德力股份7亿元定增易主：锁价发行是否合规待考 实控人未来有巨额减持预期

Core Viewpoint - Delixi Co., Ltd. plans to issue up to 117.5852 million A-shares to raise no more than 720 million yuan, with a fixed price of 6.12 yuan per share, which may lead to a change in control but requires the current actual controller to relinquish voting rights for this to occur [1][3][4]. Summary by Sections Issuance Details - The company intends to issue shares to Xinjiang Bingxin Jian High-tech Industry Investment and Operation Partnership, which will become the second-largest shareholder with a 23.08% stake post-issuance [1][3]. - The issuance price is set at 6.12 yuan per share, which is 36% lower than the current market price of 8.32 yuan as of October 15 [2]. Control Change Implications - The actual control of the company will only change if the current controller, Shi Weidong, relinquishes his voting rights after the issuance [4][5]. - Shi Weidong currently holds 31.68% of the shares, and if he does not reduce his stake, Xinjiang Bingxin Jian will not achieve controlling status [3][4]. Regulatory Considerations - The compliance of the fixed issuance price with regulations is under scrutiny, as Xinjiang Bingxin Jian may not be able to secure control solely through this issuance [6][9]. - The issuance's legality is questioned since it does not follow the typical patterns seen in other companies that successfully changed control through a combination of share transfers and voting rights adjustments [7][9]. Financial Performance - Delixi Co., Ltd. has reported cumulative losses of 350 million yuan over 14 years since its IPO, with only two dividend distributions totaling 20 million yuan [10][12]. - The company has faced continuous losses in recent years, raising concerns about its future performance and the effectiveness of the control change [12].