On April 18, Tianrui Cement announced that the board of directors of the company announced that according to Yukuo Limited (the controlling shareholder of the company, and indirectly owned by non-executive director Li Liufa (the spouse of Li Fengfa) and executive director Li Fengfa (the spouse of Li Liufa)), Yukuo Cement Co., Ltd. On 9 April 2024, due to an unusual drop in share price, the 133,095,000 Shares (相当于本公司已发行股份总数约4.53%) held in the margin financing securities account of Yu Kuo were compulsorily sold in the open market.
The Board has also been informed by Yu Kuo that it is still in the process of clearing whether the forced sale of up to an additional 10,000,000 Shares held by Yu Kuo has been duly executed as at the date of this announcement. Yu Kuo Zheng is seeking legal advice as to whether the Compulsory Disposal is in compliance with all applicable laws and the terms of the relevant contracts. Yu Kuo will take further action as appropriate and necessary.
As at the date of this announcement, the business operation of the Group is normal. However, in view of the existence of certain inside information which the Board wishes to clarify and ascertain, trading in the Shares on the Stock Exchange will remain suspended pending the release of further inside information.
On April 9, Tianrui Cement saw a flash crash in late trading volume, with a record low of 0.035 Hong Kong dollars. As of the close, the 报0.048 fell 99.04% to HK $24.3816 million, with a total market value of only HK $140 million.
China Tianrui Cement previously announced its annual results as of the end of December last year, with turnover of 78.89 billion yuan and 同比跌28.6 of%. The loss of 6.34 in the whole year was billion yuan, and the 上年同期赚4.49 was billion yuan, turning from profit to loss on a year-on-year basis. According to
the company's official website, Tianrui Cement is the ninth largest cement manufacturer in China, mainly engaged in the production and sale of limestone mining and utilization, clinker , cement, building aggregates and other building materials. Its business is mainly distributed in Henan, Liaoning, Anhui, Tianjin and other provinces and cities, with 22 clinker production lines and 62 cement grinding production lines, with an annual clinker production capacity of 35.19 million tons and a cement production capacity of 57.8 million tons, ranking in the forefront of the country. Among them, the daily production capacity of Zhengzhou Xingyang clinker production line, which was completed and put into operation in 2009, exceeded 12000 tons.
