After the fraud was fined, the local government gave a subsidy of 2.77 billion

Big Cat True Detective Agency

2024-05-14 15:05Published in Beijing, creators in the field of finance and economics

Author | Cat brother

Source | Big Cat Finance Pro

Continuous counterfeiting.

In the past two days, the three listed companies of Special Information, Strait Innovation and Huijin Shares have been ST for financial fraud, and the shareholders have scolded them fiercely.

Shareholders can't figure it out, local state-owned companies have begun to cheat, so aren't private enterprises more unscrupulous, then, more than 5,000 companies in the stock market, how many are reassuring?

Entering 2024, the regulatory authorities are indeed not idle, and punishment notices are issued one after another, and the fraud is jaw-dropping:

Xinye Textile has been counterfeiting for 7 consecutive years, inflating profits by 2.4 billion and decreasing by 800 million;

widely known, for 7 and a half consecutive years of fraud, a total of 674 million inflated profits and 469 million fictitious profits;

ST Meishang, for 8 consecutive years, began to falsify before listing, and false records appeared in IPOs, mergers and acquisitions, corporate bonds, and private placements;

Fudan Fuhua has been falsifying for 5 consecutive years, resulting in 11 consecutive years of financial reports, all of which have false records.

There are also various methods of fraud, including inflating revenues, inflating profits, inflating assets, inflating liabilities, returning cash to zero, losing inventory, and fictitious businesses......

After all, the regulatory authorities have a lot of effort to verify, and the means and details of the fraud have to be listed for several pages.

Of course, there are also companies that don't even use their hearts, and directly use simple and rude means to insult IQ.

1. Performance depends on "PS"

In 2019, Hulk, a company mainly engaged in landscaping, wanted to go public to make a profit, so he handed in a beautiful prospectus, and his revenue and profits rose rapidly, so he rushed to be a "big bull stock".

But soon, the company was in its original form, because the regulator went to inspect the site.

Good guys, the regulatory authorities are estimated to be stunned, the Hulk actually directly manipulated the best bank statements, names, abstracts, and detailed accounts, and changed them directly with PS, and this means has a dual purpose, not only to inflate income and profits, but also to cover up related transactions with major shareholders.

I don't bother to do fake accounts, and I still want to go public to make money, which is enough.

2. Hacking

*ST Jinzhou is also a big counterfeiter, and of course there is no shortage of back-breakers.

In its 2019 annual report, a store has a revenue of more than 20 million, but the operating profit is 67 million.

Accounting error, hacker blame, don't know and think that the hacker directly tampered with the statement, the company gave the explanation that the hacker attack locked the set of accounts, the company to redo the set of accounts, and the accounting in the redo, the gold accrued, became the gold issued.

Hackers are the least important part of this logical relationship, but they are directly saddled with the biggest pot.

3. Inventory, "ran away"

The scallops in Zhangzidao ran away, which can be said to be a classic joke in the capital market, and later there was a scallop running back, scallops dying and other scenes, so that the regulatory authorities even used the Beidou satellite system to solve the case.

In 2020, Guangzhou Langqi also got such a show, laundry detergent, and it also ran away.

Langqi said that his inventory worth 572 million was stored in the warehouses of the two companies, but after the storage, he wanted to go to the inventory, and he couldn't carry out it normally every time.

Langqi insisted that he existed in these two warehouses, but the first warehouse said that we did sign a contract, but did not store the goods, and the second directly said that we had not signed a contract with Langqi at all.

Laundry detergent can't always run away with long legs, and it must be people who can do this.

Of course, behind this is inflated income, inflated assets, and of course, there is no lack of criminal offenses.

4. Barren mountain bills

* ST Changfang's Lei, from an acquired subsidiary Kang Mingsheng, the two sides are infighting.

First, Kang Mingsheng's performance gambling was not completed, and second, Kang Mingsheng's financial fraud.

The earliest focus was a rebate of 168 million, which should have been a liability, but it turned out to be a profit, in July 2022, in order to cover up, Kang Mingsheng Company had to destroy the accounting vouchers, ST Changfang called the police, intercepted one car, and the other two cars were still pulled away.

It wasn't until four months later that the police found the original documents on the hillside of the factory of Kang Mingsheng's subsidiary.

It took 2 days just to dig these documents, and the big pit for burying the documents reached 9m*5m*5m, and 377 boxes of documents were dug up, with a time span from 2013 to 2021......

Of course, there are more outrageous ones.

In 2017, Erkang Pharmaceutical's financial fraud was kicked out, and in June 2018, it was fined for financial fraud.

In 2015, Erkang Hong Kong bought 200 tons of modified starch from Erkang Cambodia, and then sold it back to Erkang Pharmaceutical through two middlemen.

In 2016, it was concocted in the same way.

During the fraud period, the Shuai Fangwen family, the boss of Erkang Pharmaceutical, also cashed out many times, with a total amount of more than 1.2 billion.

The amount of this fraud is not large, and the means are not clever, but the story after the incident is a bit beyond expectations.

Financial fraud, so that Erkang's stock price thundered, the equity pledge of the Shuai boss family was at risk, and in February 2019, less than 1 year after the fraud fine, Shuai Boss ushered in a big savior.

The local state-owned assets carried out a "special work to resolve the risk of stock pledge of listed companies", and the local research, no, this can be saved, other 1-400 million, and when it came to the handsome boss, 2.77 billion was directly given, which is more than several combined.

Where does the money from the equity pledge go? Where does the cash-out money go? Didn't say anything. More than 800 shareholders claimed, and more than 70 million were compensated.

Counterfeiters can also have the opportunity to become big rescuers, "whether this is encouraging counterfeiting", no one is sure.

The investigation of financial fraud began with the Yinguangxia incident in 2001.

From the decline of the floppy disk to the food and medicine of Yin Guangxia, becoming China's first blue chip stock, the fraud case, but also from the cowhide blowing start, their claimed production capacity, all the equipment 24 hours a day, can not be produced.

In just 5 days, Yin Guangxia blew himself up and faked.

Since then, financial fraud has been the biggest accident in the stock market, and the number of fraud is getting higher and higher.

In 2018, an accounting error correction directly overturned Kangmei Pharmaceutical's 2017 financial report, the most exaggerated of which was that the monetary funds were directly reduced by nearly 30 billion.

Regulatory investigation, this investigation does not matter, Kangmei Pharmaceutical's underwear was directly picked:

1. From 2016 to 2018, the total inflated operating income was 20.644 billion yuan, and the inflated profit of the film industry was 2.072 billion yuan;

2. From 2016 to 2018, the total amount of inflated monetary funds was 88.68 billion;

3. In 2018, the total assets were increased by 3.605 billion;

4. From 2016 to 2018, a total of 11.619 billion yuan was provided to controlling shareholders;

This also makes Kangmei Pharmaceutical the largest financial fraud case in the history of A-shares.

After the fraud was fined, the local government gave a subsidy of 2.77 billion

The losses of shareholders are very miserable, and the related investor claims are still continuing, of course, the price of counterfeiters is also very large, and Ma Xingtian and Xu Dongjin, the bosses of Kangmei Pharmaceutical, have already entered.

Some people are behind bars, and some people are still "at large", which has to say Jia Yueting.

The listing of LETV,It may be rushing to cut leeks,After all, according to the notice of the regulatory department,LETV went public in 2010,But the financial fraud lasted from 2007 to 2016,2016Is it Jia's conscience?

Of course not, it's just because that year, LETV and the entire LETV system were thunderous.

LeTV Sports and LeTV Pictures have harvested a lot of stars, and the victims can net many big names in the entertainment industry who love investment: Zhang Yimou, Guo Jingming, Sun Honglei, Huang Xiaoming, Li Xiaolu, Feng Shaofeng, Sun Li, Deng Chao, Liu Tao, Qin Lan, Chen He, Jia Nailiang, Huo Siyan.......

Clean sweep.

Then, it is to harvest the real estate bosses of the past, LeTV has pitted Sun Hongbin, an accountant from Jia's hometown, and the overseas FF car project has also harvested Xu Jiayin, who made cars.

In 2021, the China Securities Regulatory Commission issued a fine of 240 million to LeTV, a fine of 241 million to Jia Yueting, and 2.04 billion in related compensation to investors, Jia Yueting also bears joint and several liability, but at this time, Jia Yueting has already left the United States beautifully, "returning to China next week".

Even now, FF is going from listing to delisting, Jia Yueting's sickle still hasn't been put down, and he is still thinking about what to do with personal IP circle money.

What to say, before making a personal IP, let's be a personal first.

However, the good days of "low cost" financial fraud should also come to an end:

1. The amount of fines is getting bigger and bigger, and the general fines have risen from 100,000 to 1 million or even 10 million;

2. The punishment that should be punished, the arrest that should be caught, and the initiator of fraud are becoming more and more "judgmental";

3. The amount of investors' claims is getting bigger and bigger, and billion-level claims are in progress.

Investors should also have some hope.

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