When it comes to horoscopes, no one on the Internet is more famous than their peers. With constellation comics and constellation spit, the same uncle exploded on the Internet a few years ago.
After the fire, the uncle of the same road was not satisfied with advertising, e-commerce and other ways to make money, and began to cooperate with capital.
In December 2016, leggings Culture, a listed company, acquired 72.5% of the shares of Tongdao Culture for 217.5 million yuan, and Cai Yuedong, the actual operator of The Tongdao Uncle, took the opportunity to cash out 178 million yuan, but retained a part of the equity.
Legg Mason Culture's 2021 semi-annual report shows that the company's shareholding in Tongdao Culture has increased to 100%, which means that Cai Yuedong himself has no shares of Tongdao Culture.
The inclusion of the same uncle is more in line with the main business of Meisheng culture. Founded in 2002 and listed on the Shenzhen Stock Exchange in September 2012, Legg Mason Culture is mainly engaged in the operation of IP derivatives, animation, games, film and television.
The acquisition of the same uncle made Legg Mason Culture a fire that year. Recently, Legg Mason Culture has become a big hot stock again after many years because of the concept of meta-universe.
Up and down 5 consecutive plates, fried plates and sealed plates
Let's start with Mason Culture (002699. SZ) trend, from December 8, Legg Mason Culture out of the 5 consecutive stop-and-go board.
After a slight decline on December 15, Legg Mason Culture opened nearly 7% lower on December 16, but it still sealed the stop plate in the morning, and after the last 10 minutes of the late frying board diving, it rebounded rapidly, and closed at the price of the limit.
With an amplitude of 17% a day, Legg Mason culture is "full of demons".
Legg Mason Culture rubbed the concept of the metacosm on October 28. At that time, when interacting with investors, Legg Mason Culture said that although the company's main business is not Metacostem, it has invested in vr and AR industries in 2015 and 2016, and Metacostem (Shenzhen) Industrial Group Co., Ltd. is a subsidiary of Legg Mason Audemars Piguet.
However, at the end of October, the meta-universe concept was not as strong as it is now, and the funds at that time slammed into the meta-universe concept stocks such as Zhongqingbao.
Until the beginning of December, after the aesthetic fatigue of the old batch of meta-universe concept stock speculation, funds began to look for "new joy", and Legg Mason Culture, Hubei Radio and Television, Xuanya International, etc. were hit by funds and began to continuously pull up and stop.
At present, Hubei Radio and Television has 4 consecutive stop-and-go boards, and Xuanya International is even stronger, with 4 consecutive 20cm stop-and-go boards.
Major shareholders illegally occupied hundreds of millions of yuan of funds
Unlike other stocks with consecutive limit increases, Legg Mason Culture has seen bearish news during this period of consecutive limit increases.
On the evening of December 10, Legg Mason Culture issued an announcement that the company's controlling shareholder, Legg Mason Holding Group Co., Ltd., transferred Legg Mason Culture's funds through foreign investment and other means from January to September 2021, and there was a non-operating capital occupation, accumulating a total of 770 million yuan of the company's funds.
Specifically:
Directly transfer funds to controlling shareholders and their related parties, occupying 462 million yuan of funds;
Foreign investment, occupying 244 million yuan of funds;
Provide loans to suppliers, occupying funds of 3.4834 million yuan;
The related party returned the loan of the controlling shareholder, occupying 60 million yuan of funds.
As of September 30, 2021, $301 million had been returned and the balance of unreturned funds was $468 million.
Due to the violation of the behavior, the Zhejiang Securities Regulatory Bureau took the decision to issue a warning letter to Legg Mason Group, the controlling shareholder of Legg Mason Culture, and Zhao Xiaoqiang, the actual controller.
Du Dong hardened once
What is more surprising is that in this capital occupation incident of the controlling shareholder, three independent directors of Legg Mason Culture played a role.
According to the independent directors, on October 27, the Shenzhen Stock Exchange issued an inquiry letter to Legg Mason Culture, but it was not until 5 p.m. on December 9 that Legg Mason Culture informed the three independent directors of the matter for the first time, and then the three independent directors checked and verified overnight.
In the inquiry letter of the Shenzhen Stock Exchange, it focused on the issue of Legg Mason Culture's new equity instrument investment in the second quarter. The Shenzhen Stock Exchange requested the independent directors of Legg Mason Culture to verify the matter and express an opinion on whether the commercial logic and rationality of these six investments constitute capital occupation or profit transmission.
The three independent directors said that according to the information they already had, they believed that these 6 investments were deliberately operated by the company in order to achieve the purpose of occupying funds or transferring benefits of the actual controller.
At this time, the independent director gave the actual controller a "hammer".
Legg Mason Culture's three independent directors are:
Li Maosheng, doctoral supervisor of the Chinese Academy of Social Sciences, Gao Chuang, director of the Academic Committee of Capital University of Economics and Business, and Lei Xintu, director of the Institute of Accounting of Zhejiang University of Technology, are all senior intellectuals. All three earn $120,000 a year at Legg Mason Culture.
Touched by Kangmei Pharmaceutical?
For a long time, because the supervision function of listed companies is not strong enough, independent directors are regarded as "vases" that listed companies spend money to buy.
But one thing has prompted a reversal of this.
In the financial fraud judgment of Kangmei Pharmaceutical some time ago, 5 independent directors were sentenced to bear 5%-10% of the joint and several liability for compensation, and the total amount of compensation was as high as 369 million yuan.
This incident deeply touched the circle of independent directors, who realized that independent directors are no longer the "vase" role of filling the façade of listed companies, and if they do not fulfill their duties and turn a blind eye to the violations of listed companies, they will bear a huge price.
Several independent directors of Kangmei Pharmaceutical, some with an annual salary of 120,000 yuan, some only more than 20,000 yuan, face 369 million yuan in joint and several compensation, which is simply "making money from selling cabbage and taking the risk of selling white powder".
After the huge compensation incident of the independent director of Kangmei Pharmaceutical, the independent director also set off a wave of resignation.
Not far from the lessons of the past, the three independent directors of Legg Mason Culture are also very high-status Kochi scholars, who naturally cherish their feathers very much, and would rather not take the annual salary, nor can they be implicated.
Key executives "back the pot"?
The independent directors also said one thing, in the review of Legg Mason Culture's 2021 interim report and third quarterly report, the independent directors were very concerned about the illegal issues such as the appropriation of funds by major shareholders and the transmission of benefits.
At the board meeting, the independent directors repeatedly asked whether there were any irregularities in response to the sharp increase in the balance of current payments and other equity instrument investments, which were denied by the executive directors and executives of Legg Mason Culture.
During the deliberation of the third quarterly report, independent director Lei Xintu focused on the above issues and asked the internal executive director and the financial person in charge, and also received a denial response.
That is to say, the independent director has tried his best, and if he is finally punished for the violation, the executive director and the financial person in charge will be held responsible.
In addition to the issue of the appropriation of the controlling shareholder's funds, the bank deposit of Legg Mason Culture's Tongdao Uncle Network Technology Co., Ltd. was pledged to the external guarantee, and it was not considered or disclosed. This, of course, is also a violation.
Conclusion
In 2019, Legg Mason Culture's net profit was 37.56 million yuan, and in 2020, it was -937 million yuan, with huge losses.
Under the extreme deterioration of the operating conditions, the actual controller of Legg Mason Culture misappropriated the funds of the listed company for their own use.
The speculation of the meta-universe is too crazy, even if the major shareholders of Legg Mason Culture are exposed for illegally occupying funds, it is difficult to stop the stock price from rising sharply. However, the high earthquake on the 16th shows that there have been large funds that have begun to flee!