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Is www.LegiEX.com safe? Can the voting right give up the new gameplay?

Is www.LegiEX.com safe? It is a normal phenomenon in the capital market for the voting rights to abandon the new gameplay and whether it can be played. However, due to the statutory sales restriction obligations of the parties to the transaction or the commitment to increase or decrease holdings, or to avoid acquisitions triggering a comprehensive offer and other transaction concerns, the parties to the transaction continue to play new tricks on the basis of agreement to transfer control of normal transactions.

As one of the specific functions of equity, traders choose to make an article on voting rights. Since 2018, the use of shareholder voting rights to entrust transfer arrangements to transfer control rights has shown explosive growth, especially in the participation of state-owned capital in private It is widely used in corporate bailouts.

However, due to the similar effect of voting rights entrusted and one-party concerted action on the exercise of voting rights, the Exchange also issued in April 2018 the "Guidelines for the Acquisition of Listed Companies and Information Disclosure of Changes in Share Interests (Draft for Comment)" clear.

If investors transfer the voting rights of listed companies through agreements or other arrangements through voting rights entrustment, the transferor and transferee will be deemed as acting in concert, clarifying this regulatory issue and curbing voting rights to a certain extent The momentum entrusted to prevail. Without a plan, the trader has another plan. The original controlling shareholder gives up the right to vote, so that the equity transferee is sent to the position of the company's controlling shareholder. Such operations have frequently occurred in recent capital markets.

Shandong Huapeng's controlling shareholder Zhang Dehua promised to unconditionally and irrevocably give up 20% of the total share capital by signing a commitment letter. Only 8.02% of the company's total share capital will be transferred to the second shareholder Shunhe Capital.

Shida Group has maximized the possibility of voting rights. Through the combination of voting power entrustment and waiver of voting rights, Xingchuang Electronics turned into a company's controlling shareholder in the event that it did not hold shares. Don't understand.

The second, third, and fourth shareholders of Yonghe Zhikong collectively waived their voting rights to ensure that the new actual controller is smoothly on the position.

For this new gameplay, the regulators will naturally not sit idly by, and most of them have received an inquiry letter from the exchange, focusing on whether there is a substantial concerted action relationship or other related relationship between the new controlling party and the abstaining party. Avoid letting listed companies take advantage of the rules and abuse the right to abstain from voting.

There is practical rationality for the waiver of voting rights. The original controlling shareholder was restricted by complicated and restricted stock sales and trading rules, and it was difficult to complete the transaction within a set time, and some were difficult to quickly resolve the existing operating crisis of listed companies.

Therefore, through the flexible treatment of voting rights, the purpose of transfer of control rights can be effectively promoted and the company can overcome difficulties. However, abandoning the right to vote will also leave a relatively big hidden danger. Judging from the existing cases, all of them have their own small problems.

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