Financial Services Association, March 31 (Reporter Wang Bin) Following Jindun Co., Ltd. (300411.SZ)'s announcement last Thursday evening that shareholders intend to cash out at a high level, the second-largest shareholder of Wanfeng Aowei (002085.SZ), the “No. 1 leader” in the eVTOL concept, also announced a plan to reduce their holdings.

On the last day of March, Wanfeng Aowei suddenly announced that the company's second shareholder, Centennial Life Insurance Co., Ltd. (“Hundred Years Life”), plans to reduce its holdings by no more than 9 million shares through centralized bidding transactions within one month after 15 trading days from the date of disclosure of the announcement, that is, no more than 0.42% of Wanfeng Aowei's total share capital. In response to the reason for this holdings reduction, the announcement stated that it was “based on Centennial Life's asset allocation requirements and related investment decisions.”

According to the investigation, Centennial Life first listed Wanfeng Aowei in the second half of 2015. Currently, it has been in business for 8 years. It currently holds more than 188 million shares, corresponding to a market value of over 3.1 billion yuan. Centennial Life has yet to provide clear information on shareholding arrangements other than reducing holdings by 9 million shares.

Centennial Life fades out of Wanfeng Aowei's board of directors

According to the latest announcement, 100 Years Life currently holds a total of about 188 million shares of Wanfeng Aowei, accounting for 8.87% of the company's total share capital. According to the disclosure, the shares that Centennial Life plans to reduce its holdings this time were previously obtained through bulk transactions.

A Financial Services Association reporter noticed that on June 2, 3, and 6, 2016, Wanfeng Aowei's controlling shareholder Wanfeng Auto Holding Group reduced its holdings of 21.4492 million shares of the company through the Shenzhen Stock Exchange bulk trading system to increase its holdings in the secondary market in 2015, accounting for 1.18% of the company's total shares; it also reduced its holdings by 11.2 million shares on June 8 and 15 of that year. This is also one of the few major transactions disclosed by the company through an announcement.

Compared to bulk transactions, most of Centennial Life's shareholding sources for Wanfeng Aowei should come from auction transactions in the secondary market.

Simple backwards, Centennial Life entered Wanfeng Aowei by listing a license in 2015. According to the announcement, from August 25 to September 30, 2015, Centennial Life purchased 42.9,109 million shares of Wanfeng Aowei through an auction transaction, accounting for 5% of Wanfeng Aowei's total share capital at the time.

Specifically, in August 2015, Centennial Life purchased 198326 million shares, with a transaction price range of 16.39 yuan to 16.53 yuan; in September of the same year, Centennial Life bought another 23.783 million shares, with a transaction price range of 13.38 yuan to 30.11 yuan.

Since then, Centennial Life has continued to increase its Wanfeng Aowei stock holdings. According to the 2015 profit distribution plan announcement issued by Wanfeng Aowei at the end of March 2016, as of the six months before the disclosure of the plan, Centennial Life had increased its holdings by 37.367 million shares through centralized bidding transactions.

It is worth mentioning that during the Wanfeng Aowei listing of Centennial Life, the company implemented 10 to 12 (the share registration date is August 28, 2015). After that, Wanfeng Aowei implemented two more share transfers: in May 2016, the company implemented the 2015 equity distribution plan to “get 10 free, 2 to 8” to all shareholders; in May of the following year, the company also gave all shareholders “10 free 2”.

Wanfeng Aowei's 2023 three-quarter report shows that as of the end of September last year, Centennial Life occupied two seats among the top five shareholders of the company. Among them, Centennial Life Insurance Co., Ltd. - Traditional Insurance Products ranked as the company's second largest shareholder, with a shareholding ratio of 6.72%; Centennial Life Insurance Co., Ltd. - Dividend Insurance Products was the company's fifth largest shareholder, with a shareholding ratio of 2.07%.

Furthermore, there are currently no directors with 100 years of life experience in the 8th board of directors of Wanfeng Aowei; however, previously, there were directors with 100 years of experience in the 5th, 6th, and 7th boards of directors of listed companies.

Most of the profits from shareholding come from the “flying car” market

Compared to the trading price range at the time of Hundred Year Life's listing, considering the dilution effect of Wanfeng Aowei's stock transfers several times, 100 Year Life's current shareholding has surged quite a bit.

And the vast majority of this extravagance is due to the advent of the concept of a “flying car.”

In February of this year, Wanfeng Aowei announced that Wanfeng Aircraft has reached a strategic cooperation with a well-known global OEM to further cooperate in the fields of eVTOL prototype development, battery systems, B2C/B2B sales, and after-sales network resources. Since then, the company has been favored by market capital. Since the launch of the Japanese market round on February 6, the cumulative increase in Wanfeng Aowei's stock price has reached 260%.

The capital behind Centennial Life Insurance is Wang Jianlin

According to Tianyansha, Centennial Life was founded in 2009 with a registered capital of 7.795 billion yuan and headquartered in Dalian.

It is worth noting that Centennial Life has a close relationship with Wang Jianlin. In December 2015, Dalian Wanda Group became the largest shareholder of Centennial Life, making the latter an important part of Wanda's four major industrial finance sectors. Currently, Dalian Wanda Group holds 11.55% of Centennial Life's shares, while other major shareholders of Centennial Life, such as Jiangxi Hengmao Real Estate Development Co., Ltd., Dalian Yifang Real Estate Co., Ltd., and Xinguang Holding Group, are also mostly private real estate-related enterprises.