Meijin Energy denies that the key nodes of controlling shareholders

No surprise, Meijin Energy denied many doubts about whether the company was suspected of violating the rules and regulations. However, the Daily Economic News reporter noticed that Meijin Group, the controlling shareholder of the company, quickly reduced its holdings of more than 34 million shares at the critical time of information disclosure in Qingdao Meijin Hydrogen Energy Town, which invested tens of billions of dollars.

This time Meijin Energy was questioned mainly because of a company announcement on the evening of June 28: The company signed the "Qingdao Meijin Hydrogen Energy Town Cooperation Framework Agreement" with Qingdao Industry and Information Bureau and Qingdao West Coast New Area Management Committee. The main content of the agreement is to invest in the construction of Qingdao in Qingdao West Coast New Area. Meijin Hydrogen Energy Town, with a total investment of 10 billion yuan. It is worth noting that such a huge investment framework agreement was signed two days ago (June 26), and was reported and widely disseminated by the news media one day ago. The company did not disclose until the evening of June 28. The company's information disclosure was suspected of irregularities, which was reported exclusively by Daily Economic News on June 29. The Shenzhen Stock Exchange also sent a letter of concern to the company on July 1, focusing on many issues such as the company's letter. In this regard, in the evening announcement of July 8, Meijin Energy responded that on the morning of June 26, the company held a signing ceremony of the "Qingdao Meijin Hydrogen Energy Town Cooperation Framework Agreement" with Qingdao Industry and Information Technology Bureau and Qingdao West Coast New Area Management Committee in the new building of Fuxin Building, Southern District of Qingdao City. The company considers this agreement to be an intentional agreement and decides not to disclose the matter for the time being.

Meijin Energy said that on June 27, some media reported on the above-mentioned contractual matters of the company. The signing ceremony of "Qingdao Meijin Hydrogen Energy Town Cooperation Framework Agreement" reported by the media is true, but the company did not violate the relevant disclosure rules.

Meijin Energy believes that, in accordance with the provisions of "Shenzhen Stock Exchange Stock Listing Rules" 7.4, in view of the fact that the matter has been reported by the media, in order to ensure that investors have equal access to the same information, the company immediately disclosed after receiving the paper agreement with the company's official seal at 15:30 on June 28. The company does not disclose, disclose or disclose information to specific objects in advance in private. It is worth noting that as early as the evening of March 25 this year, another 10 billion-dollar hydrogen energy investment project of the company, namely Jiaxing Meijin Hydrogen Energy Automobile Industrial Park, was announced by the company on its own initiative. The framework agreement signed on March 23 is only an intentional document. The information disclosure of controlling shareholder's reduction at critical time point is late, but shareholder's reduction is very rapid. In response to the reduction mentioned in the Shenzhen Stock Exchange's letter of concern, Meijin Energy said in its response to the announcement on July 8 that the company did not cooperate with shareholder reduction. However, the Daily Economic News reporter noted that Meijin Energy announcement on May 31, 2019 had shown that Meijin Group, the controlling shareholder of the company, planned to reduce its total share holdings by no more than 81.83 million shares within six months from June 25, 2019, i.e. no more than 2% of the company's total share capital, and no more than public shares within 90 consecutive natural days. 1% of the total shares of the company.

According to the response announcement of July 8, as of June 28, 2019, Meijin Group has reduced its total holding of 34.05 million shares (0.832% of the total share capital) by centralized bidding.

Meijin Energy did not disclose the average price and amount of the reduction mentioned above in its reply announcement. By contrast, Meijin Energy's reply announcement said that Shaanxi Guotou Jinyuanbao 81 Securities Investment Collective Fund Trust planned to reduce its 2.2 million shares purchased through the secondary market by centralized bidding on June 25, 2019, accounting for 0.49% of the company's total equity, with an average reduction of 11%. 16 yuan per share, the turnover amount is about 225 million yuan.

The previous reduction plan has not yet been completed. In its reply announcement, Meijin Energy also indicated that Meijin Group plans to reduce its previous 24.7016 million shares, which accounted for 0.61% of the company's total equity, through centralized bidding transactions.

In response to the issue of whether there are substantial obstacles to land use in Meijin Hydrogen Energy Town, Qingdao, Meijin Energy said in its reply announcement that it was understood that the proposed project land was being revised for the overall land use planning, which had not yet been incorporated into the overall land use planning of Qingdao and had not yet fulfilled the approval procedures. But the company also said it had not found anything that constituted a substantial obstacle.

In response to the issue of 20 billion yuan investment fund source which was previously concerned by Shenzhen Stock Exchange, Meijin Energy said in its reply announcement that the construction cycle of Jiaxing Meijin Hydrogen Energy Automobile Industrial Park is expected to be 8-10 years, and the company will invest annually according to the construction plan and implementation progress; as for Qingdao Meijin Hydrogen Energy Town, the Framework Agreement The agreed investment scale of 10 billion yuan is not a short-term investment, but a gradual investment according to the progress of project construction. The company will adopt a variety of financing means.