what's the situation? ST Shinkong controller's stock price has risen and stopped
Original title: What happened? ST Shinkong controller left the market, but what is the stock price limit? The actual controller left the market in exchange for the daily limit of the stock price, from the richest woman in Zhejiang to the debt of 10 billion, and now has been banned by the market for 10 years. The road of legend goes from high light to loach.
On the evening of January 7, ST Shin Kong issued an announcement stating that it had received the administrative penalty decision and market ban decision of Anhui Securities Regulatory Bureau. Due to the failure to disclose related transactions, major guarantees, etc., it caused major omissions in its 2018 interim report. The company was fined 600,000 yuan. Zhou Xiaoguang and Yu Yunxin, as actual controllers, ordered that the use of listed company funds, illegal guarantees, joint borrowing, and other acts be issued with a 10-year forbidden ticket in the securities market.
Yu Yunxin's new, Zhou Xiaoguang's light, whether it is Shin Kong Holdings or ST Shin Kong , are inseparable from this couple who started from scratch. After encountering penalties, both resigned from all positions of ST Shin Kong , and the chairman and president of ST Shin Kong were vacant. And after the old man left the field, the morning of January 8th, ST Shin Kong quickly adjusted to a daily limit, and the market's response to this matter is evident. After the supervision ticket has landed, can ST Shin Kong turn around?
Listed company suffered a top penalty After nearly 10 months of investigation by the Securities and Futures Commission, ST Shin Kong had previously been suspected of failing to disclose external guarantees and the use of funds by major shareholders.
On the evening of January 7, ST Shin Kong issued an announcement saying that it had received the administrative penalty decision and the market ban decision from the Anhui Securities Regulatory Bureau. Specifically, ST Shin Kong has the following "four deadly sins":
First, it provided funds to the controlling shareholders under the guise of paying a third party equity purchase payment.
On May 12, 2017, ST Xinguang Subsidiary Wanmou Real Estate and Nanguo Bean signed a "Cooperation Intent Agreement", which intends to transfer the equity of Huimou Real Estate held by Nanguo Bean. Under the arrangement of Yu Yunxin, Wanmou Real Estate transferred a total of 760 million yuan to a bean in Nanguo in the name of paying the equity acquisition. Later, a bean in Nanguo finally transferred the money to Xinguang Group through Huimou Real Estate, which was actually occupied by Xinguang .
This amount accounted for 9.46% of ST Shin Kong's net assets at the end of 2017. After the above events occurred, ST Shin Kong did not disclose it in a timely manner as required, nor did it disclose it in the 2018 interim report. It did not disclose the fact that the controlling shareholder ’s funds were occupied until December 3, 2018.
Second, without the consent of the creditors, funds were provided to the controlling shareholders through the use of debt transfer.
In May 2018, without the creditor's consent, ST Shin Kong and its subsidiary Wanmou Real Estate directly transferred 4 of their total credits of 675 million yuan to Shin Kong Group, which was actually occupied by Shin Kong Group. The funds accounted for 8.41% of ST Shin Kong's net assets at the end of 2017. In this regard, ST Shin Kong did not disclose the aforementioned related-party transaction in a timely manner, nor did it disclose it in the 2018 interim report.
Third, provide external guarantees to Shin Kong Group and related parties in violation of regulations.
From December 2017 to September 2018, ST Shin Kong provided guarantees to related parties such as Yu Yunxin, Zhou Xiaoguang, Shin Kong Group and Shin Kong Group in violation of regulations, with a guarantee amount / amount of 295 million yuan. Among them, the amount incurred from January 1, 2018 to June 30, 2018 was 260 million yuan, accounting for 32.39% of ST Shin Kong's net assets at the end of 2017; as of May 4, 2019, the principal balance of illegal guarantees was 275 million yuan.
Fourth, sign the debit note as a co-borrower.
Shin Kong Group borrowed 80 million yuan from a school of natural persons and signed a debit note on August 13, 2018. ST Shin Kong and ST Shin Kong Subsidiaries signed as co-borrowers. Zhou Xiaoguang and Yu Yunxin signed as guarantors. This amount accounted for ST Shin Kong's net assets at the end of 2017. 1%. Regarding violations of guarantees and loans, ST Shin Kong did not disclose them in a timely manner.
Based on this, due to the failure to disclose related party transactions, external guarantees and joint borrowings in time, and the major omissions in the 2018 interim report disclosed, the Anhui Securities Regulatory Bureau ordered ST Xinguang to correct it, issued a warning, and imposed a top penalty of 600,000 yuan.
However, the landing of a ticket does not mean absolute negative. On the same night, ST Shin Kong disclosed its civil judgment on the breach of guarantee. Jinhua Intermediate People's Court did not support the litigation request of the plaintiff's borrower for ST Shin Kong to assume the responsibility of guarantee. The judgment showed that ST Shin Kong was not at fault for the invalidity of the guarantee contract. The plaintiff knew that the legal representative of the listed company entered into a guarantee contract beyond its authority. ST Shin Kong should not bear civil liability after the guarantee contract was invalidated. On January 8th, ST Shin Kong opened its daily limit quickly, closing at 2.31 yuan / share that day, an increase of 5%.
The actual controller has been banned from entering the market for 10 years in the administrative penalty decision. ST Shinkong ’s actual controller, the company ’s chairman Zhou Xiaoguang, and the president ’s Yu Yunxin have noticeable signs of violations.
For example, ST Shinkong is a subsidiary of Shanghai Shinko Group. A breach of guarantee by Shanghai Xiguang was arranged and instructed by Zhou Xiaoguang. ST Shinkong's other violation guarantees, joint borrowings, and related transactions of Shinkong Group's non-operating occupation of ST Shinkong funds were all determined by Yu Yunxin. Arranged and instructed, Zhou Xiaoguang signed on the relevant fund transfer examination and approval form, guarantee contract, and loan contract, and was aware of relevant matters. Both are responsible persons who are directly responsible for the relevant violations.
The Anhui Securities Regulatory Bureau pointed out that Zhou Xiaoguang and Yu Yunxin, as the actual controllers of ST Xinguang , directly instructed, directed, and carried out relevant violations of laws and regulations, and concealed the facts from other directors, supervisors, and senior management, gave them warnings, and punished 30 Ten thousand yuan fine. As ST directors and de facto controllers of the two, they instructed and arranged for Shin Kong Group's non-operating occupation of listed company's funds in related transactions, listed company violations of guarantees, and joint borrowings. They did not perform their information disclosure obligations, and both were taken for 10 years of securities. Market ban measures.
In addition, when he was the financial director of ST Shin Kong and the financial director of the subsidiary Wanmou Real Estate, he was also inseparable from the transfer of funds. The two knew that the debt transfer matters were not in compliance, and they still carried out the capital transfer in accordance with Yu Yunxin's requirements, and failed to perform their due diligence legal obligations in the aforementioned illegal matters. In this regard, the CSRC issued a warning and imposed a fine of 100,000 yuan.
As a matter of fact, the punishment has long been under way. In April 2019, shortly after the Securities Regulatory Commission filed an investigation, the Shenzhen Stock Exchange gave public condemnation and punishment to ST Shin Kong and Shin Kong Holdings, Zhou Xiaoguang, Yu Yunxin and others for reasons such as the occupation of non-operating funds by controlling shareholders and the provision of guarantees in violation of regulations. .
Not only that, "STOO" was hidden in the private release of ST Shin Kong in July 2016.
After investigation, after the establishment, existence and expiration of the three asset management products that TEDA Manulife Fund and Xincheng Fund have subscribed for, all of them have important financial connections with Shin Kong Group, and Shin Kong Group assumes the difference between the two product priority shares to make up their obligations. The actual operation of the three asset management products is also responsible for the employees of Shin Kong Group. Regarding the related parties acting in concert, since Shin Kong Group did not take the initiative to inform, ST Shin Kong's 2016-2018 regular reports did not truthfully disclose the situation.
For this violation, Shin Kong Group was also punished with a top penalty of 600,000 yuan, and Zhou Xiaoguang, as the legal representative and chairman of Shin Kong Group, was warned and fined 200,000 yuan.
After fines and market bans, Zhou Xiaoguang and Yu Yunxin both submitted resignations. Among them, Zhou Xiaoguang resigned as director, chairman, member of the Strategy and Investment Decision Committee, member of the Audit and Supervision Committee, member of the Nomination Committee, and member of the Remuneration and Evaluation Committee; Yu Yunxin resigned as director, president, member of the Strategy and Investment Decision Committee. After resigning, they will no longer hold any positions at ST Shin Kong . ST Shin Kong stated that the company will start the nomination process of president and director candidates as soon as possible and submit the candidates to the company's board of directors and shareholders meeting for review.
The richest woman in Zhejiang in the past encountered a crisis. From the richest woman in Zhejiang in the past to 10 billion in debt, Zhou Xiaoguang's legendary life took a sharp turn after experiencing the highlights.
In Yiwu, Zhejiang, the story of the Zhou Xiaoguang couple starting from scratch is a household name. The protagonist of the hit urban commercial drama "Chicken Fly to Heaven" in 2017 is based on Zhou Xiaoguang. As the founder of Shin Kong Holdings, Zhou Xiaoguang founded Shin Kong Jewelry in 1995, gradually expanded from retail small commodities, and built Shin Kong Holdings into a large private enterprise group. As far as the official website information is concerned, Shin Kong Holdings is involved in many industries such as jewelry, manufacturing, real estate, finance, internet, investment and so on.
Under the company's good operating conditions, Zhou Xiaoguang himself has also won many honors for public welfare, and has become the representative of the 10th and 11th National People's Congress. According to public information, in the first 9 years as a deputy to the National People's Congress, Zhou Xiaoguang submitted 232 proposals and 198 proposals to the National People's Congress, of which 203 proposals and 189 proposals were formally adopted. In 2017, Zhou Xiaoguang and Yu Yunxin ranked 65th in the Hurun Rich List with 33 billion assets.
The change of plot is that in September 2018, Shinko Holdings' " 15 Shinko 01 " defaulted and failed to repay the resale principal and interest of 1.83 billion yuan. Since then, Shin Kong Holdings and its subsidiaries have applied to Jinhua Intermediate People's Court for reorganization. Creditors have reported a total city-level amount of 53.9 billion yuan. Zhou Xiaoguang himself was also included in the list of executed persons by the court.
Regarding the issue of Shin Kong Holdings, the company confessed that it continued to invest on a large scale during the expansion process, but failed to achieve good investment returns as expected. Coupled with macro-level leverage reduction and bank credit contraction, corporate liquidity is seriously insufficient. "The main source of funds for investment is external debt. Due to the huge financing scale, financial costs and financial risks continue to rise." Eventually, the flow of funds broke.
In addition, the subsidiaries of Shin Kong Holdings generally operate poorly and even make losses. Except for Shin Kong Jewelry, Shin Kong Micro Loans, Shin Kong Property Services, and the listed company ST Shin Kong , other subsidiaries are basically at a loss, and companies that have invested in the past three years have suffered particularly severe losses.
In response, from June to August 2019, Shin Kong Holdings, the manager and the Yiwu Municipal Government visited the Shenzhen Stock Exchange and the Anhui Securities Regulatory Bureau many times to report on the work done by all parties to resolve the issues of the listed company. Shin Kong Holdings supports the bankruptcy and reorganization work and ensures that listed companies do not delist and maximize market value.
In September 2019, the Shin Kong Group held an oath division meeting, claiming that "Jedi counterattack, start from me", Yu Yunxin and Zhou Xiaoguang both appeared and addressed the mobilization, and signed the "Military Order". At the meeting, Xinguang Jewelry stated that it is resolutely and thoroughly promoting the system to "slim down", combing, revitalizing, and integrating various effective resources to find the correct business development path and reshape the industry benchmark.
Time back to 2020, Zhou Xiaoguang and Yu Yunxin hurriedly withdrew from the field to give ST Xinguang a terminator. After the burden of shareholders' illegal use of funds and other issues have been resolved, can ST Shin Kong turn around?