Author |Deepwater Finance & Economics **
More than 9 months after his father's death, now the shares held by the mother are transferred to his son at a 7% discount, and the former deposed "prince" Hu Alcohol has completely controlled the listed company.
On the evening of February 22, Suzhou Electric Power Research Institute (300215) issued an announcement that Li Chongzhu and Hu Alcohol mother and son recently signed a share transfer agreement, and Hu Alcohol intends to transfer Li Chongzhu to hold about 17.1 billion shares, accounting for 22 of the company's total shares84%。
So far, Hu Alcohol holds about 24.9 billion shares, accounting for 33 of the company's total shares27%, from a single third largest shareholder to the largest shareholder;And Li Chongzhu holds 749090,000 shares, accounting for 1% of the total share capital.
According to the announcement of the Electric Power Research Institute, on July 14, 2023, Li Hu's mother and son signed a concerted action agreement, and the total number and proportion of their shares before and after this equity change have not changed, and are still about 25.7 billion shares, accounting for 34 percent of the total share capital27%, the actual controllers of the company are still Hu Alcohol and Li Chongzhu, and the mother and son promise not to ** the company's shares within 6 months.
*: Announcement on the transfer of internal agreements between the actual controllers of the Electric Power Research Institute and the persons acting in concert.
For the purpose of internal equity transfer, the Electric Power Research Institute said in the announcement that it aims to sort out the equity structure and improve the efficiency of management decision-making, which is an act implemented for the steady development of the enterprise.
For the transfer**, according to the announcement, the transfer price per share was determined to be 2 after negotiation between the two parties84 yuan shares, the total transfer price is 4$8.6 billion, all in cash.
Shenshui Finance and Economics observed that as of February 23, the stock price of the Electric Power Research Institute was **402%, closed at 388 yuan shares, equivalent to 73% off the transfer of shares to his son.
Founded in 1965 and listed on the Shenzhen Stock Exchange in May 2011, the Electric Power Research Institute is mainly engaged in the testing, research, and testing equipment development in the fields of various power transmission and distribution equipment, high-voltage electrical appliances, etc.
On January 12, 2023, the board of directors of the Electric Power Research Institute removed Hu Alcohol from the positions of chairman and general manager, and Song Jingbo and Li Jie were appointed as chairman and general manager respectively.
However, because Hu Alcohol had previously taken the company's official seal, legal person seal and contract seal out of custody. The company also fell into a situation of disorganization for a while.
In May of the same year, Hu Delin, the founder of the Electric Power Research Institute, passed away, and his spouse Li Chongzhu obtained the corresponding equity through inheritance, and formed a concerted action with Hu Alcohol, the son of the two, Hu Alcohol took the position again, and was re-elected as chairman of the board of directors in mid-September and reorganized the board of directors.
In fact, the continuous "palace infighting" and executive turmoil also affected the operation of the Electric Power Research Institute.
The third quarter report of 2023 shows that the company's revenue fell by 13 year-on-year21%, net profit from profit to loss year-on-year;For the full year of 2023, the company expects attributable net profit of 16 million yuan to 20 million yuan, a year-on-year decrease of 3962%~51.7%。
As for the reasons for the change in performance in 2023, the Electric Power Research Institute said in the announcement that industry fluctuations have caused a slight decline in the company's main business incomeFixed costs such as depreciation and amortization accounted for a relatively large amount, and equipment maintenance expenses increased slightlyNon-recurring gains and losses decreased year-on-year.
Judging from the trend of the secondary market, the Electric Power Research Institute has exceeded 26% since the beginning of this year, and the current total market value is 2.9 billion yuanIn the long run, it is even more miserable, and the market value has shrunk by more than 8% compared with the peak of 17.3 billion yuan in 2016.
The monthly chart of the stock price trend of the Electric Power Research Institute in recent years.
(Exclusively released by Shenshui Finance and Economics, a global market capitalization research institution, **Please indicate the source for citation).