China Fund News Taylor
Let's take a look at what's new on the evening of the 22nd.
According to the official micro-news of the Shanghai Second Intermediate People's Court, on the morning of November 22, the Shanghai Second Intermediate Court held a public trial of the case of the defendant unit, Shanghai Fuxing Industrial Group Co., Ltd., the defendants Zhu Yiyi, Zhao Zhuoquan, and Zhu Chengwei, who raised funds to defraud and manipulate the securities market. On the afternoon of the same day, a series of cases of illegal fund-raising by fuxing group were publicly pronounced.
After trial, it was ascertained that since September 2014, defendants Zhu Yiyi, Zhao Zhuoquan, Zhu Chengwei, Wang Yuan, Yu Liang, and others have used fictitious investment targets, exaggerated the value of investment projects, and publicized them to the public, and used high yields and promises to repay principal and interest when due as bait to design and sell wealth management products such as creditor's rights and private funds, illegally raised funds from the public, and issued new and old ones, continuously expanding the scale of funds to maintain the capital chain.
Defendants Wang Yongsheng, Cao Zhaojin, Zhu Jinhua and others participated in the illegal fund-raising activities of Fuxing Group. As of June 2018, Fuxing Group had illegally raised more than RMB56.5 billion, and the outstanding principal amounted to more than RMB21.8 billion at the time of the incident.
During this period, the defendant units, Fuxing Group, defendants Zhu Yiyi, Zhu Chengwei, Zheng Weixing, Li Weiwei, Song Junjie, Xu Zhijie, Zhang Kai, Wu Jun, and others concentrated their capital advantages, shareholding or position advantages, or used information advantages to jointly or continuously buy and sell "Dalian Electric Porcelain" stocks, and by controlling the generation of information of listed companies or controlling the content, time, and rhythm of information disclosure, misled investors into making investment decisions, affected securities trading prices or securities trading volumes, and manipulated the securities market, the circumstances were particularly serious.
Accordingly, the Shanghai Second Intermediate People's Court imposed a fine of RMB2 billion on the defendant Fuxing Group for the crime of fund-raising fraud, a fine of RMB 100 million for the crime of manipulating the securities market, and decided to impose a fine of RMB2.1 billion.
Sentenced defendant Zhu Yiyi to life imprisonment, deprivation of political rights for life, and a fine of RMB 10 million for the crime of fund-raising fraud; He was sentenced to nine years' imprisonment and fined RMB5 million for the crime of manipulating the securities market, and decided to carry out the sentence of life imprisonment, deprivation of political rights for life, and a fine of RMB 15 million.
Defendant Zhao Zhuoquan was sentenced to life imprisonment, deprived of political rights for life, and fined RMB8 million.
Defendant Zhu Chengwei was sentenced to 13 years' imprisonment, deprivation of political rights for three years, and a fine of RMB 4 million for the crime of fund-raising fraud; He was sentenced to four years' imprisonment and fined RMB1 million for the crime of manipulating the securities market, and decided to carry out the sentence of 16 years' imprisonment, deprivation of political rights for three years, and a fine of RMB5 million.
The remaining defendants were sentenced to fixed-term imprisonment ranging from three to 15 years and corresponding property penalties for the crimes of fund-raising fraud, illegal absorption of deposits from the public, and manipulation of the securities market. The defendant unit Fuxing Group and the defendant's illegal gains shall be recovered, and returned to the victims and victims, and the insufficient part shall be ordered to continue to return compensation to the defendant units and the defendants.
Some of the fundraising participants and the defendant's family members observed the hearing and pronounced the verdict.
Case Review:
On January 8 this year, the China Securities Regulatory Commission (CSRC) published the Administrative Punishment Decision on the "Fuxing Department", revealing a large number of details of the "Fuxing Department" committing the crime.
Fuxing Group is a large-scale private group integrating commercial real estate, asset management, finance and other industries. In 2017, the total asset management of the group exceeded 35 billion yuan, and Zhu Yiyi was the actual controller of the group.
In late June 2018, the "Fuxing" private equity products began to be overdue in a large area, and Zhu Yiyi lost contact and fled overseas, and since then, the capital problems of the Fuxing system have continued to ferment.
At the end of August 2018, after fleeing to five countries, the public security organs escorted Zhu Yiyi back to China. CCTV News broadcast the whole process of escorting back to China. In September of the same year, Zhu Yiyi was arrested according to law.
According to the information disclosed in the "Decision", the "Fuxing Department" actually controlled 365 enterprises, raised 36.845 billion yuan using its 4 private equity institutions, and embezzled 36.565 billion yuan, of which 98.9% was invested in affiliated enterprises.
The CSRC held that the amount of money involved in the "Fuxing System" was particularly huge, involved a large number of investors, and the circumstances were particularly serious, which seriously disrupted the order of the securities market and caused a bad social impact.
Zhu Yiyi is a veritable rich second generation, and his father Zhu Guancheng's wealth is based on industry.
After Zhu Yiyi took over the baton, he did not concentrate on running the existing family business like his father, but was more enthusiastic about capital operation, in October 2016, Zhu Yidong's parents wholly-owned Yilong Magnetic Materials acquired nearly 20% of the equity of Dalian Electric Porcelain at a price of 28 yuan / share, becoming the actual controller of Dalian Electric Porcelain.
In addition, Zhu Yiyi also controls four private equity firms in Shanghai Yilong, Shanghai Yutai, Shanghai Xishang and Yicaixing, and it is with these four private equity funds as a bridge that the "Fuxing System" has leveraged a huge financing of more than 36 billion yuan.
Wenfeng Group and Xu Xiang issued a joint statement:
The acquisition plan was further optimized and adjusted by Wenfeng shares
On November 22, Wenfeng Group said that recently, Wenfeng Group and Xu Xiang had friendly and in-depth communication and exchanges. Wenfeng Group respects Xu Xiang's professional opinions, and Xu Xiang expresses his support for the transformation and upgrading of Wenfeng shares. The two parties agreed that Wenfeng shares would further optimize and adjust the acquisition plan. The two sides agreed that in the face of the pressure of the epidemic and market competition, Wenfeng shares need to transform and upgrade, and it is a feasible way to inject high-quality assets into Wenfeng shares for new business integration.
After market hours on November 18, Wenfeng issued an announcement on the asset acquisition plan. According to the announcement, Jiangsu Wenfeng Technology Development Co., Ltd. (hereinafter referred to as "Wenfeng Technology"), a wholly-owned subsidiary of Wenfeng Co., Ltd., intends to purchase 100% of the shares of Nantong Wenfeng Weiheng Automobile Sales Service Co., Ltd., Nantong Hengrenxing Automobile Sales Service Co., Ltd., Qidong Wenfeng Hang lung Xing Automobile Sales Service Co., Ltd. and Xuzhou Wenfeng Weijie Automobile Sales Service Co., Ltd. held by the related party Jiangsu Wenfeng Automobile Chain Development Co., Ltd. in cash. The transaction was valued at $537 million.
According to the announcement and public information, Wenfeng Co., Ltd. is a retail enterprise established in 1995, mainly engaged in the chain operation business of department stores, supermarkets and electrical appliance sales professional stores. The main business of Weiheng Automobile, Hengren Automobile, Hang Lung Automobile and Weijie Automobile are automobile sales services, and the main brands are mercedes-Benz, the luxury car brand.
The announcement said that through this transaction, its offline stores can divert and link marketing with luxury brand new energy models, which will effectively form a new performance growth point for listed companies.
Subsequently, Xu Xiang spoke out, saying that the valuation of the target assets was too high, the quality was flat, and the major shareholders of Wenfeng Shares were suspected of hollowing out the interests of the listed company, and "clearly and resolutely opposed the acquisition plan."
Not only Xu Xiang, but also the acquisition plan also attracted "urgent" inquiries from the Shanghai Stock Exchange, questioning whether the transaction is conducive to enhancing the sustainable profitability of the listed company.
Xu Xiang publicly stated that the valuation of the assets of the target of Wenfeng's acquisition was too high and the quality was flat, and the company's major shareholders were suspected of hollowing out the interests of listed companies. "Before the Qingdao Intermediate People's Court has clearly identified the frozen assets, it does not want Wenfeng shares to harm the interests of listed companies and damage the rights and interests of shareholders through this unreasonable acquisition plan."
According to Oriental Wealth data, Xu Xiang's mother, Zheng Suzhen, is the company's second largest shareholder, holding 275 million shares of Wenfeng shares, accounting for 14.88%, which is currently frozen.
In the Xu Xiang case, Wenfeng shares were one of the companies involved, and Xu Changjiang, the former chairman of Wenfeng shares, was also accused of manipulating the securities market. According to the court's findings, Xu Changjiang and Xu Xiang manipulated the stock price and cashed out at a high level of up to 6.7 billion yuan, with the highest amount of cash out in the thirteen sub-cases related to Xu Xiang's case. In April 2017, Xu Changjiang was sentenced to two years and six months, suspended for three years, and fined a total of 4.6 billion yuan, including 1.2 billion yuan in personal fines.
In February 2020, due to the change in the shareholding structure of the controlling shareholder, Xu Changjiang was no longer the actual controller of Wenfeng shares, and the company also entered a "masterless" state, and the actual controller of the company has not been determined so far. However, after this, Wenfeng shares also appeared to be relatively low-key in the capital market, and rarely initiated mergers and acquisitions or expansion initiatives.
Gree will officially implement double rest
On November 22, the official microblog of "Gree Electric Appliances" issued a notice to adjust the single-double-rest work system to a two-day work system. After the implementation of the double rest work system, all overtime work is cancelled, and for those who really need overtime, they will be applied for by the department, reported to the leaders of the competent company for approval, and reported to the enterprise management department for the record, and then the department will arrange for the transfer.
Recently, Gree Electric Appliances held a celebration of the 30th anniversary, and many employees wrote down their wishes on the signature wall that they hoped to be able to "take a double break" on the weekend.
Dong Mingzhu responded that he hoped that in a year, Gree Electric Appliances would preferably be all day shifts, not night shifts. "But when society needs us, we still have to let go of ourselves."
As soon as this remark came out, the relevant topic was on weibo hot search, and many netizens said that they knew that Gree was not a double holiday.
On November 21, the Economic Daily published an article entitled "Enterprises Encourage Overtime Not to Touch the Legal Red Line", saying that the road to success is inseparable from the spirit of struggle and hard work. For individuals, overtime is a working state that individuals strive for, and voluntary overtime is a personal choice, and it does not violate relevant laws and regulations. However, blindly encouraging overtime, rooting the overtime culture in the corporate culture, and even becoming a deformed overtime under heavy pressure, forced overtime, forced overtime, so that employees are overloaded, is undoubtedly suspected of violating the provisions of the labor law.
On November 22, @Sydney Cherie, @Lin Shanshan_Sunny Weibo released a "letter of apology" saying that it would suspend the live broadcast of the live broadcast room, standardize and rectify; it would operate more compliantly and pay taxes according to law.
Sydney sent an apology letter
Lin Shanshan's apology letter
According to the news on the website of the Zhejiang Provincial Taxation Bureau of the State Administration of Taxation on November 22, in the early stage, the tax department of Hangzhou City, Zhejiang Province, through the analysis of tax big data, found that Zhu Chenhui and Lin Shanshan, two network anchors, were suspected of evading taxes, and with the cooperation of the relevant tax authorities, they carried out a comprehensive and in-depth tax audit according to law.
After investigation, Zhu Chenhui and Lin Shanshan set up sole proprietorship enterprises in Shanghai, Guangxi, Jiangxi and other places from 2019 to 2020, and fictitiously converted the income from their personal wages, salaries and labor remuneration into the operating income of the sole proprietorship enterprise, and evaded personal income tax. The above-mentioned acts of the two violated relevant tax laws and regulations and disrupted the order of tax collection and management.
In accordance with the Law of the People's Republic of China on the Administration of Tax Collection, the Individual Income Tax Law of the People's Republic of China, the Administrative Punishment Law of the People's Republic of China and other relevant laws and regulations, the Inspection Bureau of the Hangzhou Municipal Taxation Bureau imposed a total fine of 65.5531 million yuan on Zhu Chenhui for recovering taxes, collecting late fees and proposing to impose a total fine of 1 times on Zhu Chenhui, and a total of 27.6725 million yuan for Lin Shanshan's recovery of taxes, additional late fees and a proposed 1 times fine. A few days ago, the Inspection Bureau of the Hangzhou Municipal Taxation Bureau issued a tax administrative handling decision to Zhu Chenhui and Lin Shanshan in accordance with the law, and performed the procedures for informing the tax administrative punishment in accordance with the law.
During the inspection, the tax department found that Li Zhiqiang was suspected of planning, implementing and helping Zhu Chenhui and Lin Shanshan to evade taxes and interfering with the investigation of the tax authorities. At present, the tax department has filed a case against Li Zhiqiang in accordance with the law and will handle it separately according to law. At the same time, through the analysis of tax big data, the tax department also found that other individual network anchors did not check and correct themselves in the comprehensive management of taxation in the field of culture and entertainment, and there were suspected tax evasion behaviors, which were being audited by the local tax authorities according to law.
The relevant person in charge of the Hangzhou Municipal Taxation Bureau said that in accordance with the relevant requirements of the comprehensive management of taxation in the field of culture and entertainment, the tax management of employees in the field of culture and entertainment will be further strengthened, and their awareness of compliance with the tax law will be promoted, and they will consciously pay taxes according to law. For those suspected of tax evasion, increase the intensity of investigation and punishment in accordance with laws and regulations, create a tax environment of fair competition, and actively promote the long-term standardized and healthy development of the cultural and entertainment field.
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