blockchainbasedvideogames| Heavy punishment! Financial fraud of billions of state-owned enterprises has been hit by ST and hit hot searches
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Source | Deep Blue Finance and Economics
Write an article | Yang Bo
A-share marketBlockchainbasedvideogamesTo set off another regulatory storm!
A few days ago, a number of listed companies under local state-owned assets were severely punished by regulators for falsifying their financial statements. Especially today, the financial fraud of 10 billion-level state-owned enterprises has been ST, but also rushed to the stock bar hot search! There are more than 1800 related discussions.
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Strike with a heavy fist
On May 19, Zhongtai Chemical (Rights Protection), a listed company, issued a notice that the company was issued a "notice of administrative punishment" by the regulator because of false records, failure to disclose related party transactions and other violations, and the stock has been implemented since May 21.BlockchainbasedvideogamesHis risk warning ", the stock abbreviation from" Sino-Thai Chemical "to" ST Zhongtai ".
Data show that the controlling shareholder of Zhongtai Chemical is Xinjiang Zhongtai (Group) Co., Ltd., and the actual control is the State-owned assets Supervision and Administration Commission of the people's Government of Xinjiang Uygur Autonomous region.
There are two main violations of laws and regulations in Sino-Thai Chemistry:
First, in order to achieve the revenue target issued by the controlling shareholder Zhongtai Group, by accounting the business that does not have control or is actually an agent according to the total amount method, the total income increased by 42% in 2022.Blockchainbasedvideogames.48 billion yuan, inflated costs 42Blockchainbasedvideogames4.8 billion yuan, accounting for 7.60% and 7.75% of the total operating income and total operating cost disclosed in the 2022 Annual report, respectively.
Second, Sino-Thai Chemical did not disclose the related party transactions occupied by the controlling shareholders and their related parties in the 2021 and 2022 periodic reports and interim announcements. In 2021 and 2022, Zhongtai Chemical and its subsidiaries conducted non-operating related transactions with controlling shareholder Zhongtai Group and its related parties directly or through third-party companies in the name of advance payment, return payment, collection and payment of freight charges, with a total occurrence of 7.7 billion yuan.
Therefore, the above false increase in income and cost and false related party transactions lead to false records and major omissions in the financial statements.
According to the announcement, the Xinjiang Securities Regulatory Bureau issued a "huge fine" against Sino-Thai Chemical, Sino-Thai Group and relevant directly responsible persons.
It is worth noting that the sponsor of the non-public offering and listing project of Zhongtai Chemical in 2021 is Oriental Securities underwriting sponsor Co., Ltd., with a continuous supervision period ending on December 31, 2022. In addition, should Xinyong Zhonghe accounting firm (special general partnership), which did audit work in 2021 and 2022, be punished together? Many investors are also very concerned about this.
On the same day, the listed company Guorui Technology (Rights Protection) was warned of the risk on the Shenzhen Stock Exchange since May 21 due to false records in the 2020 annual report, and the short name of the company's stock was changed from "Guorui Science and Technology" to "ST Ruike". The actual controller of the company is Zhejiang SASAC.
Coincidentally, on May 14, Huijin shares, Straits Innovation, special information and other three companies announced that they were taken regulatory measures or administrative penalties by the local securities regulatory bureau because there were false records in the previous annual report, and were all given "other risk warnings". It is worth noting that the controlling shareholders of these three listed companies are Handan SASAC, Pingtan SASAC and Shenzhen SASAC.
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Huge fine
According to the announcement, the Xinjiang Securities Regulatory Bureau decided to make corrections, give warnings and impose a fine of 5 million yuan on Sino-Thai Chemical. Yang Jianghong, then chairman of Zhongtai Chemical, was fined 2.5 million yuan, and Peng Jiangling, then chief financial officer of Zhongtai Chemical, was fined 1.5 million yuan. Five other executives were fined 50 to 600000 yuan each.
In the financial fraud case of Sino-Thai Chemical, the controlling shareholder Zhongtai Group has something to do with it.
The supervision pointed out that Zhongtai Group, as the controlling shareholder of Sino-Thai Chemical, organized and directed the occupation of funds to Sino-Thai Chemical, which led to the illegal disclosure of major omissions in listed companies. Gong Chunhua, then chief financial officer of Zhongtai Group, was other directly responsible persons who organized and instructed Zhongtai Chemical to carry out illegal acts of information disclosure.
The Xinjiang Securities Regulatory Bureau decided: 1, to order the Zhongtai Group to make corrections, give a warning, and impose a fine of 5 million yuan; 2, give a warning to Gong Chunhua and impose a fine of 2 million yuan.
For the listed companies under SASAC, such a large amount of financial fraud is really shocking.
Data show that the predecessor of Sino-Thai Chemistry is the Xinjiang Caustic Soda Plant, which was built in 1958. The company was founded in 2001 and listed on Shenzhen Stock Exchange on December 8, 2006. The company is the world's largest acetylene PVC production enterprise and the largest chlor-alkali production enterprise in China.
As a leading company in the industry, Sino-Thai chemical revenue has gone from bad to worse in the past three years, and its net profit has turned to a loss by 2023. Data show that Zhongtai Chemical's operating income in 2023 was about 37.118 billion yuan, down 28.15 percent from the same period last year, while its net profit was about 2.865 billion yuan, compared with a profit of 776 million yuan in the same period last year. In the first quarter of this year, the company's revenue was 7.78 billion yuan, down 27.33% from the same period last year, and its net profit was about 177 million yuan.
In terms of stock price, Sino-Thai Chemical's recent high appeared in September 2021, when the share price exceeded 18 yuan at one time, and then began a cliff decline. Up to now, it has fallen by 70% from the high level, and the market value has lost more than 35 billion yuan.
As of the first quarter, the company's net book assets were 22.524 billion yuan, while the company's latest total market capitalization was only 12.769 billion yuan. The company's market capitalization has been below its net worth for a long time.
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Conclusion
For this kind of fraud by Sino-Thai Chemical, each commentator Jia Yunke said: in order to effectively safeguard the interests of investors, it is necessary to strengthen supervision over the "key minorities" of the company's senior executives and controlling shareholders. Secondly, we also need to strengthen external supervision, introduce independent audit by third-party institutions, and establish a public reporting mechanism. Finally, we should also strengthen the construction of A-share market short team, short institutions through independent investigation and analysis, can also provide early warning information for the market in a timely manner!
Some financial commentators said that recently, financial fraud of several listed companies controlled by local SASAC was "uncovered" by regulators, indicating that state-owned assets holding is not an umbrella for financial fraud. It is the inevitable trend of supervision to safeguard the dignity of the law, the fairness and justice of the market and the legitimate rights and interests of medium and small investors.
Still have investment to say, "still punishment mechanism is too light, crime cost is too low", appeal to increase punishment.
What do you think?
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