Deluxe Family Co.Ltd(600503) there are new doubts in the old case. Some informants say that “niusan” Chen Jie, who is well known by secondary market investors, or is involved in insider trading, is a very important beneficiary and participant in the case of ” Deluxe Family Co.Ltd(600503) ” stock price surge manipulated by Xu Xiang.
A “farce” brought back Xu Xiang, the “private placement brother” who had no news for a long time after he was released from prison.
Xu Xiang’s reappearance is related to the Wenfeng Great World Chain Development Corporation(601010) acquisition of the assets of major shareholders. On November 18, Wenfeng Great World Chain Development Corporation(601010) announced that the subsidiary plans to pay 538 million yuan in cash to acquire four automobile sales and service companies from the major shareholder Wenfeng group. Three of the four target companies have losses, and the profit is negative in the performance commitment. In this regard, Xu Xiang criticized late at night, and the Shanghai Stock Exchange also issued an inquiry letter overnight.
On the surface, Xu Xiang’s voice seems to be to prevent major shareholders from cutting investors’ leeks, but the dramatic change in attitude a few days later is inexplicable and surprising.
In November 22nd, the Wenfeng group’s official account, Wenfeng Great World Chain Development Corporation(601010) group, “Jiangsu Wenfeng group” issued a joint statement on Wenfeng Great World Chain Development Corporation(601010) acquisition (hereinafter referred to as the statement). “Recently, Wenfeng Group Co., Ltd. has had friendly and in-depth communication and exchange with Mr. Xu Xiang. Wenfeng group respects Mr. Xu Xiang’s professional opinions and Mr. Xu Xiang supports the transformation and upgrading of Wenfeng Great World Chain Development Corporation(601010) . Both parties agree that Wenfeng Great World Chain Development Corporation(601010) will further optimize and adjust the acquisition plan and resubmit it to the regulatory authority for review after the plan is improved,” the statement said
The story reversed again. On the night after the issuance of the joint statement supporting the acquisition, Wenfeng Great World Chain Development Corporation(601010) suddenly issued the announcement of “terminating the equity and related party transactions to be purchased by the wholly-owned subsidiary”. Surprisingly, on the second day after the announcement, that is, on November 23, the share price opened the limit.
In addition to the opening limit of Wenfeng Great World Chain Development Corporation(601010) share price on the 23rd, many “Xu Xiang concept stocks” also rose together. Such a strange situation can not help but remind people of the time when Xu Xiang manipulated stocks: whenever Xu Xiang acted in which stocks, “Xu Xiang concept stocks” often danced in the wind. Of course, at present, most “Xu Xiang concept stocks” have been returned to their original form after Xu Xiang was jailed for insider trading and stock manipulation in 2016.
Among the many listed companies suspected of insider trading manipulated by Xu Xiang, Deluxe Family Co.Ltd(600503) is one of the earliest companies involved in insider trading by Xu Xiang. Zexi investment, which is in charge of Xu Xiangyuan, is still its second largest shareholder. According to informed sources, Wang Weilin, the former chairman of Deluxe Family Co.Ltd(600503) and Wang Dong, the former chairman of Shanghai Nanjiang (Group) Co., Ltd. (hereinafter referred to as “Nanjiang group”), the major shareholder, were successively punished for the Xu Xiang incident.
Just recently, the reporter of red weekly received a report from the informant Zhang Ting (a pseudonym), saying that the famous “niusan” Chen Jie is likely to be one of the persons involved, and he is also a very important beneficiary and participant in the ” Deluxe Family Co.Ltd(600503) ” stock manipulated by Xu Xiang.
“Niu San” Chen Jie borrows the name of “Zhou Haihong”
present Deluxe Family Co.Ltd(600503) list of shareholders
According to public information, the former chairman of Deluxe Family Co.Ltd(600503) major shareholder Nanjiang group was Wang Dong (quit in 2016), who was the former president of China Kejian Co., Ltd. and the actual controller of St Xinzhi ( Deluxe Family Co.Ltd(600503) ), and had an old acquaintance with “Niu San” Chen Jie reported by the informant this time. As early as 2009, Wang Dong and Chen Jie had some cooperation, and just because there was an intersection between the two sides, on the eve of the implementation of the Deluxe Family Co.Ltd(600503) 1.7 billion fixed growth project in 2014, Chen Jie, brokered by Wang Dong, participated in the fixed growth project led by Xu Xiang at a price of 3.67 yuan.
Chen Jie was suspected of violating laws and regulations during his tenure as a director of “Chengde road” (now “Dongfeng B retreat”), and the CSRC conducted a case investigation on “Chengde road” (now “Dongfeng B retreat”) in 2013. Or in order to avoid unnecessary trouble, Chen Jie did not use his real name in the process of Deluxe Family Co.Ltd(600503) additional issuance, but used the account of “Zhou Haihong” for trading.
According to the informant, Zhou Haihong is a member of Chen Jie’s team. According to tianyancha data, Chen Jie established Shanghai Yuchuan Investment Management Co., Ltd. on August 22, 2012 and served as executive director and general manager. Or because of the Xu Xiang incident, Chen Jie cancelled the company on March 24, 2016 in order to avoid being implicated. On March 21 before the cancellation, the company filed the members of the liquidation group, of which Chen Jie was the person in charge and Zhou Haihong was the member of the liquidation group.
On the day of the fixed increase, Zhou Haihong (Chen Jie’s “vest”) subscribed 55 million shares, with a subscription amount of 201.85 million yuan, becoming the fifth largest shareholder of Deluxe Family Co.Ltd(600503) . At the same time, Hu Yue (Xu Xiang’s “vest”) subscribed 50 million shares, with a subscription amount of 1835 million yuan, becoming the eighth largest shareholder of Deluxe Family Co.Ltd(600503) . Of course, the most striking is the first subscription object. The “Zexi investment” headed by Xu Xiang subscribed 90 million shares and became the second largest shareholder of Deluxe Family Co.Ltd(600503) . It was also under the joint operation of Xu Xiang and other makers that the share price of Deluxe Family Co.Ltd(600503) continued to soar in the follow-up time with the announcement of listed companies.
On November 18, 2014, Deluxe Family Co.Ltd(600503) the 8th meeting of the 5th board of directors deliberated and adopted the regulation on adjusting the company’s business scope and revising
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The motion of the. On December 18 of the same year, Deluxe Family Co.Ltd(600503) officially completed the industrial and commercial change procedures, and the business scope focusing on real estate development and operation was changed to “equity investment management, industrial investment, investment consulting and management”. During this period, the share price rose by about 20%.
On January 8 of the following year, Deluxe Family Co.Ltd(600503) signed the near space vehicle cooperation agreement with the near space vehicle team. In the agreement, the company said that it was optimistic about the development prospect and development space of near space vehicles, and would invest 480 million yuan in this field in the next two years. On the day of the news release, the share price rose 4.34%.
On January 20, 2015, Deluxe Family Co.Ltd(600503) also issued the announcement of “suspension of trading of major events”, saying that “as of the date of this announcement, the company is discussing the private placement of shares for financing, which will invest in the near space vehicle project, purchase the shares of Beijing graphene holding group Co., Ltd. (hereinafter referred to as” graphene group “) and a series of other matters.” The closing price of the day was 6.65 yuan, an increase of 5.25% throughout the day.
On January 27, the company issued the announcement of “continued suspension of non-public offering of shares”.
After a series of gorgeous operations, Deluxe Family Co.Ltd(600503) has been ready to start the rising mode.
disguised reduction through block trading
On May 6, 2015, Deluxe Family Co.Ltd(600503) resumed trading with the “non-public offering plan”. With the support of the “three concepts” and the raised funds of 2.665.6 billion yuan, Deluxe Family Co.Ltd(600503) shares rose for 13 consecutive trading days, from 7.26 yuan / share on the day of issuing the “fixed increase plan” to 30.91 yuan on May 28. Within 17 trading days, the share price rose by 350%. Unfortunately, he guessed the beginning but didn’t guess the end. The sudden “stock disaster” in the same year greatly reduced Chen Jie’s floating profit. By September 7, 2015 Deluxe Family Co.Ltd(600503) and the lifting of the ban on fixed additional shares issued in 2014, Deluxe Family Co.Ltd(600503) share price had shrunk nearly 280% from the highest price in the middle of the year.
Zhang Ting told the reporter of red weekly that Zhou Haihong’s account opening business department was ” Everbright Securities Company Limited(601788) Shanghai Zhangyang road”, and his fixed value-added shares were sold through block trading after the lifting of the ban. According to the disclosed “block transaction” data, there was a transaction of 50.492 million shares on September 9, 2015, with a transaction price of 9 yuan, which was lower than the closing price of the day. The buyer’s business department was ” Everbright Securities Company Limited(601788) Shanghai Zhangyang road” and the seller’s business department was “for institutional use”. The number of shares sold by institutional seats was only 4.508 million shares less than the 55 million shares obtained by Zhou Haihong when he was scheduled to increase.
It should be noted that the seller’s business department of this block transaction is “dedicated to institutions”, while the buyer’s business department is ” Everbright Securities Company Limited(601788) Shanghai Zhangyang road”. This business department is the headquarters of the famous “limit trading death squads” in Shanghai beach. The private equity funds among them have a keen sense of smell, fierce and radical trading methods, and their movements are haunted, with the characteristics of fierce operation, fast in and fast out.
The so-called “institutional dedicated” seats include social security, institutions and qualified investor accounts. Among them, qualified investors are divided into individuals and institutions based on certain standards. According to a senior executive of the business department of a securities firm told the reporter of red weekly, general institutions will have special “trading seats” for large customers with large amount of funds. If they buy and sell through “trading seats” in bulk transactions, they can choose to display “institution specific” or the original business department information under the business department column of the buyer and seller. For the block transaction of 50.492 million shares on September 9, 2015, from the information of the business departments of the buyer and the seller, it is not ruled out that there is the possibility of selecting “institution specific” display in the same business department.
In the third quarter of 2014, Zhou Haihong was also the fifth largest non tradable shareholder of Deluxe Family Co.Ltd(600503) , with a shareholding ratio of 3.43%. By the third quarter of 2015, that is, after the one-year lifting of the ban on fixed increase of restricted shares, there was “no such person” in the list of the top ten tradable shares of Deluxe Family Co.Ltd(600503) . Considering the block trading data and Zhou Haihong’s exit time point, the block trading of 50.492 million shares on September 9, 2015 can basically be recognized as Zhou Haihong’s reduction. Even in the year of stock disaster, Zhou Haihong still made a profit of about 269 million yuan (excluding handling fees).
borrow the “Li Yan” account to complete the final reduction
On one side, Zhou Haihong disappeared from the top ten circulating shareholders of Deluxe Family Co.Ltd(600503) and on the other side, the top ten circulating shareholders of Deluxe Family Co.Ltd(600503) 2015 quarterly report newly joined the “Li Yan” shareholder, with a number of 5054900 shares, ranking 10th among the top ten circulating shareholders.
According to public information, “Li Yan” often appears in the ranks of shareholders of listed companies with Chen Jie and his wife at the same time, which does not rule out the possibility that he is also Chen Jie’s “vest”, and his 5054900 Deluxe Family Co.Ltd(600503) shares are likely to be the 4.508 million remaining institutional seats in block trading.
Zhang Ting believes that the seller’s “institutional dedicated” seat in Deluxe Family Co.Ltd(600503) block trading is inextricably linked with Chen Jie. Chen Jie used the “Li Yan” account to enter the site again, which is likely to prepare for his final reduction.
In September 2015, the share price of Deluxe Family Co.Ltd(600503) fluctuated between 7.73 yuan and 9.62 yuan, with an average price of about 8.78 yuan, which is temporarily used as the average entry price of “Li Yan”.
On October 13, 2015, Deluxe Family Co.Ltd(600503) favorable announcement came again as agreed. After the announcement of “test flight of near space vehicles”, the closing price on that day reached 11.66 yuan. Since then, the stock price went up all the way. By October 27, the stock price reached 14.41 yuan, and then the stock price began to fluctuate and adjust.
On November 14, the additional issuance plan (Revised Version) was issued. On December 1, Deluxe Family Co.Ltd(600503) shares rose to the highest price of 15.74 yuan and adjusted somewhat. Since then, the shares have been consolidated around 15 yuan.
On December 31, Deluxe Family Co.Ltd(600503) ‘s application for non-public offering of shares was examined and approved by the development and Examination Committee of the CSRC. Since then, the share price has fallen continuously.
It is worth noting that in the 2015 annual report, the “Li Yan” who newly became the top ten circulating shareholders of Deluxe Family Co.Ltd(600503) in the third quarterly report has disappeared at this time. If the price of 15 yuan in December is taken as the selling price of “Li Yan”, then “Li Yan” will make a profit of nearly 31.4415 million yuan (excluding handling fees) in the second rising market of Deluxe Family Co.Ltd(600503) with a yield of 69.57%.
The informant also said that Chen Jie’s permission to step on the site has an important relationship with insider Wang Dong.
Wang Dong was the chairman of Nanjiang group and held 35% equity. According to Tianyan’s investigation, on April 18, 2016, Wang Dong withdrew his shares from the Deluxe Family Co.Ltd(600503) major shareholder “Shanghai Nanjiang (Group) Co., Ltd. On August 30 of the same year, he withdrew from the board of directors of the company. On the surface, Wang Dong has completely “decoupled” from Deluxe Family Co.Ltd(600503) at this time, but in fact, as the fourth largest shareholder of Deluxe Family Co.Ltd(600503) , he still holds 1.64% of the shares of the listed company.
In the fourth quarter of 2016, Deluxe Family Co.Ltd(600503) implemented the accelerated graphene layout plan. On November 30, Deluxe Family Co.Ltd(600503) first acquired 100% shares of Beijing merene holding group with self raised funds through the resolution of the board of directors.
According to the 2016 annual report of listed companies, in the fourth quarter of 2016, Chen Jie had already brought “Li Tianhong” (Chen Jie’s wife) and “Li Yan” accounts into the layout, holding 6.1 million shares, 4.95 million shares and 6.6 million shares respectively. The new entry does not rule out the possibility of “insider information sensitive period” trading.
At the end of the first quarter of 2017, “Li Yan” disappeared from circulating shareholders, while Chen Jie and “Li Tianhong” increased their holdings of 2.2 million shares and 3.45 million shares respectively.
With the passage of time, by 2017 China Daily, Chen Jie and Li Tianhong had disappeared from the top ten circulating shareholders. So far, Chen Jie has successfully completed the reduction of all Deluxe Family Co.Ltd(600503) shares.
It is worth noting that from the fourth quarter of 2016 to the first half of 2017, Deluxe Family Co.Ltd(600503) share price did not open an upward channel due to “good”. On the contrary, the share price has been depressed for a long time. The reason is that Xu Xiang has been arrested at this time, and there is no operation related to the “leading brother”, that is, there is a “good” announcement for endorsement, and no one has responded positively.
Wang Dong has also reduced his holdings since he withdrew from Nanjiang group in 2016. According to the mid-term report of Deluxe Family Co.Ltd(600503) 2016, Wang Dong’s personal shareholding in Deluxe Family Co.Ltd(600503) quickly decreased to 1.64% from the previous 2.08%. Since then, there has been no change in his shareholding for five consecutive quarters. If this process is connected with the time point of Chen Jie’s second entry, the pace of their operation is almost the same.
In the fourth quarter of 2017, Wang Dong started to reduce his holdings again. Since Wang Dong did not directly work in Deluxe Family Co.Ltd(600503) , his stock trading was not limited by the status of director and supervisor. By the fourth quarter of 2018, Wang Dong’s holdings had been fully reduced.
Zhang Ting told the reporter of red weekly that “Zhou Haihong”, “Li Yan” and “Li Tianhong” were just one of Chen Jie’s many “vest numbers”. He had seen Chen Jie equipped with multiple computers on his desk for the convenience of staring at the disk and operating the account.
A lawyer told the reporter of red weekly that the use of insider information to buy and sell stocks is suspected of a crime, and insiders and those who buy and sell stocks constitute an accomplice. According to Article 52 of the new Securities Law: in securities trading activities, unpublished information involving the operation and finance of the issuer or having a significant impact on the market price of the issuer’s securities is insider information. In the Xu Xiang incident, Wang Dong was jointly and severally liable and paid a fine for suspected insider trading.
In short, between the relationship between Chen Jie and Wang Dong and the time node of Chen Jie’s stock trading, it is not difficult to judge that Chen Jie is likely to obtain insider information in advance and make profits from stock trading.
Deluxe Family Co.Ltd(600503) received the disciplinary decision
graphene products are not sold in scale
In response to the hype of the “three concepts” in 2015, on March 26, 2019, the Shanghai Stock Exchange issued disciplinary decisions of circular criticism “[2019] No. 21 and [2019] No. 22″ on ” Deluxe Family Co.Ltd(600503) “, “Nanjiang group” and Deluxe Family Co.Ltd(600503) “.
In 2015, Deluxe Family Co.Ltd(600503) successively announced that it would invest in hot concept industries such as near space vehicles, graphene and Siasun Robot&Automation Co.Ltd(300024) , and then disclosed a series of announcements on the framework agreements and phased development of the above hot concepts. The announcement has a great impact on the fluctuation of stock price, resulting in the results of misleading investors’ decision-making, such as continuous limit rise, limit fall and cumulative increase of 22.66%. By the end of 2018, Deluxe Family Co.Ltd(600503) graphene business was not profitable, Siasun Robot&Automation Co.Ltd(300024) business and near space vehicle business had made little progress, and some Siasun Robot&Automation Co.Ltd(300024) projects had been stopped.
In addition, when Deluxe Family Co.Ltd(600503) announced on May 6, 2015 that it planned to acquire 100% equity of “Moen Holdings” for a consideration of 750 million yuan, the holding company Nanjiang group and Tibet Nanjiang (subsidiary) made a performance commitment, that is, the actual cumulative net profit of Moen holdings from 2015 to 2017 should not be less than 74.11 million yuan. In fact, the accumulated net profit of Moen holdings from 2015 to 2017 was -95.6518 million yuan, a difference of 169.7618 million yuan from the commitment. Shanghai Stock Exchange believes that the company’s predictive information disclosure of the underlying assets of related party transactions is not cautious and the risk disclosure is not sufficient.
Meanwhile, the net profit of graphene holdings in 2015 was only 290000 yuan. However, in terms of the prediction of its business situation, when the appraisal company adopts the asset-based method, the appraisal value on December 31, 2014 and June 30, 2016 is RMB 754 million and 879 million respectively, and the value-added rate is 51.03% and 75.65% respectively. In the case that the actual operation of Moen holdings is inconsistent with the forecast information, Nanjiang group failed to make a full and prudent assessment, disclose the relevant information to investors and fully reveal the risks. In addition, after the performance of the underlying asset fails to meet the standard, the performance compensation commitment is not performed in time as agreed.
The behavior of Jiangnan group, the controlling shareholder of Deluxe Family Co.Ltd(600503) , violated articles 2.1, 2.5, 2.6, 2.23 and 11.12 of the rules for listing stocks on Shanghai Stock Exchange (hereinafter referred to as the rules for listing stocks) Article 1 and articles 1.4 and 5.3 of the guidelines for the conduct of controlling shareholders and actual controllers of listed companies on Shanghai Stock Exchange.
It is worth mentioning that in January 2017, merene holdings was included in the company’s consolidated statements and gradually disappeared. For the company’s Ningbo Moxi and Chongqing Moxi, the situation is not optimistic. On February 19, 2019, the company said that Chongqing mohi’s graphene flexible touch screen has not been put into commercial application, has not reached commercial cooperation with existing flexible display manufacturers in the market, and has not realized scale income and generated profits.
On September 17, 2021, at the collective reception day and the performance presentation meeting of China Daily, Wang Weilin also said that the sales of graphene products of Ningbo Moxi and Chongqing Moxi still did not form an effective scale, and Ningbo Moxi and Chongqing Moxi are currently in a state of continuous loss.
(Red Journal of Finance and Economics)
