Tianqimo control has found a new buyer, and trading will be suspended from today.



Securities Times reporter Zhang Yifan

Thehot topic controlling shareholder of Tianqimo (002510) has found a new buyer for the control of the company, and the shareholders with state-owned background are expected to enter the company.

Tianqimo announced on the evening of December 3 that the listed company received a notice from the controlling shareholder of the company on December 1, and the controlling shareholder was planning the transfer of control. In view of the fact that the matter is under negotiation and there are still significant uncertainties, the company's shares and convertible bonds "Auto Mode Transfer 2" (128090) have been suspended since December 4, and the suspension time is expected to be no more than 2 trading days.

Regarding the content of this transaction, Tianqimo did not disclose detailed information. Tianqimo only said that on the seller's side, the number of shares to be transferred by the controlling shareholder totaled 162 million shares, which is expected to account for 17.18% of the company's total share capital; On the buyer's side, the counterparty of this transaction is a limited partnership invested by the state, and the transaction may involve the change of the company's control right, and the related transaction matters still need the approval of relevant departments such as the state-owned assets supervision and administration.

According to the stock closing price of Tianqimo in the latest trading day of 4.86 yuan/share, the value of the above shares to be transferred is about 787 million yuan. In the past two months, the share price of Tianqimo has strengthened against the trend with the concept of auto parts, with a cumulative increase of over 22%, and the transaction volume has also been enlarged. At present, the total market value of the company is about 4.6 billion yuan.

Tianqimo said that during the stock suspension period, the company will fulfill its information disclosure obligations in strict accordance with the provisions and requirements of relevant laws and regulations according to the progress of related matters. After the above matters are confirmed, the company will issue relevant announcements in time and apply for the resumption of trading of the company's shares.

At present, Tianqimo's controlling shareholders are eight natural persons: Hu Jinsheng, Chang Shiping, Dong Shuxin, Yin Baoru, Ren Wei, Zhang Yisheng, Wang Ziling and Bao Jianxin. Because the major shareholder is older, the controlling shareholder of the company has been looking for potential buyers since 2020, and has experienced a failed attempt.

In November 2020, Tianqimo announced that it planned to change the control right and suspend trading. Two days later, the company announced that all parties to the transaction had signed the Agreement on Intention of Control Right and Equity Transfer, and the controlling shareholder planned to transfer 17.70% of the company's shares to Zhumadian Industrial Investment Group Co., Ltd. (hereinafter referred to as "Production Investment Group") at a share transfer price of 7.33 yuan/share. The production and investment group also has a state-owned background. According to Tianqimo, after the transfer is completed, Zhumadian Municipal Government will become the actual controller of the company.

At that time, this transfer of control was favored by public opinion. Tianqimo once said that after the completion of this equity transfer, state-owned capital holding will be introduced, which will help optimize and improve the company's equity structure and enhance corporate governance; It is beneficial for the company to continuously improve its industrial structure and further enhance its market competitiveness with the help of the strong strength of state-owned capital.

Unfortunately, the transfer of control failed after a delay of one and a half years. In April, 2022, Tianqimo announced that the controlling shareholder had terminated the agreement on the intention of control and equity transfer, because "the controlling shareholder has not seen the significant progress in the effective performance of relevant agreements by the production and investment group and has not received the deposit paid by the production and investment group for the shares to be purchased". At the same time that the previous transfer of control rights was terminated, the controlling shareholder of the company made it clear that it would still actively seek new partners to transfer shares and control rights and seek better development for the company.

Since then, "the transfer of control rights of the company is still in progress, and the controlling shareholder is actively looking for potential buyers", which has become a common expression of Tianqimo in various investor surveys. On November 15 this year, this expression also appeared in the analyst's research activities. Tian Qimo pointed out that the controlling shareholder of the company is a concerted action composed of eight natural persons, and the major shareholder intends to sell control because of his age.

The controlling shareholder of Tianqimo is 8 natural persons acting in concert. Among them, Hu Jinsheng, the main founder of the company and the largest shareholder holding 4.79% shares at present, was born in 1948. At the age of 75, he stepped down as general manager and chairman of the company more than ten years ago, and most of the other controlling shareholders were born in the 1950s. Ren Wei, the current chairman and general manager, is a younger member among the eight controlling shareholders. Born in 1966, he is 57 years old.

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