Special report on the stock market | Another divorce case with sky-high prices in the A-share market

Shenzhen Business Daily·DuChuang Client Reporter Qiu Qingyue

Two divorce cases with sky-high prices broke out in the A-share market overnight, and the "breakup fees" attracted investors' attention. After Jindan Technology announced the divorce, the woman will take away shares worth more than 400 million yuan; Qian Penghe, the controlling shareholder and actual controller of Quectel Communications, divorced, and the breakup fee was about 1.103 billion yuan. On January 23, Jindan Technology fell 7.33% and Quectel Communications fell 7.86%.

Jindan Technology announced that the controlling shareholder, actual controller, and chairman Zhang Peng and Li Zhongmin have completed the procedures for dissolving their marriage through friendly negotiations, and have made relevant arrangements for share division and other matters. After investigation, both were born in 1958 and will be 67 years old this year. Before this equity change, Zhang Peng held 59.05 million shares of Jindan Technology, accounting for 30.69% of the company's total share capital. According to the "Divorce Agreement", Zhang Peng intends to divide his 24 million shares of the company, accounting for approximately 12.47% of the company's total share capital, into the name of Li Zhongmin. According to a rough calculation based on the closing price of the day, the breakup fee exceeded 400 million yuan. Jindan Technology also disclosed its performance forecast. The company expects to achieve a net profit of 30-43 million yuan in 2024, a year-on-year decrease of 49.55%-64.80%.

The announcement also shows that if Jindan Technology's stock price falls below the issue price or net profit, or if it has not distributed cash dividends in the past three years, or the cumulative cash dividend amount is less than 30% of the average annual net profit in the past three years, Zhang Peng and Li Zhongmin will not reduce their holdings of the company's shares through the secondary market. After this equity change, Zhang Peng will still be the controlling shareholder and actual controller of the listed company, the existing management team is stable, and the daily management of the listed company will not change significantly.

According to the announcement of Quectel Communications, Qian Penghe, the controlling shareholder and actual controller, and MIN HONGMAO have completed the procedures for dissolving their marriage, and the agreement on dissolving the marriage has made arrangements for the share division. The above matters will cause the total shareholding ratio of the company's controlling shareholder and its persons acting in concert to drop from 25% to 23.78%. According to the divorce agreement, Qian Penghe will split his 4.80% of Quectel Communications' total share capital to MIN HONGMAO. Based on the latest closing price, the market value of the shares obtained by MINHONGMAO is about 1.1 billion yuan.

The reporter noticed that last year, several listed companies’ actual controllers also divorced, involving sky-high breakup fees. Shang Yunsi, the actual controller of Eurolink, and Wang Yuetian agreed to divorce. Wang Yuetian intends to transfer his 12.05% stake in Wang Yuekewang to Shang Yunsi, corresponding to a market value of about 400 million yuan for Eurolink. Jin Liwei and Bao Jia, the actual controllers of Reliable Shares, had gone through the procedures for dissolving their marriage last year. After the divorce, Jin Liwei and Bao Jia basically divided the company’s stocks that were originally all under Jin Liwei’s name and the property shares of the partnership jointly held by both parties. The company’s shares with a total value of more than 1.3 billion yuan were basically divided equally.