Key Sailun shareholder undergoes reorganisation

Macrolink Group, a significant shareholder of Sailun, recently received a civil ruling from the court in Beijing. The document shows that the court has accepted the reorganisation application filed by Hunan Fortune Group against Macrolink Group. It is reported that the cause of this incident was that Macrolink Group failed to pay off its due debts, and Hunan Fortune Group was the creditor.

As of 13 August 2022, Macrolink Group held 264,931,682 shares of Sailun, equating to a 8.65 per cent stake in the company. At present, that stake has been judicially frozen.

On 13 August, Sailun announced that Macrolink Group is not the controlling shareholder, actual controller and the largest shareholder. Sailun stated: “the reorganisation, which the court has accepted, will not lead to a change in the Sailun’s actual control, nor will it have a significant impact on Sailun’s production, operation and corporate governance.”

Macrolink Group was established in 1990, and its business covers real estate, mining, petroleum, chemical engineering, investment and finance. From 2017 to 2021, Macrolink Group was the largest shareholder of Sailun for a while. In February 2020, the company once held a 14.72 per cent stake in Sailun. But after that, for various reasons, the shares of Sailun held by Macrolink Group kept decreasing.