news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

Reporter of China Business Network: Fan Qianqian Editor of China Business Network: Wei Guanhong

Lian Zongsheng, a Chaoshan native born in the 1990s, became*ST Kexin(600234.SH, stock price 2.53 yuan, market value 664 million yuan) new actual controller.

On July 30, *ST Kexin (i.e. "Kexin Development") announced that Shenzhen Kexin Industrial Co., Ltd. (hereinafter referred to as Kexin Industrial) transferred its 99% equity in Shenzhen Kexin Industrial Holdings Co., Ltd. (hereinafter referred to as Kexin Holdings) to Lian Zongsheng, a natural person. Kexin Holdings is the controlling shareholder of *ST Kexin. After this transfer, the actual controller of the company changed from Huang Shaojia to Lian Zongsheng.

A reporter from "Daily Economic News" noticed that an article published on the WeChat official account of the Shenzhen Chaoshan Youth Chamber of Commerce in 2021 wrote that Lian Zongsheng was born in 1993 and has many years of project experience in the venture capital field. He was selected as the "2021 Hurun U30 China Entrepreneurship Leader".

The other protagonist of this incident, *ST Kexin, was once known as the "No. 1 Shanxi Merchant Stock". Its main businesses include decoration and renovation, office leasing and Internet advertising and marketing. In recent years, its operating income has continued to decline, and its net profit attributable to the parent company has been in the red for two consecutive years, struggling on the edge of maintaining its listing status. At the same time, *ST Kexin has frequently changed hands in recent years. The previous actual controller Huang Shaojia had been in charge for less than 4 years.

He paid 200 million yuan to increase his holdings and became the actual controller of the listed company.

Lian Zongsheng first appeared in the *ST Kexin announcement in September last year.

At that time, Kexin Holdings and natural person Chen Fuxing planned to transfer their total 100% partnership shares in Shenzhen Qianhai Paide Goldman Sachs Investment Partnership (Limited Partnership) (hereinafter referred to as Qianhai Paide Goldman Sachs) to Shenzhen Yisheng Heyuan Industrial Co., Ltd. (hereinafter referred to as Yisheng Industrial) and Zhou Houshan, with a total transaction price of 180 million yuan.

Lian Zongsheng holds 99% of the shares of Yisheng Industrial, and is also a person acting in concert with Qianhai Paide Goldman Sachs. Therefore, Lian Zongsheng indirectly holds about 10.35% of *ST Kexin's shares through Qianhai Paide Goldman Sachs.

Recently, Lian Zongsheng once again increased his holdings in listed companies through indirect equity transfer. According to the agreement signed by both parties on July 29, Kexin Industry transferred its 99% equity in Kexin Holdings to Lian Zongsheng at a transaction price of 200 million yuan. After the above equity transfer, Lian Zongsheng indirectly held 22.88% of *ST Kexin shares through Kexin Holdings. On July 30, the industrial and commercial change procedures related to the above equity transfer were completed.

At this point, Lian Zongsheng indirectly holds 33.23% of *ST Kexin’s shares and becomes the new actual controller of the listed company.

It is worth noting that this equity transfer and equity change touches on a full takeover offer. According to relevant requirements, Lian Zongsheng needs to urge Kexin Holdings to reduce its total indirect holdings of listed company shares to less than 30% within 30 days. Subsequently, Kexin Holdings intends to transfer its 5% shares of the listed company to a third party by agreement. If the above reduction plan fails to be implemented within the expected time, Lian Zongsheng needs to issue a full takeover offer to all shareholders of the listed company.

The new actual controller was born in the 1990s and was selected as one of Hurun U30 Chinese Entrepreneurship Leaders

Based on the two transactions, Lian Zongsheng paid hundreds of millions of yuan to gain control of the listed company. So who is the new actual controller?

According to *ST Kexin’s disclosure in September last year, Lian Zongsheng is the executive director, general manager and legal representative of Yisheng Industrial, and his permanent residence is Futian District, Shenzhen City, Guangdong Province. In addition, Lian Zongsheng also worked for Shenzhen Hongtu Great Wall Zhongtong Equity Investment Management Co., Ltd. (hereinafter referred to as Hongtu Great Wall Company), Shenzhen Zhongtong Shengyuan Investment Development Co., Ltd., Gongqingcheng Zhonglian Shengyuan Investment Partnership (Limited Partnership) and other companies.

It is worth mentioning that Lian Zongsheng serves as vice chairman and director of Hongtu Great Wall Company. Tianyancha shows that the shareholder holding 66% of Hongtu Great Wall Company's shares is a private equity fund company wholly owned by Shenzhen Capital Investment Group Co., Ltd. At the same time, Hongtu Great Wall Company is the executive partner of Shenzhen Hongtu Great Wall Zhongtong Equity Investment Fund Partnership (Limited Partnership) (hereinafter referred to as Hongtu Great Wall Fund).

According to an article published in 2021 on the WeChat official account of Shenzhen Chaoshan Youth Chamber of Commerce, Red Soil Great Wall Fund is a Shenzhen-level military-civilian integration fund initiated and established by Shenzhen Capital Group, and is also the largest equity investment fund with single funds since its establishment. The article also introduced: Lian Zongsheng was born in 1993, comes from a Chaoshan merchant family, and has many years of project experience in the venture capital field. "Lian Zongsheng is a member of the founding team of Red Soil Great Wall Fund and one of the two preparatory staff."

In addition, in 2021, Lian Zongsheng was selected as one of the "2021 Hurun U30 Chinese Entrepreneurial Leaders". At that time, Lian Zongsheng was 28 years old.

Daily Economic News