TCL Group announced that the company's board of directors recently received a written resignation report from the director Mr. Zhao Weiguo. Mr. Zhao Weiguo applied for resignation as a director of the company and a member of the company's strategy committee for personal reasons. After resignation, Mr. Zhao Weiguo no longer holds any position in the company. However, as the chairman of the Ziguang Group, Zhao Weiguo’s departure from TCL will affect the shares of Ziguang in TCL?
According to the announcement, Zhao Weiguo’s resignation did not result in the company’s board of directors being lower than the quorum, and will not affect the normal operation of the company’s board of directors. Zhao Weiguo’s resignation will take effect from the date of the resignation report delivered to the board of directors.
It is understood that the 2017 semi-annual report released by TCL Group shows that Beijing Ziguang Communication Technology Group Co., Ltd. currently holds 3.97% of the shares of TCL Group and is the fourth largest shareholder of TCL Group.
It is reported that at the beginning of 2015, TCL Group issued 2.73 billion non-public shares, raising a total of 5.7 billion yuan. Industrial investors such as Ziguang Communication, Guokai Innovation, Guokai Jingcheng, Guokai Equipment, CITIC Capital (Tianjin) and Tianjin Chengbai participated in the increase. After the completion of the increase, Ziguang Communication became the third largest shareholder of TCL Group.
Later in February 2016, the two sides worked together again. At that time, TCL Group announced that it would jointly establish an industrial M&A fund with a target size of RMB 10 billion with Ziguang Group – Tibet Dongwei Xinghua Investment Center (limited partnership) (tentative name). The initial fundraising amount of the fund was 1.802 billion yuan. TCL Venture Capital, a wholly-owned subsidiary of TCL, and Ziguang Qingcai, a wholly-owned subsidiary of Ziguang Group, each contributed RMB 900 million as a limited partner (LP). The Center (Limited Partnership) contributed 2 million yuan as a general partner and fund manager.
According to reports, the fund will focus on the direct investment and mergers and acquisitions of Ziguang Group and TCL Group's upstream and downstream industries and related industries, TMT, Industry 4.0, China Manufacturing 2025 and "Internet +" industries, and mainly through fund investment projects. Exit by means of listing or mergers and acquisitions.
Although Ziguang Communications' participation in TCL in 2015 was due to a lock-up period of three years, it is currently unable to reduce its holdings. However, if Zhao Weiguo resigns from various positions of TCL Group, will he reduce the shareholding of Ziguang in other parts of TCL Group? Or does his resignation have any effect on Ziguang’s investment in TCL?
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