Once a company goes public, it immediately enriches a group of executives. And the executives' every move sometimes becomes an important event that affects individual stocks and stockholders, such as divorce.
Some executives hurt listed companies because of divorce, but also there are executives in order to be able to successfully reduce the cash "fake divorce". In any case, the injury is always the shareholders.
A few days ago, Winsome's company director Yan Jianbing and his wife agreed to divorce and split the property, resulting in a change in the company's equity, but also caused a crowd of shareholders and the masses of spectators.
Listed company executives "divorce" is a set of reduction?
Let's take a look at the announcement:
Simply to summarize, Winning director Yan Jianbing and his wife Huang Yi divorce, due to property division, 27.83 million shares will be divided to the woman. After the divorce, Yan Jianbing held 32,336,150 shares of the company, accounting for 4.35% of the total share capital. In other words, Yan Jianbing, who originally held 8.1% of the shares of Winsome, is no longer a shareholder holding more than 5% of the company's shares.
The change in shares has caused a heated discussion (question) on the Internet, so let's feel it:
This year's stock market has been weak, and many stocks have experienced a sharp pullback. In such a situation, some listed companies have continued to liquidate their holdings.
In order to limit and standardize the reduction of holdings, the regulator has introduced new rules for the reduction of holdings: for major shareholders and shareholders holding more than 5% of the shares, the new rules for trading reduction require that when the reduction is made through centralized bidding, the reduction of holdings needs to be disclosed 15 days in advance.
That is to say, if there is a listed company executives through divorce and other means, both sides of the shares in less than 5%, then you can avoid regulation, but also can can be flexible to reduce their holdings, or even at will to reduce their holdings, reduce their holdings, such as ways, time and so on there are more choices, profit space will also increase.
January 28 last year, GEM listed company Electricity Academy of Sciences announced that the company's controlling shareholders, one of the actual controller of the hu alcohol, due to divorce with his wife Wang Ping, will hold 32 million shares of the company's stock transferred to Wang Ping without compensation. Among them, the transferred 32 million shares accounted for about 4.44% of the total share capital of ECS, while Huol's shareholding dropped from 13.33% to 8.89%, the company's third largest shareholder.
Peter, in January, in addition to the promulgation of a new ban on the reduction of holdings, important shareholders to reduce their holdings are required within three months shall not exceed 1%.
According to reports, after the announcement was issued, there were investors who believed that this transfer of equity or the suspicion of a disguised reduction. In the three trading days after the announcement, DECC fell 22 percent.
7 billion! Listed company executives breakup fee is how high?
In May 2011, Blue Cursor made an announcement that director Sun Taoran and his ex-wife had split their shares under the terms of a divorce agreement. Among them, Sun Taoran received 6.045 million shares, accounting for 5.03% of the company's total shares; Hu Linghua received 5.51 million shares, accounting for 4.59% of the total shares.
Calculated according to the closing price of 30.29 yuan on the day of the blue cursor, Hu Linghua received 167 million yuan of property to refresh the record of the most expensive divorce at the time.
In 2012, Wang Haiyan, the ex-wife of Yuan Jinhua, senior vice president of Sany Heavy Industry, became a listed female tycoon in the "New Fortune 500" list at one time with a value of 2.2 billion yuan from the shares of Sany Heavy Industry acquired after the divorce.
In May 2015, Homart Technology shareholders Feng Mintang and his ex-wife Liu Xia divorce, Feng Mintang will be held 53.7975 million shares divided to Liu Xia. Calculated on the basis of the share price of Haomai Technology during the settlement period, the market value of the 53.7975 million shares obtained by Liu Xia amounted to 1.413 billion yuan.
January 2016, Electrical Science and Technology announced that one of the controlling shareholders and de facto controllers, Huol, divorced his wife, Wang Ping, and Huol paid a breakup fee of 368 million yuan.
In September 2016, Kunlun Wanwei announced that the company's de facto controller and chairman Zhou Yahui and his wife Li Qiong agreed to divorce.
Zhou Yahui divided and transferred the 207 million shares of Kunlun Wanwei directly held by Zhou Yahui to Li Qiong's name, Zhou Yahui divided and transferred the paid-in capital of Yingrui Century held by Zhou Yahui of RMB 946,400,000 to Li Qiong's name, and Yingrui Century indirectly held 200 million shares of Kunlun Wanwei, and Li Qiong indirectly acquired 70,540,000 shares of Kunlun Wanwei through the division of Yingrui Century's paid-in capital, and from the date of the transfer The above shares are owned by Li Qiong.
Calculated together, the divorce, Li Qiong from Zhou Yahui took 278 million shares of Kunlun Wawei, Kunlun Wawei's current price of about 26 yuan, this part of the equity value of more than 7 billion yuan.
The 7 billion yuan breakup fee, the most in A shares, is what makes a good Chinese ex-husband!
Some analysts believe that the actual controller, natural person controlling shareholders or major shareholders of listed companies are now concentrated in the age group of 35 to 50 years old, belonging to the high incidence of divorce age group. Among them, more than one-third of family holdings are prone to marriage crisis.
There is also an analysis that because of the "potato clause" that once made executives of listed companies scared!
Around 2010, Tudou hit the Nasdaq. But Tudou CEO Wang Wei's ex-wife Yang Lei halfway, demanding a split of Tudou's 38% stake, 95% of Tudou's equity was frozen by Yang Lei's application. Yang Lei's petition became the biggest black swan event at that time, and Wang Wei agreed to divorce Yang Lei with 7 million dollars as compensation.
But in the end, because of the divorce, Tudou missed the best time to go public, and when it restarted its IPO, it suffered an ice age in the U.S. capital market, with its shares falling 12 percent on its first day of trading. Less than a year later, Tudou was acquired by Youku, which had been in a tussle for years.
To this end, some industry analysts believe that the "Tudou terms" can explain the listed executives so frequently divorced, because Wang Wei's divorce led to Tudou's IPO loss of the terms of reference refers to the venture capital invested in the company's CEO to get married or divorced must be agreed to by the board of directors. For publicly traded executives, wanting to say goodbye may have to wait until after the IPO.
A pitfall stockholders can't guard against! Executives divorce hurt listed companies
Perhaps for listed executives old said, capital and marriage has never been so close. From the capital point of view, each executive's divorce is not an easy decision - the divorce will affect the shareholding structure of the listed company, the control of the executives, and even the company's future development direction.
Before Shenzhou Taiyue founder and de facto controller Wang Ning went through his divorce battle in 2013, he held about 84.53 million shares of Shenzhou Taiyue, accounting for 13.78 percent of the total shares, and tied with the company's general manager Li Li as the top shareholder.
After the divorce split the stock transfer, Wang Ning and his ex-wife An Mei each held 42.26 million shares of Shenzhou Taiyue, accounting for 6.89 percent of the company's total shares, tied for the third largest shareholder. And director Qi Qiang jumped to the second largest shareholder with a 7.22 percent stake.
Mishandling the marital crisis of executives of listed companies may affect the capital market and further affect the interests of investment.
In November 2011, Silicon Power Technology announced that shareholder Wang Youzhi and his wife, Ms. Yang Limei, agreed to divorce.
According to the agreement, Wang Youzhi will previously held 18.81 million shares of Silicon Power Technology shares divided equally. Affected by the divorce property division, Silicon Power Technology's share price all the way down. As of the end of the day, Silicon Power closed at 11.04 yuan, down 5.56 yuan from the day of the divorce announcement, a drop of 32.40%.
Santero, for its part, may be one of the companies most hurt by the divorce of the dealmaker's executives.
In June 2015, Santesodao released a major asset reorganization plan, intending to Lansen environmental protection and other companies and natural persons to buy Suzhou Fengcai Ecological Agricultural Science and Technology Group Co. 100% equity.
But three months later in September, Ransom environmental protection controlling shareholder Wang Qunli and his wife Chen Lin for private reasons to negotiate the division of property, which involves the division of Ransom environmental protection shareholders' rights and interests.
In order to successfully reorganize, three special cable for Wang Qunli two people worry about, many times running between the two sides to act as a peacemaker, "many times directly and indirectly communicate". Eventually, Chen Lin said in accordance with the original program to continue to promote the transaction, but three months later, things change again.
Weary of running around in the marital disputes of the executives of the counterparty, Santisodo made an announcement in March 2016 that the company's board of directors in June last year to consider the adoption of a major asset reorganization, or because one of the counterparty Ransen environmental protection of the actual controller of the lawsuit with the wife of the division of property and the change.
According to the lawsuit of the wife of the actual controller, she demanded that the equity transfer involved in the reorganization be ruled invalid.
How do Murdoch and other foreign predators handle divorce and capital?
The marriages of listed company executives have become one of the most important relationships affecting the capital market.
According to the 21st Century Business Herald, according to the U.S. capital market's playbook, even some "romantic relationships," "close relationships," "ambiguous relationships" are regarded as risky. "are regarded as risky relationships, and often the first misstep will incur sky-high fines.
As marriages become more and more fragile, many executives of listed companies are actively choosing to hedge their bets out of concern for corporate development and to avoid the embarrassing situation of "chicken feathers on the ground".
In 1999, Murdoch and his second wife, Anna, divorced, paying the other 1.7 billion U.S. dollars in break-up fees. In order to avoid repeating the same mistake, Murdoch put $8 billion in property into a trust fund, each child has the same right to inherit property.
When Murdoch divorced Wendi Deng in 2012, the Murdoch fortune was not cut drastically. Dundee received only two properties, and her two daughters received a beneficial interest in the $8.7 million fund.
The so-called family trust is said to separate the owner of the assets from the beneficiaries.
Once purchased, the money will stand on its own and will not belong to anyone's private property, whether it's a divorce or a division of the family estate, the money will not be divided, and only the beneficiaries of the assets can be set up according to the owner's wishes.
In fact, the family trust has become a hedge choice for many executives of listed companies.
August 2012, Longfor Real Estate Chairman Wu Yajun and Cai Kui ended years of marriage, the two originally **** with the holding of Longfor Real Estate more than 70% stake. And the two were actually in a state of separation before the company went public.
But probably considering the impact of the divorce on the company's shareholding structure, it was not until after the company's listing stock release period had passed that the two parties formally divorced and transferred their shares to their respective trusts, and signed an agreement on the delegation of voting rights.
At present, it is very common for family trusts to hold shares on behalf of large listed companies in Hong Kong. Hong Kong tycoons or celebrities, such as the Li Ka-shing family's Cheung Kong (Holdings) Limited, the Lee Shau-kee's Henderson Land Development Company and the Kwok family's Sun Hung Kai Properties Limited, have set up their own family trusts many years ago, and hold their shares of listed companies through their family trusts.
The stock market is risky ah, do not start if you can not understand, there will be risks at any time!