pokerstarsplaytexasholdem| ST Zhongtai Xinpi was fined 18.8 million yuan for violations of laws and regulations! A number of listed companies have recently been investigated...
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SourcePokerstarsplaytexasholdem: IPO Daily
On May 21, ST Zhongtai resumed trading, and its share price fell by the limit, closing at 4% today.Pokerstarsplaytexasholdem.68 yuan, with a total market value of 12.1 billion yuan.
Recently, the illegal cases of information disclosure between China and Thailand in ST have continued to grow. On March 20, ST Zhongtai received a notice from the China Securities Regulatory Commission that the China Securities Regulatory Commission decided to file a case against the company on suspicion of illegal information disclosure.
Two months later, the investigation into the illegal disclosure of Sino-Thai information in ST ended. On May 20, the company announced that Sino-Thai Chemical, its controlling shareholders and eight related responsible persons were severely fined a total of 18.8 million yuan.
Since the new "National Nine articles", supervision has not only done a good job of "entry", but also done a good job of continuous supervision after listing by strengthening the examination. As of the press release, a number of listed companies have been filed for investigation due to information disclosure, false records and other acts, and supervision has been further strengthened.
He was severely punished for a number of illegal facts.
The Administrative penalty decision shows that there are a number of violations of laws and regulations in ST Zhongtai and its controlling shareholder Zhongtai Group.
First, there are false records in the 2022 annual report of Zhongtai Chemical Co., Ltd., in order to achieve the operating revenue target issued by the controlling shareholder Xinjiang Zhongtai (Group) Co., Ltd. Subsidiaries such as Sinochem and its controlled Xinjiang Lantian Petrochemical Logistics Co., Ltd., Xinjiang Tiantong Modern Logistics Co., Ltd., Qingdao Qitai Technology Co., Ltd. And Zhongtai Dayou Wuyu (Shanghai) International Logistics Co., Ltd., by accounting according to the total amount method, the total false increase in income and cost in 2022 was 4.248 billion yuan and 4.248 billion yuan, respectively. They account for 7.60% and 7.75% of the total operating income and total operating cost disclosed in the 2022 Annual report, respectively.
Second, the related party transactions occupied by the controlling shareholders and their related parties are not disclosed in time, and there are major omissions in the 2021 and 2022 annual reports.
Sino-Thai Chemical did not disclose related party transactions occupied by non-operating funds of controlling shareholders and their related parties in 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 7.718 billion yuan. Of this total, 2.154 billion yuan occurred in 2021, accounting for 8.54% of the audited net assets in 2021, and 5.564 billion yuan in 2022. Accounted for 21.61% of audited net assets in 2022. Up to now, the principal occupied by the above-mentioned annual funds has been returned.
Third, there are false records and major omissions in the annual report on the duration of corporate bonds and debt financing instruments, and the information disclosure of the relevant bond offering prospectus is not accurate.
Sino-Thai Chemical issued "23 Xinhua 01" and "23 Xinhua K1" corporate bonds in March 2023 and August 2023 respectively, raising a total of 1.1 billion yuan. The prospectus of 23 Xinhua 01 quoted the financial report data of Sinochem 2021 and January-September 2022, and disclosed the 2022 annual report of Sinochem during its lifetime. The prospectus of 23 Xinhua K1 quotes Sinochem's financial report data for 2021 and 2022.
In addition, Sino-Thai Chemical disclosed its annual reports for 2021 and 2022 as issuers during the existence of debt financing instruments issued in China's interbank bond market from September 2019 to September 2022.
Sino-Thai Chemical's above-mentioned falsely increased income, inflated costs and undisclosed related transactions occupied by the controlling shareholders and their related parties' non-operating funds, respectively, this leads to the inaccuracy of the relevant financial report data quoted in the above prospectus and the false records and major omissions in the annual report on the duration of bonds.
With regard to the illegal facts of Sino-Thai Chemical, the Xinjiang Securities Regulatory Bureau believes that Yang Jianghong, the then chairman, and Peng Jiangling, the then financial director, were directly responsible for all the above-mentioned illegal acts of information disclosure. Liu Hong, the then director and general manager of Zhongtai Chemical, was the other person directly responsible for all the above-mentioned illegal acts of information disclosure. Jiang Jun, the current director and general manager, is the other directly responsible person for the illegal act of Zhongtai Chemical Information Disclosure; the supervisor Zhang Qinghua is the other directly responsible person for the above-mentioned non-operating fund occupation problem; the Deputy General Manager Lu Wenhan is the other directly responsible person who should be responsible for the above-mentioned part of the false increase in income; and the Deputy General Manager Ding Yongzhong is the other directly responsible person who should be responsible for some of the funds occupied by Zhongtai Chemical Company.
In addition, as the controlling shareholder of Sino-Thai Chemical, Zhongtai Group organized and directed the occupation of funds to Sino-Thai Chemical, which led to the illegal behavior of information disclosure in listed companies. Gong Chunhua, then chief financial officer of Zhongtai Group, was in charge of the financial, investment and financing work of Zhongtai Group during his term of office, and was other directly responsible persons organized and directed by Zhongtai Group to carry out illegal acts of information disclosure.
According to the facts, nature, circumstances and social harm degree of the illegal acts of the parties concerned, the Xinjiang Securities Regulatory Bureau decided to impose a fine of 5 million yuan on Zhongtai Chemical, 5 million yuan on Zhongtai Group, 2.5 million yuan fine on Yang Jianghong, 2 million yuan fine on Gong Chunhua, 1.5 million yuan fine on Peng Jiangling, 600000 yuan fine on Liu Hong and 600000 yuan fine on Jiang Jun. Zhang Qinghua was fined 600000 yuan, Lu Wenhan was fined 500000 yuan, and Ding Yongzhong was fined 500000 yuan.
As of May 10, Sinochem had about 110000 investors in A-shares, with each household holding 113000 yuan, according to Wande data.
From profit to loss, the performance is under continuous pressure.
From the perspective of financial data, Sino-Thai chemical performance has been low in the past three years, and revenue and net profit levels have continued to be under pressure.
Data show that from 2021 to 2023, Sino-Thai chemical revenue was 60.754 billion yuan, 51.662 billion yuan and 37.118 billion yuan respectively, while the net profit of returning mother was 2.754 billion yuan, 776 million yuan and-2.865 billion yuan respectively, showing a synchronous decline.
It is worth noting that compared with the profit level of 776 million yuan in 2022, the company's net profit changed from profit to loss in 2023, resulting in the first annual loss in nearly 20 years, and the profit situation continued to deteriorate.
According to the company's quarterly report for 2024, although its net profit increased by 43.61% year-on-year to-177 million yuan, it was still in a state of loss, with operating income of 7.78 billion yuan, down 27.33% from the same period last year.
According to the official website, Sino-Thai Chemical was established on December 18, 2001, formerly known as the Xinjiang Caustic Soda Plant, which was built in 1958. On December 8, 2006, the company officially landed on the Shenzhen Stock Exchange for public trading.
Data show that the company is the world's largest acetylene PVC production enterprise and the largest chlor-alkali production enterprise in China.
In September 2021, Sino-Thai Chemical had a high degree of prosperity in the industry, once the performance and share price set a new record, the share price was as high as 18.74 yuan, compared with the resumption of trading today, the share price was 4.68 yuan, down more than 75%.
While Zhongtai Chemical was ST, the company's controlling shareholder, Zhongtai Group, could not escape punishment. Xinjiang Securities Regulatory Bureau ordered Zhongtai Group to make corrections, gave a warning and imposed a fine of 5 million yuan. Gong Chunhua, then chief financial officer of Zhongtai Group, was directly responsible for organizing and instructing Zhongtai Chemical to carry out illegal acts of information disclosure. He was given a warning and fined 2 million yuan.
According to public data, Zhongtai Group is the largest state-owned enterprise in Xinjiang, with 95 percent of the shares held by the State-owned assets Supervision and Administration Commission of the people's Government of Xinjiang Uygur Autonomous region. It is also the first state-owned enterprise in Xinjiang to enter the world's top 500.
From the perspective of financial data, Zhongtai Group is also facing greater financial pressure. By the end of the third quarter of 2023, Zhongtai Group had total assets of 142.525 billion yuan and total liabilities of 101.823 billion yuan. Of this total, current liabilities amounted to $70.628 billion, including $22.614 billion in short-term loans, $19.963 billion in notes payable and $19.963 billion in accounts payable.
Many cases have been put on file for investigation, and the situation of strict supervision is obvious.
In addition to ST China and Thailand, under the recent situation of stricter supervision, a number of listed companies have been put on file for investigation because of letter cloak problems, false records and so on.
Specifically, on the evening of May 17, Guangdong Jiayun Technology (Rights Protection) Co., Ltd. (hereinafter referred to as "Jiayun Technology") issued a notice and received a "case notice" from the China Securities Regulatory Commission on the same day, according to the announcement. Because the company is suspected of illegal information disclosure, the China Securities Regulatory Commission decided to file a case against the company.
Jiayun Technology said in the announcement that at present, the company's production and business activities are normal. During the period of filing and investigation, the company will actively cooperate with the work of the China Securities Regulatory Commission and fulfill its information disclosure obligations in strict accordance with the regulations. The announcement did not reveal why Jiayun Technology violated the letter dress regulations.
In addition, Shengtun Mining (rights protection) also announced that it received a "case notice" from the China Securities Regulatory Commission on May 17 because the company was suspected of violating laws and regulations in information disclosure. In accordance with the Securities Law of the people's Republic of China, the Administrative punishment Law of the people's Republic of China and other laws and regulations, the China Securities Regulatory Commission decided to file a case against the company.
According to the decision on administrative supervision measures issued by Xiamen Securities Supervision Bureau, during the period from 2021 to 2022, Shengtun Mining Industry carried out the sales business of cobalt wet smelting intermediate products with relevant customers, the control of the goods was not substantially transferred when the goods were delivered to the relevant customers, the company recognized revenue at the time of delivery, and the accounting treatment was inaccurate. The above-mentioned individual cobalt wet smelting intermediates sold to customers were bought back by a subsidiary of the company for production without merger offset.
As a result of the above-mentioned events, the company's recognized income in 2021 was more than 359 million yuan, accounting for 0.79% of the current operating income, and the more recognized profit was 194 million yuan, accounting for 7.15% of the total profit of the year. 84 million yuan of income was recognized in 2022, accounting for 0.33% of the operating income of the year. The total recognized profit was 139 million yuan less, accounting for 18.20% of the total profit for the year. The relevant financial information disclosed in the 2021 and 2022 annual reports of Shengtun Mining Industry is not accurate.
Recently, a series of illegal and illegal cases investigated and dealt with by the regulatory authorities have released a strong signal of "strict supervision", especially strengthening the examination of information disclosure and financial data of listed companies, and strengthening supervision. companies are required to disclose important information such as operating conditions and financial data in a timely, accurate and complete manner, so as to further protect the interests of investors and maintain market stability.
