On January 11, Fujian Securities Regulatory Bureau issued a decision to issue a warning letter to Tahoe Group Co.Ltd(000732) (000732. SZ) and Tahoe Group Co.Ltd(000732) Chairman Huang Qisen.
Fujian Securities Regulatory Bureau found that Tahoe Group Co.Ltd(000732) had the following violations: the termination of project cooperation was not disclosed in time, the capital reduction of consolidated enterprises and its progress were not disclosed in time, the basis of value information released to the public was insufficient and was not released in the designated media in advance.
Specifically, on February 8, 2021, Tahoe Group Co.Ltd(000732) signed the cooperation termination agreements for Shanghai xinjiangwan project, Shenzhen Pingshan project and Shanghai Gucun project with relevant partners. The termination of cooperation is expected to generate a loss of 420.92 million yuan (the loss accrued in the 2020 annual report is 567 million yuan). Tahoe Group Co.Ltd(000732) did not disclose the above matters in time, and did not disclose the announcement on terminating project cooperation until March 31, 2021.
In addition, on December 21, 2020, Tahoe Group Co.Ltd(000732) consolidated enterprise Jiaxing Shengyu equity investment partnership (limited partnership) held a meeting of all partners and agreed that the limited partner Jiaxing Kunyu Investment Co., Ltd. would separately reduce its paid in capital of RMB 6.9 billion. After the capital reduction, Jiaxing Shengyu should pay Jiaxing Kunyu 6.9 billion yuan. On the same day, Jiaxing Kunyu transferred its 6.9 billion yuan creditor’s right to Jiaxing Shengyu to Zhongcheng Construction Co., Ltd.
On December 31, 2020, Tahoe Group Co.Ltd(000732) signed a tripartite agreement with Zhongcheng construction and Jiaxing Shengyu, which agreed that Jiaxing Shengyu should pay Zhongcheng construction 6.9 billion yuan, which should be paid by Tahoe Group Co.Ltd(000732) to Zhongcheng construction and offset by Tahoe Group Co.Ltd(000732) the relevant creditor’s rights of Zhongcheng construction by 6.38 billion yuan. Tahoe Group Co.Ltd(000732) the above capital reduction and its progress were not disclosed for the first time until April 30, 2021, in violation of articles 2 and 30 of the information disclosure measures.
In addition, on June 14, 2019, Tahoe Group Co.Ltd(000732) Chairman Huang Qisen said at the media meeting that Tahoe Group Co.Ltd(000732) has a land reserve with a value of 600 billion yuan; In August 4, 2021, the official account of Tahoe Group Co.Ltd(000732) WeChat released that the Tahoe Group Co.Ltd(000732) had nearly 400 billion yuan of land reserve value in a second tier city. On August 6, 2021, Tahoe Group Co.Ltd(000732) said in an interview with Securities Daily that the company had 40 billion yuan worth of existing houses in Beijing. Chairman Huang Qisen said that the company had more than 300 billion yuan worth of land reserves in core first and second tier cities. Tahoe Group Co.Ltd(000732) failed to provide the objective basis for making the above estimation, and the above published relevant value information was not published in the designated media in advance, in violation of articles 2 and 6 of the information disclosure measures and the measures for the administration of information disclosure of listed companies.
As the chairman of Tahoe Group Co.Ltd(000732) , general manager and Secretary of the board of directors (Acting), Huang Qisen is mainly responsible for the above violations of Tahoe Group Co.Ltd(000732) . According to articles 58 and 59 of the information disclosure measures and articles 51 and 52 of the new information disclosure measures, Fujian securities regulatory bureau has decided to take administrative supervision measures to issue warning letters to Tahoe Group Co.Ltd(000732) and Huang Qisen, chairman, general manager and Secretary of the board of directors (on behalf of the company). We should fully draw lessons, strengthen the study of securities laws and regulations, improve the awareness of standardized operation, strengthen the management of information disclosure, earnestly fulfill the obligation of information disclosure, and ensure the authenticity, accuracy and integrity of information disclosure.
Fujian securities regulatory bureau said that if it is not satisfied with the supervision and administration measures, it may apply for administrative reconsideration to China Securities Regulatory Commission within 60 days from the date of receiving the decision, or bring a lawsuit to the people’s court with jurisdiction within 6 months from the date of receiving the decision. During the period of reconsideration and litigation, the above supervision and management measures shall not be suspended.
