25 Lianban "demon stock" Fujian Start Group Co.Ltd(600734) ( Fujian Start Group Co.Ltd(600734) . SH) exposed another major bad news - financial fraud for two consecutive years, involving 19 directors, supervisors and senior executives.
On April 8, Fujian Start Group Co.Ltd(600734) announced that the company had recently received the advance notice of administrative punishment issued by Fujian securities regulatory bureau. Due to the false records in the annual financial reports of the company in 2018 and 2019, Fujian securities regulatory bureau plans to give a warning to Fujian Start Group Co.Ltd(600734) and 19 persons in charge of the then director and supervisor in accordance with relevant regulations, and impose a total fine of 12 million yuan.
At present, Fujian Start Group Co.Ltd(600734) 's shares are in the third suspension review since the resumption of trading for one month. After the failure of asset injection expectation and financial fraud, the risk of the company's stock price rising sharply is becoming greater and greater.
financial fraud for two consecutive years
Recalling the process of Fujian Start Group Co.Ltd(600734) being filed for investigation: on December 9, 2021, the company received the notice of filing a case from the CSRC. The CSRC decided to file a case for suspected illegal information disclosure. After about four months, Fujian Securities Regulatory Bureau found that there were false records in the annual financial reports of Fujian Start Group Co.Ltd(600734) 2018 and 2019. The main means of fraud was to falsely increase income and costs, less withdraw assets, and then falsely increase net assets.
Fujian Start Group Co.Ltd(600734) the fraud of falsely increasing income and cost is mainly carried out through the subsidiary Shenzhen Xingfei Technology Co., Ltd. (hereinafter referred to as "Shenzhen Xingfei").
Specifically, in April 2018, Shenzhen Xingfei signed a strategic cooperation agreement with smart Shanghai Technology Co., Ltd. (hereinafter referred to as "smart Shanghai"), which agreed that Shenzhen Xingfei would purchase mobile phones and other goods from smart Shanghai and sell the goods to the next tourist account designated by smart Shanghai.
Since Shenzhen Xingfei itself is not responsible for the transportation and acceptance of goods, nor does it bear the risk of storage of relevant goods, the sales of the above "goods" are actually collection and payment, and the revenue shall be recognized according to the net amount of collection and payment \ yuan, falsely increasing the operating cost by 694 million yuan
In addition, in 2018, in order to achieve financing, Shenzhen Xingfei formed a closed-loop trade capital by designating customers and suppliers, fictitious the circular purchase and sales business related to ZTE Development Co., Ltd. led to Fujian Start Group Co.Ltd(600734) a false increase of 312 million yuan in operating revenue, 311 million yuan in operating costs and 1.9646 million yuan in financial expenses in 2018
In that year, the company's export service business also had inflated revenue and costs, resulting in Fujian Start Group Co.Ltd(600734) 2018 inflated operating revenue by 244 million yuan and inflated operating costs by 244 million yuan
Through the false increase of income and cost of the above three businesses, in 2018, Fujian Start Group Co.Ltd(600734) falsely increased the operating income by 1.25 billion yuan, accounting for 18.49% of the current operating income, falsely increased the operating cost by 1.248 billion yuan, underestimated the financial expenses by 1.9645 million yuan, and falsely increased the net profit by 3.2671 million yuan
In 2019, Fujian Start Group Co.Ltd(600734) continued to conduct financial fraud through its subsidiary Shenzhen Xingfei. When the listed company conducted the impairment test on the recoverable value of the asset group involved in the goodwill impairment test project formed by the merger of Shenzhen Xingfei, when using the evaluation report of Northking Information Technology Co.Ltd(002987) ASI Asset Evaluation Office (hereinafter referred to as North ASI), it did not pay full attention to the problems such as repeated addition of bill discount interest in the evaluation report, \ million yuan, inflated 2019 annual net assets 878856 million yuan, Accounting for 18.77% of the absolute value of audited net assets at the end of the current period
19 directors and supervisors receive a ticket
Fujian Start Group Co.Ltd(600734) the number of executives involved in financial fraud for two consecutive years is rare. Fujian securities regulatory bureau plans to impose administrative penalties on 19 directors, supervisors and senior executives of the company,
Fujian Securities Regulatory Bureau found that there was an illegal act of false records in the annual report of Fujian Start Group Co.Ltd(600734) 2018. Jing Baifu, then chairman of the company, Wang Yikun, President and Zhuang Ling, financial director, failed to organize Fujian Start Group Co.Ltd(600734) to take necessary and effective control over the subsidiary Shenzhen Xingfei, failed to find and prevent the illegal act of Fujian Start Group Co.Ltd(600734) information disclosure, and were the directly responsible executives.
Fujian Start Group Co.Ltd(600734) director and chairman of Shenzhen Xingfei, Chen Feng, decided that Shenzhen Xingfei and its subsidiaries should carry out relevant businesses involved in the case and was the person in charge directly. Wang Qing, Guo Weilong and Zang Xiaohan, the directors at that time, Cai Jinliang, he Heping, Chen Guohong and Wu Weiming, the independent directors at that time, and Wu Bo and Su Jian, the senior managers at that time, signed to ensure that the 2018 annual report was true, accurate and complete, failed to fulfill their obligations of diligence, and were other persons directly responsible. Zhang Jian, Li Lina and fan shuizhao, the supervisors of the company at that time, also failed to fulfill their obligations of diligence and were other persons directly responsible.
As the chairman of Fujian Start Group Co.Ltd(600734) at that time, Jing Baifu was the person in charge who was directly responsible for the illegal acts of false records in Fujian Start Group Co.Ltd(600734) 2019 annual report. Chen Feng, Huang Fengying and Zang Xiaohan, the directors at that time, Cai Jinliang, Chen Guohong and Zhou Yun, the independent directors at that time, Wu Bo, Li Lina and fan shuizhao, the supervisors at that time, Wang Qing and Zhao Yonghong, the senior managers at that time, signed to ensure that the 2019 annual report was true, accurate and complete, and failed to fulfill the obligation of diligence. They are other persons directly responsible.
Based on the above, Fujian Securities Regulatory Bureau issued a total fine of 12 million yuan: it is planned to give a warning to Fujian Start Group Co.Ltd(600734) and impose a fine of 1.6 million yuan; Impose a fine of 2.3 million yuan on Jing Baifu; Chen Feng was fined 900000 yuan.
It is worth noting that Fujian Start Group Co.Ltd(600734) 5 independent directors at that time Cai Jinliang, he Heping, Chen Guohong, Wu Weiming and Zhou Yun were among the punished, with a total fine of 1.84 million yuan. Among them, Zhou Yun signed to ensure the authenticity, accuracy and completeness of the company's annual report only eight days after taking office. As a result, she was found not to have fulfilled her duty of diligence and was fined up to 500000 yuan.
1 months 3 times suspension verification, asset injection expectation failed
At present, Fujian Start Group Co.Ltd(600734) 's shares are suspended for verification.
After the closing on March 31, Fujian Start Group Co.Ltd(600734) issued a stock trading suspension verification announcement, saying that in view of the recent large fluctuation of the company's share price, in order to safeguard the interests of investors, the company checked the fluctuation of stock trading. Upon the application of the company, the trading of the company's shares shall be suspended from the opening of the market on April 1, 2022, and the trading shall be resumed after the disclosure of the verification announcement.
This is the third stock suspension verification after the resumption of Fujian Start Group Co.Ltd(600734) reorganization. Since the resumption of trading on February 11, Fujian Start Group Co.Ltd(600734) has pulled 25 limit sectors, with a total of 28 limit increases in the year. On March 31, the stock opened at the limit, which was the first time since the resumption of trading. As of the close, Fujian Start Group Co.Ltd(600734) almost recorded "Earth Sky board", closing up 4.53% to 4.15 yuan. The turnover and turnover rate were the highest since the resumption of trading, 400 million yuan and 4.78% respectively.
In fact, the daily trading volume of Fujian Start Group Co.Ltd(600734) 's shares was very small during the 25 consecutive board period. According to the data of the after hours dragon tiger list, on March 29, the stock traded only 2.62 million yuan, and Citic Securities Company Limited(600030) Huzhou labor Road business department and Founder Securities Co.Ltd(601901) Chengdu Shengqiao Road business position occupied the first and second seats, with net purchases of 1.3294 million yuan and 1.2838 million yuan respectively. Four seats were sold exclusively for institutions, with a net sales of 575300 yuan.
As of the latest closing date, Fujian Start Group Co.Ltd(600734) rose 219.52% in the first quarter, ranking fifth among more than 4700 stocks in the two cities, and the investors who participated in Fujian Start Group Co.Ltd(600734) restructuring benefited most from the sharp rise in share prices.
As for the reorganization process of Fujian Start Group Co.Ltd(600734) , the company converted the capital reserve into share capital according to the proportion of 25 shares per 10 shares, with a total of 1.556 billion shares. The converted shares will not be distributed to the original shareholders, but will be purchased by the reorganization investor at 0.58 yuan / share, with a total transaction consideration of 900 million yuan.
Restructuring investors took shares at a very low price of less than 20% of the secondary market price. This transaction has been criticized by the market for damaging the interests of old shareholders of listed companies. As of the latest closing day, the floating profit of reorganized investors was nearly six times.
The expectation of fund speculation Fujian Start Group Co.Ltd(600734) is the asset injection promised during reorganization. There is no announcement or plan to inject assets into the company that should be disclosed by the controlling shareholders on the 29th of March, but there is no agreement to inject assets into the company.
According to the original plan, big data company will timely inject its 84.25% stake in Xingyun big data into Fujian Start Group Co.Ltd(600734) . The injection methods include but are not limited to cash purchase of assets and issuance of shares to purchase assets. Listed companies will continue to retain the perimeter security business of the Internet of things.
Against the background of the temporary failure of asset injection expectation, financial fraud and punishment of 19 then directors and supervisors, can the speculation of Fujian Start Group Co.Ltd(600734) continue?
