Youzu Network Strange Week: The Chairman Of The Board Of Directors Was Poisoned "Crash", Whether The Staff Shareholding Lifting Letter Is Timely?

On December 24, Youzu network (002174. SZ) closed down 6.11%. In the call auction period, its share price was once hit 12.66 yuan, down 10%.

On the evening of the 23rd, a notice from Shanghai, the police and civilian through train, brought the poisoning incident to the chairman of Youzu network, which was called "rumor", and returned to people's view again. According to the police briefing, all the information pointed to the rumors that the chairman of Youzu network was poisoned.

Information shows that Lynch, chairman and CEO of Youzu network, is the major shareholder of the company with a shareholding ratio of 23.99%, and is also the actual controller of the company.

After the police report, Youzu network said on the official wechat public account that Lynch had been hospitalized due to physical discomfort on the evening of December 16. On December 17, Youzu network's stock price bucked the market and fell by more than 5%.

Why did the chairman seek medical treatment on the evening of December 16, and the stock price of December 17 opened at a low price and fell sharply against the trend, but Youzu network did not announce it until December 23, a week later? Youzu network this week to the timeline, covered with heavy fog.

The secret corner of the week's timeline

After the chairman of the board of directors went to hospital on December 16 evening, the stock price of Youzu network opened lower than the previous trading day and closed at 14.71 yuan, down 5.22%.

On the same day, a person familiar with the matter disclosed on the public platform that there were six police cars in front of the Youzu building, "the person in charge of the company has entered the hospital, which seems to be a criminal case."

At that time, however, the Youzu network did not make a sound. In last night's tweet, Youzu network said that the company's management was in an emergency state last week.

On December 18, Youzu network's share price continued to drop to 14.27 yuan, down 2.99%. So far, compared with the closing price of 15.52 yuan on December 16, the company's share price has dropped by 8.05%.

It should be noted that the chairman's related event coincides with the lifting of the second batch of shares of the company's ESOP.

According to the announcement disclosed by youzu.com on December 19, 2018, as of December 18, 2018, the company's employee stock ownership plan completed the stock purchase of ESOP through the secondary market bidding transaction. The lock-in period was 12 months, 24 months and 36 months, and the number of shares unlocked was 30%, 30% and 40% respectively.

This means that on December 18, 2020, after Lin Qi, the chairman of the board, is the unlocking time point of the second batch of shares held by employees of Youzu network, with a total of 3878974 shares allocated by private placement institutions to be listed and circulated.

Since then, from December 21 to 23, Youzu network share price has been in a state of shady decline. After the public opinion was fermented on the 23rd, Chen Fang, the co president of Youzu network, responded in the circle of friends that "no internal fight, everyone is there". Meanwhile, the official of Youzu network said that it was a rumor and was preparing a lawyer's letter.

At about 5:00 p.m. on the same day, Youzu network announced that it had recently received a notice from the family members of Lynch, the chairman and general manager, that Lynch was hospitalized due to physical discomfort, and his physical condition was stable and improving after treatment.

Subsequently, the @ police through train - Shanghai issued a notice: at about 17:00 on December 17, 2020, the police received a report that a patient named Lin (male, 39 years old) was suspected of poisoning during diagnosis and treatment in a hospital. After receiving the report, the police immediately carried out the investigation. After on-the-spot investigation and investigation, it was found that Xu, a 39 year old colleague of Lin, was suspected of committing a major crime.

At about 8 pm, the official official official account of youzu.com tweeted that the company's management had recovered from last week's emergency state and entered into normal operation. At the same time, details of the tweet disclosed that: Lynch had acute symptoms of discomfort on his way home on the evening of December 16, and then rushed to the hospital by himself; the suspect Xu, working in a film and television company invested by a certain individual, evaded the word "colleague" in the police notice.

On December 24, Youzu network's stock price fell 7.18%. By the end of the day, the company's share price fell 6.11% to 13.21 yuan, with the latest market value of 12.1 billion yuan.

What do professionals think of Xinpi?

The chairman of the Board issued an announcement a week after the accident. Is there any suspicion that the letter is not timely? Will there be more inside information about the deregulation of employee stock ownership? Professionals have different opinions on this.

Tian cunxing, senior partner and head of the trade secret team of Shandong Borui law firm, has been responsible for the trust work of listed companies for many years. He told the 21st century economic reporter that major events that affect stock prices need to be disclosed within two working days.

"The chairman of the board was poisoned, which had a great impact and met the mandatory requirements of information disclosure." Tian cunxing believes that "should be disclosed within two working days."

In fact, from the stock price of Youzu network after December 17, it is quite strange. On the same day, the online game board in which Youzu network was located rose by 0.7%, while the Shanghai Composite Index, Shenzhen Composite Index and gem index rose by 1.13%, 1.01% and 0.9% respectively. Youzu network did not release any news affecting its performance, but its shares showed a counter trend. However, at that time, for the previous day's chairman's medical treatment, the next day's stock price changes, Youzu network remained silent.

Considering that it happens to be the sensitive period when ESOP is lifted, Tian cunxing says frankly that the objects of ESOP are usually senior executives, technicians and core managers. If the company is aware of major events affecting the stock price and deals in private, or is suspected of internal information trading, "the personnel who are informed of the insider information in advance will sell when they are informed of the bad news, or they will buy full positions if they are good or good."

According to Article 2 of the administrative measures for fair information disclosure of listed companies, the information disclosure obligors shall disclose the information truthfully, accurately, completely and timely without any false records, misleading statements or major omissions. The information disclosure obligor shall disclose the information to all investors at the same time.

"The so-called fairness means that important information needs to be disclosed through legal disclosure channels, and all investors should be made public equally." Tian cunxing said.

However, some legal experts pointed out that the current evidence is still unclear, so it is difficult to define the behavior of Youzu network.

"If an event that has a significant impact on a listed company occurs, it should be disclosed, and the regulatory authorities will also issue regulatory letters or inquiries." Liu Chunquan, a lawyer at Shanghai Duanhe Duan law firm, pointed out to the reporter of the 21st century economic report that "at present, the chairman of the board is OK, and it should be a matter that has no significant impact on the listed companies."

According to Article 30 of the administrative measures for fair information disclosure of listed companies, when a major event occurs that may have a greater impact on the trading prices of the securities and derivatives of the listed company, and the investors have not known about it, the listed company shall immediately disclose the cause, current status and possible impact of the event. Major events mentioned in the preceding paragraph include: the change of directors, more than one-third of the supervisors or the manager of the company; the inability of the chairman or manager to perform his duties.

Article 31 of the measures for the administration of fair information disclosure of listed companies stipulates that in the process of timely performing the information disclosure obligation of a major event, if a listed company encounters such a major event, it is difficult to keep it confidential; if the major event has been disclosed or there is a rumor in the market; when the company's securities and its derivatives have abnormal transactions, it shall timely disclose the status quo of the relevant matters, and Risk factors that can affect the progress of the event.

Therefore, how to define the "major event" and whether it caused the stock price change or not needs to be further detailed evidence. "There is no evidence now, we can't say whether it is timely or not." "The key is evidence," says Liu