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On the evening of August 16, Xiaosong Co., Ltd. (SZ002723) disclosed the latest progress of the judicial auction of part of its controlling shareholder's shares. On August 16, the company received the "Execution Order of the Intermediate People's Court of Shenzhen City, Guangdong Province" forwarded by its controlling shareholder Huaxin Chuangli.

The ruling is:The buyer’s prepaid deposit of 10.14 million yuan will not be refunded. The 15.58 million shares of the company held by Huaxin Chuangli will be re-auctioned and sold to pay off the debt. The above ruling means that the buyer has lost tens of millions of yuan in deposits.

It is worth noting that after the buyer won the above-mentioned shares, Xiaosong’s share price continued to fall.

According to media reports,The reporter called Xiaosong Shares as an investor to inquire about the buyer's abandonment of the auction. The relevant person responded that the company disclosed the information based on the court information, and the buyer would not contact the company, and it was unclear why he gave up. The company's stock price was affected by a variety of factors, and the market environment itself was not very good. If there are subsequent measures to stabilize the stock price, they will be disclosed.

Earlier, Xiaosong Co., Ltd. disclosed in late May that Huaxin Chuangli’s 15.58 million shares in the company would be auctioned off for the second time. The reporter saw on Alibaba Auction that the starting price of the auction was 101 million yuan, with a deposit of 10.14 million yuan; the auction attracted two applicants and more than 7,000 people watched.

At 10 am on June 21, the online auction ended, and user Wu Weijun won with bidding number A5310 at the reserve price of 101 million yuan.

Wu Weijun's identity is relatively mysterious. Apart from his name, the listed company's announcement did not disclose more information about him.

The above bid price is equivalent to about 6.512 yuan per share. As of the close of June 21, Xiaosong's share price closed at 7.10 yuan per share. From this point of view, Wu Weijun made a profit when he bought this equity.

After that, Xiaosong’s stock price continued to fall.

From June 24 to July 5, the stock fell by 16.34%. By the close of the payment deadline (July 5), the stock closed at 5.94 yuan per share.

If Wu Weijun transferred the shares to his hands at this time, he would have a floating loss of about 8.91 million yuan. The book loss was still lower than the margin amount, but Wu Weijun still chose to give up.

"After communication between the controlling shareholder's attorney and the staff of the Shenzhen Intermediate People's Court who were in charge of this judicial auction, it was determined that as of the payment deadline, the buyer had not yet paid the remaining balance of the online auction transaction of the subject matter." The listed company disclosed later.

Wu Weijun's choice was also a helpless one.

Judging from the market, from July 8 to August 16, Xiaosong’s share price fell by 14.81% in total, with the highest price being 6 yuan per share and the lowest price being 4.89 yuan per share.

Based on the closing price of the stock as of August 16 (5.06 yuan per share), the market value of 15.58 million shares is 78.8348 million yuan. If Wu Weijun had chosen to transfer these shares to his own name at the time, he would have lost more than 20 million yuan by now, far exceeding the amount of his deposit.

As of press time, Xiaosong shares were trading at 5.06 yuan per share, flat.

Daily Economic News integrates 21st Century Business Herald and public information

Disclaimer: The content and data in this article are for reference only and do not constitute investment advice. Please verify before use. You will be responsible for your own risks if you act accordingly.