① Lifan Holdings holds 60.332806% of Mobo's shares in the second public auction this morning, and there were no bids; ② The starting price of this auction dropped to 104 million yuan, and the overall valuation shrunk to 172 million yuan. According to the evaluation report, Mobao Pay's net assets are about 140 million yuan; ③ Defender Connect, the second shareholder, has “cleared” and transferred shares many times before, but to date, it has still been unsuccessful.
Financial Services Association, May 28 (Reporter Zou Juntao) No one bids for two shots at 20% off.
On the morning of May 28, the Alibaba Judicial Auction website showed that the second auction of the 60.332806% equity transfer project of Chengdu Mobao Network Technology Co., Ltd. (“Lifan Holdings”), a third-party payment agency owned by Chongqing Lifan Holdings Co., Ltd. (“Lifan Holdings”), ended in failure because no one bid was placed.
20% off offer, 2 shots, still no one bids
According to information, Lifan Holdings, the client of this auction, is the shareholder of Mobao Pay Holdings. The company invested 103 million yuan to acquire 60.33% of Mobao Pay's shares in 2015. In previous years, Mobar Paypal received widespread attention due to the debt crisis of the majority shareholder Lifan Holdings.
In 2020, Lifan Co., Ltd. (restructured and renamed Lifan Technology, 601777.SH), a listed company controlled by Lifan Holdings, announced that Lifan Holdings, Yin Mingshan and their family members Chen Qiaofeng, Yin Xidi, and Yin Suowei were suspected of information disclosure violations, and the Securities Regulatory Commission decided to open an investigation against them, claiming that there is a risk of being declared bankrupt due to the failure of the restructuring.
A Financial Services Association reporter noticed that in April of this year, the shares mentioned above were transferred at the Ali Judicial Auction Network at a starting price of 129 million yuan, but the auction failed because no one bids. The starting price of this auction was 104 million yuan, 20% off the previous auction price. The security deposit was 5.2 million yuan, and the price increase was 500,000 yuan.
However, judging from today's auction results, even though the starting price is already 20% off, there is still no intention to take action. According to information, this auction began at 10 a.m. on May 27. According to the Ali Judicial Auction website, as of the end of the auction at 10 a.m. this morning, more than 5,000 people have watched the auction, but no one has bid.
A Financial Services Association reporter noticed that since Mobao Pay has a third-party payment license, there are requirements for shareholders' qualifications.
According to the auction announcement, according to relevant laws and regulations, this equity transfer auction will involve changes in major shareholders. Bidders are requested to take the initiative to consult with the competent property rights department, the People's Bank of China, etc. about the conditions and procedures for administrative examination and approval before bidding. If an equity transfer cannot be carried out due to failure to obtain approval from the competent property rights authority, the People's Bank of China, etc., the bidder bears the risk.
The valuation continues to shrink, and the two shareholders have sold their shares for many years to no avail
Also worth noting is that based on the latest estimate of the starting price of this auction, the overall valuation of Mobao Pay is about 172 million yuan, which has shrunk to less than 200 million yuan, and continues to shrink from the previous auction.
According to the evaluation report provided by Sichuan Hengtong Real Estate Land Asset Evaluation Co., Ltd., as of October 31, 2023, Mobao Pay's total book assets were about 196 million yuan, liabilities were 56 million yuan, and net assets were 140 million yuan.
A CIFA reporter noticed that apart from Lifan Holdings, the majority shareholder, Mobao Pay has also been “sold” by two shareholders, but so far to no avail.
According to information, the second shareholder of Mobao Pay is Chengdu Information Industry Co., Ltd. (hereinafter referred to as “Weishitong”, which has changed its name to “CLP Cyber Security Technology Co., Ltd.”). In November 2020, Weishitong listed and transferred 14.51% of Mobao's shares on the Beijing Equity Exchange, with a reserve price of RMB 692.151 million. On December 31, 2022, Weishitong issued an announcement stating that it publicly listed the participating company Mobao Pay 14.51% of its shares, and the listing price was not less than 596.558.96 million yuan.
On the morning of May 28, a reporter from the Financial Services Association made an inquiry through Tianyan. Weishitong is currently still the second largest shareholder of Mobao Pay, holding 14.51% of the shares.
According to official data, Mobar Pay was founded in March 2010 and is headquartered in the Chengdu High-tech Zone, Sichuan. It obtained a “Payment Business License” on August 29, 2011, and can engage in Internet payments, mobile phone payments, etc. Mobao Pay's core payment business revolves around core enterprises, developing payment services for upstream and downstream enterprises, member units, consumers and other related institutions and individuals, providing Internet payment and mobile payment solutions in specific scenarios.