聚美低价私有化遭炮轰,小股东怒向SEC投诉:面对流氓,就要干他!

聚美低价私有化遭炮轰,小股东怒向SEC投诉:面对流氓,就要干他!
2020年01月17日 18:54 雪球

时隔近四年,聚美优品在合股生效后,再次提出私有化提议,引发业界热议。

1月12日,聚美优品发布公告称,该公司董事会收到公司创始人陈欧为首的买方团的私有化要约,计划以20美元/ADS的价格收购买方团尚未持有的股票。上述交易完成之后,聚美优品将成为陈欧所有的私有公司,公司的美国存托凭证将会从纽约证券交易所退市。

据悉,聚美优品曾于2016年2月收到来自陈欧等递交的私有化提议,计划以每股美国存托凭证(ADS)7美元的价格收购聚美优品股票。虽然这一价格比聚美前十天均价高出27%,但不及发行价的三分之一,且此后私有化价格又被下调至3美元/ADS,上述私有化提议遭到聚美中小股东的强烈排斥。

而如今,聚美计划以20美元/ADS引起了中小投资者的众怒:聚美的股价从最高点至今跌幅超过90%,现在私有化的价格实际上比上次还低了不少,再次刷新底线,无异于是抢钱。

今日,雪球用户@陈达美股投资 在雪球app内发帖:受小股东之托,将投资者给SEC的投诉信翻译了一下,希望中小股东利益能得到保护。原文如下:

请SEC停止纽交所上市中国公司JMEI的超低价私有化行动,保护小股东合法利益。

尊敬的SEC管理层:

我是一名来自中国的美股小投资者,我持有纽交所上市的中国互联网公司JMEI的股票,现在绝大部分投资该公司的中小股东都深入了绝境之中。我们的合法投资将在一场预谋已久的抢劫式低价私有化行动中损失惨重。

JMEI公司CEO陈欧先生于2020年1月12日发起对JMEI的每股20美元的私有化要约。我惊呆了,完全不敢相信!

我简单介绍一下JMEI现在的情况:

1. 按JMEI最后一次财报(2018年年报),现在的JMEI每股净资产超过40美元。

2. 聚美在2017年投资了共享充电宝“JIEDIAN”,该项目在2018年实现超过一千万美元的净利润,并且是占据了中国共享充电宝市场的40%份额,2019年底总会员数超过2亿人,2019年12月,另一家与JIEDIAN规模相当的竞争公司刚完成C轮融资,融资额超过7千万美元,估值超过5亿美元。JMEI没有发布JIEDIAN的2019年运营指标,但合理估值也不会低于5亿美元。聚美持有JIEDIAN超过80%的股份。

3. 聚美在2019年4月左右投资短视频网站“SHUABAO”,该网站在中国总下载量超过3亿人次,具体估值不清楚,可能也超过数亿美元。SHUABAO是以独立公司名义运营,投资来自于JMEI,CEO陈欧先生在最近一次股东大会上已经确认。

以上三块总价值超过10亿美元,折合每股100美元以上,陈欧先生以20元每股私有化!我认为这不是合法行为,这是抢劫!

另外,更让人无法接受的是陈欧先生在私有化过程中涉嫌欺诈:

1,2020年1月10日,聚美完成10合1的合股操作,原来每股2美元,合股后变成20美元,他对外的说法是帮助小股东节省托管费用,但据我们看到的报导,他在操控舆论,因为JMEI于2014年5月16日在纽交所上市,IPO价格为22元美元一股,现在媒体报导他是20美元一股私有化,小股东并没有多大损失。

2,2020年12月25日他举行了一次圣诞节股东大会,向股东口头承诺不会私有化,并且努力经营公司实际股价上涨。

3,JEMI在2019年没有发布季报,半年报和全年报,与市场无正式沟通,导致股价一路下滑到2元左右。

陈欧先生在2016年2月发起过第一次私有化,私有化价格是70美元一股,但因为报价过低,私有化失败,从此,JMEI就不再按时提供季报,半年报和年报,有理由相信,陈欧先生在有意操控股价下跌。

JMEI是开曼群岛注册公司,我后来了解到在开曼群岛公司对大股东极为有利,他们拥有几乎无限的权力,我想向SEC监管层了解一下,JMEI的陈欧先生是否可以拥有以下权力:

1,如果JMEI可以以净资产一半的价格私有化公司,是不是理论上他也可以一块钱就私有化公司?

2,陈欧先生在私有化过程中采取的上述行为是不是涉嫌误导投资者?

如果陈欧先生拥有以上权力,那是不是与美国法律规定的“个人合法财产神圣不可侵犯”相冲突?如果冲突时陈欧先生还可以行使他的权力,那是不是他就可以践踏美国的法律。

JMEI虽然不是美国公司,我也不是美国公民,我所购买股票的交易场所是纽交所,这是美国领土,基于人类文明所共有“公平正义”原则,SEC是不是可以基于道义表示一下关注?试想一下,如果陈欧先生完成了抢劫,那是不是会有更多的开曼群岛公司也会效仿,那将会有多少美股投资者面临这种恐惧,那美国股票交易所是不是也变成了丛林世界?

陈欧先生在中国的媒体上一直是以“励志领袖”“年青人的偶像”形象出现,斯坦福大学毕业的他是真正的精英,并且他本人亲自代言公司广告,在社交媒体上有4000万粉丝。陈欧先生同时是纽交所有史以来最年青的上市公司CEO。作为一名来自中国的小股东,我相信陈欧先生是一个人品高尚、能力出众的CEO,并且在各大财经APP中主动宣传陈欧先生的优秀经历,希望他能带领JMEI更加成功。

美国股市管理严格,制度完善,在我眼里,这是全世界最公平最正义的股市之一。

基于以上两点原因,我和其他小股东选择买进JMEI的股票。陈欧先生的私有化已经完全摧毁了我的美好愿景,作为一名弱小的小股东,我陷入了绝望之中,陈欧先生和JMEI在金钱、团队、势力上远超过我(写信时我怀着巨大的恐惧,因为投诉信可能会导致陈欧先生在人身安全上对我们小股东进行威胁),我感觉就象一名小孩戴上拳击手套被迫与世界拳王泰森进行一场擂台赛,我希望裁判先生——SEC——能阻止这场不公平的比赛。

我恳请尊敬SEC监管层阁下采取两个行动:

1. 在规则之内发函JMEI并表达关注,暂停JMEI私有化进程以待双方协商妥当之后再行通过;

2. 持续关注如果JMEI私有化失败后陈欧先生可能采取的一系列做低股价的行为;

绝大部分JMEI小股东将辛苦劳动的储蓄买进JMEI股票,希望能用回报支付小孩的奶粉钱,或者是儿女的大学学费,或者房贷,或者养老金。我们能接受JMEI公司在陈欧先生努力经营之后还是无法发展而带来的损失,但我们无法接受在聚美即将获得巨大成功时陈欧先生以非法手段抢劫小股东的合法权益。

公平与正义是上帝给世人的礼物,但陈欧先生破坏了这份珍贵的礼物,陈欧先生的私有化要约已经发出超过48小时了,但我一直不敢跟我的妻子说,因为她也是陈欧先生的粉丝,我害怕看到她眼中的悲伤!

中国人有句话:人在做,上帝在看。我多么希望,陈欧先生做,SEC在看!

我只会简单的英语,所以这封信我用中文写好之后找了朋友翻译成英语,我希望翻译能准确的表达一个意思:

人间还有不义,上帝不会旁观! In SEC, We trust!

翻译:

SEC, please investigate and stop the ultra-low-price tender offer from management in attempt to buy out Jumei International Holding Ltd (NYSE: JMEI ), a Chinese company listed on the NYSE, to protect the legitimate interests of the minority shareholders

Dear SEC:

I am an investor from China who are particularly interested in investing US-listed stocks. I have many shares in a Chinese Internet company called Jumei International Holding Ltd (JMEI) which is currently listed on the New York Stock Exchange. Now most of individual shareholders who invested in this company are currently in a desperate situation. Our legitimate investment will be severely harmed in a long-planned robbery of an ultra-low-price for privatization of the company.

On January 12, 2020, Mr. Chen Ou, CEO of JMEI, sent out a non-binding $ 20 per share tender offer to privatize JMEI. As individual investors, we were stunned and couldn't believe it!

Let me briefly introduce the current situation of JMEI:

1. According to JMEI's last-filed financial report (2018 annual report), JMEI's net assets (book value of equity) per share now exceed $40.

2. JMEI invested in the power bank rental (for users to charge their cellphones with a fee) company called "JIEDIAN" in 2017. The investment achieved a net profit of more than 10 million US dollars in 2018, and it has taken 40% of the market share for the whole power bank rental market in China, and it has 200 million membership users. In December 2019, another company of equivalent size as JIEDIAN, just completed Series C financing, and they successfully financed 70 million US dollars, which gives them a valuation of more than 500 million US dollars. JMEI has not disclosed JIEDIAN's 2019 operating profile, but a reasonable valuation will not be less than 500 million US dollars. JMEI holds nearly 100% of JIEDIAN's shares.

3. JMEI also invested in a short-form mobile videos company (like TikTok) "SHUABAO" around April 2019. The total downloads of the APP in China exceeded 300 million. The specific valuation is unclear and it may likely exceed hundreds of millions of dollars. SHUABAO operates under the name of an independent company, but the investment comes from JMEI. CEO Mr. Chen Ou has confirmed at the latest shareholders' meeting.

Therefore, the total value of the company is more than 1 billion USD, an equivalent to more than $100 per share. Mr. Chen Ou is trying to privatize it at $20 per share! I don't think this is an act for the benefits of the shareholders, and I think this is a pure robbery!

In addition, what is even more unacceptable is that Mr. Chen Ou might commit fraud during the privatization process:

1. On January 10, 2020, JMEI completed the 10-to-1 reverse split . The original price was $ 2 per share, which became $ 20 after the merger of shares. The company’s statement is to help small shareholders save expenses and cost due to holding the shares, but according to what we see It is reported that he is manipulating the public opinion, because JMEI went public on the New York Stock Exchange on May 16, 2014, and the IPO price was $ 22 per share. Now the medias report that the offer is at $ 20 per share, and the small shareholders do not suffer from too much loss.

2. On December 25, 2019, he held a Christmas shareholders meeting, verbally promised shareholders not to privatize the company, but instead to work hard to increase the company's actual stock price.

3. JMEI did not release quarterly, semi-annual and full-year reports for FY 2019, and there was no formal communication with the shareholders, resulting in the fall of stock price all the way down to about $2.

4. Mr. Chen Ou initiated the first privatization attempt in February 2016. The price of the privatization was US $ 70 per share (at that time $7 per share), but because the offer was too low, the privatization failed. Since then, JMEI no longer provided quarterly, semi-annual reports. There is a reason to believe that Mr. Chen Ou is intentionally manipulating the stock price, to get it lower.

JMEI is a company registered in the Cayman Islands. I later learned that companies in the Cayman Islands are extremely beneficial to majority shareholders. They have almost unlimited powers. I would like to know from the SEC regulators’ opinion, whether Mr. Chen Ou of JMEI can have the following power: 

1. If JMEI can privatize a company at half the price of its net assets, can he theoretically privatize a company for just $1 dollar or even less?

2. Are the above behaviors taken by Mr. Chen Ou during the privatization process suspected of misleading investors?

If Mr. Chen Ou has the above powers and ability, does it conflict with the "sacred and inviolable personal legal property" stipulated in U.S. law? If Mr. Chen Ou can still exercise his power in spite of the conflict, will he break any U.S. laws and regulations?

Although neither JMEI is a U.S. company nor am I a U.S. citizen, the stock is listed on NYSE, which is technically U.S. territory. Based on the "fairness and justice" principle shared by human civilization, can the SEC express its concern based on morality and legality? Imagine if Mr. Chen Ou completed the robbery, will there be more Cayman Islands companies to follow suit, then how many U.S. stock investors will suffer, and will the stock market in U.S. also become a jungle world?

Mr. Chen Ou has always appeared in the Chinese media as an "inspirational leader" and an "idol of young people". He graduated from Stanford and is a true elite. He has personally endorsed the company’s advertising campaigns and has 40 million followers on social media . Mr. Chen Ou is also the youngest CEO of all listed companies in NYSE history. As individual shareholders from China, we believe that Mr. Chen Ou is a reputable and capable CEO, and we actively promote his excellent experience in major financial medias, hoping that he will lead JMEI to be more successful.

The US stock market is strictly managed and the system is nearly perfect. In my opinion, this is one of the fairest and most equitable stock markets in the world.

Based on the above two reasons, I and other individual shareholders chose to invest in JMEI's stock. But the privatization has completely destroyed our hope. As individual shareholders, we are currently in despair. Mr. Chen Ou and JMEI has by far outpowered us in terms of money, power and resources, (when I wrote this letter, I felt great fear, because the complaint letter may cause Mr. Chen Ou to threaten small shareholders in terms of personal safety), I feel like a child wearing boxing gloves and being forced to compete with the world boxing champion Mike Tyson, and I hope SEC can stop this unfair game.

We are making our humble requests to SEC Regulators to take two actions:

1. To send a letter to JMEI within the rules and express concerns that the JMEI privatization process will be suspended until it is properly negotiated by both parties; and continue to pay attention to a series of actions that Mr. Chen Ou may take to lower the stock price if JMEI's privatization fails;

2. The vast majority of JMEI minority shareholders invest in JMEI with hard-working savings, hoping to pay back children ’s milk powders or their children ’s college tuitions, or mortgages, or pensions. We can accept the loss caused by JMEI's inability to develop into a better company in spite of Mr. Chen Ou's hard work, but we cannot accept that Mr. Chen Ou robbed the legitimate rights and interests of individual shareholders by illegal means when JMEI is about to achieve great success.

Fairness and justice are God ’s gifts to the world, but Mr. Chen Ou destroyed this precious gifts. Mr. Chen Ou ’s privatization offer has been issued for more than 48 hours, but I have never dared to tell my wife because she is also a fan of Mr. Chen Ou, I'm afraid to see the sadness in her eyes!

The Chinese have a saying: People are doing things, and God is watching. How I wish it is, Mr. Chen Ou is doing something, and the SEC is watching!

I can only speak simple English, so I wrote this letter in Chinese and asked a friend to translate it into English. I hope that the translation can accurately express itself.

If there is injustice on earth, I believe God will not turn a blind eye to it! In SEC, We trust!

财经自媒体联盟

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