Yongyue Technology's latest claim news:
On April 28, 2024, the Company received the Advance Notice of Administrative Penalties and Market Bans (No. Su Zheng Jian Zhi Zi [2024] No. 4) issued by the China Securities Regulatory Commission.
After investigation, you are suspected of the following illegal facts:
1. Yongyue Technology is suspected of having misleading statements in the temporary announcement of major contracts
(1) The cooperation between Yongyue Technology and Pingyu County, Henan Province on the UAV business in the investment promotion negotiation
(2) Yongyue Technology's information disclosure
On August 28, 2023, the company issued the "Announcement on the Signing of Major Contracts", which only disclosed the "Sales Contract" signed by Yongyue Intelligent and Pingyu Changda on August 27 and the main content of the contract, that is, Pingyu Changda purchased 5,000 drones from Yongyue Intelligence, with a total contract amount of 300 million yuan, and Pingyu Changda must pay 20% of the total contract price within 10 working days after the contract is signed, and 80% of the total contract price must be paid within 1 month. The fact that the Supplemental Agreement was signed and that the Sales Contract had not entered into force was not disclosed in the announcement.
On September 5, 2023, the company issued the "Clarification Announcement on Media Reports", disclosing that the contract signed by Yongyue Intelligent and Pingyu Changda is true and valid, and the non-intentional contract also states that the specific use of the drone is an agricultural plant protection drone, and suggests that there may be a risk of termination in the future, but the signing of the "Supplementary Agreement" and the fact that the "Sales Contract" has not taken effect have not been disclosed. On September 18, 2023, the company issued the "Announcement on the Termination of Major Contracts", disclosing for the first time that Yongyue Intelligent and Pingyu Changda signed a "Supplementary Agreement" at the same time as signing the "Sales Contract", and the "Supplementary Agreement" separately stipulates the effective conditions of the "Sales Contract"; In view of the proposed adjustment of the content of this transaction and other factors, the two parties agreed to sign the "Termination Agreement" after several consultations to terminate the cooperation between the two parties.
2. Yongyue Technology is suspected of failing to timely disclose the occupation of non-operating funds of related parties and major omissions in regular reports
(1) The situation of Yongyue Technology's related persons
(2) Yongyue Technology is suspected of failing to timely disclose the occupation of non-operating funds by related parties
From March 18 to 24, 2022, Yongyue Intelligent transferred 26.457 million yuan to Nanjing Xiesheng Intelligent Technology Co., Ltd. (hereinafter referred to as Nanjing Xiesheng) in the name of prepaid equipment payment, and from March 18 to 30, Nanjing Xiesheng successively transferred all the funds to Yancheng Hongtang, on January 20, 2023, Yongyue Intelligent transferred 9.85 million yuan to Shandong Hongtu in the name of paying the first futures payment, and on March 14, 2023, Yongyue Technology transferred all the funds to Jiangsu Micron Energy Technology Co., Ltd. in the name of paying for the equipment transfer(hereinafter referred to as Jiangsu Micron) transferred 30 million yuan, and Jiangsu Micron immediately transferred all the funds to Yancheng Hongtang through Jiangsu Jiade Textile Co., Ltd. on March 14-15.
The above capital transactions belong to the situation where listed companies directly or indirectly provide funds to controlling shareholders, actual controllers and other related parties as stipulated in Item 4 of Article 5 of the Regulatory Guidelines for Listed Companies No. 8 - Regulatory Requirements for Capital Transactions and External Guarantees of Listed Companies (CSRC Announcement (2022) No. 26), and the aforesaid non-operating funds occupy a total of 66.307 million yuan. Among them, on March 18, 2022, Yongyue Technology incurred a non-operating capital occupation of 18 million yuan by related parties, accounting for 3.36% of the audited net assets of the company's 2021 annual report, which met the disclosure standard of the interim report.
(3) Yongyue Technology is suspected of having major omissions in its periodic reports
From March 2022 to March 2023, Yongyue Technology incurred a total of 66.307 million yuan of non-operating funds occupied by related parties. Among them, the amount incurred in the first half of 2022 was 26.457 million yuan, and the principal returned in the year was 3.5 million yuan, and the balance at the end of the year was 22.957 million yuan, and the amount incurred in the first half of 2023 was 39.85 million yuan, and the principal returned in the year was 24.469 million yuan, and the balance at the end of the year was 38.338 million yuan. The cumulative amount of non-operating capital occupation by the aforesaid related parties accounted for 4.88%, 5.20% and 8.17% of the net assets recorded in the 2022 semi-annual report, 2022 annual report and 2023 semi-annual report, respectively.
The above-mentioned occupation constitutes a related party transaction with the company at the same time. Yongyue Technology failed to comply with the provisions of Articles 32 and 39 of the Guidelines for the Content and Format of Information Disclosure of Companies Offering Securities to the Public No. 3 - Content and Format of Semi-annual Reports (CSRC Announcement (2021) No. 16) and Article 45, Paragraph 1 and Article 54 of the Guidelines for the Content and Format of Information Disclosure of Companies Offering Securities to the Public No. 2 - Content and Format of Annual Reports (CSRC Announcement (2021) No. 15). The disclosure in the 2023 semi-annual report constitutes a material omission.
The SFC intends to decide:
1. Give a warning to Yongyue Technology Co., Ltd. and impose a fine of 13 million yuan;
2. Chen Xiang was given a warning and fined 10.5 million yuan;
3. Give Zhu Shuibao a warning and impose a fine of 1 million yuan;
4. Xu Weida was given a warning and fined 700,000 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 Yongyue Technology's claim are as follows:
Claims can be made if one of the following applies:
1. Those who bought 603879 Yongyue Technology between August 28, 2023 and September 17, 2023, and sold or continued to hold it after September 18, 2023 (inclusive).
2. Those who bought 603879 Yongyue Technology between March 18, 2022 and October 11, 2023, and sold or continued to hold it after October 12, 2023 (inclusive).
The above claim registration conditions only represent the views of Xie Baoping's lawyer team, and are not used as any securities investment decisions and trading suggestions, and are subject to the final determination of the court.
Yongyue Technology's violation basis:
On October 11, 2023, Yongyue Technology received the "Notice of Case Filing of the China Securities Regulatory Commission" (No. 0102023019 Zheng Jian Case No. 1) issued by the China Securities Regulatory Commission (No. ) issued by the China Securities Regulatory Commission on suspicion of illegal information disclosure.