Jinlong Shares 18 Million Auctioned Shares Fully Sold; Zhong Ge Wins Bid at RMB190 Million
On September 2, Jinlong Shares' judicial auction of 18 million shares concluded with all nine lots sold to individual Zhong Ge for a total of RMB190 million. The second auction saw higher starting prices but drew 86 bidders and over 300 bids. Zhong Ge's combined purchases, including 6 million shares in July, total 24 million shares at an average cost of RMB9.64 per share.
On September 2, the results of the judicial auction of 18 million shares of Jinlong Shares were announced, with all nine lots successfully sold to individual Zhong Ge for a total of RMB190 million. This was the second auction, and although the starting price was notably higher than the first, bidding enthusiasm remained strong, attracting 86 registrations and over 300 bids across the nine lots.
The higher starting price in the second auction was mainly due to the pricing mechanism being linked to the stock price trend, with the starting price set at 80% of the average closing price over the 20 trading days before the auction date. The first auction had a starting price of RMB13.744 million, equivalent to RMB6.87 per share, while the second auction's starting price rose to RMB15.3216 million, or RMB7.66 per share. Despite the lower cost in the first auction, which saw only three bids, the second auction was fiercely competitive, with each lot attracting four to seven bidders and some lots receiving over 40 bids. The auction extended until 15:40 due to continuous bidding.
Zhong Ge acquired 18 million shares at a transaction price of approximately RMB190 million, corresponding to about RMB10.56 per share. Previously, in the first auction on July 29, Zhong Ge had already won 6 million shares at the base price. Together, the two purchases total 24 million shares for RMB231 million, with an average cost of RMB9.64 per share. As of September 2, Jinlong Shares had not yet announced the progress of the transfer of shares successfully bid in late July.
Over the past year, shares of Jinlong Shares' controlling shareholder and its concerted action parties have been repeatedly subject to judicial auctions, leading to frequent changes in the top ten shareholder structure. The latest semi-annual report shows that Chengdu Jinyao No. 1 holds 44 million shares, representing nearly 4.91% of the total, just shy of the 5% disclosure threshold. Wang Zixu held 13.5 million shares at the end of 2025, reduced to 8.108 million shares in the first quarter of 2026, and increased to 14 million shares by the end of the second quarter. Zhang Shouchun held 8 million shares at the end of 2025, exited the top ten in the first quarter of 2026, but won 4 million shares in a July judicial auction for RMB27.488 million. Zhu Fenglian's 10.5 million shares were put up for sale on the JD. com judicial auction platform but failed to sell due to no bids; the auction of 16.5 million shares held by Zhu Fenglian and Yang Zhimao, originally scheduled for August 13, was withdrawn after an execution settlement agreement was reached.