Before the Spring Festival, a futures trader of ham first stock Jinzi Ham Co.Ltd(002515) (002515, SZ) closed his position and "cut the meat" without permission, resulting in a huge loss of 55.1053 million yuan, which is almost equal to the net profit of 59.3 million yuan in 2021. To this end, the company requires the trader to take full responsibility.
To the amazement of investors, the trader quickly paid out of his own pocket and replenished the company with the loss of half a billion yuan in three days. for a time, the trader was called "local tyrant trader" by netizens. Everyone is curious. Who is this trader? Where does the huge amount of money come from?
Now these questions have answers. In fact, This "ordinary" trader is not ordinary. His father-in-law is one of the important shareholders of the company. At present, the market value of his shareholding is as high as 185 million yuan; his father-in-law's brother is the founder and President of the company, with a market value of 480 million yuan. in fact, Jinzi Ham Co.Ltd(002515) was the family business of the trader's father-in-law and brother until the actual controller changed. However, at present, the futures trader has been dissuaded.
Futures traders should thank their father-in-law for the 55.1 million compensation. The father-in-law came forward directly and paid off most of the compensation. Due to the lack of time, in order to raise money, he not only sold other stocks he held, but also borrowed money from his friends and brother.
futures spot mismatch
For this event, Jinzi Ham Co.Ltd(002515) said in the announcement on February 11 that due to the lack of deep understanding of the transaction variety and its risk exposure, the company simply selected the pig procurement link of the company to carry out hedging business, and habitually guided the hedging business in the way of spot thinking. Therefore, under the unilateral decline of pig spot and futures in 2021, The failure to achieve the expected goal of hedging has brought profound lessons to the company.
In the selection of futures varieties, the company carries out the hedging business of pig futures, mainly buying lh2203 and lh2111 contracts. From the hedging transactions in 2021 disclosed by Jinzi Ham Co.Ltd(002515) , the company's position in the position under construction was 16300 tons (1017 hands) as of August 31, 2021, which was lower than 2 / 3 of the company's purchase volume in 2020 and the planned purchase volume in 2021.
However, as the spot price of live pigs continued to decline in 2021, the development of the company's brand meat business did not meet expectations, so it did not fully match the actual purchase quantity of the company in the spot market in 2021.
After verification, the annual audit accountant of Tianjian certified public accountants believes that although the compensation paid by futures traders has been received in time according to the relevant assessment measures, which has avoided the actual losses of the company, there are still some internal control defects, such as failing to make timely adjustment according to the market conditions when building positions in the futures market, It leads to deviation from the actual operating demand of the company in a certain period of time.
In addition, the company also has the situation that the accounting treatment of important matters of futures hedging business is wrong or not timely and not disclosed in time.
Jinzi Ham Co.Ltd(002515) made the following explanation for the delay of xinphi: "the main reason is that there is a deviation in the understanding of the accounting standards related to hedging. The received compensation is mistakenly regarded as the principal of futures hedging, which is included in the principal of recovered Futures Guarantee, and there is no account treatment for investment loss and compensation income."
Based on this, the Securities Department of the company believes that this event has no actual impact on the company's operation, has no significant impact on the company's profits, and does not need to perform the obligation of information disclosure, so it has not made information disclosure. Now, the company has realized that its understanding of the accounting standards and information disclosure of financial derivatives transactions for the first time is not perfect, and will effectively strengthen the training and professional ability training of staff.
president and vice president "help" compensate the loss
Recalling the event, Jinzi Ham Co.Ltd(002515) mentioned that last September, the pig futures index continued to decline unilaterally from 16075 points. On September 16, 2021, the pig futures index quickly fell from 14172 points to 13798 points. The company's futures traders were under great pressure and worried about the risk of forced closing of the company's position contracts.
In the morning of that day, the futures trader sold a total of 902 pig contracts without asking for instructions from any member of the futures decision-making group, and tried to rebuild the position at a lower price, resulting in an actual investment loss of about 44.22 million yuan on that day. Finally, the total loss of the company's account was 55.1053 million yuan. Until September 27, the futures trader reported the relevant situation to the company and promised to bear all the losses according to the relevant assessment methods.
Since the implementation of position closing operation in September 2021, the company terminated the trading of commodity futures hedging business. In November, Jinzi Ham Co.Ltd(002515) dissuaded the futures trader and investigated the corresponding responsibilities of the main members of the futures decision-making and working group.
In this regard, the annual audit accountant believes that the company's daily supervision and control of futures traders needs to be strengthened, and the operation authority of futures traders needs to be further controlled and refined. At the same time, the supervision and inspection of futures accounts should be strengthened, and the futures accounts should be reconciled and inspected regularly to find abnormal and illegal transactions in time.
What the market was more concerned about before was that according to the company's reply, futures traders compensated all the money in place within three days, which was really surprising.
As for the specific source of funds for the compensation, Wang Qihui, vice president of the company, told the daily economic news that it was raised by the family. On February 12, the company responded that the funds came from the self owned and self raised funds of the trader and his father-in-law Shi xiongbiao. It is worth mentioning that Shi xiongbiao is a natural person shareholder holding 3.45% of the shares of the company, and Shi Yanjun, Shi xiongbiao's younger brother, is the president, former chairman and former actual controller of the company.
On September 29, 2021, Shi xiongbiao borrowed 41.05 million yuan and 5.95 million yuan from his friend Wang Qihui and brother Shi Yanjun respectively. After that, Shi xiongbiao repaid most of Wang Qihui's arrears through the transfer of shares of other companies he held. As of February 11, 2022, 6.9278 million yuan had not been repaid; At the same time, according to Shi Yanjun's entrustment, he paid 5.7 million yuan for the maintenance of his nephew and returned the difference. As of February 11, 2022, Shi xiongbiao's occupation of Shi Yanjun's funds had been eliminated.
In response to the inquiry about the nature of the compensation transaction, Jinzi Ham Co.Ltd(002515) responded that Shi xiongbiao used his own and self raised funds to help his son-in-law pay the compensation based on his father-in-law rather than his shareholder's identity. This transaction did not constitute an equity transaction. Therefore, the company included the compensation in non operating income and did not use the compensation to adjust profits.
According to the prospectus, Shi xiongbiao was born in 1959 with a junior high school education. From 1978 to 1982, he served in Xuancheng military division of Anhui Province. Later, he began to work as a general worker in Jinhua bleaching and dyeing factory in 1982. After 16 years, he began to work as a production and procurement manager in the production department of Jinhua Ham Co., Ltd. in 1998 and has been working as a procurement manager in the production management department in Jinzi Ham Co.Ltd(002515) since 2008.
According to the latest updated third quarterly report, from January 1, 2021 to September 30, 2021, the company achieved an operating revenue of 401 million yuan, a year-on-year decrease of 17.56%, a net profit of 56.7992 million yuan, a year-on-year decrease of 38.61%, and a basic earnings per share of 0.06 yuan. At present, the share price of Jinzi Ham Co.Ltd(002515) is 5.48 yuan, and the latest market value is 5.361 billion.
