Zhao Chen took over and his voice slowed down a bit.
"Dear directors, let me say one thing first. The upper limit for Wang An's shareholding in Henglong was 10% before. Later, it was relaxed and there was no longer a limit.
But how long this window period can last, I don't know.
Maybe a month, maybe half a year, maybe he will change his mind tomorrow.
If I had waited for Board of Directors to be approved and go through all the procedures before taking action at that time, the window period would have passed long ago."
He paused and looked around.
"Bubble Mary 26.3% of the shares, cost 360 million. This price, looking at it three years later, is the floor price.
I don't say this because I invested money, but because I have seen every store, every product, and every core IP.
Mololoy's Overseas Copyright is in our hands, and Labobo's global license is also in our hands.
The value of these IPs has not yet been reflected in Financial Report. But in two years, everyone will be able to see it."
Sun Zhengping pushed up his glasses and spoke.
He is the most cautious of the three Independent Director, and his status as a former regulatory official makes him particularly sensitive to procedural compliance.
"Chairman Zhao, you are right. But I have a question - since you are so optimistic about Bubble Mary, why don't you invest it yourself?
You use your own money to buy it, you don't need Board of Directors approval, you don't need to worry about authorization issues, and there will be no procedural disputes.
Why do you have to use Henglong money?"
Meeting Room was quiet. Everyone was looking at Zhao Chen.
Zhao Chen did not answer immediately.
He leaned back on the chair, raised the corners of his mouth slightly, smiled knowingly, and said nothing.
At this time, Zhang Qingxue closed the folder and opened his mouth.
"Director Sun, let me answer this question."
All eyes turned to Zhang Qingxue.
She is sitting second to the left of Zhao Chen, wearing a dark gray suit, her hair is combed meticulously, and her expression is calm and serious.
"Chairman Zhao did initially consider personally purchasing shares of Bubble Mary."
Zhang Qingxue's voice is not loud, but every word is very clear.
"Before Spring Festival, after Wang An let go, Zhao Zong mentioned this idea to me.
He said that since the purchase of Henglong requires authorization from Board of Directors and the procedure is complicated, it is better for him to pay for it himself, which is clean and tidy."
Several directors exchanged glances.
Sun Zhengping frowned but did not interrupt.
Zhang Qingxue continued, "I stopped him."
Meeting Room was quiet for a moment.
Shen Jue looked at Zhang Qingxue with a hint of scrutiny in his eyes.
Zhang Qingxue said, "I stopped him for two reasons.
First, the legal risk of Related Party Transaction. Chairman Zhao is the Chairman and actual controller of Henglong.
If he invests his personal funds in Bubble Mary, and Henglong also invests in Bubble Mary, this constitutes Related Party Transaction.
Although it is not necessarily against the law, once someone questions it, it is difficult for him to explain clearly--
Is he investing his personal funds because he knows that Henglong's investment will push up the valuation of Bubble Mary?
Are you using Listed Company to carry the sedan chair for yourself? These doubts will be amplified as the valuation of Bubble Mary increases."
She paused and her tone became more serious.
"Second, moral hazard. Mr. Sun, you asked why personal funds are not used.
The answer is simple - because Zhao Zong is Chairman of Henglong. Every decision he makes must be responsible to the shareholders of Henglong.
If he personally invests in Bubble Mary, and Henglong also invests, when Bubble Mary is listed in the future and the stock price rises sharply, his personal income will far exceed the income of Henglong.
At that time, what will other shareholders think? They will say - Zhao Chen used Henglong's money to pave the way for himself. This reputation is not good."
Sun Zhengping was silent for a while, then nodded.
"Lawyer Zhang makes sense."
Zhang Qingxue continued, "So Chairman Zhao faces a choice - either give up this investment opportunity and let Wang An's window period be lost in vain;
Either use Henglong money to invest and bear the procedural risks. Comparing the two rights, he chose the latter.
Procedural flaws can be ratified, but if you miss an investment opportunity, you will never get it back."
She closed the folder, leaned back in her chair, and stopped talking.
Meeting Room was quiet for about five seconds.
Song Zhongping was the first to speak, "Lawyer Zhang made it clear.
Zhao Zong It's not that I haven't thought about personal investment, it's just to avoid suspicion that I didn't use personal funds. I understand this."
Chen Wei also nodded.
"There are indeed procedural flaws, but the business decision is correct.
Moreover, in order to avoid suspicion, Chairman Zhao would rather take a more difficult path than leave a way out for himself. I respect this."
Shen Jue remained silent. She looked at Zhao Chen, and Zhao Chen looked at her.
The two people looked at each other for two seconds, and then Shen Jue nodded slightly.
She didn't say "I support you", but Zhao Chen understood the meaning of the nod.
Liu Mingyu glanced at the agenda, then looked around.
"Fellow directors, if there are no other questions, let's vote on the second agenda item now.
Contents of the motion - ratify the premium and total amount of Bubble Mary Existing Share Acquisition that exceeds the original authorization of Board of Directors,
It is confirmed that Henglong holds a total of 26.3% of the shares of Bubble Mary, with a total cost of 360 million RMB."
He paused and added, "All directors, please sign the voting ballot."
Meeting Room heard the sound of the pen tip touching the paper.
Zhao Chen nodded.
Liu Mingyu opened the agenda book and his voice was clear and steady.
"The following is the third agenda item - the investment feasibility report on Shunxin Agriculture.
Directors, please review the documents on your desk."
Chen Xi stood up and distributed a stack of printed reports to each director.
The report is not thick, with only a dozen pages, but each page is accompanied by data sources and research basis.
Shen Jue took the report and flipped through two pages. His eyes paused on the words "Niba Mountain Erguotou" and raised his head to glance at Zhao Chen.
Zhao Chen leaned on the back of the chair with a calm expression and did not speak.
Chen Xi walked back to Projection Screen and opened the laptop.
The first slide appeared on the screen - the logo of Shunxin Agriculture, with a line of small words below:
Niba Mountain Erguotou parent company, A-share code******.
"Dear directors, let me first briefly introduce the company Shunxin Agriculture."
Chen Xi's voice was a little calmer than when he reported Yunnan Agriculture and Bubble Mary just now.
"Shunxin Agriculture is A-share Listed Company. Its main business is divided into three parts--Baijiu, pork, and real estate.
The Baijiu brand is 'Niba Mountain Erguotou', and the pork brands are 'Xiaodian Breeding Pigs' and 'Pengcheng Meat Products'.
The actual controller of the company is Shunyi District State-owned Assets Supervision and Administration Commission, with a solid background."
She switched to the second slide, which was a timeline of management changes.
"After talking about the first key change - Spring Festival, Shunxin Agriculture completed a major change of top management.
The original director Chairman Wang Ze and director Wang Liyou resigned. The newly nominated director candidate is Li Yanlin, the current deputy secretary and manager of the party committee of Shunxin Group, as well as Li Qiusheng and Qin Long.
At the same time, An Yuanzhi was appointed as general manager. He was previously the deputy general manager and secretary to the board of directors and is familiar with capital market operations and mergers and acquisitions."
She paused and added:
"Several institutional research reports mentioned that this management adjustment may mean that there will be big moves at the Shunxin Group level.
Shunxin Agriculture has previously reported the State-owned Assets Operating Company plan to State-owned Assets Supervision and Administration Commission. After the adjustment, it may operate at the Shunxin Group level, with great autonomy - investment, mergers and acquisitions, and equity incentive authority will be delegated.
If implemented, Shunxin Agriculture's system will undergo fundamental changes."