on August 20, the company’s share price was reported at 6.13 yuan, and the market value was only 1.84 billion yuan. At the same time, the company’s controlling shareholder Beijing Ance was involved in securities disputes, and the shares held by it were pledged and judicially frozen, and were successively auctioned off by judicial parties.

Let’s take a look at Tang Jun’s career development. In 1994, Tang Jun joined Microsoft’s US headquarters and served successively as general manager of Microsoft’s global technology center and president of Microsoft China. In 2004, he served as president of China’s largest interactive entertainment company, Shanda Networks, and helped Shanda. Successfully listed in the United States and was hailed by Wall Street as the “first person in Chinese capital”; in 2008, Tang Jun transferred to Xinhuadu Group as president and CEO for a value of 1 billion yuan, and instigated a series of acquisitions.

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However, in July 2010, Tang Jun caused widespread concern due to the “educational door” incident. In January 2013, he resigned from Xinhuadu Group and moved to Hong Kong and Macau Information as chairman and CEO. In January 2015, he became chairman and chairman of Wicresoft (China). CEO, gradually faded out of the public eye.

It is worth noting that Wicresoft previously applied for an IPO on the Sci-tech Innovation Board in 2019, and then withdrew the application. Looking back, in 2017, the listed company Xinmao Technology (now Futong Information) disclosed that it planned to purchase 90% of the equity of Wicresoft Networks by issuing shares and paying cash. After the acquisition fell through, in 2018, the listed company Sony Financial announced plans to plan a major asset reorganization. The underlying asset was 100% equity of Wicresoft, but it didn’t happen.

Source | Yangcheng Evening News · Yangcheng School
Responsible Editor | Tang Heng

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