Sanfeng Intelligent Equipment Group announced that 26.8983 million shares held by shareholder Chen Wei, who owns more than 5% of the company, will be forcibly executed by the Wenzhou Intermediate People's Court of Zhejiang Province, accounting for 1.92% of total share capital. The court has notified Guotai Haitong Securities to adjust the relevant shares to a sellable frozen state and then carry out forced selling, with the proceeds transferred to an account designated by the court. Chen Wei holds 80.8667 million shares of the company, accounting for 5.77% of total share capital, and his concert party Chen Gongcen holds 3.539 million shares, accounting for 0.25%, with the two together holding 6.02%. The shares subject to this forced execution originate from the company's 2017 private placement, and the actual number executed is subject to the court's final execution result. The company stated that Chen Wei is not a controlling shareholder or actual controller, and this forced execution of shares will not lead to a change of control, nor will it affect the governance structure or ongoing operations, but there is uncertainty in the judicial forced execution of the shares.
HuBei SanFeng Intelligent Conveying Equipment Co LtdCourt-ordered forced sale of 1.92% of shares by a major shareholder creates selling pressure and uncertainty.
