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A number of senior executives of Zhongfu Shenying raided the related parties who withdrew their shares the products once staged a vision of "selling a family pro"

author:Jin Zhengyan

"Jin Zhengyan" Southern Capital Center Luo Jiu / Author Yingwei / Risk Control

Looking back at history, after graduating from university in 1982, Zhang Guoliang was assigned to work in Lianyungang Textile Machinery Factory. Then in 1992, Zhang Xueliang was "appointed to be the director of the factory", when the textile machinery factory was on the verge of closure. Since then, with the successful research and development of the perming machine and the development dilemma, it led the textile machinery factory to carry out a joint-stock system transformation in 2001, from which the name of "Eagle Tour" appeared.

Lianyungang Yingyou Textile Machinery Group Co., Ltd. (hereinafter referred to as "Yingyou Group"), after more than ten years of development, has achieved a magnificent transformation from a traditional factory to a high-tech enterprise. Today, Eagle Tour Group is the second largest shareholder of Zhongfu Shenying Carbon Fiber Co., Ltd. (hereinafter referred to as "Zhongfu Shenying"), and the actual controller, Zhang Guoliang, also serves as the chairman of Zhongfu Shenying.

The "story" around eagle tour group and Zhongfu Condor continues. A subsidiary of Eagle Tour Group not only owns the main operating site originally owned by Zhongfu Shenying, but the related party Hydropower is purchased from Zhongfu Shenying as of the end of 2020, and its raw materials are highly dependent on Zhongfu Shenying. And historically, Zhongfu Condor and the related party or mixed sales channels, the relationship between China and china or ambiguous. And has Zhongfu Condor ever "facilitated" the related party? In addition, a number of senior executives of Zhongfu Shenying had held shares in the related party, and then "suddenly" withdrew, among which Deputy General Manager Li Wei and former supervisor Zhang Liping had served as supervisors of the related party during their tenure at Zhongfu Shenying, and the prospectus was "secretive" about the resume of Deputy General Manager Li Wei who had served in the related party.

I. The land property rights of the land were mixed with sales channels, and Zhongfu Shenying or "facilitated" the subsidiary of the two shareholders

Behind the listing, in addition to the shareholding relationship, the relationship between Zhongfu Shenying and the second largest shareholder may be "ambiguous".

On April 1, 2022, the Southern Capital Center of JinzhengYan pointed out in the "Zhongfu Shenying Production Line Investment and Construction of "Swallowing Gold" nearly 1.8 billion yuan, and the two shareholders long-sleeved good dance upstream and downstream all-you-can-eat" pointed out that the original controlling shareholder, Eagle Tour Group, retired to the second shareholder and still held 30% of the equity of Zhongfu Shenying. Although he retired to the second shareholder, Zhang Guoliang, the actual controller and chairman of Yingyou Group, has served as the chairman of Zhongfu Shenying since its establishment, and presided over the R&D technology work of Zhongfu Shenying, and Zhang Guoliang's importance to Zhongfu Shenying is self-evident.

Behind Guanzhong Fu Shenying and Yingyou Group, Zhongfu Shenying may be "convenient" for its subsidiaries.

According to the Reply to the Inquiry Letter on the Review of The Application Documents for initial public offering of shares and listing on the Science and Technology Innovation Board (hereinafter referred to as the "First Round of Inquiry Reply"), Lianyungang Shenying Composite Material Technology Co., Ltd. (hereinafter referred to as "Shenying Composite"), Lianyungang Shenying Carbon Fiber Bicycle Co., Ltd. (hereinafter referred to as "Shenying Carbon Vehicle"), Changzhou Shenying Carbon Plastic Composite Material Co., Ltd. (hereinafter referred to as "Shenying Carbon Plastic"), a subsidiary of Eagle Group, is (hereinafter referred to as "Shenying Carbon Plastic"), a subsidiary of Eagle Group. The company belongs to the downstream industry of carbon fiber, and its business scope covers the research and development, production and sales of carbon fiber woven fabrics, carbon fiber prepregs, and more downstream carbon fiber bicycles.

According to the public transfer prospectus of Shenying Carbon Vehicle on January 5, 2017 (hereinafter referred to as the "Shenying Carbon Vehicle Public Transfer Prospectus"), as of January 5, 2017, Shenying Carbon Vehicle has two land use rights, namely parcels with an area of 141,116 square meters located in the south of Jinqiao Road and the east of Dapu Road in Dapu Industrial Park, Lianyungang Economic and Technological Development Zone, and 18,598.5 square meters of parcels at No. 84 Xingfu Middle Road, Haizhou District, Lianyungang City.

Among them, the parcels located in the south of Jinqiao Road and the east of Dapu Road in Dapu Industrial Park, Lianyungang Economic and Technological Development Zone, are the main business sites of Shenying Carbon Vehicles, which have been produced there since mid-2013.

The 2018 semi-annual report of Shenying Carbon Vehicle pointed out that the office address of Shenying Carbon Vehicle is No. 1 Jinqiao Road. Condor Carbon Truck is located on 141,116 square meters of land at No. 1 Jinqiao Road and is in a state of mortgage due to a loan to the bank as a land mortgage.

According to the official website of Shenying Carbon Vehicle, as of April 1, 2022, the address of Shenying Carbon Vehicle is No. 1 Jinqiao Road, Dapu Industrial Zone, Lianyungang City, Jiangsu Province.

That is, the Condor Carbon Vehicle is located in the south of Jinqiao Road and the east of Dapu Road, Dapu Industrial Park, Lianyungang Economic and Technological Development Zone, with an area of 141,116 square meters, which is the same address as the above-mentioned Office Address of The Condor Carbon Vehicle, No. 1 Jinqiao Road.

It is worth mentioning that No. 1 Jinqiao Road or originally belonged to Zhongfu Condor.

According to the public transfer manual of Shenying Carbon Vehicle, Shenying Carbon Vehicle is located in the parcel of Jinqiao Road South and Dapu Road East of Dapu Industrial Park, Lianyungang Economic and Technological Development Zone, which was acquired by Zhongfu Shenying from the Lianyungang Municipal Bureau of Land and Resources on January 10, 2011, and then Zhongfu Shenying and Shenying Carbon Truck jointly funded the construction of some buildings, and the original value of the construction part of Zhongfu Shenying was 13.8383 million yuan. On August 10, 2015, the Management Committee of Lianyungang Economic and Technological Development Zone signed an agreement with Shenying Carbon Vehicle and Zhongfu Shenying to acquire the above-mentioned housing buildings and entrust the land department to transfer them together with the land, stipulating that if Shenying Carbon Vehicle becomes the transferee, the compensation paid by the Management Committee to Shenying Carbon Vehicle and the transfer payment paid by Shenying Carbon Vehicle can be offset. On April 27, 2016, Condor Carbon Vehicle acquired the right to use the land and the above-ground houses through a public auction.

It is not difficult to see that the main business place of Shenying Carbon Vehicle, No. 1 Jinqiao Road, was originally or owned by Zhongfu Shenying.

It should be pointed out that the government's public information shows that the address of the factory area of Zhongfu Shenying is No. 1-6 Jinqiao Road.

According to the public information of the management committee of Lianyungang Economic and Technological Development Zone, as of April 1, 2022, the site of Zhongfu Shenying Factory is located at No. 1-6, Jinqiao Road, Dapu Industrial Zone, Lianyungang City, covering an area of about 400 mu and a total construction area of about 250,000 square meters.

According to the public information of the environmental impact registration form filing system of jiangsu province construction projects, the two construction projects recorded by Zhongfu Shenying are "dimethyl sulfoxide wastewater pretreatment project" and "Zhongfu Shenying Carbon Fiber Co., Ltd. raw silk workshop waste gas treatment", and the construction sites are "No. 1-6 Jinqiao Road, Dapu Industrial Zone, Lianyungang City".

That is, in addition to the above parcels that have been indirectly transferred to Shenying Carbon Truck, does Zhongfu Shenying still own other parcels at No. 1 Jinqiao Road? unknown.

In addition to the "indirect" transfer of the main business premises from Zhongfu Condor, Shenying Carbon Truck also used Zhongfu Condor property as its correspondence address.

According to the public transfer instructions of Shenying Carbon Vehicle and the 2018 semi-annual report, the residence of Shenying Carbon Vehicle is the registered address, which is No. 6 Yunqiao Road, Dapu Industrial Zone, Lianyungang Economic Development Zone.

According to the data of the Market Supervision Administration, the corporate correspondence addresses registered in the 2017-2019 annual report of Shenying Carbon Vehicle are All No. 6 Yunqiao Road, Dapu Industrial Zone, Lianyungang Economic Development Zone. On September 21, 2020, the address of Shenying Carbon Vehicle (residential address, business premises, residence address, etc.) was changed from "No. 6 Yunqiao Road, Dapu Industrial Zone, Lianyungang Economic and Technological Development Zone" to "No. 1 Jinqiao Road, Dapu Industrial Zone, Lianyungang Economic and Technological Development Zone".

According to the public data of the State Intellectual Property Office, in the patent application of Shenying Carbon Vehicle on July 28, 2021, "a method of single-point heating and curing of carbon fiber bicycle products", the address it filled in is still No. 6 Yunqiao Road, Dapu Industrial Zone, Lianyungang Economic Development Zone.

According to the prospectus signed on March 30, 2022 (hereinafter referred to as the "Prospectus"), as of the signing date, Zhongfu Shenying and its subsidiaries own a total of 29 buildings with ownership certificates, with a total construction area of 124,944.85 square meters, located at No. 6 Yunqiao Road, Dapu Industrial Zone, Development Zone. The land use right owned by Zhongfu Shenying is located at No. 6 Yunqiao Road, Dapu Industrial Zone, Development Zone, with a total area of 265,182.8 square meters.

Through the search map software of the Southern Capital Center of "Jinzhengyan", it was found that "No. 6 Yunqiao Road, Dapu Industrial Zone, Lianyungang Development Zone" pointed to "Zhongfu Shenying Carbon Fiber Co., Ltd."

Does the above situation mean that Condor Carbon Vehicle has ever used the property at No. 6 Yunqiao Road, Zhongfu Shenying as its registered address and correspondence address? The address of Shenzhou Carbon Vehicle's patent application on July 28, 2021 is still No. 6 Yunqiao Road, does it still use that address as a mailing address? Doubts remain to be solved.

In addition, Shenying carbon vehicle hydropower also relies on the procurement of Zhongfu Shenying.

Among them, Shenying carbon vehicles have not laid water pipelines and built substations, and hydropower from 2018 to 2020 will be purchased from Zhongfu Shenying.

According to the prospectus, during the reporting period, that is, from 2018 to 2020 and from January to June 2021, due to the geographical location of the Shenying Carbon Vehicle and its atomic company Shenying Composites, which is geographically similar to that of Zhongfu Shenying, no water pipelines were laid and substations were not built in the early stage, and there were situations such as purchasing industrial water and industrial electricity from Zhongfu Shenying at market prices.

According to the announcement of Shenying Carbon Vehicle and the data of the Market Supervision Administration, on June 27, 2017, Shenying Carbon Vehicle acquired 90% of the equity of Shenying Composite held by eagle group, the controlling shareholder at that time, and Shenying Composite became a subsidiary of Shenying Carbon Vehicle Holdings. On September 30, 2021, Shenying Carbon Vehicle withdrew from the shareholder ranks of Shenying Composites.

From 2018 to 2020, the amount of hydropower sales of Zhongfu Shenying to Shenying Carbon Vehicle and its atomic company Shenying Composites was 2.3771 million yuan, 2.2785 million yuan and 2.2121 million yuan, respectively.

As of March 30, 2022, the date of signing of the prospectus, the aforementioned Shenying Carbon Vehicle and its atomic company Shenying Composites Factory have basically completed the laying of water pipelines and the construction of substations, and it is expected that no related party transactions will occur.

In addition, Shenying Carbon Vehicle said that its carbon fiber raw materials are all purchased from Zhongfu Shenying and is highly dependent on Zhongfu Shenying.

According to the public transfer instructions of Shenying Carbon Vehicle, Shenying Carbon Vehicle produces carbon fiber cloth (referring to carbon fiber fabrics and prepregs) and carbon fiber raw materials for carbon fiber products, all of which are purchased from related parties Zhongfu Shenying, and there is a high degree of dependence on Zhongfu Shenying in the source of production raw materials.

According to the public transfer prospectus of Shenying Carbon Vehicle and the 2017 annual report, from 2014 to 2017, the amount of carbon fiber purchased by Shenying Carbon Vehicle and its subsidiaries from Zhongfu Shenying was 5.6792 million yuan, 5.7204 million yuan, 8.0367 million yuan and 8.0809 million yuan, respectively.

According to the prospectus, from 2018 to 2020 and from January to June 2021, Shenying Carbon Vehicle and its atomic company Shenying Composites purchased carbon fiber from Zhongfu Shenying, with the purchase amounts of 9.0117 million yuan, 17.658 million yuan, 23.4497 million yuan and 27.4441 million yuan, respectively.

It is not difficult to see that the main business premises of Shenying Carbon Vehicle, a subsidiary of Eagle Tour Group, the second largest shareholder, is located at No. 1 Jinqiao Road, and the above-mentioned real estate owned by Shenying Carbon Vehicle may have been originally owned by Zhongfu Shenying. The address registered by Zhongfu Condor on the official information platform is No. 1-6 Jinqiao Road, which overlaps with the address of The Condor Carbon Vehicle.

On the other hand, the Shenying Carbon Vehicle Factory area did not lay water pipelines and did not build substations in the early stage, and as of the end of 2020, hydropower was purchased from Zhongfu Shenying. The public transfer prospectus of The Condor Carbon Vehicle also said that its raw material carbon fiber is purchased from the Zhongfu Condor, and the raw materials are highly dependent on the Zhongfu Condor.

At the same time, Shenying carbon vehicle products have been accused of being Zhongfu Condor products.

According to the Lianyungang General Chamber of Commerce released on June 30, 2014, "Zhongfu Shenying held the first industrial-scale domestic high-performance carbon fiber product order meeting", Zhongfu Shenying Co., Ltd. continued to expand and extend the carbon fiber industry chain, form a base-type, batch-type carbon fiber production base, and manufacture a series of products such as carbon fiber violins, carbon fiber helmets, and carbon fiber fitness equipment.

According to the lianyungang economic and technological development zone released on March 25, 2016, in the "Lancang-Mekong National Cooperation Exhibition", the new material products displayed include the carbon fiber bicycle "ZGL China Dragon" produced by Zhongfu Shenying Company in Lianyungang Development Zone.

In fact, Zhongfu Condor only produces and sells carbon fiber.

According to the prospectus, all of the main business income of Zhongfu Shenying comes from carbon fiber, and the proportion of operating income during the reporting period exceeded 98%. Other business income is mainly scrap sales, carbon fiber weaving sales and so on. That is, Zhongfu Condor only produces and sells carbon fiber.

According to the public transfer instructions of Shenying Carbon Vehicle, Shenying Carbon Vehicle has an invention patent entitled "A Method for Making Violins with Carbon Fiber Composite Materials" and has 5 carbon fiber violin related design patents.

According to the public transfer prospectus of Shenying Carbon Vehicle, as of January 5, 2017, Shenying Carbon Vehicle produces and sells carbon fiber bicycles, and produces "ZGL" series of brand mountain bikes, road bikes, and venue cars.

That is to say, the factory address of Zhongfu Shenying is located at No. 1-6, Jinqiao Road, Dapu Industrial Park, Lianyungang. The main business premises of Shenying Carbon Vehicle, a subsidiary of the second largest shareholder, are located at No. 1 Jinqiao Road, Dapu Industrial Park, Lianyungang. And it should be pointed out that the above-mentioned Condor Carbon Vehicle is located in the parcel of No. 1 Jinqiao Road or the original system is owned by Zhongfu Condor. In addition to the land transfer, the Shenying Carbon Vehicle Factory area did not lay water pipelines and did not build substations in the early stage, and hydropower was purchased from Zhongfu Shenying until the end of 2020. The public transfer prospectus of The Condor Carbon Vehicle also said that its raw material carbon fiber is purchased from the Zhongfu Condor, and the raw materials are highly dependent on the Zhongfu Condor.

In addition, in the Zhongfu Condor product ordering meeting and industry exhibition, there were carbon fiber bicycles produced by Zhongfu Condor, but Zhongfu Condor only produced and sold carbon fiber during the reporting period. Among them, is the Shenying carbon car producing carbon fiber bicycles before the reporting period, or the carbon fiber products of the Shenying carbon vehicles have been mistaken for the products produced by Zhongfu Condor? Have the sales channels of Shenying Carbon Vehicle and Zhongfu Shenying ever been mixed? Is the Shenying carbon vehicle and the Brand Promotion of Zhongfu Shenying "mixed"? And does zhongfu condor know about this? unknown.

Second, a number of senior executives have appeared in the ranks of shareholders of the company under the two shareholders, and "raided" the withdrawal of shares before and after the counseling

And the story around the two shareholders is still "playing out". The second shareholder is a subsidiary of Eagle Tour Group, and a number of former shareholders are now senior executives of Zhongfu Condor.

It should be pointed out that this listing is based on the fact that Zhang Guoliang, chairman of Eagle Tour Group, is also the chairman of Zhongfu Condor, and Zhongfu Condor was asked whether there was a conflict of interest with Eagle Tour Group.

According to the prospectus, Zhang Guoliang has been the chairman of Zhongfu Shenying since March 2006. Zhang Guoliang holds 51.96% of the shares of Eagle Tour Group, the second largest shareholder, and has been the chairman of Eagle Tour Group since July 2001.

According to the response to the first round of inquiries, the SSE requested Zhongfu Shenying to explain whether Zhang Guoliang's investment in Yingyou Group and its related subsidiaries and engaging in the same or similar business as Zhongfu Shenying is alternative and competitive with Zhongfu Shenying's business, whether there is a conflict of interest in Zhang Guoliang's aforementioned position, whether there is a situation of transferring business opportunities or harming the interests of Zhongfu Shenying.

In this regard, Zhongfu Shenying replied that Zhang Guoliang's appointment in Zhongfu Shenying was appointed by him as the representative director of Zhongfu Shenying shareholders and zhongfu Shenying based on its professional research and development capabilities, and there was no conflict of interest. During his tenure, Zhang Guoliang attended company meetings and performed the duties of the chairman of the board in accordance with relevant regulations, and did not have a special decision-making position beyond the corporate governance system. The daily operation and management of Zhongfu Shenying is presided over by the general manager of Zhongfu Shenying, and there is no situation of transferring business opportunities or harming the interests of the company.

In addition to the chairman and the two shareholders, Liu Fang, the general manager of Zhongfu Shenying, once served in Yingyou Group, and once held a number of subsidiaries of Yingyou Group, and then "raided" the shares.

According to the prospectus, Liu Fang has been the general manager of Zhongfu Shenying since February 2012. From February 2007 to January 2012, Liu Fang served as legal counsel, deputy general manager and executive deputy general manager of Eagle Tour Group.

According to the prospectus, Condor Composites, Lianyungang Eagle Real Estate Investment Co., Ltd. (hereinafter referred to as "Eagle Tour Real Estate") and Changzhou Toscote Auto Trim Co., Ltd. (hereinafter referred to as "Changzhou Toscote") are all companies controlled by Eagle Tour Group.

According to the data of the Market Supervision Administration, on January 15, 2010, Shenying Composite was established, and its earliest investor change was January 29, 2016, and Liu Fang was one of the shareholders of Shenying Composite before and after the change. On October 9, 2020, after the change of investors of Shenying Composite, Liu Fang was no longer a shareholder of Shenying Composite.

According to the data of the Market Supervision Administration, Eagle Tour Real Estate was established on March 28, 2018, and its only investor change information was on February 26, 2021, before the change, Liu Fang was one of the shareholders of Eagle Tour Real Estate, and Liu Fang was no longer one of the shareholders of Eagle Tour Real Estate after the change.

According to the data of the Market Supervision Administration, Changzhou Toscotec was established on January 28, 2011. There were three investor changes announced by Changzhou Toscotec, on January 29, 2019, September 28, 2020, and September 1, 2021. Among them, before the change of investors on January 29, 2019, Liu Fang was one of the shareholders of Changzhou Tuxcotec, and on September 28, 2020, Liu Fang withdrew from Changzhou Tuxcote shares.

According to the public information of the CSRC, on December 7, 2020, Zhongfu Shenying made an initial public offering of shares and completed the counseling filing on the Science and Technology Innovation Board.

It can be seen that Liu Fang, the general manager of Zhongfu Shenying, served in Yingyou Group in the early days, and he once held the equity of many subsidiaries of Yingyou Group, the second largest shareholder, and then "raided" to withdraw his shares before and after receiving counseling.

In addition to Liu Fang, a number of executives of Zhongfu Shenying have also appeared in the subsidiaries of Yingyou Group, and "raided" the shares in February 2021.

According to the prospectus, Zhongfu Shenying has a total of 6 deputy general managers, namely Xi Yusong, Chen Qiufei, Jin Liang, Lian Feng, Li Wei and Luo Haoyu. Among them, Xi Yusong, Chen Qiufei, Lian Feng, and Jin Liang concurrently serve as core technical personnel. In addition, Jin Liang also serves as the secretary of the board of directors of Zhongfu Condor.

According to the prospectus, Xi Yusong worked for Eagle Tour Group from September 1996 to March 2006 and joined Zhongfu Shenying in March 2006. Lian Feng worked in China Composites from May 2012 to December 2019 and joined Zhongfu Shenying in August 2013.

According to the prospectus, Li Wei, Chen Qiufei and Jin Liang joined Zhongfu Shenying in September 2007, September 2008 and March 2009 respectively, and did not work in Yingyou Group or the company under the actual controller.

It is worth noting that Xi Yusong, Chen Qiufei, Jin Liang and Lian Feng appeared together in Yingyou Real Estate, a company under the Eagle Tour Group.

According to the data of the Market Supervision Administration, Eagle Tour Real Estate was established on March 28, 2018, and its investor information was only changed once, which was February 26, 2021, before the change, Xi Yusong, Chen Qiufei, Jin Liang, Lian Feng and Li Wei were all shareholders of Eagle Tour Real Estate, and the above 5 people were no longer shareholders of Eagle Tour Real Estate after the change.

Executives frequently appear in addition to the subsidiaries of Eagle Tour Group, and the subsidiaries of Zhongfu Shenying and Eagle Tour Group also staged the situation of "intertwined appointments" of personnel.

According to the public transfer prospectus and announcement of Shenying Carbon Vehicle, Li Wei has been the chairman of the Supervisory Board of Shenying Carbon Vehicle since July 2016, and then resigned on June 8, 2017.

According to the prospectus, from September 2007 to February 2010, Li Wei served as the deputy director of the sales department of Zhongfu Shenying, and since February 2010, he has served as the deputy general manager of Zhongfu Shenying.

That is, from July 2016 to June 7, 2017, Li Wei served as the vice president of Zhongfu Shenying and worked part-time in Shenying Carbon Vehicle.

After Li Wei resigned, Zhang Liping, a former employee of Zhongfu Shenying, became the supervisor of Shenying Carbon Vehicle.

According to the announcement of Shenying Carbon Vehicle, due to the resignation of the original supervisor Li Wei, the members of the board of supervisors were less than 3, and Shenying Carbon Vehicle co-opted a new supervisor. On July 7, 2017, the shareholders' meeting deliberated and approved the appointment of Zhang Liping as a supervisor of the first supervisory board of the company.

According to the data and public information of the Market Supervision Administration, as of April 1, 2022, Zhang Liping is still a supervisor of Shenying Carbon Vehicle.

According to the prospectus, on January 1, 2019, Zhang Liping became a supervisor of Zhongfu Shenying and resigned as a supervisor after leaving on June 29, 2019.

According to the prospectus, Zhang Liping appeared in the list of authors of 3 academic papers published by employees of Zhongfu Shenying or jointly published in core academic journals.

It can be seen that from July 2016 to June 7, 2017, Li Wei, deputy general manager of Zhongfu Shenying, was also the supervisor of Shenying Carbon Vehicle. After Li Wei resigned, in July 2017, Zhang Liping, the former supervisor of Zhongfu Shenying, succeeded him as the supervisor of Shenying Carbon Vehicle. Zhang Liping only left in June 2019 from Zhongfu Shenying. That is, the executives and supervisors of Zhongfu Shenying have worked part-time in Shenzhou Carbon Vehicle, the subsidiary of the second largest shareholder.

As the general manager of Zhongfu Shenying, Liu Fang once held the equity of many subsidiaries of Eagle Group, such as Eagles Composites, Eagle Tours Real Estate, Changzhou Toscot, etc., and then "raided" to withdraw. At the same time, Yusong, Chen Qiufei, Jin Liang, Lian Feng and Li Wei, vice presidents of Zhongfu Shenying, were also shareholders of Yingyou Real Estate in history. Among them, Deputy General Manager Li Wei and former supervisor Zhang Liping served as supervisors of Eagle Carbon Vehicle, a subsidiary of Eagle Group, during their tenure at Zhongfu Shenying. A number of senior executives "raided" to withdraw from the subsidiaries of eagle tour group, the second largest shareholder, in order to avoid suspicion or to develop a convenient situation to the subsidiary of eagle tour group? And with the intertwined chain of interests, can Liu Fang and other executives faithfully perform their duties and be diligent and conscientious of Zhongfu Shenying? All are questionable.

It is worth mentioning that the prospectus for deputy general manager Li Wei once had a part-time resume in Shenying Carbon Vehicle.

Third, the resume of senior executives staged a "filtered" letter phi, and the related party letter phi "opposed" the quality of the letter phi or tortured

The problem is not over, and a number of senior executives of Zhongfu Shenying have held shares in the subsidiary company of the second largest shareholder, which leads to the letter of doubt.

On the one hand, Deputy General Manager Li Wei served as a supervisor of Shenying Carbon Vehicle, a subsidiary of Eagle Tour Group, the second largest shareholder, and the prospectus concealed this or selectively disclosed it.

According to the prospectus, Shenying Carbon Vehicle is a subsidiary of Eagle Tour Group, the second largest shareholder, and Li Wei is the deputy general manager of Zhongfu Shenying.

According to the public transfer prospectus and announcement of Shenying Carbon Vehicle, Li Wei has been the chairman of the Supervisory Board of Shenying Carbon Vehicle since July 2016 and resigned on June 8, 2017.

According to li Wei's resume disclosed in the prospectus, Li Wei served as the deputy director of the sales department of Zhongfu Shenying from September 2007 to February 2010, and has been the deputy general manager since February 2010. The information about Li Wei's previous stint at Shenying Carbon Vehicle is "not found."

On the other hand, the prospectus and the condor carbon car on the related lease of the letter, staged a "fight" situation.

According to the public transfer prospectus of Shenying Carbon Vehicle and the regular report of Shenying Carbon Vehicle, from 2014 to 2017 and from January to June 2018, Shenying Carbon Vehicle did not lease housing or land to Zhongfu Shenying.

According to the prospectus of Zhongfu Shenying, due to business needs, Shenying Carbon Vehicle signed a land lease agreement with Zhongfu Shenying, of which the leased area is 12,000 square meters, and the lease period is from January 1, 2018 to December 31, 2021. During the reporting period, that is, from 2018 to 2020 and from January to June 2021, the relevant land lease income recognized by Zhongfu Shenying was 82,600 yuan, 82,600 yuan, 82,600 yuan and 41,300 yuan, respectively.

It can be seen that the overlap between the reporting period of the Zhongfu Shenying prospectus and the related lease reporting period disclosed by Shenzhou Carbon Vehicle above is from January to June 2018, at least in the period of January to June 2018, the related lease disclosed in the prospectus and the letter of Shenying Carbon Vehicle are contradictory. And zhongfu Condor prospectus is suspected of selective disclosure of executives' resumes, what is the quality of Zhongfu Condor's letter? Or should it be marked with a question mark.

At this point, the "origin" around the Zhongfu Condor and the two shareholders may be difficult to describe, and the intertwined chain of interests is worthy of attention.