Modern Avenue Real Controller Lin Yongfei Shares Were Frozen Several Times Close To The Limit Line.

In the evening of June 3rd, after announcements of controlling shares and frozen shares of controlling shareholders and waiting for a freeze, the stock price of modern Avenue (002656) (002656, SZ) dropped sharply today, several times close to the limit line. As of today's morning, the modern Avenue reported 4.90 yuan / share, down 9.59%.

The June 3rd announcement showed that some of the shares held by the Limited by Share Ltd of the modern Avenue holding group, Guangzhou Ruifeng group Limited by Share Ltd (hereinafter referred to as the Ruifeng group) and the actual controller Lin Yongfei, were frozen by the financial court of Hong Kong.

It is worth mentioning that the "results of the feedback results form" issued by the Shanghai financial court and the detailed list of the securities pledge and judicial freeze issued by China Securities Depository and Clearing Co., Ltd., "the securities waiting list data sheet", are inconsistent with the freezing and waiting freeze data. The modern Avenue said it would urge Ruifeng group and Lin Yongfei to verify them as soon as possible.

Modern Avenue said that the shares were frozen and waiting for a freeze. The reason is the contract dispute between Ruifeng group and Lin Yongfei and Shanghai Pang Zeng Investment Management Center (limited partnership) (hereinafter referred to as Shanghai Pang Zeng), but the modern road has not yet disclosed the specific case of the dispute in the announcement.

Modern Avenue received Ruifeng group and Lin Yongfei informed that the value of shares frozen and waiting for freezing has far exceeded the amount of contract disputes. Ruifeng group and Lin Yongfei will raise objections to the Shanghai financial court, apply for the lifting of partial freeze and wait for the freezing of shares, and actively communicate with Shanghai Pang Zeng.

Reporters noted that Shanghai Pang Zengtong is a shareholder of modern Avenue. By the end of 3 2019, Shanghai Pang Zeng has owned about 23 million 424 thousand and 600 shares of the modern avenue through its two private equity products, accounting for 3.29% of the total share capital.

Besides, this is not the first time that the shares of Ruifeng group and Lin Yongfei have been frozen. In March this year, Ruifeng group, Lin Yongfei and its co operative man, some of the shares held by Wuqiang, were frozen by the Hunan Provincial Higher People's court because of their dispute with the Fangfang securities Limited by Share Ltd's pledged securities repurchase dispute.

Today, the Shenzhen Stock Exchange also pointed out the latest progress in the freezing of shares in the annual report of the modern Avenue, asking for the disclosure of the two freeze on shares, and checked and verified the specific reasons for the inconsistent data on freezing and waiting for freezing, and the details of actual freezing and waiting for freezing.

At the same time, the Shenzhen Stock Exchange also requested that the modern Avenue combine the board composition and management personnel arrangement to analyze and explain the specific impact of the above matters on corporate governance and production and operation, as well as the measures that the company intends to take.

The reporter tried to interview the modern Avenue on the above matters. As of press release, no reply was received.