Qilu Network Lightning News October 8, at the end of September, Zaozhuang City Central District People's Court ruled in accordance with the law to approve the reorganization plan of Shandong Yabo Technology Co., Ltd., and terminated the reorganization procedure, the first listed enterprise in Zaozhuang City to achieve "nirvana rebirth" after 157 days of bankruptcy reorganization.
Shandong Yabo Technology Co., Ltd. (hereinafter referred to as Yabo Company), formerly known as Jiangsu Yabaite Technology Co., Ltd., is listed on the Shenzhen Stock Exchange, the stock is referred to as "Yabaite", and is now changed to "*ST Yabo", and the stock code is 002323. The business scope of Yabo Company is: the design and research and development of new materials for metal roofing and wall enclosure systems; software development; installation and commissioning of photovoltaic distributed power station systems; architectural engineering design and consulting; metal plates and supporting materials, hardware products (except electric tricycles), wholesale of photovoltaic distributed power station system components (not involving state-run trade management commodities, involving quotas and licenses, apply for handling in accordance with relevant national regulations). On May 27, 2020, the domicile of Yabo Company was changed from Qingnian West Road in Yancheng City, Jiangsu Province to Donghai Road in Shizhong District, Zaozhuang City, Shandong Province.
Prior to bankruptcy, he was involved in a number of disputes over the liability for fictitious representations of securities
According to the Zaozhuang Shizhong District People's Court, Yabo Company filed a bankruptcy application with the court on April 25, 2021. According to the China Judgment Documents Network, before Yabo Company filed for bankruptcy, it was involved in a number of securities misrepresentation liability disputes.
In the dispute between Shandong Yabo Technology Co., Ltd., Lu Yong and Yang Jing Securities for misrepresentation liability, Yabo Company had repeated acts of inflating profits, and the highest inflated profits accounted for about 73% of the total profits of the current period, resulting in investor losses.
On March 25, 2016, Yabo released the "2015 Annual Report";
On August 18, 2016, Abbott released its 2016 Interim Report;
On October 26, 2016, Jabo released its Third Quarter Report 2016.
On April 8, 2017, based on the three reports released by Yabo, the China Securities Regulatory Commission (hereinafter referred to as the CSRC) decided to file an investigation against the company.
On May 13, 2017, Yabo Company received the "Advance Notice of Administrative Penalties and Market Prohibition" issued by the CSRC, and issued the "Announcement on Receipt", which stated that from 2015 to September 2016, Yabo Company accumulated inflated operating income of about 580 million yuan and inflated profits of nearly 260 million yuan through fictitious overseas engineering projects, fictitious international trade and domestic trade, of which the inflated profit in 2015 accounted for about 73% of the total profit of the current period. In 2016, the inflated profit accounted for about 11% of the total profit of the current period.
The above-mentioned acts of Yabo Company violated the provisions of Articles 63 and 68 of the Securities Law of the People's Republic of China (amended in 2014) and constituted an illegal act stipulated in Article 193, Paragraph 1 of the Securities Law of the People's Republic of China (amended in 2014).
On December 14, 2017, the CSRC issued the (2017) No. 102 Administrative Penalty Decision against 21 responsible personnel including Yabo Company, Lu Yong and Gu Tongli, which stated that after investigation, Yabo Company had the following illegal facts:
I. In 2015, Yabo Company inflated its revenue by fictitious overseas engineering projects by 201.825 million yuan, and correspondingly inflated the operating profit of the current period by 149.6752 million yuan, accounting for 47.09% of the total disclosed profit in the current period. Shandong Yabaite Technology Co., Ltd. (hereinafter referred to as Shandong Yabaite Company) through the signing of the "Multan Metro Bus Project Construction Construction Contract", fictitious Multan Metro Bus Project, using the company arranged by Li Mousong to build a capital cycle, create the illusion of overseas payment collection, and at the same time forge the engineering progress list, labor cost calculation list, material cost and other related information of the Multan Project, arrange the relevant personnel of the company to be responsible for the project-related construction, and transport the customs declaration and export to Pakistan's building materials to Hong Kong. Then arrange for the relevant companies to import the goods back to China to create the illusion of project construction.
Second, in 2015, Yabo Company inflated its income by 18.5294 million yuan in the form of fictitious building materials export trade, and correspondingly inflated the operating profit of the current period by 14.0293 million yuan, accounting for 4.41% of the total disclosed profit in the current period. Shandong Yabaite Company, through AG-M International, forged a false contract for the export of building materials to ship goods declared for export to Angola to Hong Kong, which was then imported back to China by its affiliates.
3. From 2015 to September 2016, Yabo Company inflated its revenue by fictitious domestic building materials trade by 362.7748 million yuan. Among them, in 2015, the inflated income was 261.4724 million yuan, and the corresponding inflated profit of the year was 68.5589 million yuan, accounting for 21.57% of the total disclosed profit in the current period; from January to September 2016, the inflated income was 101.3024 million yuan, and the corresponding inflated profit was 24.2377 million yuan, accounting for 19.74% of the total disclosed profit in the current period. Shandong Yabaite Company uses the company it controls or arranges to sign a purchase and sale contract without real demand, forge the warehouse entry and exit vouchers, and forge the "real" capital flow and fictitious domestic building materials trade by part of the sales customer's bank account and paying it a certain capital channel fee.
In summary, from 2015 to September 2016, Yabo Company inflated its operating income by 583.1241 million yuan and profit by 256.5011 million yuan by fictitious overseas engineering projects, fictitious building materials export trade and fictitious domestic building materials trade. In March 2016, August 2016 and October 2016, Yabo announced that there were false records in the 2015 annual report, the 2016 interim report and the third quarter report in 2016.
The Jiangsu Provincial High People's Court found that there was a causal relationship between Yabo's misrepresentation behavior and some of the investment losses claimed by Yang Jing, and the amount of loss determined by the court after accounting for the investment losses claimed by Yang Jing and deducting 20% of the system risk ratio was 29403.57 yuan, and Yabo Company should bear the liability for compensation.
On April 25, 2021, Yabo Company submitted a bankruptcy application to the Zaozhuang Intermediate People's Court on the grounds that its wholly-owned subsidiary, Shandong Yabaite, was unable to pay off its debts as they fell due and obviously lacked solvency, and the Zaozhuang Intermediate People's Court accepted the bankruptcy application of Yabo Company and transferred it to the Shizhong District People's Court for trial according to law.
On 27 April 2021, the Company's shares (*ST) were subject to delisting risk warning due to the provisions of Article 14.4.1(7) of the Stock Listing Rules, and if the Company is declared bankrupt, the Company's shares will face the risk of being terminated in accordance with Article 14.4.17 (6) of the Stock Listing Rules.
As of April 30, 2021, the Company's net profit before and after non-recurring gains and losses for the last three fiscal years was negative, and the most recent year's audit report showed uncertainty about the Company's ability to continue as a going concern. Touching the provisions of Article 13.3(6) of the Rules Governing the Listing of Stocks, other risk warnings will be superimposed from the opening of the market on the same day.
On May 8, 2021, the People's Court of Zaozhuang Shizhong District issued the (2021) Lu 0402 Breaking No. 3-1 Announcement. The Announcement states that the creditors of Shandong Yabo Technology Co., Ltd. shall declare their claims to the administrator before 15 June 2021, and the first creditors' meeting of the Yabo Shares Bankruptcy Reorganization Case is scheduled to be held at 9:30 a.m. on June 18, 2021.
Bankruptcy for 157 days The court was in action
In order to promote the construction of a law-based business environment and save the "sick enterprises" to the greatest extent, the Zaozhuang Municipal Central District Court quickly launched the "government-court" linkage mechanism for bankruptcy trials, sought practical policies, made practical contributions, and sought practical results, which effectively promoted the smooth progress of bankruptcy reorganization.
The case involved a large number of creditors, and in order to implement the epidemic prevention and control work, the district court held a creditors' meeting in the form of an online form. 1277 creditors distributed throughout the country participated in the creditors' meeting online through the National Enterprise Bankruptcy and Reorganization Case Information Network, and they could attend the meeting online, view the meeting documents, ask questions in real time and vote without leaving home, fully protecting the creditors' right to know, participate and vote, and effectively reducing the cost of participation.
Abbott Co., Ltd. is a wholly-owned subsidiary of Abbott Co., Ltd., with frequent capital exchanges and high business correlation between the two companies. After Yabaite Co., Ltd. entered the bankruptcy reorganization procedure, in order to save and integrate resources, improve judicial efficiency, and avoid harming the interests of creditors, the Municipal Central District Court reorganized the debtors together, and in just over 5 months, the successful reorganization of Yabo Co., Ltd. and its subsidiaries was realized, and the new model of reorganization of affiliated companies was implemented with high efficiency and high quality.
After assessment, Under the state of bankruptcy liquidation, the repayment rate of ordinary creditors is only 10.57%. To this end, the Municipal Central District Court explored the establishment of a special protection mechanism for "weak claims", increased the protection of small claims and small and medium-sized investors, and paid off the creditors with a debt amount of less than 500,000 yuan in cash, and the employee claims of Yabo Co., Ltd., the guaranteed claims of Yabaite Co., Ltd. and the claims of employees were all 100% repaid, and more than 1,000 creditors reaped a full sense of happiness.
In the face of the huge debts of Yabo Co., Ltd. and the current situation of low liquidity of assets, the Zaozhuang City Central District Government and the Municipal Central District Court actively sought investors for enterprises, successfully introduced Shandong Quanxing Technology Co., Ltd. as a strategic investor, promoted the return of Yabo Co., Ltd. to the market with a new look, boosted the confidence of investors and entrepreneurs, and gave full play to the role of bankruptcy system services in ensuring high-quality social and economic development. On September 29, the shares of Yabo Co., Ltd. rose sharply in the A version of the Shenzhen Stock Exchange, and rose on the day of the successful bankruptcy reorganization.
Lightning News reporter Lang Kun reported