HHLR of famous private equity Hillhouse Capital announced that it was involved in the case after it was put on file by the Securities Regulatory Commission for suspected illegal reduction of its holdings.PennbattleiiispinningreelLongji Green Energy (601012) stock. On the evening of April 19th, Longji Green issued a notice of changes in shareholders' equity, and HHLR's latest shareholding increased to 5 per cent.
According to Longji Green Energy shareholder HHLR Management Co., Ltd., Longji Green Energy 128 was increased through centralized bidding on April 19, 2024.Pennbattleiiispinningreel.130 million shares, and the proportion of shares after this increase is from 4. 5%.Pennbattleiiispinningreel.98% increased to 5%, without touching the tender offer.
As of April 19, Longji Green Energy shares fell 1.81% to 18.45 yuan per share. According to the closing price estimate, the increase of HHLR holdings cost about 23.64 million yuan.
With regard to the purpose of this increase, HHLR said that it had received a notice (serial number) issued by the China Securities Regulatory Commission on November 8 last year.PennbattleiiispinningreelAfter the Securities Regulatory Commission filed the case No. 0142023034), he took the initiative to buy back all the reduced shares involved in the case.
According to reports, since receiving the aforementioned notice of filing a case, HHLR has actively cooperated with the CSRC in its investigation. In accordance with the spirit of supervision, it is promised to take the initiative to continue to increase its holdings of Longji Green Energy shares with self-raised funds, and to complete the repurchase of all the reduced shares in the coming month. If this part of the share repurchase involves income, it will be owned by the listed company. HHLR will continue to strengthen the study of laws and regulations and normative documents to serve the high-quality development of China's capital market.
HHLR is Hillhouse's fund manager focused on secondary market investment, previously disclosed as Hillhouse Investment Management Co., Ltd.-China value Fund, closely related to Li Chunan, one of the "Longji three Musketeers".
According to market news, HHLR Management Co., Ltd., owned by Hillhouse, has raised a $6 billion secondary market investment fund to increase the proportion of China's asset allocation and continue to invest in the A-share market. As an independent US dollar secondary market investment management platform owned by Hillhouse, HHLR was registered in Singapore in 2007 and was approved as QFII by the Securities and Futures Commission in 2012.
Public information shows that HHLR's historical positions in A-shares include Ningde era, Zijin Mining, Gree Electric Appliances, Wanhua Chemical and other well-known listed companies. In addition, HHLR is also heavily positioned in the US stock market. According to the securities and exchange commission (SEC), as of the end of the fourth quarter of 2023, HHLR held positions in the u. S. stock market, with Chinese-listed stocks accounting for more than 70% of the market capitalization and dominated.
On March 21 last year, Longji Green Energy announced that shareholders would participate in the refinancing securities lending business and equity changes, that is, HHLR will participate in the refinancing securities lending business with 64.4846 million shares, accounting for 0.85% of the company's outstanding shares, for a loan period of 182 days. After the loan, the number of shares held by HHLR in Longji Green Energy fell to 379 million shares, causing the shareholding to fall to 5 per cent.
By the end of the first quarter of last year, HHLR's stake had fallen by 75.8146 million shares, to 4.85 per cent, but in the third quarter of last year, HHLR had increased its stake by 9.8756 million shares to 4.98 per cent at the end of the period.
In November last year, Longji shares announced that HHLR received a notice from the China Securities Regulatory Commission (CSRC No. 0142023034) that it was suspected of transferring Longji Green Energy shares in violation of restrictive regulations. According to laws and regulations such as the Securities Law of the people's Republic of China and the Administrative punishment Law of the people's Republic of China, the CSRC decided to file a case against HHLR.
At present, regulators also continue to exercise strict control over illegal holdings reduction.
A few days ago, the State Council issued the third "National Nine articles" of the capital market, proposing to comprehensively improve the rule system of reduction, including strictly regulating the reduction of holdings by major shareholders, especially controlling shareholders and actual controllers, and resolutely prevent all kinds of detour reduction in accordance with the principle of substance over form. it is forbidden for major shareholders to sell securities or participate in derivatives trading with the company's shares as the subject matter, and to prohibit restricted shares to be transferred to loans and restricted shares shareholders to sell bonds. Order the illegal subjects to buy back the illegally reduced shares and hand over the price difference, and severely crack down on all kinds of illegal shareholding reduction and so on.
Last year, the CSRC asked listed companies that had illegally reduced their holdings to take the initiative to buy back their shares and hand over the price difference. According to incomplete statistics, shareholders of more than a dozen listed companies, including Laifen, Shanghai Xinyang and Zhengyuan shares, have promised to buy back shares that have been illegally reduced.
(article source: Securities Times e Company)
