Recently, in a case of divorce involving Wang Jianhua, the shareholder and actual controller of Shandong Qingdao Dingxin Telecommunications Holdings, his ex-wife Zhang Qi left with over 300 million RMB worth of shares.
On the evening of April 25th, Dingxin Telecommunications in Qingdao issued a statement, announcing that they had received a “Civil Mediation Agreement” from the Chengyang District Court in Qingdao, Shandong Province on April 24th. Wang Jianhua and his ex-wife Zhang Qi had reached an agreement on the division of assets after their divorce.
Wang Jianhua agreed to transfer 9.29%, approximately 60.59 million shares of the company, under Zhang Qi’s name.
After signing the agreement, all property disputes related to their divorce were resolved in one fell swoop without any further disputes between the two parties.
Based on Dingxin Telecommunications’ closing price of 6.09 yuan per share on April 25th, the value of the aforementioned shares amounts to approximately 368 million yuan.
In September 2024, Dingxin Telecommunications announced that Wang Jianhua had been sued for property disputes after his divorce, involving 46.1324 million shares of the company.
Plaintiff Zhang Qi requested the court to terminate the proxy agreement and confirm that the shares belonged to her, while also requesting the registration procedures for the change of ownership.
The announcement revealed that after the change in ownership, Wang Jianhua holds 14.04% of Dingxin Telecommunications’ shares, and his concerted action person, Zeng Fanyi, holds 27.02% of the shares, with their combined ownership totaling 50.35%. Zhang Qi holds 9.29% of the company’s shares.
This change in share ownership does not trigger a mandatory takeover bid, will not lead to changes in the company’s controlling shareholder or actual controller, and does not involve changes in the company’s controlling rights.
It was reported that in January 2017, Wang Jianhua and his ex-wife Zhang Qi signed a “Divorce Agreement”, stipulating that Wang Jianhua’s approximately 32.95 million shares of Dingxin Telecommunications would belong to Zhang Qi, without the need for renaming procedures. Zhang Qi entrusted Wang Jianhua to exercise all shareholder rights for 15 years.
Allegedly, the divorce agreement, due to changes in share ownership, was not disclosed in a timely manner by Dingxin Telecommunications until an announcement was made in April 2024.
In May 2024, Dingxin Telecommunications announced that due to the delayed disclosure of the suspension of their qualification for bidding by the State Grid and the division of shares due to the divorce of their actual controller Wang Jianhua, they received a “Administrative Penalty Decision” from the Qingdao Securities Regulatory Bureau, issuing a warning to the company and imposing a fine of 700,000 yuan, and warning and fining 2.05 million yuan to the responsible personnel.
Public information shows that Dingxin Telecommunications, headquartered in Qingdao, was founded in 2008, and has three major bases in Shanghai for chips, Xi’an for algorithms, and Qingdao for research and development. It is a nationally-recognized key enterprise focusing on modern smart power distribution networks, marketing meters, new energy, and other main businesses.