Back in the office, Xiao Bai saw two express newspapers on the table.One was reported by the Investment and Financing Department of Times Technology Group, and the other was reported by Yingsheng Investment.Xiao Bai picked it up and looked at it, and the A-shares have fallen a lot in the recent period.The Shanghai Composite Index has hit a minimum of around 1,800 points, and has fallen by more than 4,000 points from the highest point of more than 6,000 points.The Hang Seng Index also fell below 20,000 points and hit around 18,000 points.Although the decline is huge, it is still stronger than A-shares.U.S. stocks, which have been strong, have also begun to turn downward.AMZN, for example, has dropped from a high of $91.75 to a low of $61.02.The stock market is like this, and the real economy is not much better.The subprime mortgage crisis in the United States has evolved into a world financial crisis, which has had a major impact on domestic exports.The data is getting uglier month by month, and the relevant departments in China have finally begun to let out the wind that the domestic economic stimulus plan is about to be introduced.It is in this situation that the application for private placement of Times Optoelectronics Co., Ltd. has been put on the desk of the regulatory authorities.This time, the private placement was carried out in the A-share market, and the Xiangjiang side did not move for the time being."
Xiao Dong, as of yesterday, the closing price of Times Optoelectronics' A shares was 6.03 yuan, and the closing price of H shares was 6.72 Hong Kong dollars, and the prices of the two formed a significant inversion."
Xiao Bai asked the investment and financing department, and the minister told him that the stock price of Times Optoelectronics had fallen hugely, and the relationship between A shares and H shares had formed an inverted relationship.Generally speaking, A-shares are valued at a higher value than H-shares.But the stock price inversion is not without precedent, so Xiao Bai can also accept it."
Well, I see, I'll call again if there's something."
Xiao Bai immediately hung up, and then roughly analyzed the trend of this stock, to be honest, its stock price may not even be able to keep 5 yuan and 5 Hong Kong dollars.A few days passed.You Sen came to find Xiao Bai."
Dong Xiao, we have just received a letter of inquiry from the regulatory authorities.Since Times Technology Group, the target of our private placement in the A-share market, is itself the actual controller of Times Optoelectronics Holdings Co., Ltd. and the actual controller of the listed company, the regulatory authorities have raised questions about the fairness of this round of private placement. ”You Sen made it very clear that the main problem is the shareholding structure of Times Optoelectronics Co., Ltd., which makes the regulatory authorities have doubts.The largest shareholder of Times Optoelectronics Co., Ltd. is Times Optoelectronics Holdings Co., Ltd., and the actual controller of the holding company is Times Technology Group.After several rounds of financing, Times Technology Group has a 54.41 stake in Times Optoelectronics Holdings Co., Ltd. and is the controlling shareholder of the company.Therefore, the regulatory authorities treat the holding company and Times Technology Group as one.This involves the question, although the offer can be waived, is it unfair for the controlling shareholder to exclusively undertake this round of private placement?"
Hehe, who wants to pay real money in this situation?
Otherwise, we will openly ask all shareholders to see if they are interested in giving away this round of additional issuance?
”According to the rules, the original shareholders have the right to participate in the capital increase and share expansion on a priority basis.Of course, Xiao Bai can also rely on his identity as a major shareholder to eat all of this fixed increase.No, the matter was questioned by the regulatory authorities before it even began."
Isn't that a rights issue?
In my opinion, we can ask for opinions from shareholders who hold more than 1 share, Xiao Dong, what do you say?
”You Sen knew that Xiao Bai was complaining, so he said his plan."
Okay, you can watch and deal with it."
Xiao Bai shook his head, motioned to Yousen to decide for himself, and then informed the board of directors of Times Optoelectronics Holdings Co., Ltd.After You Sen left, Xiao Bai made a phone call to Lin Jiadong and asked the other party to meet in Shencheng and have something to discuss.Lin Jiadong happily agreed, and the two found a place to eat together in the evening."
Mr.
Lin, the regulatory authorities in the mainland have relatively high requirements for Times Optoelectronics.If I put this fixed increase in Xiangjiang, what do you think?
”Xiao Bai could roughly guess that Lin Jiadong might have participated in the stock price speculation of Times Optoelectronics, but the three of them have always cooperated tacitly, and they once purchased the convertible bonds of Times Optoelectronics, which was carried out in the name of Zhang Yilin.Later, this part of the convertible bonds was converted into the equity of Times Optoelectronics 7.Before Jiang Yifan's company entered the list of major shareholders of Times Optoelectronics' H-shares, Xiao Bai actually knew that this was probably the handiwork of the three of them.It's just that the other party doesn't say it, and he is happy to pretend to be confused.Anyway, the other party didn't find out any inside information from him, the stocks are all publicly traded, and he likes to speculate casually.He looked for Lin Jiadong this time, purely for the matter of fixed increase.Lin Jiadong didn't panic, he and Zhang Yilin and Jiang Yifan speculated on the H shares of Times Optoelectronics, and they had already cleared their positions.And on the surface, it is in the name of Jiang Yifan, and there are no violations."
Dong Xiao, of course there is no problem with the fixed increase.However, if it is only sold to the largest shareholder, it will be very troublesome in Xiangjiang.I think Mr.
You's idea is good, you can sell to shareholders with more than 1 shares, and you can promise to underwrite the remainder. ”Lin Jiadong gave Xiao Bai an idea, to adopt the method of private placement in the A-share market and the placement to old shareholders in the Xiangjiang market, and choose one of the two."
Well, Mr.
Lin's idea is good, I'll think about it again."
After eating, Xiao Bai personally sent Lin Jiadong to the pass, and then he went home.At this time, Xiao Bai also made up his mind.He decided to conduct a private placement in the A-share market, striving to meet the requirements of the regulatory authorities, and did not consider refinancing in the Xiangjiang market for the time being.Following.You Sen took the printed letter of consultation and came to Xiao Bai.Xiao Bai looked at it, there is no problem, this consultation letter is only for major shareholders with a shareholding ratio of more than 1, and the number of copies that need to be sent out is actually very small.By the afternoon, there had already been a response.Shareholders who can hold more than 1 shareholding are undoubtedly large institutions.At present, the total share capital of Times Optoelectronics Co., Ltd. is 2.6 billion shares, so the threshold of 1 is 26 million shares, and there can be no small and medium-sized investors.The response of the large institutions was very simple, refusing to participate in this fixed increase.At present, the economic situation in the world is very severe, and the weak cycle of the LCD panel industry does not know how long it will last, and everyone has insufficient confidence in the development of Times Optoelectronics."
Mr.
You, it's no problem now.You and Mr.
Shang contact each other and ask Times Optoelectronics to issue a report, attach this consultation letter and the other party's reply, and submit it to the regulatory department. ”Xiao Bai had expected this result, and at the same time, he also told Yousen that Times Technology Group voluntarily locked up for two more years on the basis of the original lock-up period.That is to say, the shares of Times Optoelectronics obtained by Times Technology Group through private placement shall not be publicly transferred within 5 years."
Okay, Dong Xiao, I'll go find Mr.
Shang now."
You Sen left in a hurry, because Shang Liancheng was busy with the construction of the 8.5 generation line and the 4.5 generation OLED line in Shencheng, and a lot of the transactional work of this fixed increase had to be completed by him.After Xiao Bai waited for You Sen to leave, he felt that this time it should be stable.In fact, when the regulatory department got the reply of Times Optoelectronics Co., Ltd. and reviewed the attached materials, it immediately approved the company's private placement application.Next, it is Yousen who is responsible for establishing the issue price with the underwriter.As the CEO of Times Optoelectronics, Shang Liancheng basically became the shopkeeper in this fixed increase.Of course, this is also what Xiao Bai meant.The price is relatively simple, that is, according to the average of the company's stock price in a certain period of time, and then discount.After calculation, the price of this fixed increase was determined at 5.05 yuan per share, while the closing price of Times Optoelectronics shares the day before was only 5.33 yuan.It didn't take long for the private placement of Times Optoelectronics' A shares to be successfully completed.In this private placement, a total of 1 billion ordinary shares of 500 million shares were issued to Times Technology Group and Times Optoelectronics Holdings Co., Ltd., at a price of 5.05 yuan per share, raising a total of 5.05 billion yuan.After the completion of the private placement, the total share capital of Times Optoelectronics Co., Ltd. will be 3.6 billion shares.Among them, Times Optoelectronics Holdings Co., Ltd. holds 44.44 shares and is the largest shareholder of the company.Times Technology Group holds 13.89 shares and is the second shareholder of the company.Because the actual controllers of the top two shareholders are the same, the combined shareholding ratio is 58.33, which in fact forms a controlling situation.Of course, the shares will definitely be diluted in the future.However, the status quo of Times Technology Group as the actual controller of a listed company will not change."
Mr.
Shang, the listed company has more than 5 billion yuan of funds, and the pressure on the company's operation and financial costs will be reduced.You can rest assured that you can engage in construction, and the company will definitely survive these two years. ”Xiao Bai encouraged Shang Liancheng and asked him to build the Shencheng 8.5 generation line project well, and the company's operation and management can be as usual.Subsequently, Xiao Bai held a meeting of the board of directors of Times Optoelectronics Holdings Co., Ltd.The shareholder composition of the holding company is not complicated, in addition to the Times Technology Group, there are Kangjia Electronics and Li Longbin, Zhang Yilin and others, as well as several color TV companies.Several color TV companies do not participate in the operation and management of the company, and they have no say in the board of directors.However, the topic of Xiao Bai's meeting this time was to increase capital and shares, so each shareholder sent a representative to attend the meeting."
Ladies and gentlemen, Times Technology Group intends to inject 10 billion yuan into the holding company in order to maintain the good situation that we have worked hard for many years.Now let's discuss whether we agree to this round of financing.If you don't have any opinions, then discuss the issue of the proportion of shares. ”Xiao Bai passed the gas with everyone in advance, so after sitting down, he went straight to the point.Li Longbin and Yang Xuecheng have no opinion, and several color TV companies have no opinion.To put it bluntly, the purpose of these people's participation in Times Optoelectronics is to ensure the supply of LCD panels, and the number of shares is not important.