It is said that there are no significant changes in the stock prices of the company (on the 3rd and 4th consecutive announcement), which may have a significant impact on the company’s directors and senior management. The company also failed to remind shareholders of possible reduction in two risk warning announcements. However, on the day of the disclosure of the third change announcement, the company’s employee stock ownership plan significantly reduced its shares in the company. The Shanghai Stock Exchange has issued a letter of intent for disciplinary action to the company and relevant responsible persons for the untrue and incomplete information disclosure of the above changes and risk warning announcements of the company.
What’s going on? Originally, on March 13, Sundy Land Investment Co.Ltd(600077) disclosed the signing of a cooperation agreement and the provision of financial assistance to foreign countries, and announced that it planned to advance 1.6 billion yuan to participate in Tibet Summit Resources Co.Ltd(600338) the salt lake lithium extraction project in Argentina. The above amount accounted for 33.93% of the company’s latest audited net assets. All three independent directors of the company abstained.
The reporter of securities times · e company noticed that after the disclosure of the above announcement, the Sundy Land Investment Co.Ltd(600077) share price stained with the hot spot of “lithium extraction from Salt Lake” rose continuously from March 14 to March 22. However, on March 22, the company disclosed that 324292 million shares had been sold in the 2018 ESOP on that day, with about Shanghai Pudong Development Bank Co.Ltd(600000) shares remaining. The move caused an uproar in the market.
As of March 28, the company once again disclosed that seven current directors and supervisors of the company, including Gao Yu Jianwu, voluntarily gave up the actual contribution share of the employee stock ownership plan in 2018, corresponding to the total income of 27.2 million yuan, gave the income to the company unconditionally, and transferred the money to the company before April 15, 2022 to supplement working capital and support business development.
In this regard, insiders pointed out to the reporter of the securities times · e company that after the company disclosed the reduction, it was widely questioned by the market and investors. The purpose of the board of directors and supervisors to increase the donation income may be to reduce the negative public opinion in the market. However, the act of donating income afterwards can not change the violation of information disclosure in the early stage.
For the above-mentioned violations, on April 1, Zhejiang securities regulatory bureau also issued a decision on administrative supervision measures to the company. The decision notes that: according to the company’s announcement on March 27, the company’s 2018 employee stock ownership plan committee decided to sell the shares of the employee stock ownership plan on March 8, 2022. However, on March 13, the inquiry letter of Shanghai stock exchange required the company to check the subsequent reduction arrangements of relevant parties and make an announcement within five trading days. The company issued an extension reply announcement on March 18 until some reply announcements were issued on March 27. From March 14 to 22, the company’s shares rose for seven consecutive trading days. During the stock trading change, the company issued abnormal fluctuation announcements and risk warning announcements for many times, but did not prompt the reduction arrangement of the employee stock ownership plan. The company’s information disclosure is not timely and there are violations of major omissions.
The decision shows that the above acts of the company and relevant personnel violate the relevant provisions of the measures for the administration of information disclosure of listed companies. Yu Jianwu, chairman and President of the company, and Zheng Xiliang, Secretary of the board of directors, shall bear the main responsibility for the above violations.
“In accordance with relevant regulations, our bureau has decided to take the supervision and management measures of issuing warning letters to you respectively and record them in the integrity file. You should submit a written rectification report to our bureau within 10 working days after receiving this decision.” Zhejiang securities regulatory bureau said.
It is worth noting that on March 23, the Shanghai Stock Exchange also sent a regulatory letter to the company that night, requiring it to conduct self-examination and explain whether the previous information disclosure is true, accurate and complete and whether there is any inconsistency between the previous and subsequent information disclosure in combination with the reduction of ESOP. So far, the company has not replied.
In terms of regulatory accountability, at present, the Shanghai Stock Exchange has issued a letter of intent for disciplinary action to the company and relevant responsible personnel for violations such as untrue and incomplete information disclosure of the company.
