On the morning of March 16, Wu Changjiang’s 130 million Dehao Runda shares were sold at the judicial auction platform for about 740 million yuan. The entire shares were split into two targets, which were won by Wu Changjiang’s two creditors. Compared with the real-time stock price, the discount rate is about 93%. Securities lawyers said that this price is not a sale, it is a reasonable market price, and the nature is similar to debt-for-equity swap. The success of this auction means that the second largest shareholder of Dehao Runda is the owner of the company, and its witness tells Netease Finance that it is waiting for the new shareholder to notify the release of the equity change report. Netease Finance inquired about the auction success confirmation published by the auction platform, and learned that one of the target's 0.72 billion shares was acquired by Tibet Linzhi Huifu Investment Co., Ltd. (hereinafter referred to as Tibet Linzhi) at a price of about 410 million yuan; About 0.58 billion shares were awarded by New World Strategy (Beijing) Investment Consulting Co., Ltd. (hereinafter referred to as New World Strategy) at a price of about 329 million yuan. It is worth mentioning that both transactions are traded at the starting price. There is only one bidder. The bidder’s identity is Wu Changjiang’s creditor, and the court’s proceeds from the auction will also be used to repay Wu Changjiang. The debt owed to two creditors. This is essentially equivalent to a debt-to-equity swap, which is only done through the court process. The creditor pays the auction fee first, and the court then pays the auction proceeds for Wu Changjiang. If the amount is sufficient to pay off the debt of the two creditors, the remaining The proceeds will be returned to Wu Changjiang personally; if not enough, Wu Changjiang’s other assets will need to be disposed of, and Wang Mingbin, a lawyer from Shanghai Minglun Law Firm, pointed out to Netease Finance. According to the transaction price, the unit price of both auctions is 5.7 yuan / share, compared with 6.14 yuan / share opened by Dehao Runda today, the discount rate is about 93%. Previously, Wu Changjiang’s shareholdings were auctioned on the auction platform, and market participants analyzed that they would auction again at a discount, and even had the possibility of selling. In this regard, Wang Zhibin said that the two creditors took the lead, which should be based on the judgment of the commercial value of the equity of Dehao Runda. The discount rate of 93% is lower than that of the secondary market, but it is related to the block trade and the private placement. It is comparable to the level, not a sale. The equity structure of the 2016 annual report shows that the largest shareholder of Dehao Runda is Wuhu Dehao Investment Co., Ltd., with a shareholding of 20.94%. The actual controller is Wang Donglei, Chairman of Dehao Runda; Wu Changjiang holds 9.31% of the shares. As the second largest shareholder, with the success of this auction, the position of the second shareholder of Dehao Runda will be replaced by Tibet Linzhi, and the other new world strategy of the creditor becomes the third largest shareholder. Up to now, listed companies have not released an equity change report. NetEase Finance called the Secretary-General's Office, and the Securities Affairs representative responded that although the results of the company's equity auction had been learned from the auction platform, no new shareholders had been notified. The company will disclose information after receiving reports of changes in equity issued by new shareholders in accordance with relevant regulations. Perhaps affected by the auction, Dehao Runda's share price rose sharply at 10:00, and the increase reached 2.46%. It continued to fall until it closed at 6.08 yuan per share in the afternoon, a decrease of 0.16%. The auction has been more than two years away from Wu Changjiang’s east window. He is the founder of NVC Lighting, the largest lighting brand supplier in China, and has been paying close attention to the intense equity struggle with NVC Lighting. In January 2015, Wu Changjiang was formally approved by the Huizhou Municipal Procuratorate for alleged misappropriation of funds. In March of the same year, Dehao Runda issued a notice stating that the company’s second largest shareholder, NVC’s former chairman Wu Changjiang, held 130 million The shares were frozen by the Huizhou Intermediate People's Court in Guangdong Province. The shares held by Wu had been frozen by the courts many times.
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