Ziguang Group, the State-owned owner of Shenzhen, is still the real controller of the termination of the transaction of Tsinghua Holdings

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[TechWeb] On the evening of August 9, Ziguang Group announced that the “Cooperation Framework Agreement” signed by Tsinghua Holding Co., Ltd., Ziguang Group Co., Ltd. and Shenzhen Investment Holding Co., Ltd. (Shenzhen Investment Holding Co., Ltd.) ended on August 8, 2019. The controlling shareholder and the actual controlling shareholder of the company have not changed. The controlling shareholder of the company is still Tsinghua Holdings Co., Ltd. and Tsinghua University still holds 51% of Ziguang Group.
Ziguang Group announced that due to the recent changes in the internal and external market environment, after friendly consultations among all parties, Tsinghua Holdings terminated the transfer of its 36% stake in Ziguang Group to Shenzhen Investment Holding Co., Ltd. (referred to as “deep investment control”).
The announcement shows that after the termination of the planned equity transfer, the original ownership structure of Ziguang Group remains unchanged. Tsinghua Holdings still holds 51% of Ziguang Group and remains the controlling shareholder of Ziguang Group. It will continue to support the development of Ziguang Group.
Two transfers of control rights of Ziguang Group were planned last year.
We note that in the past year, Tsinghua Holdings has twice planned to transfer control of Ziguang Group, but both have announced the termination.
On September 4, 2018, Tsinghua Holdings intends to transfer its 36% stake in Ziguang Group to Suzhou Hi-tech Co. Ltd. and Hainan Co. Ltd. and to hand over the actual control of Ziguang Group after the transfer.
On October 25, 2018, Tsinghua Holdings terminated its equity transfer plan with the two companies. On the same day, Tsinghua Holdings signed the Cooperation Framework Agreement with Shenzhen Investment Control and Ziguang Group, intending to transfer 36% of the shares held by Ziguang Group to Shenzhen Investment Control and to transfer the actual control rights of Ziguang Group.