Political situation
Written by: Lin Jian
2021-05-26 17:28
The last update date: 2021-05-26 20:07
Liang Zhenying, the vice chairman of the National Committee of the Chinese People's Political Consultative Conference and former chief executive, has attacked the "Apple Daily" under One Media (00282) from time to time, and was dubbed by netizens as an "Apple loyal reader". It turns out that he has another identity-a shareholder of One Media.
Leung Chun-ying stated on social networks today (26th) that as a “minor shareholder”, he formally complained to the law enforcement agency about Zhang Jianhong, chief executive officer and executive director of Next Media, claiming that the Group’s operations and financial finances after the Security Bureau had frozen the assets of Next Media’s founder Li Zhiying "Affected" is suspected of making "deliberately misleading statements" that harm the interests of minority shareholders.
Liang Zhenying quoted Zhang Jianhong’s statement on May 15th that “the incident has nothing to do with the account of Next Media Group, and the operation and financial finance of the group and Apple Daily will not be affected.” However, two days later, Zhang Jianhong accepted the order of the board of directors of Next Media. A "trading suspension" announcement was issued, stating that "At the request of Next Media Co., Ltd. (the company), the company’s shares will be temporarily available on The Stock Exchange of Hong Kong Limited at 9 am on May 17, 2021 (Monday). Stop trading, pending the issuance of (including) the announcement by the Hong Kong Security Bureau regarding the freezing of assets held by the controlling shareholder of the company, Mr. Lai Zhiying, and the company’s equity, and the statement is an announcement of the company’s inside information".
He questioned that 9 days after the incident, One Media had not issued the statement promised in the above announcement, nor had it resumed trading.
He quoted market analysts’ analysis in the media, saying that Next Media has been suspended so far and may become an indefinite resumption of trading. Therefore, he has reason to believe that Zhang Jianhong, as the chief executive and executive director of Next Media, made public statements on May 15 that the group and " The operation and financial finance of Apple Daily "will not be affected" is a negligent, irresponsible and/or deliberately misleading statement. Other directors of the company have not corrected or clarified so far, and have the same legal responsibility.
In the end, Liang Zhenying blew himself up as a minority shareholder of Next Media. "After obtaining relevant legal opinions, as a minority shareholder of Next Media Co., Ltd., I have appointed a lawyer today to formally complain to the law enforcement agency about Zhang Jianhong and other directors of Next Media Co., Ltd., requesting a thorough investigation. And reserves all other legal rights."
Next Media: There is no need for Li Zhiying to provide additional loans and there is no possibility of cross-default contract
In the evening, Next Media issued an announcement, disclosing inside information about Li Zhiying's investigation, and announced that the shares will resume trading tomorrow (27th).
According to the announcement, the National Security Department sent a letter to Zhang Jianhong, Chief Executive Officer of Next Media, with a notice issued by the Secretary of the Security Bureau to Li Zhiying in accordance with the National Security Law.
The notice stated that the Secretary for Security has instructed that, except with the permission of the Secretary for Security, Li Zhiying shall not directly or indirectly deal with the crime-related property specified in the notice.
The company stated that the designated property mentioned in the notice is the assets of Li Zhiying, not the assets of Next Media or its subsidiaries, nor does it include the bank accounts of the group and its subsidiaries, and its bank accounts operate as usual.
The designated property has no impact on the outstanding shareholder loan provided by Li Zhiying to Next Media Group.
As of March 31, the unaudited bank and cash balance of Next Media Group was approximately 521 million yuan, and management believes that the group has sufficient working capital for 18 months starting from April 1 and does not require Li Zhiying to provide additional loans.
Next Media stated that there is currently no contract that may trigger cross-default, and there is no loan contract that requires Li Zhiying to continue to provide funds or equity pledges.
As of March 31, the group's outstanding bank loans totaled 93.6 million yuan, which must be repaid before September 30, 2022. The group expects to repay the loan according to the schedule.
Regarding the suspension of the "Taiwan Apple Daily", Next Media expects to save costs in the long run.
The board of directors stated that, based on the above circumstances, it is not expected that the issuance of the notice will have an immediate negative impact on the financial status or operations of the Group.
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