bartopvideopokermachinesforsale| ST Changkang is caught in the quagmire of huge capital occupation and illegal guarantees. Three independent directors jointly issued a letter of supervision
editor 2024-05-18 10:16:11 Home 70
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In view of the huge amount of funds occupied by the company and illegal guaranteeBartopvideopokermachinesforsaleThree independent directors of ST Changkang (rights protection) showed their swords to the company and related parties.
On May 17, ST Changkang announced that the company recently received a "supervision letter" submitted to the company by three independent directors, Zhang Zhiqing, Shu Zhitang and Xia Zhenhua. The three independent directors remind the company and relevant shareholders to properly solve the problem of non-operating occupation of funds by the controlling shareholders and their related parties, and require the company to urge the relevant parties to actively raise funds to repay the occupied funds as soon as possible, so as to eliminate the adverse impact on the company.
In addition, with regard to the issue of the company's illegal guarantee, the three independent directors urged the company to immediately stop such acts, clean up and correct them in accordance with the rules and regulations, and hold the relevant responsible persons accountable to ensure the legal compliance of the company's external guarantee behavior.
"recently, the controlling shareholder has repaid 1Bartopvideopokermachinesforsale40 million yuan occupied funds, the company is actively promoting the recovery of the remaining occupied funds. In the subsequent annual report inquiry letter reply announcement, we will also make relevant disclosure on the progress of the occupation of funds. " ST Changkang Securities Department staff told the Securities Daily.
Huge amount of funds occupied by controlling shareholders
On April 30th this year, ST Changkang suddenly exposed that the company had huge capital occupation and illegal guarantee problems in 2023 and the first four months of 2024.
According to the 2023 annual report disclosed by the company on the same day, as of December 31, 2023, the controlling shareholder Changjiang Runfa Group Co., Ltd. (hereinafter referred to as "Changjiang Runfa Group") has a balance of 292 million yuan for non-operating funds of listed companies through capital transfer, and 31.0503 million yuan for non-operating funds through financial leasing business. 1.319 billion yuan of non-operating funds are formed by discounting commercial acceptance bills. As of December 31, 2023, the balance of non-operating funds occupied by Changjiang Runfa Group and its related parties totaled 1.642 billion yuan. For the reasons for the occupation of non-operating funds by the controlling shareholders, ST Changkang said in the announcement that "because of the lack of working capital".
Data show that as of the date of issuance of the annual audit report in 2023 (April 30, 2024), the balance of non-operating funds occupied by controlling shareholders and related parties is 3.625 billion yuan. This means that in the first four months of 2024, the controlling shareholders and related parties will add 1.983 billion yuan to the non-operating funds of listed companies.
In addition, there are also illegal guarantee matters exposed together. According to the annual report, on December 26, 2023, Jilin Hanhe Industrial Co., Ltd. issued an electronic bank acceptance bill to the company's controlling shareholder, Changjiang Runfa Group, with a face value of 500 million yuan and an acceptance period of 6 months. Jiang Runfa (Zhangjiagang) Machinery Co., Ltd., director of ST Changkangzi Company, provided pledge guarantee for the drawing of the above-mentioned bank acceptance bill with its 500 million yuan 3-year fixed deposit certificate of Jilin Bank, which failed to go through the examination and approval procedures.
After the related matters were exposed, the share price of ST Changkang plummeted. From May 6 to May 17, the company's shares fell by their daily limit for 10 consecutive trading days, with a cumulative decline of 39.79%. By the close of trading on May 17, ST Changkang had fallen to 1.71 yuan per share.
"listed companies must strictly follow legal procedures for the examination of external guarantees and related transactions and perform their obligations of information disclosure in a timely manner. If the amount of illegal guarantee and capital occupation of a listed company meets the prescribed information disclosure standards, as an information disclosure obligor, the company needs to disclose to the public within two trading days after the transaction occurs. Failure to perform the letter-wearing obligation in accordance with the provisions will constitute a false statement. " Wang Zhibin, a lawyer from Shanghai Minglun Law firm, said in an interview with the Securities Daily.
All parties urge that the problem be properly resolved as soon as possible.
To correct the chaos of the occupation of funds, the regulatory authorities launched a heavy blow. On May 11, ST Changkang issued a notice saying that the company received an order to correct measures issued by Jiangsu Securities Supervision Bureau on May 10. Jiangsu Securities Regulatory Bureau shall take administrative supervision measures to correct the non-operating occupation of funds by the company's controlling shareholder, Changjiang Runfa Group and its related parties, which shall be recorded in the integrity files of the securities and futures market. It is required that ST Changkang should take positive measures to urge Changjiang Runfa Group and its related parties to return the occupied funds within a time limit to safeguard the interests of listed companies and minority shareholders, and that Changjiang Runfa Group and its related parties should actively raise funds to repay the funds occupied by ST Changkang.
On May 10, the Shenzhen Stock Exchange simultaneously issued a letter of concern, requiring the company to attach great importance to it and urge the Yangtze River Runfa Group to return the occupied funds within the prescribed time limit in strict accordance with the requirements of the ordered corrective measures, so as to safeguard the interests of listed companies and minority shareholders. At the same time, the Yangtze River Runfa Group should earnestly fulfill its main responsibility and actively repay the occupied funds.
If the company fails to collect the occupied funds within six months in accordance with the requirements of the order and correction, the Shenzhen Stock Exchange will suspend the trading of the company's shares, and if the rectification has not been completed within two months after the suspension, the Shenzhen Stock Exchange will implement a delisting risk warning for the company's stock trading. If the rectification has not been completed within the next two months, the Shenzhen Stock Exchange will decide to terminate the listing of the company's shares.
In addition to supervision and supervision, the three independent directors said in the supervision letter: "after sending the letter, we will go to the company's business premises every other week or irregularly to supervise and inspect the implementation of the rectification and reform of the above problems. To ensure that the level of corporate governance can be effectively improved and effectively control corporate risks. At the same time, we also expect the company to achieve substantial results in the rectification and reform of the above matters in the short term, and respond to the concerns of the market and investors with practical actions. "
"the independent director sends a supervision letter to the company, which is a supervision of the relevant follow-up work after the occurrence of violations. As for the occurrence of violations, it is difficult to judge whether the independent directors have fulfilled the corresponding duty of diligence. " Wang Zhibin said.
(source: Securities Daily)