Reporter Fei Guohai
A year after being investigated, the dust has settled on the information disclosure violation case of ST Baling (002592), an A-share listed company. The "Investment Express" reporter noted that because of the failure to truthfully disclose the subsidiary's illegal external guarantee and major related party transactions in the regular report, ST Baling and 4 responsible persons were ordered to make corrections, give warnings and imposed an administrative penalty of 8 million yuan by the Guangxi Securities Regulatory Bureau. Wu Lijun, a lawyer at Shanghai Oriental Cambridge Law Firm who is responsible for handling st. Baling shareholders' claims, reminded that investors who bought Baling Technology between October 28, 2019 and May 22, 2020, and still held the rights and interests of the shares after the end of the period, can add WeChat jiti515 to send names, telephone numbers, stock names, and quantities to submit an application for compensation, after which their team has submitted a complaint to the court on behalf of some shareholders.
Shareholders are fined for violating guarantees and illegally appropriating funds
After hours on September 2, 2021, ST Baling announced that it had received the Administrative Penalty Decision letter from the Guangxi Securities Regulatory Bureau. After investigation, Wang Anxiang, a shareholder and associated natural person of Baling Technology, chairman and general manager of Hongrun Tianyuan, borrowed a total of 466 million yuan from Hu Mouhuan twice in October 2019 and January 2020 to replace the above defective assets in order to solve the problem of 476 million yuan of defective assets before hongrun Tianyuan was acquired by Baling Technology. Hainan Hongtian, a subsidiary of Hongrun Tianyuan, deposited the above loans into three certificates of deposit, signed a pledge contract for the rights of the certificate of deposit with two bank opening banks, and provided a guarantee of 466 million yuan for the debts stipulated in the bank acceptance agreement signed by Hu Mouhuan's designated company and the bank. After the certificate of deposit expired, due to Wang Anxiang's failure to arrange funds to pay off debts, all the deposits of 466 million yuan were transferred by the pledgee, resulting in a major loss of funds of the listed company.
The Guangxi Securities Regulatory Bureau determined that Hainan Hongtian's external guarantee without the review procedures of the listed company constituted a guarantee in violation of the law. Wang Anxiang illegally used the funds of the listed company to provide financial assistance for his personal loans through collusion with others, resulting in the transfer of the listed company's resources and obligations, constituting a related party transaction and forming a non-operating capital occupation by a related party. For the above matters, Baling Technology did not truthfully disclose the 2019 annual report and the 2020 first quarter report released on April 30, 2020 in accordance with the relevant provisions of the listed company's xinpi.
The Guangxi Securities Regulatory Bureau decided in accordance with the law to order Baling Technology to make corrections, give a warning and impose a fine of 2 million yuan; Wang Anxiang was given a warning and fined 2 million yuan; Gu Yu, chairman and general manager of Baling Technology, Huang Shengtian, financial director, and Huang Yuan, deputy general manager and secretary of the board of directors, who failed to prove their diligence and responsibility, were given warnings and fined 2 million yuan, 1 million yuan and 1 million yuan respectively.
Funds lost in violation of the guarantee have not been recovered
In fact, Wang Anxiang's appropriation does not stop there. The announcement shows that as early as April 2019 before the merger, Hongrun Tianyuan paid a transaction of 42 million yuan to Dixiu Trading Company, which had no actual business dealings, the essence of which was that Hongrun Tianyuan repaid the loan by Gemma Health, which was actually controlled by Wang Anxiang on behalf of Hongrun Tianyuan; From December 2019 to January 2020, Hongrun Tianyuan paid an advance payment of 32.804 million yuan to Anjiema Company, which was actually controlled by Wang Anxiang, for procurement business that did not actually occur. Together with a transaction of RMB1,098,600 incurred in December 2018, Wang Anxiang and his affiliates non-operationally appropriated the funds of Hongrun Tianyuan and its subsidiaries totaling approximately RMB542 million. As of September 2 this year, Wang Anxiang had not returned the above-mentioned funds occupied.
ST Baling reminds that due to the fact that the lost funds of the illegal guarantee have not been recovered, the company does not meet the conditions for applying for the revocation of other risk warnings; The continuous deterioration of the debts of Wang Anxiang and his related parties involves huge overdue and numerous litigation disputes, the known assets under his name have basically been seized and frozen, and they have basically lost their ability to actively repay debts, there is a risk that Hongrun Tianyuan and its subsidiaries cannot continue to operate, the occupied funds cannot be recovered, and the risk that Hongrun Tianyuan's performance commitments cannot be fulfilled and the equity transfer cannot be finally implemented, and there is also a risk that the listed company's share repurchase plan in 2021 cannot be implemented.
The shareholders' lawsuit has been accepted by the court
According to the data, Baling Technology was listed in November 2011, mainly engaged in auto parts manufacturing, cultural performance, cell technology and health management services. In 2019 and 2020, the company's cumulative loss was 1.091 billion yuan. In the first half of 2021, the company's net profit was 183.0698 million yuan, mainly contributed by the compensation for land collection and storage of 152 million yuan (after tax), deducting only 26.4015 million yuan of non-net profit, and the net assets per share at the end of the period were 3.10 yuan, compared with 5.11 yuan in the same period last year. As of June 30 this year, the company's shareholders were 42,328.
It is worth noting that since September last year, the civil claim of investors suing ST Baling for false statements has been accepted by the Intermediate People's Court of Nanning City, Guangxi Province. The lawyer reminded that at the end of June 2020, the total number of shareholders of the company was 21,241, of which investors who met the conditions for claims could log on to the "Pursuit of Winning Lawsuits Network" or register for legal action to obtain compensation through email [email protected] and WeChat jiti515. In the secondary market, ST Baling's stock price broke through in February this year, and the lowest fell to a new low of 2.55 yuan. Yesterday, the company's stock price closed at 8.15 yuan, only a quarter of the high point of the 2019 stage, and the latest market value was 2.309 billion yuan, less than 10% of the historical peak of more than 25 billion yuan in 2015.