The actual controller's 100% equity stake in Xilinmen has been temporarily frozen.

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Source: Global Times

【Global Times Comprehensive Report】On April 6, Xilinmen announced that the company’s controlling shareholder Zhejiang Huayi Intelligent Manufacturing Co., Ltd. and its concerted actors’ holdings faced large-scale judicial freezing and waiting freezes, involving a total of 25.08% of the company’s total share capital under judicial freeze, and 24.86% under waiting freeze.

The announcement shows that the company’s controlling shareholder Huayi Intelligent Manufacturing holds 84.7997 million unrestricted circulating shares, accounting for 23.03% of the total share capital. Of these, 63.9567 million shares are under judicial freeze, accounting for 75.42% of its holdings, corresponding to 17.37% of the company’s total share capital; at the same time, 75.0558 million shares are under waiting freeze, accounting for 88.51% of its holdings, corresponding to 20.38% of the total share capital.

The actual controller Chen Ayu directly holds 8.11M shares, accounting for 2.20% of the total share capital, all of which are under waiting freeze. The controlling shareholder’s concerted actor Shaoxing Yuecheng Huahan Equity Investment Partnership holds 36.81M shares, accounting for 9.90% of the total share capital, of which 28.41M shares are under judicial freeze, representing 77.18% of its holdings, and 8.4 million shares are under waiting freeze, representing 22.82% of its holdings.

Image source: Xilinmen Announcement

It is worth mentioning that recently, Xilinmen has disclosed multiple company matters in succession, including the illegal transfer of 100 million yuan from subsidiary bank accounts, the listed company suing its controlling shareholder and actual controller, and the company and its actual controller being filed by the China Securities Regulatory Commission.

Earlier, on April 1, Xilinmen announced that due to suspected violations of information disclosure laws and regulations, the China Securities Regulatory Commission decided to file a case against the company and its actual controller Chen Ayu.

Additionally, Xilinmen disclosed that the company is suing its controlling shareholder and its concerted actors. The announcement shows that Xilinmen and two wholly-owned subsidiaries have filed a lawsuit with the People’s Court of Yuecheng District, Shaoxing City, against the controlling shareholder Zhejiang Huayi Intelligent Manufacturing, the concerted actor Huahan Investment, and the actual controller Chen Ayu, for disputes over damages to company interests, involving a total amount of 478 million yuan. The case has been accepted by the court. The company pointed out that the defendants have non-operational occupation of company funds through loan transfer, factoring financing, and other modes, with a total occupation balance of 190 million yuan so far, exceeding 5% of the company’s most recent audited net assets.

Image source: Xilinmen Announcement

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