ST Bailong Depository Unstable Control Rights Risk Investor Claims Continue to Collect

(Original title: ST Bailong Depository continues to collect claims from risk investors with unstable control rights)

On June 30, ST Bailong (002776) announced that the company learned from inquiries with China Securities Depository and Clearing Co., Ltd. that the company’s controlling shareholder Chen Weixiong held 36,004,500 additional judicially frozen shares on March 18, 2022. On June 15, an additional 36,004,500 shares were added to the judicial waiting list.

As of the disclosure date of the announcement, Chen Weixiong and Chen Nana held a total of 218.3543 million shares of the company, accounting for 38.12% of the company’s total share capital, and the accumulated pledged, judicially frozen and waiting-to-freeze shares were 218.3543 million shares, accounting for the total number of shares they held in the company. 100%.

ST Bailong said that as of now, Chen Weixiong and Chen Nana are still the controlling shareholders of the company, and the company’s internal governance structure and continuing operations will not be significantly affected. Since Chen Weixiong and Chen Nana may have factors such as lack of repayment funds, failure to reach an agreement with creditors, and failure to perform the corresponding repayment obligations in accordance with judicial rulings, it cannot be ruled out that the shares they hold in the company will continue to wait for freezing and be subject to judicial compulsory disposal. possibility. If Chen Weixiong and Chen Nana’s frozen shares are judicially disposed of, it may lead to a change in the company’s actual control, and the company has the risk of unstable control.

In addition to the above matters, the ST Bailong Securities misrepresentation case has also attracted market attention. On April 19, 2022, the company and relevant personnel received the “Administrative Penalty Decision” and “Market Ban Decision” issued by the China Securities Regulatory Commission.

It has been found out that ST Bailong has the following illegal facts: 1. ST Bailong’s initial public offering prospectus, 2016 non-public offering of stock issuance report and listing announcement and periodic reports contain false records; 2. ST Bailong In the 2017-2019 annual report, it did not truthfully disclose the “other non-current assets” statement items, and did not truthfully disclose the use of raised funds in the 2018 annual report; 3. ST Bolong has existed from 2018 to 2020. The situation that the external guarantee fails to perform the approval procedures and information disclosure obligations.

Wu Lijun, a lawyer from Shanghai Oriental Cambridge Law Firm, said that anyone who bought ST Bailong from June 10, 2015 to March 18, 2021 and still holds the stock at the close of market on March 18, 2021. Investors who have suffered damages can register through the WeChat public account “Public Securities News” (feature code: 18018) to participate in the claim.

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