The chairman reduced his holdings by more than 2.3 billion yuan to pay off debts. What happened to iFLYTEK?
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Recently, HKUST Xunfei issued an announcement saying that chairman Liu Qingfeng sold part of the company’s shares through the block trading system. According to statistics, the share value exceeds 2.3 billion yuan. In addition, in the second half of the year, HKUST Xunfei will be reduced by the major shareholder China Mobile. Why do you have to reduce your holdings? What happened to HKUST Xunfei?
Chairman sells shares to repay debt
A few days ago, HKUST Xunfei issued an announcement stating that the company received a notice from Chairman Liu Qingfeng on August 14, 2023. On August 14, 2023, Liu Qingfeng sold part of the company’s shares through the Shenzhen Stock Exchange’s block trading system, reducing its holdings by 39,956,100 shares. Liu Qingfeng’s shareholding ratio dropped from 7.27% to 5.54%.
According to wind data quoted by the media, iFLYTEK’s block trade on August 14 was 39.9561 million shares, with a turnover of 2.35 billion yuan, which was equivalent to the number of shares Liu Qingfeng reduced.
Screenshot of HKUST Xunfei announcement
The above-mentioned announcement stated that in July 2021, in order to consolidate the company’s control, meet the working capital needs brought about by the company’s rapid business development, and enhance the company’s ability to resist risks, Liu Qingfeng raised 2.35 billion yuan of funds through pledge financing and other means to subscribe for the company’s Non-public issuance of shares, the above-mentioned debts have expired. For this reason, Liu Qingfeng needs to reduce his shareholding to repay the above-mentioned loan principal.
The announcement also stated that HKUST Xunfei was the first listed company started by a college student in China, and Liu Qingfeng started his business as a college student. In the 15 years since the company went public in May 2008, in order to stabilize the company’s equity structure, introduce strategic investors and maintain the company’s market value, Liu Qingfeng has increased his holdings of the company’s shares four times. Before that, he only repaid the loan principal of the co-investment when China Mobile invested in shares at the beginning of 2020. 1 reduction has been carried out.
Major shareholders will reduce their holdings in the second half of the year
In addition to the chairman’s reduction of holdings in iFlytek, recently, iFLYTEK issued an announcement saying that it will also be reduced by the major shareholder China Mobile.
Screenshot of HKUST Xunfei announcement
On August 1, HKUST Xunfei issued an announcement stating that the shareholder China Mobile Communications Co., Ltd., which holds 247,714,216 shares of the company (accounting for 10.70% of the company’s total share capital), plans to hold 247,714,216 shares of the company from August 22, 2023 to December 31, 2023. On a daily basis, the reduction of shares held by the company through centralized bidding or block transactions does not exceed 23,156,700 shares.
Interestingly, Liu Qingfeng, chairman of HKUST iFlytek, is ahead of the major shareholder China Mobile in reducing his holdings.
Net profit fell sharply
In addition to being reduced by major shareholders, HKUST Xunfei’s performance in the first half of the year was not good. HKUST Xunfei recently released its financial report for the first half of the year, showing that the company’s net profit attributable to the parent in the first half of the year was 73.572 million yuan, a year-on-year decrease of 73.54%, a decrease of 205 million yuan from the same period of the previous year; the net loss after deducting non-recurring gains and losses was 304 million yuan. (over)
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