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reporter of china business network: peng fei editor of china business network: dong xingsheng

after months of fierce battle for control, on august 30,colin electric(603050.sh, share price 24.98 yuan, market value 6.807 billion yuan) held an extraordinary shareholders' meeting. this meeting is generally considered by the outside world to be an important node in determining the ownership of control, but what all parties did not expect was that this meeting, with the main topic of the board of directors and the board of supervisors, directly broke the record for the length of the a-share shareholders' meeting.

"the announcement was not made until very late, and many people were watching." "this also set a record in china's capital market. it is also difficult for regulators to (come up with guidance quickly)." on the morning of august 31, when a reporter from the "daily economic news" once again visited colin electric on the nanjiangbi section of hongqi street in luquan district, shijiazhuang city, a company employee said this.

although the outside world had expected that this meeting concerning the ownership of the controlling rights of colin electric would be a tug-of-war, it was also expected that colin electric would disclose the relevant announcement of the completion of the election of the board of directors and the board of supervisors on the evening of august 30. however, the actual situation was far beyond expectations.

at 13:00 on august 30, when the reporter arrived at colin electric as a shareholder, there was already a queue of nearly 10 people at the shareholder sign-in area at the door. compared with the annual shareholders' meeting in may, the security measures taken by this company with a market value of less than 10 billion yuan for this shareholders' meeting were suddenly upgraded. not only did more than 10 "men in black" appear at the entrance of the venue, but even some executives and shareholders such as the company's president who were not familiar with them were blocked from entering.

image source: photo by peng fei, reporter of china business network

the tense atmosphere before the meeting also laid the groundwork for this record-breaking shareholders' meeting.

from the subsequent developments, the first phase of the meeting started at 14:00 on august 30 and lasted until about 2:30 a.m. on august 31. after 14 and a half hours, the meeting was suspended after the host announced a temporary recess and resumed at 11:00 on august 31.

the reporter found that before this, the record for the length of the a-share shareholders' meeting appeared in 2018. on december 25, 2018, tibet development (sz000752) held a shareholders' meeting that was jokingly called "the longest in the history of a-shares", which started at 2 pm that day and ended in the early morning.

image source: photo by peng fei, reporter of china business network

from the current perspective, this shareholder meeting of colin electric has extended the above record once again. the reporter saw at the scene that after the meeting resumed at 11 a.m. on august 31, after the on-site lawyer, colin electric chairman zhang chengsuo, and hisense representative shi wenbo expressed their opinions, the meeting was temporarily adjourned again at around 12 noon. that afternoon, the shareholder meeting continued.

however, the reporter noticed that compared with the tense atmosphere at the venue the day before, the attitudes of the parties, who had only rested for a few hours, were significantly relaxed at the venue on the 31st. hisense repeatedly proposed "discussion" and "communication", and zhang chengsuo, who presided over the meeting, also believed that all parties should "calmly discuss solutions."

daily economic news