Seeing him rising from a tall building, seeing his building collapse…
Recently, Ali auction information showed that the 7,318,999 shares held by the former chairman of Tom Cat, Wang Jian, were auctioned off judicially, with a starting price of 244 million yuan, and the auction time was from 10:00 on December 3, 2021 to 10:00 on December 4, 2021. end.
As of the close of November 24, the stock price of Tom Cat was 4.99 yuan, and the corresponding market value of 75.318.99 million shares was 378 million yuan. The starting price of 244 million was equivalent to a 6.46% discount.
Radar Finance noticed that Wang Jian was once brilliant and became the chairman of a listed company at the age of 31.
However, from July 2019 to the end of September this year, Wang Jian intensively reduced his holdings of Tom Cat, cashing out more than 1 billion yuan and still not solving the funding gap. Intermediate was filed for investigation due to illegal shareholding reduction, and resigned from the post of chairman of the listed company in January this year.
It is worth mentioning that Tom Cat recently caught up with the concept of meta universe, and its stock price rose sharply. The controlling shareholder of the company took the opportunity to cash out over 300 million.
Became chairman at the age of 31, cashed in 246 million yuan in the year of the thunder
Public information shows that Wang Jian was born in 1988 and graduated from Zhejiang University of Technology in 2009 with a bachelor’s degree. He founded Hangzhou Zhexin in 2010. The company’s main business is the publishing and operation of mobile casual games.
In December 2015, Jinke Culture (the predecessor of the listed company Tom Cat) , which had just gone public, issued the “Announcement on the Suspension of Major Asset Restructuring”. The company confirmed that it had acquired 100% of the equity of the target Hangzhou Zhexin and entered the mobile Internet field.
At that time, Wang Jian held 46.95% of Hangzhou Zhexin and was the controlling shareholder and actual controller of Hangzhou Zhexin. He also served as the chairman and general manager of Hangzhou Zhexin.
In the end, the merger went smoothly. Wang Jian received about 400 million yuan in cash and about 980 million yuan worth of Jinke Culture stocks. At the same time, Wang Jian also subscribed for shares issued by Jinke Culture with cash. As of May 31, 2016, Wang Jian held 18.02% of Jinke Culture.
In the second quarter of 2017, Wang Jian increased his holdings. As of May 22, 2017, Wang Jian’s shareholding ratio reached 18.1%, making him the largest shareholder of a listed company.
Since then, Wang Jian has increased his holdings several times. As of September 29, 2017, Wang Jian’s shareholding ratio rose to 18.29%, which was the peak of his shareholding ratio.
On the evening of August 30 of the same year, Jinke Culture presented the largest merger and acquisition plan in the history of the company. It planned to issue shares to the actual controller Zhu Zhigang and other counterparties, with a total price of 4.2 billion yuan to acquire Hangzhou Doubao and Shangyu Ma Niu for 100 each. % Equity. The core assets of these two companies are holding 56% of Outfit7’s equity. Outfit7 has created the “Talking Tom Cat Family”, a world-renowned IP.
According to the evaluation results, Outfit7’s 100% equity evaluation value is 7,285,965,200 yuan, and Outfit7’s audited owner’s equity attributable to shareholders of the parent company totals 421,163,800 yuan, and the evaluated appreciation rate is as high as 1629.96%, causing investors to question.
On November 16, 2017, the aforementioned merger and acquisition meeting was held.
On June 14, 2019, 31-year-old Wang Jian became the chairman of Jinke Culture.
In July 2019, Wang Jian, who had just lifted the ban on stocks, began a massive reduction in his holdings. By the end of the year, the number of shareholding reductions had been disclosed 35 times, with a total set of cash of 246 million yuan.
Wang Jian’s reduction in holdings has triggered a lot of speculation from the outside world. On the evening of February 2, 2020, Jinke Culture disclosed the “Annual Performance Forecast for 2019” and estimated a loss of 2.395 billion yuan to 2.4 billion yuan in 2019, mainly due to impairment of goodwill and impairment of other assets. The Shenzhen Stock Exchange’s Growth Enterprise Market Company Management Department asked Jinke Culture to explain whether Hangzhou Zhexin, O7_INV and other target goodwill are impaired in the 2019 semi-annual report inquiry letter. Jinke Culture replied that there was no impairment loss on the above-mentioned goodwill. .
As of the end of the third quarter of 2019, Jinke Culture’s book balance of goodwill was 6.261 billion yuan, including the acquisition of Outfit7 Investments Limited (hereinafter referred to as “O7_INV”) to form goodwill 3.651 billion yuan, and the acquisition of Hangzhou Zhexin Information Technology Co., Ltd. (hereinafter referred to as “O7_INV”). “Hangzhou Zhexin”) formed a goodwill of 2.320 billion yuan, and the acquisition of Hangzhou Daily Geili Technology Co., Ltd. formed a goodwill of 270 million yuan.
After the company released its 2019 performance forecast, the Management Department of the Shenzhen Stock Exchange’s Growth Enterprise Market required Jinke Culture to list the specific conditions of the target corresponding to the proposed goodwill impairment provision, the estimated amount of impairment, and the completion of the performance commitments for each year Situation; combined with the overall development environment of the game industry, target operating performance, changes in financial indicators, etc., explain the specific timing of the appearance of goodwill impairment, the calculation process of this impairment, and the adequacy of the provision for goodwill impairment in previous years And accuracy.
In the end, Jinke Culture lost 2.823 billion yuan in 2019.
The set has now exceeded 1 billion, suspected of insider trading under investigation
After entering 2020, Wang Jian’s reduction has not stopped. Throughout the whole year of 2020, there will be 35 disclosures of reductions in holdings, and 6 disclosures of reductions in 2021.
As of September 30 this year, Wang Jian’s total cash set has reached 1.004 billion yuan.
As of November 24, Wang Jian held 318 million shares of listed companies, with a shareholding ratio of 9.05%, making him the fourth largest shareholder.
In order to cash out, Wang Jian even violated regulations.
On February 4, 2020, the Shenzhen Stock Exchange issued a supervisory letter to Wang Jian. The regulatory letter pointed out that, as the chairman of Jinke Culture, Wang Jian, during the period from August 15 to August 27, 2019, and October 16 to October 21, 2019, he reduced his holdings by means of centralized bidding due to forced liquidation. Jinke Culture shares 17.3784 million shares and 5.156 million shares, accounting for 0.49% and 0.15% of Jinke Culture’s total equity, respectively, and the total amount involved is about 57.99 million yuan. The aforementioned reduction of holdings occurred within 30 days before the disclosure of Jinke Culture’s 2019 semi-annual report and third quarter report, which constituted a sensitive period transaction.
The Shenzhen Stock Exchange pointed out that Wang Jian’s behavior violated relevant regulations. It is hoped that Wang Jian will pay full attention to the above-mentioned problems, learn lessons, and make timely rectifications to prevent the above-mentioned problems from recurring.
On July 17, 2020, the Shenzhen Stock Exchange issued a decision to circulate and criticize Wang Jian.
The Shenzhen Stock Exchange found that as the chairman of Jinke Culture, Wang Jian had the following violations: On February 28, 2020, Wang Jian reduced his holdings of Jinke Culture stocks by a centralized bidding method due to forced liquidation of 11.241,300 shares, accounting for Jinke Culture. The proportion of total cultural equity is 0.32%, and the amount involved is 48.23 million yuan. The above-mentioned reduction of holdings occurred within ten days before the disclosure of Jinke Culture’s 2019 performance bulletin. Wang Jian was punished by the notice of criticism. The aforementioned violations of Wang Jian and the sanctions imposed by the exchange will be recorded in the integrity files of the listed company and made public.
On December 21, 2020, Jinke Culture issued an announcement showing that Chairman Wang Jian was investigated by the Securities Regulatory Commission for reducing his holdings of company stocks from November 2019 to March 2020 for suspected insider trading.
In January this year, Wang Jian resigned as chairman of Jinke Culture.
Pledge to bury mines, shares are forced to auction
In addition to substantial reductions, Wang Jian also cashed out through pledges.
Since August 2016, Wang Jian has repeatedly pledged dozens of times to Founder Securities, Industrial Securities, Wells Fargo Assets- Ningbo Bank – Dongguan Bank Co., Ltd. and others.
Among them, in 2017, Wang Jian pledged his Jinke Culture stocks to Founder Securities for financing as the integrator, and the relevant agreement of the stock pledge repurchase transaction handled the contract notarization that made the enforcement effect effective.
However, Wang Jian failed to perform the repayment obligations as stipulated in the contract, and the above-mentioned stock pledged repurchase transaction breached the contract. After repeated negotiations and collections by Founder Securities, Wang Jian failed to repay the debts to Founder Securities.
In May of this year, Founder Securities issued an announcement stating that in order to protect the company’s own rights and interests, the company applied to the Hangzhou Intermediate People’s Court of Zhejiang Province (“Hangzhou Intermediate People’s Court”) for compulsory execution in accordance with the “Enforcement Certificate” and other documents issued by the notary office. Wang Jian, the person subject to execution, immediately repaid the financing principal of 259 million yuan owed to the company and the corresponding interest, liquidated damages, and all debts for the realization of the debt, and applied for property preservation measures for the property in the name of the person subject to execution.
Recently, Ali Auction launched Wang Jian’s equity auction information. So far, 0 people have signed up, 203 people have set reminders, and 3654 people have joined the crowd.
Where is Wang Jian’s cash-out funds used for? There is no clear information yet. Radar Finance, according to Tianyan Check, found that Wang Jian served as legal representative in 12 companies, 5 companies served as shareholders, and 17 companies served as executives. Among them, several companies have been sued for contract disputes and lease contract disputes.
After the concept of Cengyuan Universe, the controlling shareholder cashed out 357 million yuan
Radar Finance noticed that Jinke Culture changed the stock abbreviation to “Tom Cat” in August this year.
In the afternoon of September 8, when the company responded to questions related to the concepts of Metaverse and VR on the interactive platform, the company stated that the company “has a user base for the development of Metaverse products” and “has established a special working group for the direction of Metaverse… …Concept development and project approval of games of specific categories”, “The company invested in TianJian Micro Motion has developed a number of VR games.” Subsequently, the company’s stock price opened its daily limit in the afternoon.
On September 8, the Shenzhen Stock Exchange issued a letter of concern to Tom Cat, requesting an explanation as to whether there are hot spots and speculation concepts that can be used to respond to interactions easily, and to cooperate with shareholders to reduce their holdings.
Later, Tom Cat responded to the letter of concern stating that Metaverse is a very ambitious and distant vision, and there is a big gap between the company’s current game products and the theoretical Metaverse. At present, the company’s above-mentioned product iteration and exploration of new products are still in the early stage. There are great uncertainties in the progress of the project implementation, whether it can achieve the company’s expected results, and whether it can meet the needs of the future market.
Despite the company’s claims of uncertainty, the company’s stock is still popular. Since September 8th, the company’s stock price has risen by nearly 50%.
During this period, the company’s controlling shareholder Jinke Holdings and its concerted person Zhu Zhigang significantly reduced their holdings of 83.1601 million shares, and cashed out 357 million yuan based on the average price of the reduction.
It is worth mentioning that from 2018 to April 2020, Jinke Culture was non-operating funds occupied by the controlling shareholder Jinke Holdings and its related parties. The amount incurred in each period was 2.069 billion yuan, 4.331 billion yuan, and 2.997 billion yuan. , A total of 9.377 billion yuan; the occupancy balance was 212 million yuan, 1.549 billion yuan, and 1.671 billion yuan, for a total of 3.431 billion yuan. The Zhejiang Securities Regulatory Bureau determined that Jinke Holdings, Zhu Zhigang, and Jinke Culture’s timely senior executives were responsible for the above violations, and therefore decided to take supervisory and management measures to issue warning letters and record them in the integrity files of the securities and futures markets.
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