Gelonghui on November 24th, Hangzhou Electric Power Co., Ltd. (603618.SH) announced, April 23,2021 Sun Qingyan, the actual controller of the company, the shareholder of the company's controlling shareholder Yongtong Holdings Group Co., Ltd. ("Yongtong Holdings"), Fujian Yongrui Enterprise Management Partnership (Limited Partnership), ("Fujian Yongrui"), Fujian Yongxu Enterprise Management Partnership (Limited Partnership) ("Fujian Yongxu") and Zhejiang Fuchunjiang Communication Group Co., Ltd. ("Fuchunjiang Group") and Guangzhou Industrial Investment Holdings Group Co., Ltd. ("Guangzhou Industrial Control") signed the "Equity transfer Framework Agreement".
According to the Framework Agreement on Equity transfer, after Yongtong Holdings becomes a shareholder who directly holds only 207000000 shares of the company (accounting for about 29.95% of the company's total share capital), Yongtong controlling shareholders Fujian Yongrui and Fujian Yongxu plan to transfer their 100% stake in Yongtong Holdings to Guangzhou Industrial Control.
If the equity transfer is completed, the controlling shareholder of the company will still be Yongtong Holdings, and the actual controller of the company will be changed to the Guangzhou Municipal people's Government, indirectly holding 29.95% of the shares of the company.
Since the signing of the Framework Agreement on Equity transfer, Guangzhou Industrial Control has paid 30 million yuan in sincerity in accordance with the provisions of the Framework Agreement on Equity transfer, and commissioned intermediaries to carry out due diligence and equity value evaluation on the shares of Yongtong Holdings and Hangdian, and made positive and continuous communication on the signing of the formal equity transfer agreement.
Guangzhou Industrial Control believes that the company is in good condition according to due diligence, but because Guangzhou Industrial Control is carrying out the reform and reorganization of state-owned enterprises, the parties to the transaction cannot reach an agreement on some key issues of equity transfer in a short period of time. On November 24, 2021, after friendly negotiation between the parties to the transaction, they agreed to suspend the transaction and signed the termination Agreement. Yongtong controlling shareholders Fujian Yong Rui and Fujian Yongxi will refund the sincerity money and interest paid by Guangzhou Industrial Control in accordance with the requirements of the relevant agreement.
As of the date of disclosure of the announcement, the control of the company has not changed, the controlling shareholder of the company is still Yongtong Holdings, and the actual controller is still the Sun Qingyan family.