The three mysteries to be solved 19 load ups and downs

Editor's note: In October this year, Youngor won a major shareholder in the first place, but at present it has no seat on the main board of directors. Listed in 19 years, the first real control of the industry has changed several, its chairman Handong was recently detained in Yunnan police custody review, the company's assets reorganization was also forced to terminate. What will the company's future board of directors change? Will the Handong family regain control? This series of mysteries await announcement. Distance from the work of the first (600857) Chairman and general manager of the Handong for alleged false registration capital crime and the Yunnan police detained for more than 10 days, in Handong shortly after the incident, the work of the first preparations for more than one months of asset restructuring also stopped short ago. And just two months ago, the former director of Chen Jianhua was suspected of short-term trading before the Ningbo Securities and Regulatory Bureau for investigation. In fact, the recent internal and internal turmoil in the work of the great initiative is much more than that. In June this year, the big initiative holding shareholder hit the Octopus Group held a 15.69% stake in the top of the Heilongjiang high courtyard frozen, in addition, Handong and its control of Shenzhen City, nine investment company also fell into several lawsuits. Back to the end of the last century, the first actual control of the work of the change, before and after the Ningbo state-owned, Beijing state-funded, hit, nine-policy investment, silicon and silver investment and capital All Stars Youngor, north-South Capital competing for the pioneering work. To this day, the great initiative is still in the capital competition in the ups and downs. Four degrees of ups and downs at present, such as the Tamiflu Gene, Peking University medicine, Purple Light shares, Shanda wit, Jiaotong University erecting many colleges and universities in the listed companies, the work of the first University of the color is not typical, this is not only because the first of the industrial capital of the controlling shareholder hit the Octopus Group (hereinafter referred to as "octopus Group") is not in the hands But also because the work of the Great initiative has been branded Ningbo commercial capitalist. Whether it is the first group (Beijing state-owned companies), hit, or later nine investment, silicon Silver investment, has not substantially changed the nature of the first commercial capitalist, business is still a major initiative to occupy the absolute proportion of the main business. The predecessor of the pioneer is Ningbo in the Hundred, was founded in 1992, 1994, listed in the Shanghai Stock Exchange. In June 1999, the Ningbo State Capital Bureau and the Initiative Group reached an agreement to transfer 26.65% of all the shares in Ningbo to the original group of the then wholly-owned subsidiary of Beijing Economic Development Investment company. Reporter noted that the original shares have not yet listed, the first group of real control of the Sun shares and LNG Beijing fund two listed companies, the entire group of assets can not be compared with the current, so the pioneer group to build Ningbo in the hundred high hopes. In Ningbo after the Hundred, the first group of Ningbo, the first to change the name of the first technology, ostensibly pioneering technology has become a pioneer group members, but in fact, the first group found that will be the first technology to create a group of business platform is not easy. In this way, the Pioneer Group contributed to the successful restructuring of the Beijing Economic Development Investment company and established a joint venture with Beijing Pioneer Technology Investment Corporation, the latter being the third largest shareholder of the company. Subsequently, Beijing Economic development Investment company in November 2001will be the first technology to take control of the right in two, of which 10% to the Beijing pioneer technology investment companies, the remaining 16.65% are directly transferred to the Octopus group. After the first technology of the Octopus group to do the same, will be the first science and technology renamed as the work of the first, endowed with the color of the university, the great initiative since then become a university concept enterprise. As Guangyu developed its predecessor, Nankai, the concept of college and university has not brought brilliance, plus the new rules of college shareholding and the demand for the restructuring of the Octopus Group, the Octopus Group has chosen nine strategic investments between the capital Wang Weidong controlled Beijing Jess Investment Management Co., Ltd. and the Zhejiang Merchants Handong control nine investment strategy, Hit in June 2009 to the eight-up group 70% equity transfer to nine investment. In other words, the hit has lost the actual control of the great initiative, and the concept of the university has been in a non-existent condition. After losing control of the hit, the first in nine investment hands also failed to maintain equity stability. In October 2010, Handong and Zhu Ming clicked, the head of silicon and silver investment, which belonged to Zhejiang merchants, transferred the eight-up group 70% equity to the Silicon Bank investment, which became the indirect controlling shareholder. According to the information of the reporter, Handong and Zhu Ming have already known, Silicon silver investment is gong, Zhu Two people in 2005 joined together to set up the investment company. Later gong, Zhu Two people in 2008 as a representative of Zhejiang merchants far to Tianjin, has tried to build a digital electronics industry park in Tianjin Xiqing District. February 2012, Handong and Zhu Ming cooperation suspected once upgraded, Zhu Ming plan to invest 59.65% of the silicon Bank in full transfer to nine investment, if the matter is successfully implemented, then Handong will take the holding of silicon Silver investment 95.68% stake, recapture the work of the Great Initiative control. But to this day, the matter has not yet been completed, and there has not been any positive response to the major initiative and the nine-way investment. With Handong in Yunnan, the uncertainty of the above matters will undoubtedly increase. Ningbo Capital never left despite the changes in the control of the first major works, and the company renamed several times, but the essence of commercial capitalist as Ningbo has never changed. Similarly, in the process of competing for the Great initiative, Ningbo and Zhejiang Merchants Capital remained dormant in the meantime, never interrupted, in which the Ningbo joint performance is more obvious, and later Youngor to the work of the Great initiative of the company and promoted to the big shareholder is more show that the capital of Ningbo to work great initiative of the favor. September this year due to the operation of Ningbo joint short-term transactions by the Ningbo Securities and Regulatory Bureau for investigation of the Chen Jianhua is the joint long-term stationed in Ningbo, the representative of the first pioneering. The 1999 annual report shows that Ningbo union, Ningbo Sino-Yuan shares (Rong an real estate predecessor) and Ningbo Golden Port Trust companies in the first ten major shareholders listed, this year, Ningbo State-funded bureau to introduce foreign aid Beijing state-funded, let the holding shareholder's seat, but did not affect the Ningbo union and other Ningbo Capital shareholding determination, At that time, Chen Jianhua as vice chairman of the work. Since then, the first real control of the industry has changed to hit, Handong, Zhu Ming and so on, Ningbo United also always strongKeep it, and Chen Jianhua himself in the work of the Director of the Board of directors repeatedly change at the same time still long as the vice chairman of the work, until the beginning of November this year because of short-term trading issues and resigned from the work of the first Vice chairman of the post. Of course, Chen Jianhua also resigned in the Ningbo Union, Ningbo Thermoelectric and central Branch, such as the three-ring company related positions. According to the Ningbo joint aspect to the reporter, Chen Jianhua's departure does not affect the company to work the big initiative long-term investment. If the Ningbo union is similar to the founder of the industry initiative and long-term adherence, then nine investment, Silicon Bank investment and the presence of Youngor is clearly not a coincidence. "From the point of view of the time node, nine investment and Zhu Ming in 2005 jointly set up a silicon bank investment, since nine investment in 2009 to replace the arrival of the Octopus group, there should be Zhu Ming strength behind." "A private equity person in Shanghai told reporters that although Handong is Zhejiang, but the scope of activities in Yunnan, Shenzhen, including the former service in Shenzhen, the security company and the current nine policy investment, in addition to Handong also control the Yunnan Stone Lock Expressway and other road and bridge assets. Zhu Ming, in 2008 by the local media in Ningbo as "Ningbo People's Pride", with the U.S. Silicon Valley entrepreneurial background, the actual control of Hangzhou Cybernaut Investment Management Consulting Co., Ltd., plus Zhu Ming itself as a person in Ningbo, more than the Handong in Ningbo local more influence. Data show that the nine investment in June 2009 to let the Octopus group 70% equity costs of 380 million yuan, the next October transfer to the Silicon Bank investment cost of 382 million yuan, nine investment turnover octopus group almost nothing. "From the perspective of investment return, the nine-way investment fencing The big initiative is obviously a failure, but whether it is nine investment or silicon Bank investment, is actually Zhejiang business capital, objectively to foreign capital there is a certain degree of resistance." "The private equity person said. Nine policy before the investment in Beijing state capital, hit did not realize the good operation of the great initiative, the result has lost the first to the work of the first control rights. Later, Ningbo local more powerful capital strength Youngor and its concerted action people Ningbo Youth investment, such as even the first major brand, and in October this year, more than the Silicon Bank investment control of the Octopus group, become the new owner of the industry initiative. In the process, nine investment and Silicon Bank investment has not been similar to the Wuhan commercial capitalist used to hold a licensing war, to Youngor's step-by-step press appears to be extremely calm. According to Youngor and industry-wide initiative of the relevant people, Youngor brand-name Industry initiative is a financial investment. However, Youngor can be faster to achieve the status of the brand as Ningbo capital is not unrelated. From the Ningbo State-owned Bureau 1999, the transfer of the major initiative of the holding power, and then to the present Youngor to hold the card, the first to Ningbo capital control. Fight Board "Some things will come to the bottom of the day." "Two years ago, due to be detained" not normal performance duties "and forced from the work of the Secretary for the post of the Haninge at that time in the media interview published the remarks, did not think of a language into prophecy, Shang, Handong is deeply involved in judicial investigation. Until today, the industry continues to dismiss Haninge asNine policy investment, Silicon Bank investment and the original control party hit the escalation of contradictions, as well as the company's first years of corporate governance in the epitome of a lot of games. December 2011, the investment of silicon and Silver replaced nine investment in the first 1 years, the first to convene a 9-person board of directors to discuss the dismissal of Haninge position and postponed the board of directors transition. It should be pointed out that haninge, although not a member of the board, has served as the executive vice-president of the Octopus Investment Company (Octopus Group subsidiary), and in 2001, when he was first in office, he was the first director of the works, and later he became Chief Secretary. In 2008, when the company sought to transfer the control of the Octopus group, Haninge had briefly left the office and then returned to the post of Dong until 2011, with a deep source of interest. At that time, the board of Directors was composed of 6 independent directors and 3 independent directors, of which nine invested in controlling 3 independent board seats, including Handong himself and Hu's generosity and Guillesen. Among them, Hu has served as nine investment deputy and Silicon Silver investment, and Guillesen is the Handong control of Yunnan Stone Lock high-speed another shareholder Yunnan Tongda Xiang Luqiao Investment Development Co., Ltd. legal representative. As for the other 3 independent directors, the Wang Xinmin of Ningbo Joint Representative Chen Jianhua, the pioneer group and the Ningbo Capital Representative Huang Yan water. In other words, as the holding side of the silicon Bank investment, in addition to Hu generously barely visible as a company representative, did not control the work of the first board of directors, but has given up control of the status of the nine investment but firmly control the work of the Great initiative. Results the removal of the haninge motion, immediately by vice Chairman Wang Xinmin and an independent director of the opposition, which Wang Xinmin that the recall Haninge will cause market repercussions and regulatory concerns, add unnecessary trouble. But Wang Xinmin, who came from the first group, apparently failed to sway the board, so Haninge was removed from office, and Mr. Zhong, who briefly replaced Mr Tung's post in Haninge in 2008, succeeded Mr Tung. Compared to Haninge, the relationship between Zhongshan and hit is further diluted, so that the Haninge dismissed as a hit in the work of the major initiative in the weakening of power. And now a typical detail is, Panorama Network Investor Relations on the interactive platform, in charge of answering investors questions of the work of the first executives in addition to Zhongshan, but also include Hu, and even mainly Hu Kang is responsible for answering questions, this also reflects from a side of nine investment in the work of the Great initiative of the deep control. Haninge after class, the company made a simple adjustment of the board of directors, Wang Xinmin after the expiry of his term did not succeed in the first director, the first group of Beijing Economic Development Investment company general manager Zhang Shuhui successor, nine policy investment finance director has made the country to replace Guillesen selected workers to the first director. Nine investment, silicon Silver investment, the first group, Ningbo United in the work of the first in the scope of the power of the basic maintenance of the same, and hit then basically lost the right to work, the first of the top of the university concept Halo lost. According to the reporter understand, hit at present to the current status of the first work is not satisfied, and even a lot of people reflect on the Octopus group in 2009 Jess Investment and nine investment made the wrong choice. EightTatsu group related people told reporters, now the group only hope that nine investment and Silicon Bank investment can bring the big initiative to the trough, the rest of the Octopus group can not intervene. The problem for now is that Chen Jianhua has resigned, and that there is a vacancy on the Board of the Joint Work initiative. More importantly, the silicon Bank investment and the new big shareholder Youngor are not to the work of the first large area to the director of the strength of the board of Directors, the work of the major initiative to follow up the competition there are escalation worries. The first three mysteries to be solved by the work of the major initiative since the 1994 listing to the current 19 years, during the period of the Beijing state-owned capital of the first group and the university to hit the cumulative control of the accumulation of funds for 10 years, but eventually out, the first to return to Zhejiang business Capital. Now nine policy investment boss Handong foreground is difficult to material, Youngor also to a weak advantage in the first, make the work of the great initiative left many suspense. Suspense One: Handong planning reorganization in the protection of rights? October 15 this year, the first (600857) in the absence of any warning to announce the suspension of restructuring, and did not disclose specific restructuring matters, and from the first day of the announcement of the reorganization of the restructuring notice, the reorganization matters by Handong planning and coordination. It is noteworthy that in the first day of the restructuring of the company announced the suspension of business, Youngor increased the first 656,300 shares of the industry, the Youngor has been a total of 15.8% shares in the industry, one by one, beyond the silicon Bank investment in the Octopus group 15.69% of the shareholding ratio. It is reported that nine investment in 2010 will be the Octopus group to invest in the control of the company, the first corporate governance has been in the "two-headed" state, that is, the actual control of the Zhu Ming party in the work of the great pioneering board of directors vacancy, and hot profits CEO home Handong has been controlling the board. At this time Youngor promotion for the work of the new major shareholder, objectively on the work of the first dual-head governance structure has impacted. In this context, how to continue to control the work of the Great initiative has become the urgent task of Handong. Many reporters understand that the industry is widely believed that Handong planning for the restructuring and Youngor has a great relationship, but the great initiative to deny this. In addition, the Octopus group held the work of the first 15.69% equity stake in the dispute has been frozen by the Heilongjiang High Court, no doubt make nine investment and silicon silver investment is quite passive, how to reverse the dilemma, but also Handong to solve the problem. Suspense 2:9 investment to regain control of octopus group? Last February, Handong signed a framework of cooperation with Zhu Ming, and nine investments will be subject to a 59.65% stake in the investment of Silicon AG. In fact, nine investment and Zhu Ming's SVG company is the founder shareholder of Silicon Bank investment, the two shareholding 36.03%, 59.65% respectively. After the implementation of the above cooperation framework, nine investment will take the holding of the Silicon Bank investment of 95.68% shares, the actual control of the Octopus group. The matter has sparked a heated debate, and even hit the side has said that nine policy investment in playing politics. At that time, the nine investment in the interpretation of this is to solve the problem of too dispersed equity, difficult to implement the strategic decision, the results of the cooperation framework has been thrown out of the following, the major initiative has not issued nine policy castThe latest developments in the capital and SVG companies. It is reported that the Octopus Group share transfer problem in nearly two years of time without substantial progress, most likely to be subject to third-party resistance, and the third party is unknown. Data show that the current eight-up group of 30% stake in the hands of hit, and hit and nine investment has been mutual between the two. Shenzhen, a securities industry lawyer told reporters that a company controlling shareholders to transfer the company's shares, as long as the following established procedures and methods, there is no major legal obstacles in theory, but sometimes the company's small shareholders have preferential rights, it depends on the two sides prior agreement. Reporters to the Octopus group to verify whether hit the group has a priority for the rights, but did not receive a positive response. In fact, the silicon Bank investment through the Octopus group only to control the first 15.69% stake, even if the nine investment success by the Octopus Group shares to 95.68%, still can only control the work of the first 15.69% of the equity, far from the total solution to the issue of equity diversification. "Solving the problem of decentralization may be a cover for the purpose of regaining control of the group of Eight." The lawyer said. In addition, the Silicon Bank investment in the first Zhu Ming more than 3 years time did not actually control the major initiative, more like financial investors. In this context, it is not difficult to understand the nine-strategy investment to seize the first-time control of the capital, but it is very uncertain when the nine investment is completed. Suspense Three: is Youngor also financial investment? Reporters noted that a large number of market participants at the time to the work of the Great initiative of the company to the top for the holding shareholder as a stake in the competition, but Youngor recently repeatedly said that the stake in the first capital is only financial investment. In the case of Yi Ke technology, Youngor took over the company in 2010 and currently owns 29.84% of its holdings. Unlike the great initiative, Youngor occupies 3 seats on the 7-person Board of Science and Technology and has an absolute control over it. Thus, Youngor's financial investment does not mean that it does not have to be a director of participating companies, especially now Youngor has become the first controlling shareholder. Following the action of Youngor is crucial to the Handong, especially the company, and in accordance with the law, Youngor has the right to suggest re-election of the board. Once Youngor initiates the re-election of the board of Directors, Handong will be greatly affected by the current position of the board of Directors. In addition, the company's Octopus Investment control group has not responded to many of the cards that have been pioneered in Youngor's work.