based on the 13 April 2018 Liquidator's report, Yangjiang Yuanda information Consultancy Co. Ltd transferred it shares in Zhanjiang Industrial Production Materials Co . Ltd to Zhanjiang Maoqi Oil Co., Ltd.
bizarre stuff; given it seems a majority shareholder simply can't transfer shares (for zero consideration) in company, which is also owned by other shareholders
originally, it appears Yangjiang Yuanda information Consultancy paid RMB 312,000,000 for the shares in Zhanjiang Industrial Production Materials
Zhanjiang Maoqi Oil Co simply can't get the shares back for no cost after previously selling those shares for RMB 312 million
The Company (PEZ) is the parent company of Genius Supreme Investments Limited, a Hong Kong incorporated wholly-owned subsidiary, which in turn holds 97% interest in Yangjiang Yuanda Petrochemical Co., Ltd. (a PRC incorporated company), which in turn holds 100% interest in Yangjiang Yuanda Information Consultancy Co., Ltd. (a PRC incorporated company), which in turn holds 100.0% beneficial interest in Zhanjiang Industrial Production Materials Co., Ltd. (a PRC incorporated company). Together, these companies make up the Group.
On 15 July 2011, Yangjiang Information entered into a share transfer agreement with Zhanjiang Maoqi Oil Co., Ltd., Li Zhongping and Zhong Zhenyu to transfer 100% of the equity interest of Zhangjiang Industrial to Yangjiang Information for a total consideration of RMB312,000,000.
Pursuant to a supplemental agreement dated 12 August 2011, Zhanjiang Maoqi Oil Co., Ltd. agreed to hold the 8.53% of equity interest of Zhanjiang Industrial on behalf of Yangjiang Information, whilst the rights and obligations related to the 8.53% equity interest vest in Yangjiang Information. The terms of the supplemental agreement affirm that Yangjiang Information is entitled to the entire profits of Zhanjiang Industrial since 29 July 2011. The terms and conditions of the share transfer agreement are considered standard and acceptable according to PRC Law.
