山水节能定向发行存多处不公：小股东权益遭多重侵犯

Group 1 - The company, Hunan Shanshui Energy Saving Technology Co., Ltd., plans to issue 900,000 shares to 44 specific investors, raising 4.05 million yuan, but the issuance scheme contains multiple clauses that infringe on the rights of minority shareholders [1][4] - The issuance plan deprives existing shareholders of their preferential subscription rights, effectively excluding them from participating in the new share issuance, as the top three shareholders control 99.93% of the shares, leaving the remaining 36 minority shareholders with only 0.0678% [1][5][6] Group 2 - The issuance price is set at 4.50 yuan per share, which is significantly lower than the market average of 6.45 yuan per share, representing a discount of approximately 30.23%. This pricing arrangement leads to the dilution of the net asset value and earnings per share for existing shareholders [2][6] - The issuance targets only internal personnel, including 9 directors, supervisors, and senior management, with no external minority investors involved. This concentration of ownership means that the decision-making process is dominated by the controlling shareholder, further marginalizing minority shareholders [3][7] Group 3 - The profit-sharing clause for retained earnings before the issuance is unfair, as it allows internal subscribers to share in the accumulated profits at a low subscription price, while minority shareholders, who invested at higher market prices, see their interests diluted [4][8] - Following the issuance, the total share capital will increase from 54.5 million shares to 55.4 million shares, further diluting the minority shareholders' stake to below 0.065%. This dilution exacerbates the loss of their influence in company decisions and potential future profit distributions [4][8]