Visionox Needs More Time
Yesterday we noted that Chinese OLED panel supplier Visionox (002387.CH) had received a letter of Inquiry from the Shenzhen Stock Exchange, requesting details as to the controlling interests of major stockholders, after the company was accused of not disclosing certain share transactions by a fund manager. It seems that Visionox was unable to contact the former controlling shareholder quickly enough to meet the deadline and has asked for an extension to further answer the requested questions.
According to the company’s response to questions concerning the transfer of shares (5-14-21) Tibet Zhihe Capital Management (pvt), the former largest (and controlling) shareholder, transferred a portion of their holdings (11.7%) to the Hefei Municipal government to pay off debts, likely from ownership of a land development company that defaulted on $825m in loans, which will reduce their holdings to 18.43% and make the local government the controlling shareholder of Visionox with a 21.3% stake. The transfer price of the shares was not disclosed. While the stock exchange asked for verification that ‘all disclosures had been disclosed’, we are still not sure whether this has become a question of ownership or of information about the transfer that was not disclosed to the public. While the stock exchange request was seemingly stimulated by a request, it will be interesting to see if any additional information is disclosed by Visionox.
According to the company’s response to questions concerning the transfer of shares (5-14-21) Tibet Zhihe Capital Management (pvt), the former largest (and controlling) shareholder, transferred a portion of their holdings (11.7%) to the Hefei Municipal government to pay off debts, likely from ownership of a land development company that defaulted on $825m in loans, which will reduce their holdings to 18.43% and make the local government the controlling shareholder of Visionox with a 21.3% stake. The transfer price of the shares was not disclosed. While the stock exchange asked for verification that ‘all disclosures had been disclosed’, we are still not sure whether this has become a question of ownership or of information about the transfer that was not disclosed to the public. While the stock exchange request was seemingly stimulated by a request, it will be interesting to see if any additional information is disclosed by Visionox.
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