text | Li Delin
2889 yuan, which is the amount of money a company owned by Lu Zhiqiang, the former richest man in Shandong, increased its holdings in *st Oceanwide. Now, *st Oceanwide, whose share price is only 38 cents, has fallen into the abyss of delisting. *st Oceanwide's struggle before delisting was excruciating. The richest man's reneging on his promise in the last 120 days became the last straw that destroyed the confidence of investors. This was a tragedy of broken promises.
Lu Zhiqiang, once ranked eighth on China's richest list with a net worth of 83 billion, and ranked first in Shandong's wealth. He is known as the richest man in Shandong. *st Oceanwide is called Oceanwide Holdings before st. It is Lu Zhiqiang's A-share platform. The entire Oceanwide system covers A-shares, Hong Kong stocks, US stocks, etc. It holds shares in as many as 40 A-share and Hong Kong-listed companies, and it holds shares in 9 listed companies on the New OTC Market. In addition to listed companies, Oceanwide also has many financial companies such as banks, insurances, trusts, and securities.
As the flagship listed company of Oceanwide, *st Oceanwide has two main businesses: real estate and finance. In the past, *st Oceanwide also entered the tens of billions real estate club. By the first half of 2023, its real estate revenue was only 2.045 billion, contributing 42.72% to Oceanwide Holdings' revenue, insurance contribution rate 56.15%, and trust only 28 million. Revenue and loss were as high as 124 million. *st Oceanwide’s financing balance in the first half of 2023 is 51.753 billion, and liabilities due in one year are 49.474 billion. Therefore, the Oceanwide Department was riddled with lawsuits and was taken to court by big bosses such as Shi Yuzhu and Sun Hongbin.
The richest man became a defendant because he had no money. To what extent do you have no money? In addition to tens of billions still to be repaid, the plight of Lu Zhiqiang, the former richest man in Shandong, was clearly revealed in the process of rescuing the company from falling below its face value. On April 14, 2023, *st Oceanwide fell below the face value of 1 yuan, and fell to 77 cents in 9 trading days. It finally succeeded in protecting the market, and the stock price pulled back to more than 1 yuan. Unexpectedly, it soon fell to 1 yuan. After the May Day holiday, it fell below 1 yuan for 11 consecutive trading days. Directors, supervisors and senior management had to come up with a plan to increase their holdings.
Directors, supervisors and senior executives of listed companies ended up buying stocks, and investors were excited. *st Oceanwide's stock price once soared to 3.39 yuan. Everyone thought *st Oceanwide was out of the ICU. Unexpectedly, the Oceanwide department was facing constant lawsuits. Whether it was domestic or overseas, various freezes followed one after another, and even overseas companies Was liquidated. In September 2023, *st Oceanwide's controlling shareholder Oceanwide Group plans to increase its holdings of the company's shares through centralized bidding in the secondary market within four months from September 5 to boost investor confidence.
Oceanwide Group plans to increase its holdings by RMB 100 million to RMB 200 million. Shareholders saw a glimmer of hope. Major shareholders spent real money to buy stocks, and the stock price returned to more than 1 yuan. At least the crisis of face value delisting could be avoided. Everyone is looking forward to it, but *st Oceanwide's stock price has continued to fall since October. Entering December, the limit continued to fall. By the last trading day of 2023, *st Oceanwide won the first place in the A-share market with 59 lower limits during the year. From the highest point of 3.39 yuan to the face value of 0.38 yuan, the decline was as high as 90%, locking in Face value delisted.
*st Oceanwide said goodbye to A-shares at the last moment of 2023. It's a tragedy not to make it through the winter. What is surprising behind the tragedy is that as the former richest man in Shandong, Lu Zhiqiang and his Oceanwide Group broke their promise. On January 4, *st Oceanwide issued a very sad announcement, saying that during the period when Oceanwide Group promised to increase its holdings, it only bought 1,100 shares, with a total increase of 2,889 yuan. The lowest commitment is 100 million, and the number can only be found to five decimal places. The highest commitment is only 1.40%. Oh, what's the matter?
The richest man broke his promise. Judging from the share price and amount of increased holdings, Lu Zhiqiang has no confidence in *st Oceanwide. The rhetoric made the stockholders happy, but it ended in tragedy with face value delisting. Lu Zhiqiang had no confidence and no money. However, does promising to launch aerial bombardment count as false information disclosure? Should investors be pulled down after losing money? Or should we seek compensation from *st Oceanwide and its major shareholders? I believe that supervision will bring justice to the market. Faced with the richest man's broken promise, ordinary people might say that they were just making tea with popcorn and wasting their time.
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