Nan Fang Du Shi Bao·2025-10-15 11:00Core Viewpoint - Jinlong Co., Ltd. has conducted its fifth equity auction of the year, with the latest auction concluding on October 13, resulting in a total transaction price of 376 million yuan for 30 million shares, reflecting a premium of 19.75% over the starting price [2][9]. Auction Details - The auction took place from October 12 to 13, with 30 million shares divided into 10 lots of 3 million shares each, attracting both corporate and individual bidders [4]. - The bidding process was highly competitive, with a total of 726 bids placed, and individual lots receiving up to 94 bids [4]. - The final transaction price ranged from 12.28 yuan to 13.11 yuan per share, with the highest bid for a single lot reaching approximately 39.33 million yuan [4]. Major Buyers - Chengdu Jinyao No. 1 Enterprise Management Partnership emerged as the largest buyer, acquiring 21 million shares for 262 million yuan, while individual bidders also secured smaller lots [6]. - Jinyao No. 1 has connections to Luzhou Laojiao, indicating potential strategic interests in Jinlong Co., Ltd. [6]. Shareholder Structure - Following the auction, Jinyao No. 1 will become the fifth largest shareholder of Jinlong Co., Ltd. [8]. - Despite the auction, the controlling shareholder, Dongguan New Century Science and Education Development Co., Ltd., retains 146 million shares, representing 16.29% of the total share capital, while the actual controller, Yang Zhimao, holds 36 million shares (4.02%) [9]. Auction Trends - The frequency of equity auctions has increased, with the first auction of the year experiencing low interest, resulting in unsold shares [9]. - A turnaround occurred in August when previously unsold shares were successfully auctioned after being split into smaller lots, achieving a premium rate of 15.3% [9]. - The latest auction continued this trend of splitting shares, achieving an even higher premium of 19.75%, indicating a growing market recognition of the equity [9]. Company Performance - Jinlong Co., Ltd. has faced challenges in its operational performance, leading to multiple equity auctions and asset disposals [10]. - The company previously announced the sale of a 20% stake in Dongguan Securities for 2.272 billion yuan, significantly increasing the controlling stake of the Dongguan state-owned assets [11]. - Plans to sell a 67.78% stake in Zhongshan Securities were halted to avoid leaving the company with only cash or non-operational assets [11].