Fake, hateful fake!
On May 12, the China Securities Regulatory Commission issued fines to two fraudulent listed companies, namely Special Information and Strait Innovation, with a total fine of 25 million.
As soon as the announcement came out, it immediately aroused heated discussions among netizens, but the content of the heated discussion was not the high means of counterfeiting, nor the small amount of fines, but the state-owned enterprise identities of the two listed companies.
According to the shareholder information, the actual controller of the special information is the Shenzhen State-owned Assets Supervision and Administration Commission, and the actual controller of the Strait Innovation is the State-owned Assets Management Bureau of the Pingtan Comprehensive Experimental Zone in Fujian.
Of course, state-owned enterprises are also enterprises, and there is nothing special about them from a business point of view, and as long as they make mistakes, they should sincerely accept the criticism of public opinion.
However, the enterprise is operated by people, and there is a debtor who is wronged, and the gray pigeon believes that the "pot" of fraud should not be carried by the word "state-owned enterprise", and the real culprit is people, especially those "bad guys" who "mix" into state-owned enterprises.
According to the penalty announcement, Tefa Information acquired a company called "Dongzhi Technology" in April 2015, and Chen Chuanrong, the boss of Dongzhi Technology, also entered Tefa Information and remained as the general manager of Dongzhi Technology, responsible for specific operations.
The sale of the company must make a performance commitment, according to the usual practice is generally 3 years from the date of acquisition, specifically for Dongzhi Technology is 2015-2017.
However, Chen Chuanrong added a three-year commitment in addition to the three-year commitment period, that is, 2018-2020, that is, a total of 6 years, such a long "shelf life" can be called the "conscience" of the M&A industry.
However, the strange thing is this abnormal "conscience", the price of 100% of Dongzhi Technology's shares is only 190 million, but the promised profit for 6 years is as high as 320 million.
Sure enough, there must be a demon when things go wrong, and in the next few years, in order to achieve the promised indicators, Chen Chuanrong also directed all kinds of fancy frauds by himself.
However, it is difficult for one person to complete this kind of thing of financial fraud, Chen Chuanrong still has 3 helpers, and it is not enough to have helpers, this kind of thing that hides from the world and the sea has to be "released by someone", and the chairman of the board of directors and the chief financial officer at the time of the special information played the role of "water release".
Of course, "releasing water" is just a personal metaphor for gray pigeons, perhaps inaccurate, in official terms, they belong to "not diligent and conscientious", it is their failure to do their duty, so that Chen Chuanrong has completed year after year of continuous fraud, until the case.
Now it seems that Chen Chuanrong's plan to sell the company is like a "premeditated" scam that has been "premeditated" for a long time, and the special message did sue Chen Chuanrong on the grounds of "fraud", and public information shows that as of now, the case is still being processed.
"Fraud" is a criminal case, and the processing time will definitely be longer, compared to the administrative punishment of the CSRC, which is much more hearty.
In the rules of the China Securities Regulatory Commission, I don't care which of you deceived whom, anyway, you must have deceived investors, so I quickly investigated, decisively closed the case, and fined a total of 8 people in the 4 operators and 4 managers who failed to perform their duties.
The script of Strait Innovation has the same as the special information, both of which are fraudulent caused by the acquisition of external assets, but there are differences, Strait Innovation is not the original state-owned enterprise, but Fujian Pingtan State-owned Assets acquired it in 2019.
In 2019, Pingtan State-owned Assets spent 1 billion yuan to buy a controlling stake from Wu Yan, one of the actual controllers.
The acquisition of the equity of a listed company by state-owned assets and the cashing out of the original actual controller were originally very common, but what is unusual is that the purchased company has "dark thunder".
In 2018, more than a year before the acquisition of state-owned assets, Strait Innovation acquired 50% of the shares of a company called "Good Medical Friend".
Whether the acquired company can stimulate the stock price, performance is an important condition, and Good Doctor began to inflate revenue just after consolidating in 2018, and the performance of the 2018 annual report and 2019 semi-annual report were all compiled.
The executor of the fraud is, of course, Huang Henry, the original shareholder of Good Doctor, and in addition to Huang Henry, like the special information, Strait Innovation also has "released water", and the then chairman and chief financial officer and other three people were all identified as "not diligent and conscientious".
Fortunately, the fraud of good doctors only lasted until the first half of 2019, because in the second half of the year, state-owned assets took over, and the channel for fraud was blocked after the takeover.
In April 2020, Strait Innovation made retrospective adjustments and accounting corrections to the 2018 and 2019 annual reports.
In other words, the fraud of Straits Innovation is actually not directly related to state-owned assets, on the contrary, state-owned assets are still counterfeiters.
However, as mentioned earlier, in the rules of the Securities Regulatory Commission, I don't care who you fake, as long as you falsify, you will be punished, so the mistakes made by Huang Henry and other 4 people before are now borne by Strait Innovation.
Two state-owned enterprises, 12 fined personnel, there is no doubt that the golden signboard of state-owned enterprises was screwed up by them.
Of course, these 12 people may be just some of "them", and perhaps there are many more "them" hiding in a corner somewhere.
However, Gray Pigeon firmly believes that under the "zero tolerance" attitude of the state and the China Securities Regulatory Commission, and under the increasingly mature legal supervision of the mainland securities market, all fox tails will eventually be exposed.
As mentioned earlier, the pot should not be borne by "state-owned enterprises", and those "bad guys" who "mix" into state-owned enterprises should be severely punished.