Jizhong Energy Resources Co.Ltd(000937) ( Jizhong Energy Resources Co.Ltd(000937) . SZ) received a decision on administrative supervision measures on March 4.
Source: CSRC website
On March 4, Hebei regulatory bureau of China Securities Regulatory Commission (hereinafter referred to as “Hebei regulatory bureau”) issued the decision on ordering Jizhong Energy Resources Co.Ltd(000937) to take corrective administrative regulatory measures, which showed that as of December 31, 2020, the balance of Jizhong Energy Resources Co.Ltd(000937) deposits in Jizhong Energy Resources Co.Ltd(000937) Group Finance Co., Ltd. was 11.97 billion yuan, exceeding the maximum limit approved by the general meeting of shareholders (5 billion yuan) of 6.97 billion yuan, The above-mentioned “over limit deposits” failed to fulfill the decision-making procedures and information disclosure obligations of related party transactions in time, and were not disclosed in the 2020 annual report until Jizhong Energy Resources Co.Ltd(000937) April 29, 2021.
Hebei Securities Regulatory Bureau believes that Jizhong Energy Resources Co.Ltd(000937) the above-mentioned acts violate the provisions of Article 48 of the measures for the administration of information disclosure of listed companies (2007) (Order No. 40 of the CSRC). According to the provisions of Article 59, the regulatory authority decided to take administrative regulatory measures to order Jizhong Energy Resources Co.Ltd(000937) to make corrections, and ordered the company to take effective measures to reduce the existing “over limit deposit” to the limit approved by the general meeting of shareholders immediately. If the information disclosure standard is met, it shall be disclosed in time; At the same time, strengthen governance, improve internal control, prevent the control right of controlling shareholders from overriding internal control, and submit the rectification report to Hebei regulatory bureau within 30 days from the date of receiving the decision Jizhong Energy Resources Co.Ltd(000937) of this kind of behavior is also recorded in the integrity file of the securities and futures market.
Source: tianyancha
It can be seen from tianyancha that Jizhong Energy Resources Co.Ltd(000937) Group Finance Co., Ltd. has three shareholders, of which Jizhong Energy Resources Co.Ltd(000937) Group Co., Ltd. (hereinafter referred to as Jizhong group) controls 45%, Jizhong Energy Resources Co.Ltd(000937) itself controls 35%, and another listed company North China Pharmaceutical Company.Ltd(600812) ( North China Pharmaceutical Company.Ltd(600812) . SH) controls 20%.
In fact, the controlling shareholder Jizhong group also received administrative supervision measures on March 4. Hebei securities regulatory bureau said that in addition to Jizhong Energy Resources Co.Ltd(000937) , North China Pharmaceutical Company.Ltd(600812) also had a deposit balance of 4.07 billion yuan in the group finance company, exceeding the maximum amount or public commitment considered by the shareholders’ meeting of listed companies, and the total amount of exceeding the limit was 11.04 billion yuan. Hebei regulatory bureau requires Jizhong group to take effective measures as soon as possible to help listed companies fall within the “over limit deposit” of the group’s financial company.
In addition, Jizhong group, as the bond issuer of “19 Jizhong E2” bonds, failed to disclose the 2020 annual report on schedule in accordance with the provisions of the bond prospectus, in violation of relevant regulations.
Meanwhile, Jizhong Energy Resources Co.Ltd(000937) and relevant parties were also criticized by the exchange.
According to the announcement of Shenzhen Stock Exchange on March 3, Jizhong Energy Resources Co.Ltd(000937) signed the financial service agreement with Jizhong group on December 6, 2016, and the agreed daily deposit balance (including accrued interest) shall not exceed 5 billion yuan, which is valid until December 21, 2019. However, from December 21, 2019 to December 31, 2021, Jizhong Energy Resources Co.Ltd(000937) the maximum daily balance of deposits was 12.34 billion yuan, accounting for 63.03% of the company’s latest audited net assets. The company failed to timely fulfill the relevant review procedures and confidence disclosure obligations as required. In this regard, Shenzhen Stock Exchange criticized Jizhong Energy Resources Co.Ltd(000937) in a notice, and criticized Zhao Bingwen, then chairman of the board, Zhao Shengshan, then general manager, and Zheng Wenya, Secretary of the board of directors and chief accountant.
