Changjiang Publishing & Media Co.Ltd(600757) (600757. SH) stepped on the "pit" in the bulk trade of cross-border business.
On December 22, Changjiang Publishing & Media Co.Ltd(600757) announced that the overdue amounts of accounts receivable of Shanghai Xunye International Trade Co., Ltd. (hereinafter referred to as Shanghai Xunye international trade) and Jiangsu yuhongli Trade Co., Ltd. (hereinafter referred to as Jiangsu yuhongli) were RMB 100 million and RMB 265 million respectively, which had been overdue for more than half a year.
The daily economic news reporter found that the sales revenue of Changjiang Publishing & Media Co.Ltd(600757) to Jiangsu yuhongli in the first half of 2016 exceeded 1.7 billion yuan, and Jiangsu yuhongli was established in March of that year. In other words, less than three months after the establishment of the company, the sales of the listed company exceeded 1.7 billion yuan.
Carefully combing Changjiang Publishing & Media Co.Ltd(600757) the suppliers and customers of bulk trade from January to June 2016, it can be found that their suppliers Shanghai Jiyi Material Trading Co., Ltd. (hereinafter referred to as Shanghai Jiyi) and Rudong Dingsheng metal materials Co., Ltd. (hereinafter referred to as Dingsheng metal) coincide with multiple persons with the same names of the overdue Party of the receivables, The industrial and commercial registration telephone numbers of several companies have been the same as those of related companies of xinhengji, the trading partner of the company. What are the reasons?
Overdue receivables are due to bulk trade business
The announcement on Changjiang Publishing & Media Co.Ltd(600757) 22 disclosed that in December last year, Shanghai Xunye international trade and Jiangsu yuhongli signed a number of industrial product sales contracts with Changjiang Publishing & Media Co.Ltd(600757) subsidiary Hubei Changjiang publishing and printing materials Co., Ltd. (hereinafter referred to as the material company), in which the material company sold zinc ingots to Shanghai Xunye International Trade and electrolytic copper and zinc ingots to Jiangsu yuhongli.
Both Shanghai Xunye international trade and Jiangsu yuhongli have issued commercial acceptance bills as guarantee measures for timely collection. The due date of receivables is June 20 this year, but Changjiang Publishing & Media Co.Ltd(600757) has not received the above overdue receivables until the disclosure date of the announcement.
Bulk commodities such as industrial products are part of Changjiang Publishing & Media Co.Ltd(600757) material sales business, and this kind of trade is the business vigorously expanded by Changjiang Publishing & Media Co.Ltd(600757) in 2015.
In the second half of 2015, Changjiang Publishing & Media Co.Ltd(600757) cooperated with new Hengji International (Group) Co., Ltd. (hereinafter referred to as new Hengji) to expand trade varieties by virtue of its market resources, operation experience and industry advantages in the field of bulk commodity trade.
The new Henderson official website shows that it is a comprehensive multinational investment conglomerate based on Hongkong, China, mainly in Chinese mainland (including Hongkong), supplemented by the US, Europe and Australia. The new Henderson group's business area involves seven key industrial sectors, such as investment management and capital operation.
In 2015, the revenue of Changjiang Publishing & Media Co.Ltd(600757) material sales business surged, realizing a revenue of 8.431 billion yuan, accounting for 70.92% of the total revenue in 2015 from 28.66% in 2014.
Similarly, due to the growth of material sales business, the Changjiang Publishing & Media Co.Ltd(600757) revenue in the first half of 2016 increased by 171% year-on-year, which also attracted the attention of the exchange and issued an inquiry letter to it. Changjiang Publishing & Media Co.Ltd(600757) in this reply to the inquiry letter, the company's bulk trade business model, suppliers and customers are disclosed in detail.
Changjiang Publishing & Media Co.Ltd(600757) the business model of bulk trade is order by sales, that is, by obtaining the commodity demand information of downstream customers in the market, looking for and selecting suppliers that can meet the supply conditions, and then signing purchase and sales contracts with suppliers and customers respectively. The storage and transfer of goods are supervised by a third party. The main trading varieties are electrolytic copper, zinc ingot, rubber, rice and corn.
However, the gross profit margin of Changjiang Publishing & Media Co.Ltd(600757) bulk trade business is not high, which has been below 1%. After 2017 Changjiang Publishing & Media Co.Ltd(600757) began to reduce the scale of material sales business. The revenue of material sales business from 2017 to 2020 was RMB 7.655 billion, RMB 6.169 billion, RMB 2.527 billion and RMB 2.109 billion respectively, accounting for 68.15%, 59.53%, 32.94% and 31.59% of the company's total revenue respectively.
Changjiang Publishing & Media Co.Ltd(600757) in the 2020 annual report, the company further actively reduced the scale of material trade business with high risk and low gross profit, and the revenue of material trade business decreased by 18.02% year-on-year. According to wind data, last year, the gross profit margin of the company's bulk trade was 0.5%, only 0.39% in 2019.
Less than three months after its establishment, why can its sales exceed 1.7 billion?
Changjiang Publishing & Media Co.Ltd(600757) disclosed that the material company, Shanghai Xunye international trade and Jiangsu yuhongli started to carry out material sales business in the second half of 2015 and 2016, with cumulative business amounts of RMB 5.301 billion and RMB 2.394 billion respectively. Prior to this transaction, Shanghai Xunye international trade and Jiangsu yuhongli normally collected the payment according to the contract.
The reporter of the daily economic news found that Jiangsu yuhongli ranked first among Changjiang Publishing & Media Co.Ltd(600757) the top five customers of bulk trade from January to June 2016, with an operating revenue of 1.74 billion yuan. According to business information, Jiangsu yuhongli was founded on March 3, 2016, that is, less than three months after its establishment, the company has done more than 1.7 billion yuan of business with Changjiang Publishing & Media Co.Ltd(600757) .
Source: screenshot of company announcement
Changjiang Publishing & Media Co.Ltd(600757) the 2016 annual report disclosed that the company's annual bulk trade sales revenue (including tax) to Jiangsu yuhongli was 2.211 billion yuan. Shanghai Xunye international trade also had a large trade with listed companies in 2016. The sales revenue (including tax) of listed companies was RMB 2.027 billion.
Image source: Changjiang Publishing & Media Co.Ltd(600757) screenshot of 2016 Annual Report
After the 2016 annual report, except for the overdue announcement of receivables on the 22nd, the reporter could not find the "figure" of the above two companies in the announcement of Changjiang Publishing & Media Co.Ltd(600757) .
The reporter further found that Shanghai Xunye international trade and Jiangsu yuhongli coincided with the shareholders of Shanghai Jiyi and Dingsheng metal, the bulk trade suppliers disclosed in Changjiang Publishing & Media Co.Ltd(600757) 2016.
For the whole year of 2016, Changjiang Publishing & Media Co.Ltd(600757) bulk procurement from Shanghai International Metals Co., Ltd. (tax included) was RMB 6.404 billion, and bulk procurement from Dingsheng Metals Co., Ltd. (tax included) was RMB 1.331 billion.
Image source: Changjiang Publishing & Media Co.Ltd(600757) screenshot of 2016 Annual Report
Former shareholders of Jiangsu yuhongli include Zhang Chen and Qiu Fucai, both of which appear in the ranks of shareholders of Shanghai Rongsheng Industrial Co., Ltd. (hereinafter referred to as Shanghai Rongsheng). The legal representative of Shanghai Rongsheng is Chen Yijiang. The industrial and commercial registration telephone numbers of many enterprises in which Chen Yijiang serves as the legal representative are the same as those of Shanghai Rongsheng. If you search this mobile phone number with wechat, the wechat name is Chen Yijiang. The name Chen Yijiang was once listed as the supervisor of Dingsheng metal and now ranks among the shareholders of Shanghai Xunye international trade. In addition, the registered addresses of Jiangsu yuhongli and Dingsheng metals are the same, but the address itself is vague - north of Huanghe Road, new area, economic development zone, Rudong County.
Another shareholder of Shanghai Xunye international trade is Fan Jing, which appears among the shareholders of Shanghai cenye Trading Co., Ltd. (hereinafter referred to as Shanghai cenye). The latest industrial and commercial registration telephone numbers of Shanghai Xunye international trade and Shanghai cenye are the same. A shareholder of Shanghai cenye is named Li Fan, which appears in the ranks of Shanghai Jiyi shareholders.
Drawn by: Fan Qianqian
What frequency is the industrial and commercial registration telephone number of customers of listed companies, which is the same as that of new Hengji related enterprises?
In addition, the reporter also found that the above-mentioned suppliers and customers have the same situation as the industrial and commercial registration telephone of new Hengji related companies for many times.
The registration telephone number of Jiangsu yuhongli's 2016 annual report is the same as that of new Hengji (Xiamen) Investment Holding Co., Ltd. The latter and Hubei Changjiang Northern United Publishing & Media (Group) Company Limited(601999) Group Co., Ltd. (hereinafter referred to as Changjiang publishing group, the controlling shareholder of Changjiang Publishing & Media Co.Ltd(600757) ) jointly invested and established new Hengji Changjiang (Wuhan) International Trade Co., Ltd. (hereinafter referred to as new Hengji Wuhan). In addition, search the mobile phone number through a comprehensive app, and the corresponding user name is Zhang Chen.
The registration telephone number of Shanghai Xunye international trade's 2015 annual report is the same as that of new Hengji Changjiang International Holdings Co., Ltd., whose legal representative is Yang Ke. The latest industrial and commercial registration telephone number of Dingsheng metal is the same as that of the 2015 annual report of Shanghai Shihua Investment Holding Co., Ltd., and the legal representative of the latter is also named Yang Ke. Public information shows that new Hengji Changjiang International Holding Co., Ltd. is a comprehensive enterprise engaged in bulk commodity supply chain services, automobile sales and industrial investment under the joint venture of new Hengji and Hubei Changjiang Northern United Publishing & Media (Group) Company Limited(601999) group.
Shanghai Shuangtou Materials Trading Co., Ltd. ranked first in Changjiang Publishing & Media Co.Ltd(600757) 2016 in terms of block transaction sales, with sales of 2.71 billion yuan (including tax). The latest industrial and commercial registration telephone number of Shanghai Shuangtou material Trade Co., Ltd. is the same as that of the 2017 annual report of new Hengji Changjiang (Shanghai) International Trade Co., Ltd. (hereinafter referred to as new Hengji Shanghai), which is a wholly-owned subsidiary of new Hengji Wuhan.
Drawn by: Fan Qianqian
According to a news on the official website of Changjiang publishing group, pan Qisheng, then Secretary of the Party committee and chairman of Changjiang publishing group, said at the unveiling ceremony of new Henderson Wuhan and new Henderson Shanghai that the establishment of new Henderson Shanghai is a new achievement of deepening cooperation between Changjiang publishing group and new Henderson.
The reporter noted that when Changjiang Publishing & Media Co.Ltd(600757) cooperated with new Henderson, pan Qisheng was also the chairman of the listed company at that time. In November 2019, the Hubei Provincial Commission for Discipline Inspection and Supervision announced that Pan Qisheng was suspected of serious discipline violations and job violations, accepted disciplinary review, supervision and investigation, and was taken retention measures. This year, pan Qisheng has been "double opened".
According to media reports, during his work at Changjiang Publishing & Media Co.Ltd(600757) , pan Qisheng frequently cooperated with a Hong Kong enterprise and jointly established two commodity trading companies, which are located in Wuhan and Shanghai respectively. According to people familiar with the matter, pan Qisheng got close to the senior management of Hong Kong enterprises during his work at Changjiang Publishing & Media Co.Ltd(600757) .
In order to understand the details, on December 24, the reporter of daily economic news called Changjiang Publishing & Media Co.Ltd(600757) public telephone for many times, but no one answered or busy tone.
(Daily Economic News)
