On May 13, A-share Strait Innovation, Huijin Shares, and Special Information were suspended for one day due to the implementation of "other risk warnings", that is, the implementation of "ST".
Specifically, the 2018 annual report of Strait Innovation inflated the operating income by 75.3369 million yuan, accounting for 12.49% of the disclosed amount in the current period, and the 2019 semi-annual report inflated the operating income by 47.1227 million yuan, accounting for 17.17% of the disclosed amount in the current period;
The situation of Huijin shares is: 1. There are false records in the 2021 annual report, and the fair value change profit and loss is incorrectly calculated, which affects the total profit of 6.8266 million yuan in 2021, accounting for 10.04% of the total profit before correction; The failure to provide for credit impairment losses in accordance with the disclosed accounting policies affected the total profit of 8.4186 million yuan in 2021, accounting for 12.38% of the total profit before correction. 2. Failure to disclose material matters as required.
In order to fulfill its performance commitments, the subsidiary, Tefa Dongzhi, inflated revenue, inflated or inflated operating costs and profits by adjusting operating costs across periods, fictitious business, etc., resulting in an inflated increase in the company's total profits from 2015 to 2018 and a fictitious decrease in the total profits in 2019, and false records in the annual reports disclosed by the company from 2015 to 2019.
It is very unfortunate that the major shareholders of the above three listed companies are all local state-owned backgrounds.
The actual controller of Straits Innovation is the State-owned Assets Management Bureau of Pingtan Comprehensive Pilot Zone, with a shareholding ratio of 31.78%; The actual controller of Huijin shares is the State-owned Assets Supervision and Administration Commission of Handan Municipal People's Government, with a shareholding ratio of 28.93%; The actual controller of the special information is the Shenzhen Municipal State-owned Assets Supervision and Administration Bureau, with a shareholding ratio of 23.45%!
Coincidentally, on May 13, the major media stabbed out a big thunder, the matter of Jin Tongling for 6 consecutive years of fraud, Dahua accounting firm was suspended from securities service business for 6 months, Huaxi Securities was taken by the Jiangsu Securities Regulatory Bureau to suspend the sponsorship business qualification for 6 months due diligence in the practice of Jin Tongling's non-public issuance of shares in the practice of the sponsorship project, and there were false records in the sponsorship letter for the issuance of shares to specific objects.
Jin Tongling's situation is that in the four years of 2017, 2018, 2021, and 2022, the revenue was inflated by 501 million yuan, 550 million yuan, 68.9307 million yuan, and 15.3085 million yuan, and the net profit was inflated by 146 million yuan, 148 million yuan, 73.9871 million yuan, and 43.3273 million yuan; In 2019, the net operating income was 197 million yuan, and the net profit was 38.5277 million yuan, and in 2020, the revenue was 5.3768 million yuan, and the total profit was 57.3008 million yuan.
It should be pointed out that the Jiangsu Securities Regulatory Bureau has made a "fine of three glasses" punishment on Jin Tongling in January 2024, and whether to further trace Jin Tongling after the introduction of the new "National Nine Articles" has become the focus of investors' attention.
It is worth mentioning that the largest shareholder of Jin Tongling is also the local State-owned Assets Supervision and Administration Commission, and the actual controller is the State-owned Assets Supervision and Administration Commission of the Nantong Municipal People's Government, with a shareholding ratio of 27.88%!
We can't help but ask, why has the background of state-owned assets become the hardest hit area of financial fraud?
Because the background of state-owned assets is stronger, the specific operators themselves are easy to misjudge the situation, and it is easier to breed a hotbed of counterfeiting.
To put it bluntly, the current reform has entered the deep water area, "the revolution has been revolutionized on its head", and the mainstream media like to use "black sheep" and "zombie shells" to accelerate the clearance to describe the impact of the new "National Nine Articles" on A-shares. As everyone knows, among the large number of delisted stocks, state-owned backgrounds account for a considerable proportion.
Under the A-share ecosystem in the new era, how to activate state-owned listed companies also faces many challenges.
According to years of observation and experience, the reason why A-shares have been "difficult to retreat" for a long time, and the situation of re-listing after withdrawal is that most of the listed companies with state-owned backgrounds are listed. Whether this round of liquidation can be accelerated is a key indicator of whether this reform can be successful, and ultimately depends on the determination of the management, after all, the vital interests of some people have been involved.
The "Yikang" in the notorious "Liangkang Incident" is still in the process of trading, and some investors are still looking forward to when they will be able to take off their hats, which fully shows that the market mechanism is far from being mature, and investors are even more immature.
Only by having the courage to revolutionize ourselves can we truly achieve the great victory of this reform.