At the annual general meeting of shareholders held on May 21Lebanonworldcupqualifiersbasketball, Meizhi (002856) (SZ002856, share price 7Lebanonworldcupqualifiersbasketball. 87 yuan, with a market value of 1.065 billion yuan) there was a scene of disharmony in the voting.
Although bills such as the "report on the work of the Board of Directors of the Company 2023" were approved, more than 18 million dissenting votes appeared. "Daily Economic News" reporter combined with Meizhi's share ownership structure, the more than 18 million dissenting votes came from the company's former controlling shareholder, current second largest shareholder, and current director Li Suhua. Earlier, Li Suhua also abstained from voting because he was not satisfied with the performance of listed companies in 2023.
Visual map of China
Since May 31, 2023, Li Suhua has repeatedly voted against and abstained from voting at Meizhi's board meetings. Last month, the controlling shareholder effectively controlled by state assets in Nanhai District of Foshan sued Li Suhua, demanding that he pay 348 million yuan in performance compensation to the listed company.
The second shareholder is the former controlling shareholder
On May 21, Meizhi shares held the 2023 annual general meeting of shareholders. Although the 2023 annual report of Meizhi shares was approved by the annual general meeting, there was a scene of disharmony in the voting process.
A total of three shareholders and shareholders' agents attended the shareholders' meeting on the spot, representing 58.9898 million voting shares, accounting for 43.5951% of the total voting shares of the company. For the report on the work of the Board of Directors of the Company 2023, the number of agreed votes was 40.58 million shares, accounting for 68.7921% of the total number of valid voting shares present at the meeting, and the number of dissenting votes was 18.4095 million shares, accounting for 31.2079% of the total number of valid voting shares attending the meeting. Similar voting results have been found in the company's 2023 financial final report and the company's 2024 financial budget report. For the remuneration package for directors of the fifth session of the board of directors, supervisors and senior managers of the board of supervisors, 18.3197 million shares abstained, accounting for 31.0557% of the total number of valid voting shares attending the meeting.
A reporter from the Daily Business News noted that the main voters of the above dissenting and abstaining votes are not all from minority shareholders (except directors, supervisors, senior managers and shareholders who alone or collectively hold more than 5 per cent of the shares of the company). The latter involves less than 100000 shares. Among the top 10 shareholders of Meizhi shares, Shenzhen Shanhui Investment Management Co., Ltd.-Guangdong Yijian Equity Investment Partnership Co., Ltd. (hereinafter referred to as Guangdong Yijian) controlled by Nanhai State-owned assets Supervision and Management Bureau of Foshan City is the controlling shareholder. holds 40.5803 million shares, with a shareholding ratio of 29.99%. The second largest shareholder is Li Suhua, who holds 18.3197 million shares, or 13.54 per cent. The third largest shareholder and its subsequent individual holdings are only about 1 million shares.
It is not difficult to find that Li Suhua, the second largest shareholder, voted against and abstained from voting at the 2023 annual general meeting of Meizhi shares.
Li Suhua is also a director of Meizhi.
On April 25, the third meeting of the Fifth session of the Board of Directors deliberated the report on the work of the Board of Directors of the Company 2023. At that time, director Li Suhua and director Li Bijun abstained on the grounds that the annual report did not give a reasonable explanation and reason for the substantial loss of the company's performance, the attribution of responsibility, solutions and measures. In fact, state-owned assets failed to grant the company 6 billion yuan in engineering business from 2021 to 2023, which is one of the main reasons for the company's losses.
As a matter of fact, the contradiction between the two sides has already appeared.
Confusingly, Li Suhua abstained from voting on the report as a director at that time, but voted against it at the annual general meeting.
Among the reasons for abstaining from bills such as the company's 2023 annual report and its summary, Li Suhua used more sharp words. He gave three reasons, including the fact that some of the materials of the annual board meeting (including the annual report and the first draft of the audit report) were not issued 10 days in advance. there is no guarantee that all members of the board of directors will have sufficient and reasonable time to review and demonstrate the contents of the meeting and discuss solutions. Guangdong Yijian changed the company's core management team at will in violation of the acquisition agreement (Article 9 of the equity transfer agreement), and still replaced the general manager of Meizhi shares in the face of his strong opposition, resulting in unstable management of the company. it has had a significant adverse impact on the development of the company's original business. Without changing the company's core management team, the company can achieve its performance targets of 2021, 2022 and 2023.
Li Suhua is a former controlling shareholder of Meizhi shares. According to the announcement of the change of control disclosed by Meizhi shares on December 13, 2020, the company's current controlling shareholder signed a "share transfer Agreement" with the then controlling shareholder Li Suhua and Shanghai Tianzhi Science and Technology Development Co., Ltd., and agreed on the terms of performance betting, that is, the cumulative non-return net profit of the original business of the listed company in 2021-2023 is not less than 40 million yuan, and the total amount of new bid winning contracts of the listed company in 2021-2023 is not less than 1.8 billion yuan. If the above-mentioned performance bet is not completed, Li Suhua needs to make cash compensation to the listed company. However, Meizhi made a cumulative loss of 478 million yuan in 2021 and 2023. Guangdong Yijian filed a lawsuit with the Nanhai District people's Court in Foshan City, Guangdong Province, demanding that Li Suhua pay 348 million yuan in performance compensation to listed companies, according to a notice issued by Meizhi shares on April 15, 2024.
Since May 31, 2023, Li Suhua has repeatedly voted against and abstained from voting at Meizhi's board meetings. For example, the bill on the appointment of senior managers of the company, the bill on the dismissal of the general manager of the company, the bill on adjusting the organizational structure of the company, and so on. The infighting of Meizhi shares attracted the attention of the exchange. The Shenzhen Stock Exchange sent a letter asking the company to examine itself in combination with the dispute with Li Suhua, explaining whether there was a "disorderly struggle for control of the company, resulting in investors being unable to obtain effective information about the company."