Who sent this "turtle bastard" into the big A shares?

Lao Cai Ji Guan City

2024-05-09 22:47Published in Beijing

Today, a video by Liu Jipeng, former dean of the Business School of China University of Political Science and Law, was on the hot search. Professor Liu's speech in the video is thought-provoking. His words are to the effect that there are very few ethical and competent institutions in China, which has led to the listing of companies like ST Meishang. A company like ST Meishang is simply a "turtle bastard", which has brought harm to the market and shareholders after listing.

ST Meishang has been counterfeiting for 9 consecutive years, and after careful investigation by the regulatory authorities, the truth has now been revealed, and the evil deeds are clearly revealed, and it has received punishment from the regulatory authorities. In addition to the company's termination of listing, relevant senior executives also received their own fines.

So, since ST Meishang was determined to falsify and package the listing before listing, the intermediary agency had already intervened before the listing, why was it not discovered for a long time? Is it a lack of professional ability, or is it a lack of morality due to the desire for profit, as Professor Liu Jipeng said?

Let's sort it out, ST Meishang needs to go through four levels from the beginning of fraud to listing, let's see who has witnessed ST Meishang's listing four levels:

1. Counseling: GF Securities Company, Project Leader, Zhou Chunxiao; Sponsor representatives, Zhou Chunxiao, Wu Guangbing

The lead underwriter and listing sponsor of ST Meishang are GF Securities Company. According to the general practice, GF Securities needs to counsel the company three years before the company's IPO, and continue to supervise the company for three years after listing. In this long 6-year period, GF Securities and ST Meishang have been at peace with each other, at least in terms of ability or morality, there are flaws.

GF Securities stated in the sponsorship report that in accordance with the relevant laws and the recognized business standards, ethics and diligence of the securities industry, it conducted due diligence and prudent verification of the application documents for the issuer's (ST Meishang's) initial public offering and listing on the GEM, and decided to recommend it for issuance and listing after discussion and study by the kernel team.

2. Audit: Jiangsu Tianheng Certified Public Accountants, Certified Public Accountants, Min Zhiqiang, Jing Jianming

In their audit opinion, Tianheng said that they believed that ST Meishang's financial statements were prepared in accordance with the provisions of the Accounting Standards for Business Enterprises in all material respects and fairly reflected the consolidated financial position, operating conditions and cash flows of the parent company from 2012 to 2015.

3. Legal Relations: AllBright Law Offices, practicing lawyers, Ding Qiwei, Yu Xiaojun

AllBright Law Offices stated in its supplementary legal opinion that ST Meishang met the listing conditions, and there were no major violations and irregularities within three years, and there were no legal obstacles to its application for listing.

Fourth, the issuance of the examination committee to review

On June 8, 2015, the 57th working meeting of the GEM Issuance Examination Committee in 2015 announced that the 57th working meeting of the Issuance Review Committee in 2015 will be held on June 12, 2015 to review the issuance of Meishang Ecology. The members of the Issuance Examination Committee who participated and their occupations at that time are as follows:

Zhu Haipeng: Manager of the Planning International Department of the Shenzhen Stock Exchange, former Deputy Director of the Beijing Center of the Shenzhen Stock Exchange;

Zhong Jianbing: Deputy General Manager and Senior Partner of Zhonghuan Haihua Certified Public Accountants, Member of the 11th China Young Entrepreneurs Association;

Zhang Yabing: Master of Business Administration of Hong Kong Polytechnic University, Certified Public Accountant and Certified Appraiser. Deputy Director and Partner of Guofu Horwath Certified Public Accountants (Special General Partnership);

Yang Jian: Partner of Beijing Kangda Law Firm;

Zhang Zhong: Master of Laws from Chinese People's University, former civil servant of Beijing Municipal People's Government, currently a lawyer and partner of Beijing Zhong Lun Law Firm, specializing in corporate restructuring and restructuring, mergers and acquisitions, domestic and foreign issuance and listing, and has served as an independent director of many listed companies;

Chen Chuanli: He used to be a staff member, deputy chief staff member, chief staff member, deputy director, director of the Shenzhen Securities Regulatory Bureau (Securities Management Office), director of the Second Division of Listed Company Supervision, a member of the 6th GEM Issuance Examination Committee of the China Securities Regulatory Commission, and the director of the Second Inspection Division of the Shenzhen Securities Regulatory Bureau.

He Caiyuan, Deputy Director of the Management Department of the Growth Enterprise Market of the Shenzhen Stock Exchange.

ST Meishang, issued at a price of 31 yuan, after listing for 13 consecutive daily limits, the highest price rose to 153 yuan, and today, at a price of 0.13 yuan per share bid farewell to the securities market. Under the heavy shield and sword of the regulators, those who harm others will eventually harm themselves, and those who do evil will eventually be swallowed by the evil consequences.

View original image 1.24M

• 

•