On November 5, the official Weibo of the Zhejiang Provincial Commission for Discipline Inspection and Supervision announced that Shen Defa, the former Party Secretary and Chairman of Zhejiang Construction Investment Group Co., Ltd., was suspected of serious violations of discipline and law and voluntarily surrendered. He is currently undergoing disciplinary review and supervisory investigation by the Zhejiang Provincial Commission for Discipline Inspection and Supervision. .
This was less than a month after Shen Defa resigned as A-share chairman. On October 18, Zhejiang Construction Investment (002761)announcement, the company recently received the resignation report of Chairman Shen Defa. Shen Defa applied to resign as director and chairman of the company due to personal reasons.
This time, Shen Defa was investigated by the Zhejiang Commission for Discipline Inspection, and there seemed to be signs.
Securities Times·e Company noticed that in the above-mentioned resignation notice of Shen Defa, Zhejiang Jiancheng neither addressed Shen Defa with the honorific title of “Mr.”announcement“Thank you” for its past performance experience, which is consistent with many A-share companiesexecutiveResignation announcements vary.
Public information shows that Shen Defa, male, born in January 1965, holds a master’s degree in business administration, is a senior engineer and a senior economist. Shen Defa has been working in Zhejiang Construction Investment Group Co., Ltd. for a long time. He once served as deputy general manager and general manager of Zhejiang Construction Investment Corporation. From April 2016 to October 2023, he served as Chairman and Party Secretary of Zhejiang Construction Investment. At the same time, Shen Defa also served as president of the Zhejiang Construction Industry Association, vice president of the China Construction Industry Association, and vice president of the China Construction Enterprise Management Association. Representative to the 13th National People’s Congress. Member of the 13th Zhejiang Provincial Committee of the Chinese People’s Political Consultative Conference.
Zhejiang Construction Investment is the earliest state-owned construction enterprise established in Zhejiang Province. It is mainly engaged in construction business and businesses supporting the main construction industry chain. It has been selected as one of the top 10 Chinese contractors, the top 500 Chinese enterprises, and the top 100 enterprises in Zhejiang Province in ENR’s “250 World’s Largest International Contractors” for many consecutive years. Its comprehensive economic and technical indicators have always been at the forefront among its peers nationwide.
As a leading construction company in Zhejiang, the listing of Zhejiang Construction Investment is not an IPO, but a backdoor transaction.
The predecessor of Zhejiang Construction Investment Co., Ltd. was Duo Fai, a listed company in Hunan. In 2019, Duokei announced that it planned to implement a major asset swap and share swap to absorb and merge Zhejiang Construction Group. However, the above-mentioned restructuring plan was rejected for the first time. In September 2019, the Mergers, Acquisitions and Reorganization Committee of the China Securities Regulatory Commission believed that the target asset-liability ratio was high, operating cash flow and investment cash flow continued to be large and negative, and there was uncertainty in continued profitability and liquidity. After that, Duohai continued to promote asset restructuring, and was finally approved for the second meeting.
After the successful backdoor transaction, in January 2021, the registration location of Duoai was moved from Changsha, Hunan to Hangzhou, Zhejiang. In June 2021, Duocai changed its name to Zhejiang Construction Investment.
After the Spring Festival in 2022, Zhejiang Construction Investment became the leader in the infrastructure sector, and its stock price soared, from the lowest price of 7.52 yuan/share on February 8, 2022, to 47.09 yuan/share on May 11, 2022, in just 3 years. In more than a month, the stock price has increased more than six times, and the highest market value was once close to 50 billion yuan. During this period, the company once staged the glory of “11 days and 10 boards” and became the monster stock of the year.
Since May last year, Zhejiang Construction Investment’s share price has continued to correct. As of November 3, 2023, the company’s stock price has fallen to 11.92 yuan/share.
Prior to this, in September 2023, the company’s controlling shareholder Zhejiang State-owned Capital Operation Co., Ltd. issued a “Letter of Commitment on Not Reducing its Shareholdings in Zhejiang Construction Investment in the Next 12 Months”. ICBC, a shareholder holding more than 5% of the shares, Financial Assets Investment Co., Ltd. and other shareholders Zhejiang Financial Development Co., Ltd. issued a “Letter of Commitment on Not Reducing the Shareholding of Zhejiang Construction Investment in the Next Six Months” in October 2023.
The third quarterly report of 2023 shows that in the first three quarters of this year, Zhejiang Construction Investment achieved operating income of 71.763 billion yuan, a year-on-year increase of 3.33%; net profit attributable to the parent company was 534 million yuan, a year-on-year decrease of 48.35%.
(Source of article: Securities Times.com)
Source of article: Securities Times Network
Original title: Less than a month after resigning, the former chairman of a 6-fold bull stock surrendered!
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2023-11-05 13:03:22
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