(Original title: Hainan Coconut Island plans to raise no more than 654 million yuan to maintain the stability of the shareholding structure, and the current controller will change)
On the evening of November 27, Hainan Coconut Island (600238) revealed a fixed increase plan. The listed company plans to raise no more than 654 million yuan by issuing shares in Hainan Xintang, which is controlled by its chairman Wang Xiaoqing, at a price of 8.08 yuan per share. All issuing expenses will be used to repay loans banks and replenish working capital.
The announcement revealed that after the completion of the private placement, Wang Xiaoqing will control 18.34% shares of Hainan Yedao through Hainan Xintang and Haikou Huixiang, and the current controller of the listed company will be changed from Feng Biao to Wang Xiaoqing.
At the date of the plan announcement, Hainan Coconut Island’s total share capital was 448 million shares, and Dongfang Junsheng held 16.84% of the company’s shares, which is the controlling shareholder of the listed company; Feng Biao held 40% of Dongfang Junsheng shares and Dongfang Junsheng 100% The right to vote is the effective controller of Hainan Coconut Island.
According to the announcement, the purpose of the fixed increase of Hainan Coconut Island includes adjusting the control of listed companies and enhancing investor confidence.
“As of the announcement date of this plan, the 75,486,500 shares held by Dongfang Junsheng, the current controlling shareholder of Hainan Yedao, have all been frozen by the judicial system, which has affected the stability of control of the listed company and the funds of credit of the listed company”. Hainan Coed Island said that through this fixed increase, the effective controller of the listed company will be changed to Wang Xiaoqing, which will help increase the stability of the company’s shareholding structure, improve the credit situation of listed companies, and raise investor expectations in the secondary market Protect the rights and interests of small and medium-sized shareholders.
Hainan Yedao said that the listed company is mainly engaged in the production of health wine, and in recent years, with the development of the company’s business, the company’s working capital demand has continued to increase. Through this fixed increase, Hainan Yedao can supplement the working capital necessary for the operation of listed companies, reduce capital costs, reduce financial risks, and provide the necessary financial support for the company’s product structure adjustment and upgrades of the product.
On November 25, Hainan Coconut Island announced that the company and related responsible persons had received a regulatory notice from the Shanghai Stock Exchange. After investigation, Hainan Yedao disclosed the “Foreign Investment Announcement” on April 28, 2021, and planned to set up a joint venture company with Maotai Town Confused Wine (Group) Co., Ltd., Renhuai City, Guizhou Province , to cooperate in the business of producing and selling gravy flavored liquor. Hainan Yedao promised in the relevant contract that in the next five years, the publicly traded company or a coordinated third party will inject 5 billion yuan into the Hutu Group to help transform the Hutu Group into the second largest Renhuai sauce-flavored winery .
“However, the company did not disclose that there are great uncertainties about the source of the aforementioned 5 billion yuan investment funds, and that the specific investment plan has not yet been determined.” The Shanghai Stock Exchange said that Hainan Coconut Island’s disclosure of relevant information on foreign investment issues was incomplete and in violation of relevant regulations. As a result, the Shanghai Stock Exchange issued regulatory warnings to Feng Biao, then president and general manager of the company, and Yang Peng, secretary of the board of directors.
On August 19 this year, Hainan Coconut Island also disclosed that Feng Biao, the general manager of the listed company, has applied to resign as general manager of the company for personal reasons.
According to data, Hainan Coconut Island was listed on the Shanghai Stock Exchange in January 2000 and has been involved in many industries including health wine, spirits, food and beverage, real estate development, trade and investment.
According to the third quarterly report of 2022, Hainan Coconut Island achieved revenue of about 574 million yuan in the first three quarters, a year-on-year decline of 15.5%, and a loss of net profit of 13.8258 million yuan; in the third quarter , Hainan Coconut Island’s revenue was 181 million yuan, a year-on-year decline of 28.63%. Loss of 24.9586 million yuan.
In this regard, Hainan Yedao said that changes in the wine product category and different sales models have caused the gross profit margin of wine to decline compared with the same period of the previous year, resulting in a decrease in the contribution to gross profit and increase in operating losses.
“With the investment of the raised funds, it will help reduce the company’s financial expenses. It is expected to reduce short-term borrowing costs by 16 million yuan a year and improve the company’s resilience to financial risks.” fund-raising announcement, Hainan Yedao said that after the implementation of the fund-raising investment project, the company’s main business is still the production and sale of alcohol products, and this issue will not have a major impact on the corporate structure of the company.
