China News Service, March 1 (China News Financial Reporter Xie Yiguan) There are reliable shares, but there is no reliable marriage.
On the evening of the 28th, Reliable Shares announced that the company’s actual controllers, Jin Liwei and Bao Jia, had completed the procedures for dissolving their marriage through friendly negotiations and made relevant arrangements for share splits and other matters.
Based on the closing price on the 28th, the two will split shares with a market value of over 1.3 billion yuan.
We have worked together for twenty years and are known as "entrepreneurial partners"
According to the official website of Reliable Shares, Hangzhou Reliable Care Products Co., Ltd. was established in 2001. It is a high-tech enterprise focusing on the design, research and development, production and sales of disposable sanitary products. Its products cover baby care products, adult incontinence products and pet hygiene. Supplies, etc., with many well-known brands such as Reliable and Absorbable.
On June 17, 2021, Reliable Shares was officially listed on the GEM of the Shenzhen Stock Exchange.
As the “leading” company in the field of adult incontinence care in China, Jin Liwei has been at the helm of Reliable Holdings since its establishment.
Public information shows that Jin Liwei, who was born in 1970, is an EMBA student at Cheung Kong Graduate School of Business. He served as the general manager of Lin'an Overseas Chinese Automobile Maintenance Co., Ltd. from 1999 to 2006. In 2001, he founded Hangzhou Overseas Chinese Paper Co., Ltd., which was later renamed Hangzhou Reliable Care. Supplies Co., Ltd., serving as chairman of the company.
His ex-wife Bao Jia was born in November 1981. She has a bachelor's degree from Zhejiang University, majoring in business English.
Since 2004, he has served as Reliable Care’s foreign trade manager, international sales director, human resources and administrative director, special assistant to the chairman, and deputy general manager. Starting in 2022, he briefly served as general manager.
Judging from the timeline, the two have worked together for about 20 years and are known as "entrepreneurial partners" and the "soul figures" of reliable shares.
The reporter noticed that the stock price of Reliable Shares, which had been rising for many days in a row, closed sharply down by nearly 9% on the 28th.
However, on the 29th, the stock price rebounded, and as of the close, the total market value exceeded 2.2 billion yuan.
On the 29th, daily K chart of reliable stocks.
The two split shares with a market value of over 1.3 billion yuan
As the actual controller of reliable shares, after the two divorced, the division of property also became the focus of everyone's attention.
The announcement released by Reliable Shares shows that before this equity change, Jin Liwei directly held about 161 million shares of the company, accounting for 59.26% of the total share capital. Bao Jia did not directly hold the company's shares.
According to the notices from Jin Liwei and Bao Jia, Jin Liwei will split and transfer approximately 79.1906 million shares of reliable shares registered in his name to Bao Jia; Bao Jia voluntarily and irrevocably gave up the voting rights of approximately 10.8744 million of the shares.
In addition, Jin Liwei and Bao Jia also indirectly hold shares of Reliable Shares through three partnerships: Viaino, Viaino No. 2, and Viaino No. 3.
Screenshot of Reliable Shares announcement.
The announcement shows that the property shares of the three partnerships held by Jin Liwei and Bao Jia, namely Viano, Viano No. 2 and Viano No. 3, are divided equally between the two parties, with each holding half.
The executive partner of VIANO II and VIANO III will be changed to Jin Liwei.
After the change, the executive partners of the three partnerships are all Jin Liwei.
After the split of the shares directly held by Jin Liwei is completed and the property shares of Viano, Viano II and Viano III are divided and the executive partners are changed, Jin Liwei and Bao Jia will each hold approximately 84.0863 million shares of Reliable. , 81.3677 million shares, with shareholding ratios of 30.93% and 29.93% respectively.
Screenshot of Reliable Shares announcement.
On the 28th, the closing price of Reliable shares was 8.1 yuan.
Based on this estimate, the corresponding market values of the shares held by Jin Liwei and Bao Jia after the split are 680 million yuan and 659 million yuan respectively, basically achieving an equal distribution of "property".
The announcement also showed that after this change in equity, the actual controllers of Reliable Shares will be changed from Jin Liwei and Bao Jia to Jin Liwei alone, and the company’s controlling shareholder will remain unchanged.
Sino-Singapore Finance reporters combed through the previous announcements of Reliable Shares and found that as early as January this year, Bao Jia had begun to fade out of the company's management.
During the general election of the company's board of directors and board of supervisors, Bao Jia no longer held the position of general manager of the company and was replaced by Jin Liwei, but she still served as a director of the company.
After divorce, you need to comply with the share reduction system
In recent years, A-share "sky-high price divorces" are not uncommon, involving listed companies such as 360, Tongcheng New Materials, Zhuosheng Micro, and Changchun High-tech.
The actual controller's behavior of dividing equity through divorce has been frequently questioned by the market, whether it is suspected of reducing holdings and cashing out.
In order to regulate the holding reduction behavior of "key minorities" of listed companies, in August 2023, the Shanghai and Shenzhen Stock Exchanges answered questions from investors on the applicable issues of the "Implementation Rules for Reduction of Shareholdings by Shareholders and Directors, Supervisors and Senior Management Personnel of Listed Companies", clarifying that major If a shareholder distributes shares due to divorce, termination of a legal person or unincorporated organization, company split, etc., the parties that have transferred the shares and the parties that have transferred the shares shall merge and continue to share the shareholding reduction quota of the major shareholder.
This time, Reliable Shares also stated that after this equity change, Jin Liwei and Bao Jia will be combined to determine the identity of the major shareholder.
Continue to share the shareholding reduction quota of major shareholders who reduce their holdings by no more than 1% for any 90 consecutive calendar days through centralized bidding transactions, and by no more than 2% for any 90 consecutive calendar days through block transactions, and perform the major shareholder's shareholding reductions through centralized bidding transactions respectively. Pre-disclosure obligations for shareholding reductions, etc.
Reliable Shares also mentioned that after this equity change, the shares transferred by Jin Liwei and Bao Jia each year during Jin Liwei's tenure shall not exceed 25% of the total number of company shares held by each of them, and they shall respectively fulfill the requirements of directors, supervisors and senior management through centralized bidding. Pre-disclosure obligations for transaction reductions, etc.
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