The share price soared nearly three times in two months. Tianyin Holdings (000829) claimed to be involved in the acquisition of a mobile phone brand business. On September 12, Shenzhen Stock Exchange issued a letter of concern to Tianyin holdings, asking the company to explain whether there was information disclosure or insider trading.
The subject matter of “mysterious” transaction attracted attention
On the evening of September 10, Tianyin holdings disclosed the suggestive announcement on planning major events, which said that the company planned to participate in the joint acquisition of a mobile phone brand business, and the acquisition scope planned to involve brand trademark, R & D and supply chain. The matter is currently in the initial negotiation and planning stage, and no letter of intent or relevant transaction agreement has been signed with the counterparty on the matter. As of the disclosure date of the announcement, the company has not determined the transaction subject, the specific asset scope involved and the transaction consideration, and has not carried out due diligence, audit, evaluation and other related work.
Tianyin Holdings said that therefore, there is significant uncertainty in the matter, and the company will timely perform the corresponding information disclosure obligations according to the follow-up progress. This planning event does not involve the issuance of shares to purchase assets, does not constitute the equity change at the level of listed companies, does not involve the change of the company’s controlling right, has no significant impact on the company’s performance in 2021, does not constitute related party transactions, and does not constitute a major asset reorganization.
The news triggered a heated discussion among investors. From the stock price performance, since the end of July this year, the share price of Tianyin Holdings has soared from about 7 yuan to the closing price of 26.9 yuan / share on September 10. In just over a month, the company’s share price soared nearly three times. In addition, the “marriage object” of Tianyin Holdings has also triggered various speculation among investors, and some head mobile phone manufacturers have also been affected.
With regard to this matter, Shenzhen stock exchange immediately issued a letter of concern to Tianyin holdings, requiring the company to verify and supplement the disclosure of the subject matter of the transaction and the basic information of all parties involved in the transaction, and explain the impact of this transaction on your company’s current and future financial status and operating results.
In addition, Shenzhen stock exchange requires Tianyin holdings to explain whether this transaction involves new businesses, new technologies, new models and new products, the main considerations and necessity of carrying out this transaction, and whether it has synergy with existing businesses in combination with its current main business, industrial experience, capital strength and business strategy. Explain whether the company has the technology and talent reserves required to carry out the above business, analyze the possible risks in carrying out the business, and give sufficient risk tips for the existing uncertainties.
Does it cooperate with shareholders to reduce their holdings?
Shenzhen stock exchange is also concerned that on May 12, Tianyin holdings disclosed the announcement on pre disclosure of reduction of shares held by shareholders holding more than 5%. The announcement shows that Beijing International Trust Co., Ltd. – Tianyin holding equity investment trust (formerly Gannan fruit industry) (hereinafter referred to as “Beijing trust”), the shareholder holding more than 5% of the company, plans to reduce the company’s shares by means of centralized bidding transaction or block transaction within 6 months after 15 trading days from the date of announcement (accounting for 3% of your company’s total share capital).
On September 2, Tianyin holdings announced that as of September 2, the implementation time of Beijing trust’s share reduction plan has exceeded half, the average reduction price is 7.5796 yuan / share, and the number of shares reduced is 10.251 million shares, with a reduction ratio of 1%.
Shenzhen Stock Exchange mentioned in the letter of concern that Tianyin holdings is requested to explain the actual reduction since the announcement date of pre disclosure of Beijing trust’s reduction, and explain whether this transaction is related to Beijing trust’s reduction plan in combination with the planning time of this transaction.
At the same time, combined with media reports and market rumors, explain the reasons why the company failed to disclose all transaction elements, whether the company’s information disclosure is true, accurate and complete, whether it meets the relevant requirements of the stock listing rules (revised in 2020), whether it cooperates with the reduction of shareholders’ holdings, and whether there is a motivation to hype the stock price.
“Please supplement and disclose the stock trading situation of your company’s controlling shareholders, shareholders holding more than 5%, directors, supervisors and persons acting in concert in the three months before this trading announcement and the plan for increasing or decreasing their holdings in the next three months.” the Shenzhen Stock Exchange said in the concern letter.
article links：The share price rose nearly threefold inexplicably
Reprint indicated source：Shine Trader Limited Live information