Financial Services Association, May 17 (Reporter Zou Juntao) Jiang Tai Insurance Broker's shares were listed and transferred again, and the price shrunk by more than 4.3 million yuan in just one month.

On May 17, the Beijing Equity Exchange website showed that the 12.384 million shares (5.7619% of the total share capital) of Jiangtai Insurance Brokers Co., Ltd. (“Jiangtai Insurance Broker”) were once again listed and transferred. The shareholding party is Sinochem Capital Co., Ltd. (“Sinochem Capital” for short). The disclosure of this information commences on May 17, 2024.

According to listing information, the reserve price for this listing transfer was RMB 51,517,400, equivalent to about RMB 4.16 per share. Last month, the reserve price given by Sinochem Capital when it listed and transferred the above shares was still 558.333 million yuan.

A Financial Services Association reporter noticed that since the beginning of 2023, many state-owned shareholders of Jiangtai Insurance Brokers have successively planned to “withdraw” due to “focusing on their main business.” In addition to Sinochem Capital, China Coal Group was also previously listed to seek buyers, and it is suspected that it successfully withdrew in November last year.

Sinochem Capital re-listed Jiangtai Insurance Broker's share price dropped by 4.3 million

In June 2023, for the first time, Sinochem Capital listed Jiangtai Insurance Broker's 5.7619% equity on the Beijing Equity Exchange for investment. This share is all of the shares it holds. In the project overview, Sinochem Capital stated that the purpose of this share transfer is to further adjust and optimize the layout of state-owned capital to better focus on its main business and serve the national strategy. However, the relevant share transfer price was not disclosed at the time.

On March 15, 2024, the board of directors of China Sinochem Holdings Co., Ltd., the parent company of Sinochem Capital, passed the “Approval on the Listing and Transfer of Related Shares of Jiangtai Insurance Brokers Co., Ltd.”

On April 17, 2024, Sinochem publicly listed and transferred the shares of the Jiangtai Insurance Broker mentioned above on the Beijing Public Resources Exchange Service Platform, and offered the transfer reserve price of 558.333 million yuan, equivalent to 4.5 yuan per share. After a month, Sinochem Capital publicly listed and transferred the same shares on the Beijing Equity Exchange, and reported that the transfer reserve price was 51,517,400 yuan, a direct drop of 4.315,900 yuan.

Regarding the eligibility requirements of the transferee, the listing information revealed that Sinochem Capital requires that the intended transferee should be a legal entity established by law in China and has good financial status, ability to pay, commercial credit, and other conditions stipulated by national laws and regulations.

A number of state-owned shareholders “withdrew”, and China Coal Group may have taken the lead in completing the withdrawal

It is worth noting that at the end of March 2023, another state-owned shareholder, China Coal Energy Group Co., Ltd. (“China Coal Group”), also conducted a project investment on the Beijing Equity Exchange for the transfer of 11.08 million shares (5.1217% of the total share capital) of Jiangtai Insurance Brokers. China Coal Group also stated in the project overview that the 5.1217% share transfer is to further adjust and optimize the layout of state-owned capital to better focus on its main business and serve the national strategy.

On May 17, a Financial Services Association reporter saw on the Beijing Equity Exchange website that China Coal Group's above investment promotion project is still ongoing, and the listing deadline has been extended to June 12, 2024.

However, when a reporter from the Financial Services Association checked the Beijing Public Resources Exchange Service Platform, it was discovered that a project involving Jiangtai Insurance Brokers' 11.08 million shares (5.1217% of the total share capital) was completed on November 16, 2023. The transaction price was 48.614,700 yuan, equivalent to about 4.42 yuan per share. Meanwhile, the reporter also discovered that China Coal Group listed its shares on the platform on August 9, 2023, at a listing price of 486.14,700 yuan.

In addition, according to the listing announcement disclosed by Sinochem Capital today, China Coal Group is no longer on the shareholder list of Jiangtai Insurance Brokers. Instead, there are two more shareholders, Beijing Jiangtai Tongxin Economic Information Consulting Center (general partnership) and Beijing Jiangtai Tongde Information Consulting Center (general partnership), holding 4.03% and 1.09% of the shares respectively, for a total of 5.12%.

According to Tianyan investigation, the above two companies were established in Beijing on July 26 and August 7, 2023, respectively, and the legal representative and beneficiaries were all Shen Kaitao.

According to official information, Jiangtai Insurance Brokers was founded on June 8, 2000. It is one of the first batch of national and comprehensive professional insurance brokerage agencies established and first opened with the approval of the China Insurance Regulatory Commission. The company is headquartered in Beijing with a registered capital of RMB 21.4928 million.

According to public reports, Jiang Tai Insurance Broker completed the listing counseling work at the end of 2020 and planned to hit the “first share of insurance intermediaries” on the SME board of the Shenzhen Stock Exchange, but eventually stopped in August of the following year due to the termination of the review.

According to listing information, in addition to Sinochem Capital and China Coal Group, which are or have been “withdrawn,” Jiangtai Insurance Brokers also include state-owned shareholders such as China Communications Construction Co., Ltd. (holding 10.8836% shares) and Shougang Group Co., Ltd. (holding 5.7619% of shares).