A former employee closed his position without authorization and lost 55 million yuan. “China’s good father-in-law” spent only three days raising money to pay it back; After that, there were regulators one after another, and attention letters, warning letters and case filing and investigation came one after another.
Obviously, Jinzi Ham Co.Ltd(002515) the loophole in information disclosure is not so easy to fill.
yesterday, Jinzi Ham Co.Ltd(002515) announced that it had received the notice of filing a case from the CSRC. Due to suspected illegal information disclosure, the CSRC decided to file a case against the company in accordance with relevant laws and regulations
Opening today, Jinzi Ham Co.Ltd(002515) fell to the limit. As of noon, the company’s share price closed at 4.26 yuan / share.
The company’s stock bar is also full of “claims”. According to the latest data, the number of Jinzi Ham Co.Ltd(002515) shareholders is about 48900.
It is worth mentioning that just three days ago, Jinzi Ham Co.Ltd(002515) just received the written resignation report of Wang Qihui, vice president of the company. He resigned as vice president for personal reasons and no longer held any position in the company. Previously, Wang Qihui was affected by the aforementioned “futures leak filling event” and was issued a warning letter by Zhejiang securities regulatory bureau.
closing positions without authorization and losing half a billion
looking back, seven months ago, the pig futures index continued to decline unilaterally. The sharp fluctuation of spot and futures makes Jinzi Ham Co.Ltd(002515) a futures trader pessimistic about the future market of pig price
On the morning of September 16, 2021, the futures trader sold a total of 902 pig contracts without asking for instructions from the company’s decision-making group, and tried to rebuild the position at a lower price, resulting in an actual investment loss of about 44.22 million yuan in the company’s account on that day, resulting in a total loss of 551053 million yuan in the company’s account.
The above situation was not reported to the company until September 27, 2021 Jinzi Ham Co.Ltd(002515) immediately issue a notice to the futures trader, requiring him to bear all losses according to the assessment methods, otherwise he will be investigated for legal responsibility.
Immediately, Jinzi Ham Co.Ltd(002515) terminated the trading of commodity futures hedging business. In November of the same year, the company dissuaded the futures trader and investigated the corresponding responsibilities of the main members of the futures decision-making and working group.
“good father-in-law” pays debts for his son-in-law
However, Jinzi Ham Co.Ltd(002515) fully recovered the aforesaid loss only three days after issuing the “compensation ultimatum”, thus causing no actual economic loss to the company.
Although the futures trader had “no name” in the announcement, the “family and friends” who helped him pay off his debts came from a lot of sources.
announcement shows that the compensation paid by futures traders to the company’s account comes from their own and self raised funds and those of their father-in-law Shi xiongbiao Shi xiongbiao is not only the natural person shareholder of Jinzi Ham Co.Ltd(002515) and holds 3.45% of the shares of the company, but also the brother of Shi Yanjun, the former actual controller of the company.
Due to the shortage of fund-raising time, Shi xiongbiao temporarily borrowed 41.05 million yuan from his friend Wang Qihui (former vice president and former Secretary of the board of directors) on September 29, 2021, and occupied 5.95 million yuan of alimony originally entrusted by his brother Shi Yanjun (President and former chairman of the company) to his nephew on September 29, 2021.
After that, Shi xiongbiao repaid most of his arrears to Wang Qihui through the transfer of shares of other companies he held. At the same time, he paid 5.7 million yuan of maintenance for his nephew as entrusted by Shi Yanjun and returned the difference.
So far, the account losses at the level of listed companies seem to have been filled in.
regulatory accountability
A wave just flattened, and the afterwaves rose again. For many “mistakes” made by Jinzi Ham Co.Ltd(002515) in this incident, the regulatory authorities acted decisively and strictly held accountable.
march 30, Shenzhen Stock Exchange issued a supervision letter to Jinzi Ham Co.Ltd(002515) pointing out that the company failed to fulfill the review procedures and temporary disclosure obligations on the margin invested in the futures account, and did not disclose the major losses of futures trading and the receipt of large compensation until January 27, 2022, and corrected the accounting errors in the third quarterly report of the company in 2021, requiring the company and all directors, supervisors and senior management to draw lessons and make timely rectification, Put an end to “recidivism”
Prior to this, on March 9, Jinzi Ham Co.Ltd(002515) also received the decision on administrative supervision measures from Zhejiang securities regulatory bureau. The decision details the “four crimes” of the company’s failure to disclose major losses in futures trading in time, the company’s failure to disclose large employee compensation in time, the inaccurate disclosure of the third quarterly report caused by non-standard accounting treatment, and the failure to fulfill the review and disclosure procedures of excess margin. In addition, Jinzi Ham Co.Ltd(002515) ‘s futures business risk control system has some defects, such as lack of effective supervision of accounts, inadequate operation authorization management and so on.
Due to the violation of the measures for the administration of information disclosure of listed companies and other relevant provisions, Zhejiang securities regulatory bureau decided to take the supervision and management measures of issuing warning letters against Jinzi Ham Co.Ltd(002515) , Shi Yanjun, then chairman of the board of directors, Wu Yuexiao, President and chief financial officer, and Wang Qihui, Secretary of the board of directors, and record them in the integrity archives of the securities and futures market.
pigs fell in price and the performance was under pressure
For Jinzi Ham Co.Ltd(002515) the loss of futures or “accidental injury”, and the decline of performance is the dilemma to be solved.
According to the annual report, Jinhua Ham achieved an operating revenue of 506 million yuan in 2021, a decrease of 28.79% over the same period of last year; The net profit attributable to the parent company was 428539 million yuan, a year-on-year decrease of 27.74%.
The company blamed the decline in the price of pork during the year-on-year report period on the unsatisfactory performance of its brand. According to the disclosure, the operating income of the company’s brand meat business in the current period was 179 million yuan, a year-on-year decrease of 57.89%, the gross profit loss was 189207 million yuan, and the gross profit margin was – 10.59%, a year-on-year decrease of 22.16 percentage points.
At the same time, affected by the post epidemic period, China’s overall consumption is sluggish, which also brings great pressure on the company’s operation.
The weakness of Jinzi Ham Co.Ltd(002515) in operation and internal control is also reflected in the share price. The latest share price of the company has fallen by 30% from the peak of the year, and the total market value has shrunk to about 4.2 billion yuan
