Jinlitai's latest claim news:
Today, Xie Baoping's financial and securities team received the "Notice of Selection of Model Cases" 300225 Jinlitai Investor Claim Filing by Shanghai Financial Court. These investors were sent to the dock to demand compensation for the losses caused by Jinlitai's previous disclosure of violations of laws and regulations.
Prior to this, on January 4, 2024, Jinlitai received the "Administrative Penalty Decision" (Hu [2023] No. 61) issued by the Shanghai Regulatory Bureau of the China Securities Regulatory Commission.
After investigation, Jinlitai has the following illegal facts:
In May 2020, Jinlitai established a wholly-owned subsidiary, Shanghai Jinlitai Industrial Development Co., Ltd. (hereinafter referred to as Jinlitai Industrial), which participated in the fictitious "gold trading business" led by Zhejiang Yunfa Cultural Development Co., Ltd. (hereinafter referred to as Zhejiang Yunfa) from May 2020 to July 2021. Jinlitai Industrial has signed a total of 41 gold sales contracts with downstream customers, with a total contract amount of 1.509 billion yuan, and correspondingly, Jinlitai Industrial has signed 41 gold procurement contracts with upstream suppliers such as Zhejiang Yunfa, with a total contract value of 1.485 billion yuan. The trade subject is 1KG/piece, Au9999 customized gold bar.
Jinlitai did not disclose the true situation of participating in the "gold trading business", and included the relevant gold products involved in the above-mentioned "gold trading business" into the inventory, which did not meet the definition and recognition conditions of inventory in Articles 3, 4 and 5 of the Accounting Standards for Business Enterprises No. 1 - Inventory (Cai Hui [2006] No. 3), and inflated the inventory at the end of 2021 by 257.9896 million yuan, accounting for 28.32% of the net assets attributable to shareholders of the listed company at the end of 2021 Jinlitai's inclusion of the purchase and sale difference formed by the above business into income does not meet the requirements of Article 16 of the Accounting Standards for Business Enterprises - Basic Standards (2014) (Decree No. 76 of the Ministry of Finance) that enterprises should conduct accounting in accordance with "substance over form", as well as the conditions for revenue recognition in Paragraph 1 of Article 4 of Accounting Standards for Business Enterprises No. 14 - Revenue (Cai Hui [2017] No. 22), and inflated the operating income in the first quarter of 202211. 0.3899 million yuan, accounting for 6.11% of the operating income in the first quarter of 2022, resulting in false records in the first quarter of 2022.
Based on the facts, nature, circumstances and degree of social harm of the parties' illegal acts, the CSRC intends to decide:
1. Shanghai Jinlitai Chemical Co., Ltd. was ordered to make corrections, given a warning, and fined 2 million yuan;
2. Yuan Xiang was given a warning and fined 1 million yuan;
3. Yan Jiahua was given a warning and fined 1 million yuan;
4. Give a warning to Mr. Jing and impose a fine of 500,000 yuan;
5. Give Tang Yang a warning and impose a fine of 500,000 yuan;
6. Sui Jingyuan was given a warning and fined 500,000 yuan.
According to the Securities Law and the Several Provisions of the Supreme People's Court on the Trial of Civil Compensation Cases Arising from False Statements in the Securities Market, listed companies shall be liable for civil compensation if their rights and interests are damaged due to illegal information disclosure and misrepresentation, and the injured investors have the right to claim compensation for losses.
The reference conditions for Jinlitai's claim are as follows:
Claims can be made if one of the following applies:
1. Those who bought 300225 Jinlitai between June 15, 2021 and September 30, 2022, and sold or continued to hold it after October 1, 2022 (inclusive);
2. Those who bought 300225 Jinlitai between May 1, 2020 and February 3, 2023, and sold or held it after February 4, 2023 (inclusive).
The above claim registration conditions only represent the views of the stock protection team, and are not used as any securities investment decisions and trading recommendations, and are subject to the final determination of the court.
Basis for Jinlitai's violation:
On February 3, 2023, Jinlitai received the Notice of Case Filing (No. 0032023003 Zheng Jian Case No. 1) issued by the China Securities Regulatory Commission.
On December 5, 2023, the company received the "Line" issued by the Shanghai Regulatory Bureau of the China Securities Regulatory Commission
Advance Notice of Administrative Punishment (Hu Zheng Jian Zhi Zi [2023] No. 28).
On January 4, 2024, Jinlitai received the Administrative Penalty Decision (Hu [2023] No. 61) issued by the Shanghai Regulatory Bureau of the China Securities Regulatory Commission.