Jumei.com was bombarded by investors, Chen Ou wrong where?
tengxuncaijing· 2017-08-31 19:14:38
hasn't had any financial information from the United States for nine months, and shareholders have been unable to look at their tens of millions of dollars in cash to invest in mobile phones and TV shows." in an attempt to price after privatization, a series of acts of the company Poly beauty again angered investment institutions, the shareholders of Heng Ren Partners yesterday issued an open letter accusing Chen ou don't fulfill your promise and implement the wrong investment behavior.
Heng Ren Partners managing partner Peter Halesworth believes that Chen Ou share of the $7 privatization transaction proposal significantly underestimated the value of the company, resulting in a series of wrong stock shopping jumei.com online flourishing situation also fell 45.2%, the market value of the loss of $397 million.
, the current $479 million market value of the United States company, such a big loss is a rather ridiculous amount. Peter Halesworth called the 18 months of Chen's reign a "stock price disaster."".
and Peter Halesworth questioned that the disaster was supported by the support of Sequoia Capital and the board of directors of the United States board, possibly because the number of shares held by independent directors was 0. According to
SEC documents show that as of May 2017, B shares of Chen Ou owns 34% of jumei.com, 75% of the vote; the overall executive (mainly Chen ou and Dai Yusen) B holds 39.4% of the shares, 86.6% of the vote; Sequoia Capital holds 14% shares, 3.1% of the voting rights.
on the other hand, Heng Ren Partners also believes that the United States did not fulfill promises, will be raised in 2014 in the United States IPO $280 million in capital investment in a year with two digit growth rate, and claiming to be the leader of the industry, the funds for marketing, brand promotion and product development. On the contrary, since announcing the privatization of the program, it has spent $14 million 300 thousand to invest in television production and $44 million 800 thousand to invest in a mobile mobile charging power start-up (Shenzhen Street Technology).
these investments in non core business, and questionable investment targets of more than 59 million U.S. dollars, equivalent to 12% of the United States market capitalization and 18% of book cash.
and just in the open letter issued the same day, the United States announced that it has completed the acquisition of street technology, and its wholly-owned subsidiary of River International Holding will hold shares in street technology.
for the United States questioned investment television and street electrical work "said Chen Ou in micro-blog's explanation to the flow. "Traffic to super app aggregation, more expensive.". Getting traffic through cheaper means is a business logic. In addition to the "
, Heng Ren Partners also accused the United States never to shareholders to pay a penny of cash dividend, the book and the United States announced at the end of 2016 was $331 million, equivalent to 87% of the value of the United States, more than two times in 2014, the carrying amount of the cash amount of IPO previously held three times with cash.
and in the event of the three actions, the United States has suspended meaningful shareholder communication for 22 months. "Although
the United States in the United States there is an investor relations office, but until recently confirmed the special executive, investor relations, and these are paid for by the shareholders, there is no forum for investors to use the United States management questioned these dubious investment. "These investments do not seem to have anything to do with the core business of online cosmetics retail, and it seems to be a waste of valuable cash for shareholders," says Heng Ren Partners.
Heng Ren Partners thinks it's time to end the disaster. "There is no financial information from the United States within nine months, shareholders are able to look at their own hundreds of millions of dollars in cash book was invested in TV and mobile phone charging power supply, and since February 2016 we have not heard any news about $7 per share offer from the chairman. The offer was only 20 months away from IPO, the $22 a share. "
" 18 months and 397 million U. S. dollars of shareholder value loss proved that Chen Europe's chairman repeatedly guarantee is obviously wrong. "Heng Ren Partners emphasizes.
to this end, Heng Ren Partners recommends to the board of directors of the United Nations to intervene in the following ways and fulfill their statutory duties to restore shareholder confidence.
1, dissolution of the special committee responsible for reviewing this outrageous offer. The offer price is too low, the United States shares worth at least more than 8 U. S. dollars.
2, which immediately announced a special dividend of $1.50 per share, returned $225 million to investors in an effort to compensate for the damage to shareholder confidence and investor confidence.
3, the way to distribute cash to shareholders, will fix the balance sheet of the United States, and will also benefit shareholders who have been victimized by the chairman and insiders during the 18 months of disaster.
4, in order to regain confidence, the board must disclose what has happened to the company. In accordance with the Beauty Company governance guidelines, the board should also issue to shareholders the latest annual assessment of the board of directors reviewed by the company's nomination and corporate governance committee. Annual assessment of the CEO by the chairman of the remuneration committee.
5, disclosure Committee, joint Sequoia Capital's position on the proposed management buy back proposal, and the solution to the lack of information disclosure to shareholders