” Muyuan Foods Co.Ltd(002714) involves the risk of financial fraud, which should be thundering soon”. Recently, China Merchants Securities Co.Ltd(600999) customer manager’s words pushed “pig grass” Muyuan Foods Co.Ltd(002714) and China Merchants Securities Co.Ltd(600999) to the forefront of the storm.
On December 9, China Merchants Securities Co.Ltd(600999) responded on the e interactive platform of Shanghai Securities Exchange on the suspected financial fraud of Muyuan Foods Co.Ltd(002714) published by customer manager Yang in wechat group, saying that his risk warning of Muyuan Foods Co.Ltd(002714) was groundless, and the company had suspended the employee and held him seriously accountable.
account managers of securities companies “remind” Muyuan Foods Co.Ltd(002714) financial fraud
Let’s see what’s going on?
It turned out that recently, China Merchants Securities Co.Ltd(600999) account manager Yang “reminded” the group friends who hold Muyuan Foods Co.Ltd(002714) to pay attention to the risks in the ” China Merchants Securities Co.Ltd(600999) communication group”, and said that Muyuan Foods Co.Ltd(002714) “involves the risk of financial fraud, which should be a thunderstorm soon”. From the screenshot, there are more than 100 people in the wechat group.
Yang’s speech in wechat group was on November 26. On December 3, investors asked Muyuan Foods Co.Ltd(002714) about the authenticity of the content proposed in the screenshot on the interactive platform. Muyuan Foods Co.Ltd(002714) said that it was untrue. The company’s production, operation and liquidity were normal, and there was no major information that should be disclosed but not disclosed. At the same time, Muyuan Foods Co.Ltd(002714) expressed strong condemnation of such acts and reserved the right to investigate the legal responsibility of the parties.
Yang then clarified in the wechat group, calling the news he said Muyuan Foods Co.Ltd(002714) hearsay. However, despite the explanations given by Muyuan Foods Co.Ltd(002714) and Yang, the share price of Muyuan Foods Co.Ltd(002714) still fell significantly.
On November 26, Muyuan Foods Co.Ltd(002714) share price fell by 2.2%. Then the company’s share price fell for several days and reached a short-term low on December 7. In just eight trading days, the company’s share price fell by 10% and the market value evaporated by more than 10 billion yuan.
the employee involved was suspended
China Merchants Securities Co.Ltd(600999) : serious accountability
A few days later, on December 9, China Merchants Securities Co.Ltd(600999) responded publicly.
China Merchants Securities Co.Ltd(600999) said that the company has always attached great importance to compliance management and prohibited employees from providing investment advice based on false information, insider information or market rumors. Yang, the customer manager of the sales department, violated the company’s regulations and released groundless information about Muyuan Foods Co.Ltd(002714) in the wechat group without authorization. Afterwards, he has made clarification in the wechat group. The company has suspended the employee and held him seriously accountable.
Business tickets of 32 subsidiaries of Muyuan Foods Co.Ltd(002714) are overdue
However, one wave is not flat and another wave rises again. The Muyuan Foods Co.Ltd(002714) just got out of the storm of “financial fraud” has another thing.
Recently, Shanghai Stock Exchange publicized the list of continuous overdue (as of November 30, 2021). From August 1 to November 30, 2021, Muyuan Foods Co.Ltd(002714) a total of 32 subsidiaries were overdue in payment.
As soon as the news came out, it shocked the market. Why did Muyuan Foods Co.Ltd(002714) with 9.95 billion yuan of monetary funds in the third quarterly report default?
On December 7, Muyuan Foods Co.Ltd(002714) responded to the announcement. As of November 30, 2021, 23 subsidiaries had completed the cashing of all overdue commercial bills, and 9 subsidiaries had overdue payments, totaling RMB 17.0727 million; As of December 6, the outstanding commercial acceptance bills of 9 subsidiaries totaled 7.5598 million yuan.
For the overdue payment of 32 subsidiaries, Muyuan Foods Co.Ltd(002714) explained on December 8 that the company did not receive the effective prompt payment application from some holders in time, or the clearing method selected by the holders did not meet the bank’s requirements. In addition, through active communication between the company, the holder and the bank, up to now, all the above-mentioned commercial acceptance bills of RMB 7.5598 million have been cashed.
Muyuan Foods Co.Ltd(002714) also said that the company will continue to optimize business processes, further strengthen internal management, maintain active communication with banks and ticket holders, and avoid the recurrence of similar events.
is not the first time that fraud has been questioned
It is worth noting that Muyuan Foods Co.Ltd(002714) is not the first time to be questioned for fraud.
On March 13 this year, the network big V “chivalrous shadow of heaven and earth” published “is mu Yuanhui thunder?” The article questioned a number of financial data of Muyuan Foods Co.Ltd(002714) and therefore attracted regulatory inquiries about Muyuan Foods Co.Ltd(002714) .
A few days later, Muyuan Foods Co.Ltd(002714) replied on page 33 and made a more detailed response to the significantly higher gross profit margin than peers, the low roe of minority shareholders, the necessity of related party transactions with controlling shareholders, and the heavy asset model.
Muyuan Foods Co.Ltd(002714) said that compared with listed companies in the same industry, during the reporting period, the company’s pig breeding adopted the “full self-supporting, full chain and intelligent” breeding mode, while most listed companies in the same industry adopted the surrogate breeding mode. Due to the adoption of the production mode of “company + farmers”, the surrogate maintenance mode has the characteristics of “neglecting assets”; The full autotrophic model requires the company to independently invest in the construction of pig farms. Therefore, compared with listed companies in the same industry, the company’s fixed assets account for a higher proportion of operating revenue and the turnover rate of fixed assets is lower.
In addition, the difference in the turnover rate of fixed assets and the proportion of fixed assets in operating income between the company and listed companies in the same industry is mainly due to the obvious differences in the composition of the company’s main business and pig breeding mode between the company and listed companies in the same industry.
(China Fund News)
