Xinhua Department Stores Face The Risk Of Delisting In A Rare Stalemate Unable To Extricate Themselves

The private sector leader, Cui Jun, has become the largest shareholder of Xinhua Department store. With its company, Shanghai's treasure bank, may continue to increase its holdings of Xinhua Department stores, Xinhua Department store will face the risk of delisting.

In the evening of December 9th, Xinhua Department issued a notice that its shareholders, Shanghai Bao Yin and its concerted persons, held the company's shares to 32%, becoming the largest shareholder of the company. And Shanghai's treasure and its concerted efforts indicated that they would not continue to increase the share of Xinhua Department Store in the next 12 months, and the company and the board of directors would be alert to all shareholders of the company in view of the possible follow-up actions of Shanghai's treasure bank and its concerted action.

"There is no delisting now. We will have a notice tomorrow.

More than 400 million of the tradable shares are 10%, and 400 million of them are 25%, but we can offer some stock options.

The reporter telephoned Cui Jun about this matter. He said, "if we change the equity capital, we will not have to withdraw from the market until more than 400 million."

According to the information released by the listed companies in December 8th, the Shanghai Bao Yin side currently holds 32% stake, and the shareholding ratio of the Wumart group and its concerted persons is 30.94%, and the two sides do not add up to 63%. How does the share ratio of non public stocks reach 70.322%?

The third party is

Liang Qing, vice chairman of the board.

The reporter learned from a close to the company's insider that Liang's holding was also counted as a non public share.

According to the three quarterly bulletin of Xinhua Department store, LIANG Qing directly owns 2 million 600 thousand shares of the company, accounting for 1.15%, and LIANG Qing is also the third largest shareholder of Yinchuan City East Bridge Appliance Co., Ltd., which currently owns 6.09% of the company's shares.

Cui Jun said that no offer would be made before.

There will be a possibility of delisting after the offer.

"It is possible to increase holdings, but not yet.

We will make a public announcement tomorrow, when the announcement will prevail.

By the end of 9, Xinhua Department store closed 32.81 yuan / share, or 2.79%.

According to the announcement, as of December 9, 2015, the proportion of non public shares of Xinhua Department store had reached 70.322%, and Shanghai's treasure bank bought shares of Xinhua Department Store on the basis of an offer, according to the "

The third chapter of the takeover management measures: the minimum proportion of tender offer in the tender offer shall not be lower than the 5% issued by the listed company. The new department store will cause the non public shares of the company to exceed the 75% of the company's issued shares due to the takeover bid of Shanghai's Treasure bank. The company will face the risk of delisting because it is in conformity with the provisions of the Shanghai Stock Exchange listing rules that the distribution of shares does not have the conditions for listing (the shares held by the public shareholders are less than the total 25% of the company's twenty consecutive trading days).

In addition, another point of concern in the announcement is that Cui Jun has been fined and fined by the Ningxia Supervision Bureau of the China Securities Regulatory Commission for violating the securities law. There may be a case in which the listed company acquisition management method is not allowed to purchase the listed company because of major violations or serious breach of trust in the securities market.