On January 27, the Jinzi Ham Co.Ltd(002515) (002515, SZ) futures traders who could compensate the company for the hedging loss of 55.1053 million yuan within one month were on fire!
The reporter of the daily economic news called Jinzi Ham Co.Ltd(002515) , and the relevant staff said: “according to the relevant regulations of the company, because it is a loss caused by illegal operation, it should be borne in full. The trader is an investor in his family and has the strength to raise funds by himself.”
more than 50 million compensation for traders’ illegal operation
On January 27, an announcement on the progress of commodity futures hedging business attracted the attention of investors.
According to the announcement, after the company opened a futures account, in August last year, traders operated the company’s account to buy pig bullish contracts successively according to the pig hedging plan formulated by the company, and the margin was less than 50 million yuan. However, the spot and futures prices of live pigs continued to show a unilateral downward trend, the company’s account suffered a large amount of floating losses, and the margin shrank sharply.
At the beginning of September last year, the company decided to make physical delivery of all pig futures contracts held by it in the later stage, and supplemented part of the margin. However, due to excessive pessimism about the future market, futures traders closed their positions without approval, resulting in a total loss of 55.1053 million yuan in the company’s account. According to the relevant rules and regulations of the company, the company requires futures traders to bear all responsibilities and pay the corresponding losses to the company’s account before September 30, 2021.
The above company personnel told reporters that there are clear reward and punishment provisions in the company’s rules and regulations. If it is a normal transaction, the company’s profit traders can be rewarded, and the company’s loss traders need to bear half of the loss. If it is a loss caused by illegal operation, it needs to be borne in full by the traders.
Surprisingly, as of September 30, 2021, the company had received 55.1053 million yuan paid by futures traders. Some netizens were surprised that he was a “local tyrant trader”. According to the reporter’s understanding of the company, he learned that the trader’s family did have the strength to raise tens of millions of funds.
missed the opportunity to rebound
However, after the traders paid the compensation, the pig futures market rebounded periodically, began to rise all the way, and returned to the initial position building period within a month. Unfortunately, Jinzi Ham Co.Ltd(002515) did not carry out futures business later.
In this regard, The relevant person of the company responded: “when we do hedging, we only have a deposit of 50 million, so (last year) August is basically within this limit. If you increase your position, it will exceed the limit, which is inconsistent with the information disclosed by the company. After closing your position in September, the fluctuation of the futures market is still relatively large, and the compensation of traders is compensated to the company on September 30, so you can’t build your position in September. After September, the company suspended its business, So we didn’t catch the rebound and rebound stage in October. “
Jinzi Ham Co.Ltd(002515) acknowledged in the announcement that the company failed to timely perform the corresponding disclosure procedures for the loss. At the same time, there are also deviations in the disclosure of accounting statements.
The company said that the management and financial personnel of the company mistook the compensation as the principal of futures hedging and included it in the recovered futures principal due to the deviation in the understanding of the accounting standards related to hedging and lack of experience in its operation. They did not carry out accounting treatment for the investment loss and compensation income, so they did not disclose it in the third quarter report.
On January 27, Jinzi Ham Co.Ltd(002515) corrected the report of the third quarter of 2021, which only affected three accounting subjects. The latest financial report showed that the company’s investment income was adjusted to a loss of 55.1053 million yuan, its operating profit was adjusted to 5.0303 million yuan, and its non operating income was adjusted to 55.1077 million yuan, and the rest remained unchanged.
“During the annual preliminary examination of accountants, the company found problems in the accounting subjects, so it corrected the third quarterly report again.” The above-mentioned person said that the disclosure of the announcement is true and logically reasonable.
In the first three quarters of 2021, Jinzi Ham Co.Ltd(002515) achieved an operating revenue of 401 million yuan, a year-on-year decrease of 17.56%, and a net profit of 56.7992 million yuan, a year-on-year decrease of 38.61%. Up to now, Ren Guilong, the father-in-law of Ren Qifeng, the current chairman and legal representative, is the actual controller and holds 199 million shares of the company. Shi Yanjun is the general manager. The company’s main business is still the production of ham products and traditional meat products such as sausage and bacon.
