Controlling Shareholder and Actual Controller's ST Derun Shares to Be Judicially Auctioned; Shareholding Ratio May Drop to 2.73%

On the evening of March 16, ST Derun (Rights Protection) (002055) announced that the company’s controlling shareholder, Shenzhen Desheng Asset Management Co., Ltd., and one of the actual controllers, Qiu Jianmin, will have 2.95% of the company’s shares auctioned by judicial sale. If the auction is successful, the remaining shareholding will be 2.73%. The auction has not yet had a significant impact on the company’s production and operations, but there is a risk of change in control in the future.

The announcement shows that the judicial auction targets 4.3 million shares held by Desheng, accounting for 52.79% of its holdings in the company and 0.71% of the total share capital; and 13.55 million shares held by Qiu Jianmin, accounting for 96.79% of his holdings in the company and 2.24% of the total share capital. All these shares are unrestricted. The total shares to be auctioned amount to 17.85 million, representing 2.95% of the company’s total share capital. Among them, the 13.55 million shares held by Qiu Jianmin will be auctioned in two batches: 9.48 million and 4.07 million shares. Both Desheng and Qiu Jianmin’s shares to be auctioned have been pledged and judicially frozen.

The auction is conducted by the First Intermediate People’s Court of Chongqing on the Taobao Judicial Auction Platform. The auction will run from 10:00 AM on April 20, 2026, to 10:00 AM on April 21, 2026. The event features a delayed bidding function; if a bid is placed within the last five minutes before the end of the auction, the bidding time will be extended by five minutes from that bid. The starting prices are as follows: Desheng’s 4.3 million shares start at 27.09 million yuan with a deposit of 2.7 million yuan; Qiu Jianmin’s 9.48 million shares start at 59.724 million yuan with a deposit of 5.9 million yuan; and 4.07 million shares start at 25.641 million yuan with a deposit of 2.5 million yuan. The bid increments for all three auctions are set at 100,000 yuan or multiples thereof.

The announcement discloses the past auction history of Desheng and Qiu Jianmin’s shares. As of the release date, a total of 95.328699 million shares held by them have been judicially auctioned and transferred, including shares transferred to creditors, accounting for 15.77% of the company’s total share capital. Their shares have been auctioned multiple times before, with most shares already transferred or assigned.

As of the announcement date, Desheng holds 8.144933 million shares of ST Derun, accounting for 1.35% of the total share capital; Qiu Jianmin holds 14 million shares, accounting for 2.32%; and Desheng and its concerted parties hold a total of 34.344966 million shares, representing 5.68%. If the current auction is successful and the transfer is completed, Desheng’s holdings will decrease to 384,933 shares (0.64%), Qiu Jianmin’s holdings will remain only 450,000 shares (0.07%), and the combined holdings of Desheng and its concerted parties will decrease to 16.494966 million shares (2.73%).

ST Derun states that currently, the company’s controlling shareholder and its concerted parties do not have any operational capital occupation, illegal guarantees, or other acts that harm the interests of the listed company. The company maintains independence in assets, business, and finance from its controlling shareholder, and its production and operations are normal. The judicial auction has not yet had a significant impact on corporate governance or daily operations, nor has it caused a change in the controlling shareholder or the actual controller. However, after the completion of this auction, there is a potential risk of change in the company’s future control.

(Source: Securities Times)