Plummeted by 99%! 5 billion female billionaires, completely planted!

Kanjian Finance

2024-05-12 09:14Posted in Guangdong Finance and Economics Creator

The A-share company, which used to have a market value of more than 10 billion, completely collapsed.

On May 9, *ST Meishang announced that the Shenzhen Stock Exchange intends to decide to terminate the listing and trading of the company's shares.

The company's shares will be suspended from the market open on May 9, 2024, and the company's shares will not enter the delisting period.

On the eve of the stock suspension, *ST Meishang's share price was quoted at $0.13, which is the lowest A-share listed company, and has closed below $1 for 20 consecutive trading days.

If the time period is extended, the highest share price of *ST Meishang once reached 24.92 yuan per share, and the highest market value reached 16.8 billion yuan, and the current stock price has fallen by 99% from the highest point, with a total market value of only 88 million yuan.

At the same time as the market value of tens of billions collapsed, the mysterious female billionaire behind it, Wang Yingyan, has also become the focus of public opinion.

As of the end of March this year, more than 20,000 investors were deeply trapped, leaving a lot of chicken feathers.

Huge losses, fraud

*ST Meishang, whose full name is Meishang Ecological Landscape Co., Ltd. (hereinafter referred to as "Meishang Ecology"), was established in 2001 and is mainly engaged in ecological restoration and reconstruction and landscape construction.

In December 2015, Meishang Ecology successfully landed on the A-share market, and the scenery was unlimited for a while.

But the good times did not last long, after the listing, the operation of Meishang Ecology collapsed rapidly, and a series of thunderstorms such as losses, fraud, stock manipulation, and insider trading emerged one after another.

The collapse of Meishang ecology began with a thunderous financial report.

In 2020, Meishang Ecology suffered losses for the first time. Subsequently, Zhongxinghua Certified Public Accountants (Special General Partnership) issued an audit report on its annual report that could not express an opinion. According to the relevant regulations, the company's stock trading was subject to a delisting risk warning.

In 2021, Meishang Ecology suffered a huge loss again, with a loss of 1.045 billion yuan, a further loss of 687 million yuan in 2022, and a loss of 545 million yuan in 2023. In just 4 years, *ST Meishang has accumulated losses of up to 2.3 billion yuan. In the first quarter of this year, Meishang Ecology lost 170 million yuan again.

What's even more shocking is that Meishang Ecology exposed financial fraud, which spanned nine years.

According to the China Securities Regulatory Commission, Meishang Ecological Financial Fraud began in 2012 and lasted for 9 years, with a cumulative inflated net profit of 457 million yuan. It involves a series of financial frauds such as the early recognition of accounts receivable, the recovery of inflated net profits, the false recording of bank interest income, the adjustment of project income not according to the approved amount, and the inflated income of subsidiaries.

It means that when Meishang Ecology submitted its listing application to A-shares, it began to commit financial fraud.

A series of financial frauds resulted in false entries in the company's 2015 prospectus, 2016 and 2017 refinancing documents, and periodic reports for each period, which constituted illegal information disclosure and fraudulent issuance.

To sum up the illegal acts, the China Securities Regulatory Commission decided: to impose a fine of 13.3 million yuan on Meishang Ecology; Xu Jing was fined 530,000 yuan; Wang Yingyan was fined 15.1 million yuan and banned from the securities market for life.

The trader behind it

When it comes to Meishang ecology, it is naturally inseparable from its soul - Wang Yingyan, the actual controller of the company.

According to public information, Wang Yingyan was born in 1967, with a bachelor's degree, majoring in weaving, and obtained an EMBA degree from Fudan University. He has won the honorary titles of "Wuxi Outstanding Entrepreneur" and "Management Innovation Entrepreneur in China's Landscaping Industry"; In 2019, he was hired as a visiting professor at Jiangnan University. He has served as the general manager, executive director and chairman of Wuxi Meishang Landscape Engineering Co., Ltd.

In 2001, 34-year-old Wang Yingyan founded Meishang Ecology. From September 2011 to July 2022, Wang Yingyan served as the chairman and general manager of Meishang Ecology.

As a "post-60s" female entrepreneur, Wang Yingyan is very low-key, rarely appears in the public eye, and rarely accepts media interviews.

With the listing of Meishang Ecology, in 2016, Wang Yingyan entered the Hurun Report with a wealth of 5 billion yuan.

According to the list of China's richest women launched by Jiemian News in 2020, Wang Yingyan and his wife ranked 50th with a wealth of 3.4 billion yuan.

With the collapse of Meishang Ecology, Wang Yingyan has also become the focus of public opinion, and the details of her operation of listed company stocks have also surfaced.

During his tenure as chairman of Meishang Ecology, he collaborated with private equity to manipulate his own stocks, causing the company's stock price to plummet, and was investigated by the Securities Regulatory Commission.

According to the disclosure of the China Securities Regulatory Commission, from June 12, 2018 to July 3, 2020, Wang Yingyan and Ji Yun (35 years old), the legal representative of Shanghai Yongshu Asset Management Co., Ltd., a private equity institution, actually controlled 113 securities accounts including "Wu", concentrated capital advantages and shareholding advantages, continuously traded "Meishang Ecology", and manipulated "Meishang Ecology".

During the period of stock price manipulation, the account group bought a total of 3.14 billion shares and bought 39.984 billion yuan, and sold 3.138 billion shares and sold 39.798 billion yuan, with a cumulative transaction volume of nearly 80 billion yuan. However, after deducting commissions and related taxes, the account group lost 238 million yuan.

According to the CSRC, the above-mentioned illegal facts are proved by evidence such as account opening materials, bank statements, position information forms, inquiry records, chat records, transaction records, and MAC addresses.

The China Securities Regulatory Commission imposed a fine of 8 million yuan on Wang Yingyan and Ji Yun, including a fine of 5 million yuan on Wang Yingyan and a fine of 3 million yuan on Ji Yun.

Despite this, Wang Yingyan and other executives are still manipulating the stock market many times to reduce their holdings and cash out, making a lot of money.

Urgently refute the rumors

According to Tianyancha, Wang Yingyan is now riddled with lawsuits, and has been listed as a dishonest person subject to execution and a person subject to execution, and has been restricted from high consumption and frozen equity.

It is reported that there are more than 20 final cases related to Wang Yingyan, that is, in the course of enforcement, the court temporarily terminates the case enforcement procedure for cases where there is really no property available for enforcement, or where the property cannot be disposed of temporarily.

Recently, there have been market rumors that Wang Yingyan has obtained a foreign identity and fled overseas with a huge amount of money taken from listed companies. There is even news that "in the face of the CSRC's questioning of the executives of listed companies, they bluntly said that they were fraudulent", "the major shareholder cashed out 4.5 billion yuan and the current market value is less than 100 million", "I have immigrated to Singapore with my family", etc.

In this regard, *ST Meishang urgently refuted the rumor, saying that the reports of the relevant media were seriously inconsistent with the facts, and that the reports made through its own false judgments without a comprehensive and objective understanding of the relevant facts from the perspective of relevant professionals were suspected of being deliberately misleading and seriously infringed on the company's reputation.

*ST Meishang also stated in the announcement that the company maintains normal contact and communication with the actual controller, and Wang Yingyan is still in China, and she is a Chinese national with no right of permanent residence abroad.

Since the beginning of this year, the China Securities Regulatory Commission has repeatedly emphasized that it must have "zero tolerance" for illegal and irregular behaviors in the capital market, and it is necessary to let counterfeiters "go bankrupt and sit in prison".

So, does it mean that the final outcome of Wang Yingyan and Meishang Ecology has not yet arrived?

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