Following the departure of the general manager and the change of more than 30% of the main business personnel, the "eventful" Jiutai ** fell into the situation of "no one cares". On December 8, Jiutai**'s 3 "mini**" collectively issued an announcement that 3** planned to hold a general meeting of holders for liquidation and disk protection. However, the ** shares voted at the general meeting of share holders were less than 50% of the total shares on the equity registration date, and the general meeting of the holders of the three ** was declared unconvened.
Up to now, the total scale of the 23 under Jiutai ** is only 166.5 billion yuan, ranking 166th among public offering institutions in the whole market, while the total scale was close to 15 billion yuan before. Not only that, among the 23**, there are 16** mini ** with a scale of less than 50 million yuan. In addition to this three**, there are other mini** plans to promote liquidation or protection by holding a general meeting of holders. But judging from the situation of "no one cares" this time, these ** long-term performance is not good, and the "help funds" are not willing to do it again.
The meeting of the three ** holders was declared a failure on the same day.
According to the announcement, Jiutai Tianyi Quantitative Value Mix**, Jiutai Quantitative Emerging Industry Mix**, and Jiutai Tianbao Mix** recently held a general meeting of holders by means of communication. According to the results of the vote counting, the three ** shares voted at the ** share holders meeting were less than 50% of the total ** shares on the equity registration date, and none of them met the meeting conditions stipulated by laws and regulations and ** contracts, and the relevant ** share holders meeting failed to convene.
Specifically, these three ** are all "mini **" with a scale of less than 50 million yuan, among them, Jiutai Tianyi Quantitative Value Mix** and Jiutai Quantitative Emerging Industry Mix** held a general meeting of holders to deliberate on the proposal for continuous operation (commonly known as "mini** protective disk"). Jiutai Tianbao Mixed ** convened a general meeting of holders to consider the proposal to terminate the ** contract (i.e., "mini ** liquidation"), but failed to meet the convening conditions.
Taking Jiutai Tianbao Mixed ** as an example, the ** rights and interests registration date is November 10, and the voting time is from 9 o'clock on November 11 to 17 o'clock on December 6. On December 7, two supervisors authorized by Jiutai ** conducted the vote counting under the supervision of the authorized representative of the Agricultural Bank of China, the custodian of the ** and witnessed by Shanghai Llinks Law Firm, and the notary public notarized the vote counting process and results. According to the results of the vote counting, the ** shares voted at the ** share holders meeting were less than 50% of the total ** shares on the equity registration date, so the meeting conditions stipulated by laws and regulations and ** contract were not met, and the ** share holders meeting failed to be convened.
*:*Announcement).
According to the data, Jiutai Tianyi Quantitative Value Mixed ** was established in May 2020, and as of the end of the third quarter of this year, the scale of the ** was less than 5 million yuan, and the loss rate since its establishment exceeded 9%. Jiutai Quantitative Emerging Industry Mix** was established in April 2021, and as of the end of the third quarter of this year, the scale was 03.9 billion yuan, with a loss of more than 40% since its establishment. Jiutai Tianbao Mix** was established in July 2015, and the scale was 00.4 billion yuan, as of now, the **a share has lost nearly 40% in the past three years.
There are 16 "minis" of 23**
Founded in July 2014, Jiutai ** is the first public offering ** company initiated by a PE investment management institution. According to public information, up to now, the registered capital of Jiutai is 300 million yuan, and the four shareholders are Kunwu Jiuding Investment Management *** hereinafter referred to as "Kunwu Jiuding"), Tongchuang Jiuding Investment Management Group Co., Ltd. Lhasa Kunwu Jiuding Industrial Investment Management *** Kyushu**, and the proportion of capital contribution in the registered capital is % and 24% respectively. Among them, Kunwu Jiuding is a subsidiary of Jiuding Investment, an A-share listed company. According to the 2023 semi-annual report released by Jiuding Investment, Jiutai**'s revenue in the first half of this year was only 1759860,000 yuan, a loss of 3103 in the first half of the year970,000 yuan.
Wind data shows that Jiutai** has achieved substantial growth in scale in 2017 and 2021, and the total management scale was once close to 15 billion yuan. But then it began to shrink. Due to liquidations and other reasons, the number of ** companies of the company began to decline at the end of 2021, from a high of 35 to about 23 currently. As of the end of the third quarter of this year, the scale of Jiutai ** was only 166.5 billion yuan, ranking 166th among public offering institutions in the whole market. Up to now, 16 of the 23 Jiutai ** are mini ** with a scale of less than 50 million yuan, accounting for 70%.
In addition to the above three, there are currently other mini ** plans to hold a general meeting of holders to carry out the disk protection action. According to the announcement of Jiutai Jiuhui Mixed ** on December 8, the ** plans to hold a general meeting of holders in the near future to consider the ** continuous operation proposal. Kaijiutai Jiuhui Mix** was established in May 2021, and as of the end of the third quarter of this year, the scale was 0300 million yuan, up to now, the loss of more than 9% since its establishment. In fact, as early as June to July this year, the ** held a general meeting of holders, but the ** share voted by the general meeting of the same share was less than 50% of the total share of ** on the equity registration date, which did not meet the convening conditions, and the convening of the general meeting of holders failed.
According to Wind, Jiutai currently has a total of 9 managers, with an average management period of 418 years, lower than the industry 4The average management experience of 35 years, of which 6 ** managers have less than 4 years of management experience.
The internal governance is chaotic, and the main business personnel have changed by more than 30%.
Judging from the reporter's follow-up observation, the performance and scale of Jiutai continue to decline, and the situation of "no one cares" whether it is liquidation or disk protection, is of course related to external reasons. But to a large extent, the main reason is that the company's internal governance has been chaotic in recent years, and the loss of core executives and core business personnel.
According to the previous announcement of Jiutai**, after the deliberation and approval of the board of directors of Jiutai**, Yan Jun, the general manager, resigned for personal reasons on October 18 this year, and Wang Maize, the executive deputy general manager, acted as the general manager. At that time, Jiutai ** said that the company's other executives remained stable. On November 11, Jiutai ** announced that the company's main business personnel had changed by more than 30% in the past 12 months, but Jiutai ** believed that the change had not affected the company's normal operation.
In addition, this ** company, which was once famous for its private placement investment, also had a "rat warehouse incident" in private placement investment. According to the 2023 semi-annual report previously released by Jiutai**, Jiutai** was fined twice in the first half of this year:
First, in April this year, the proportion of high liquidity assets held by Jiutai's inherent funds did not meet the standard, the proportion of liquid assets held did not meet the standard, and the relevant systems of transaction internal control management were not effectively implemented, and were ordered to rectify by the Beijing Supervision Bureau of the China Securities Regulatory Commission, and the relevant senior management personnel were issued a warning letter. As of the end of June, the company has carried out a comprehensive rectification of the relevant issues.
Second, on February 13, Jiutai ** participated in the guaranteed private increase of five listed companies through Jiutai Jiuli, and used ** property to seek benefits for people other than ** share holders, and was ordered to correct and fined by the Securities Regulatory Commission, and the then chairman and relevant senior management personnel were given warnings, suspended ** qualifications, and fined. As of the end of June, the relevant responsible personnel of the incident have left their posts, and Jiutai ** has also carried out comprehensive rectification of various problems.