Original title: After the bad news, chairman Qi Xiang Tengda wants to increase his holdings, will shareholders buy it?
Qixiang Tengda (002408) controlling shareholder Zibo Qixiang Petrochemical Group Co., Ltd. (hereinafter referred to as “Qixiang Group”) was investigated for suspected insider trading. Qixiang Tengda’s share price was “one” on November 19 Limit down. In this regard, the chairman of the company Cha Chengju could not sit still. On the evening of November 21, Qi Xiang Tengda issued an announcement stating that Che Chengju intends to increase its holdings of the company’s shares by no less than 100 million yuan and no more than 150 million yuan. However, it is still unknown whether investors will buy it for the increase in Che Chengju’s holdings.
The chairman intends to increase his holdings by 100 million to 150 million yuan
After the “one” character dropped its limit on the previous trading day, Che Chengju planned to increase its holdings of the company’s shares by 100 million to 150 million yuan.
On the evening of November 21, Qi Xiang Tengda issued an announcement stating that the company received a notice from the company’s chairman Che Chengju on November 19, 2021. Based on firm confidence in the company’s future development prospects and a reasonable judgment on the value of the company’s stock, At the same time, in order to enhance investor confidence and effectively maintain the interests of small and medium investors and the stability of the capital market, Che Chengju promised to increase its holdings by no less than 100 million yuan and no more than 150 million yuan in the next 6 months from the date of disclosure of this announcement. According to the announcement, Che Chengju directly held 93,117,300 shares of the company before the increase, accounting for 3.28% of the company’s total share capital.
It is understood that in the morning of November 19, Qi Xiang Tengda announced the news that the company’s controlling shareholder was filed for investigation. According to the announcement, Qixiang Group, the controlling shareholder of Qixiang Tengda, received the “Case Initiation Notice” from the China Securities Regulatory Commission. Due to Qixiang Group’s suspected insider trading and other violations of laws and regulations, in accordance with the “Securities Law of the People’s Republic of China” and the “Administrative Punishment Law of the People’s Republic of China” and other laws and regulations, the China Securities Regulatory Commission decided to initiate an investigation by the Qixiang Group.
Qi Xiang Tengda stated that the above-mentioned case is an investigation of Qixiang Group and will not affect the company’s normal production and operation activities. During the investigation, Qixiang Group will actively cooperate with the work of the China Securities Regulatory Commission and perform its information disclosure obligations in strict accordance with regulatory requirements. In the opinion of Xu Xiaoheng, an investment and financing expert, whether or not the controlling shareholder is filed is related to the listed company, this is bad news for the company.
Affected by the news, Qi Xiang Tengda reached a limit of “one” on November 19. As of the close of November 19, Qixiang Tengda reported a limit price of 8.64 yuan per share, a drop of 10%, and a total market value of 24.56 billion yuan. According to Oriental Fortune, on November 19, Qixiang Tengda’s transaction amount was 180 million yuan, and the turnover rate was 0.75%. According to rough calculations by a reporter from Beijing Business Daily, Qi Xiang Tengda lost about 2.729 billion yuan in market value on a single trading day on November 19th.
Penetrating the equity relationship, a reporter from Beijing Commercial Daily found that Che Chengju holds 20% of Qixiang Group’s shares. According to data, Qixiang Group was established on July 28, 1998. Its main business is general freight; production and sales of rubber and products; sales of civil building materials, auto parts, electrical meters; property management; house leasing; technology transfer, consulting, Services (excluding consumer stored-value business), etc.
The stock price rose by more than 40% during the year
Qixiang Tengda’s stock price has risen significantly this year. Although Qixiang Tengda’s share price has entered a stage of volatility and adjustment since mid-September, and has declined due to the influence of the controlling shareholder being investigated, Qixiang Tengda’s share price has risen by more than 40% this year.
According to Oriental Wealth, according to statistics in the form of post-restoration, from January 4 to September 23, the cumulative increase in Qixiang Tengda’s equity range was as high as 128.47%, while the broader market fell by 0.58% during the same period. After September 23, Qixiang Tengda’s stock price began to fluctuate and decline, but it has maintained an upward trend this year. Transaction quotations show that from January 4th to November 19th, Qixiang Tengda’s stock price range increased by 43.74%.
According to data, Qixiang Tengda landed in A-shares in May 2010. The company is mainly engaged in the chemical manufacturing sector and supply chain management sector. The main business is methyl ethyl ketone, maleic anhydride, propylene, methyl methacrylate, nitrile latex, and tert-butanol. , Isooctane, butadiene rubber, butadiene, MTBE, petroleum and chemical catalysts and other products, as well as supply chain management business such as trading of energy and chemical products. Financial data shows that in the first three quarters of this year, Qixiang Tengda achieved operating income of approximately 25.76 billion yuan, an increase of 57.69% year-on-year; the corresponding realized net profit was approximately 2.163 billion yuan, an increase of 174.84% year-on-year.
It is worth mentioning that Qixiang Group, the controlling shareholder of Qixiang Tengda, is currently in the period of its shareholding reduction plan. On October 8, Qixiang Tengda issued an announcement stating that the controlling shareholder Qixiang Group, which holds 1.305 billion shares of the company (accounting for 46.47% of the company’s total share capital), plans to start from November 1, 2021 to April 30, 2021. During the date, the company’s shares were reduced by means of centralized bidding transactions, and the total number of reductions did not exceed 2% of the company’s total share capital. The number of shares to be reduced was about 56.1757,000 shares. In other words, it is less than one month since Qixiang Group has entered into the reduction plan. Based on the closing price of Qixiang Tengda on November 19, Qixiang Group can cash about 485 million yuan in this reduction.
In response to company-related issues, a reporter from Beijing Commercial Daily called Qi Xiang Tengda’s Secretary of the Board’s Office for an interview, but no one answered the call.Beijing Commercial Daily reporter Dong Liang Ding Ning