Taishan (1218) Independent Directors Chen Minxun and Du Yingda initiated a general re-election on March 16 at an extraordinary meeting of shareholders. The list of director nominations was released, and the Zhan family split again. In addition to the company faction headed by the current Taishan Chairman Zhan Jingchao, and the market leader Longbang Pai also nominated 9 directors (including 3 independent directors) in full, and Zhan Jinjia, who had just resigned as Taishan’s deputy director, also nominated 4 directors (including 1 independent director), making the overall battle a lively situation of 22 to 9.
But can Mount Tai be completed on March 16? Another variable. The Securities and Futures Bureau of the Financial Regulatory Commission issued an article on February 13, Chen Minxun, pointing out that he served as the chairman of the Taishan Audit Committee on January 17, but it was not transferred to the directors in electronic files until January 10, which violated the regulations for the exercise of powers of the audit committee of public companies. Article 7, item 2, should be notified 7 days in advance, requiring Chen Minxun to provide an explanation within 7 days of receiving the official document, otherwise he will be punished according to law.
In addition, the Insurance Center also sent a letter to Taishan, questioning the necessity of convening the temporary stock meeting on March 16. The insurance center pointed out that according to Article 220 of the Company Law, the company’s interests and the necessity of the meeting must be considered when convening a shareholders’ meeting, and directors must fulfill their obligations as good managers. Taishan only re-elected directors and supervisors through a temporary meeting of shareholders in 2021. Now that the term of the board of directors has not yet expired, it will be fully re-elected at an extraordinary shareholder meeting on March 16. Has Taishan considered the best interests of the company? The insurance center asked Taishan to make an explanation at the shareholders meeting.
According to a weekly report, the nomination list for the re-election of the Taishan Stock Provisional Council was released and split into three factions. The market headed by Longbang sent full nominations, including the nomination of Taishan’s current directors Liu Weilong, Han Taisheng, lawyer Liu Huangji, Guobao Service Chairman Tang Shunzhen, Ruizhu Construction General Manager Xu Meiyu, Longbang Vice President Li Shuhui, etc. 6 directors; and independent director candidates Du Yingda, Wu Yumeng, Xiao Shengxian.
The company headed by Zhan Jingchao also sent full nominations. The 6-seat director candidate list includes Zhideng Investment nominated Zhan Jingchao and Chen Nuohua, Hongqiang Investment nominated Zhan Haojun and Wang Tiansheng, and family members such as Zhan Kaimin and Zhan Jinhong; Qidong, Huang Huiping, and Fan Guohua all have legal backgrounds.
In addition, the third group of nominations was released, led by Zhan Jinjia, the former chairman of Taishan, who resigned as the deputy director of Taishan in January this year, and nominated 4 directors. Including 3 director candidates Zhan Jinjia and Zhan Jiaqi, and Yuan Xiaochun who is the director of Mandu International, and the nominee for 1 independent director is Chen Weiyu, a partner of Zhihe United Accounting Firm.
According to the analysis of market participants, according to the latest announcement of Longbang in January this year, the proportion of direct shareholding in Taishan has risen to 48.8%. If the external allies are included, the shareholding should have exceeded 50%, which is almost a sure win. The next focus is on seat allocation. The overall shareholding of the Zhan family should still be more than 30%, and they will continue to retain a seat on the board of directors in the future. As for how many seats can they grab in the end? Depends on the voting results. Judging from the candidates nominated by Zhan Jingchao and Zhan Jinjia, it shows that the family is split again, and the next point may not be winning or losing, but fighting for seats.
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