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Property developer Xinhuadu’s board chairman Chen Fashu was under heavy scrutiny because of his dispute about stocks of Yunnan Baiyao with Yunnan Baiyao’s second largest shareholder Yunnan Hongta Group. Chen Fashu spent 2.208 billion yuan buying stocks of Yunnan Baiyao in 2009. After two years, the stocks appreciated by 3 billion yuan.
Now Chen Fashu and Yunnan Hongta Group had a dispute about the validity of the stock transfer and the ownership of these stocks. If the stock transfer was invalid, the 3-billionyuan return would vanish. In addition to his loss of 5.534 billion yuan in the secondary market, Chen Fashu could lose 8 billion yuan in 2011.
The transfer of Yunnan Baiyao’s stocks from Yunnan Hongta Group had Tang Jun, president of Xinhuadu act as the go-between. According to the contract, Chen Fashu bought 65.81 million stocks of Yunnan Baiyao from Yunnan Hongta Group at the price of 3.3543 yuan/share, accounting for 12.32% of the total shares of Yunnan Baiyao. If the contract went effecitive, Chen Fashu could become the second largest shareholder and he would have stocks of five listed companies.
However, the transfer was not finished after two years because the contract must be approved by the relevant government department as agreed by the two parties. Chen Fashu filed a lawsuit against Yunnan Hongta Group, which received the notice about answering the lawsuit from the court. The Supreme Court of Yunnan Province has already accepted the lawsuit.
Now Chen Fashu and Yunnan Hongta Group had a dispute about the validity of the stock transfer and the ownership of these stocks. If the stock transfer was invalid, the 3-billionyuan return would vanish. In addition to his loss of 5.534 billion yuan in the secondary market, Chen Fashu could lose 8 billion yuan in 2011.
The transfer of Yunnan Baiyao’s stocks from Yunnan Hongta Group had Tang Jun, president of Xinhuadu act as the go-between. According to the contract, Chen Fashu bought 65.81 million stocks of Yunnan Baiyao from Yunnan Hongta Group at the price of 3.3543 yuan/share, accounting for 12.32% of the total shares of Yunnan Baiyao. If the contract went effecitive, Chen Fashu could become the second largest shareholder and he would have stocks of five listed companies.
However, the transfer was not finished after two years because the contract must be approved by the relevant government department as agreed by the two parties. Chen Fashu filed a lawsuit against Yunnan Hongta Group, which received the notice about answering the lawsuit from the court. The Supreme Court of Yunnan Province has already accepted the lawsuit.