After a lapse of more than four months, Jinzhou Cihang Group Co.Ltd(000587) (000587) actual controller Zhu Yaowen was filed for investigation again.
On January 13, the company announced that Zhu Yaowen was placed on file by the CSRC on suspicion of illegal information disclosure. Last September, it was filed by the CSRC on suspicion of securities market manipulation.
Due to the merger and acquisition of cross-border financial leasing, Jinzhou Cihang Group Co.Ltd(000587) has successively encountered difficulties in recent years, such as the performance change of the underlying assets, the stagnation of the main business, huge losses and debt. At present, it has fallen into the quagmire of insolvency and is on the verge of delisting. Recently, the company received a debt exemption notice of RMB 1.4 billion from two debtors, which aroused great concern of the exchange and was asked to explain whether it aims to avoid delisting risk.
was filed twice in more than 4 months
In recent months, Jinzhou Cihang Group Co.Ltd(000587) and related parties have been frequently filed for investigation.
In September 2021, Zhu Yaowen was filed by the CSRC for suspected manipulation of the securities market; In the same month, the listed company was put on file for suspected violation of laws and regulations; On January 13, Zhu Yaowen received the notice of filing a case again, and the suspected crime was also xinphi violation.
It is worth mentioning that four days before the first case was filed, Zhu Yaowen card point resigned from the relevant positions of the chairman and the board of directors of the company and is no longer in the company.
Jinzhou Cihang Group Co.Ltd(000587) landed in the capital market in 1996 and has been floating and sinking for 26 years. In 2011, Shenzhen ninth five year plan investment company controlled by Zhu Yaowen successfully backdoor Guangming furniture and pushed gold leaf jewelry, the main jewelry business, to the capital market; In 2015, the company spent nearly 6 billion yuan to acquire 90% equity of Fenghui leasing under Zhongzhi system, forming a dual main business structure of “gold jewelry + financial leasing”, and the company’s abbreviation was later changed to “Jinzhou Cihang”. In the previous business transformation of Jinzhou Cihang Group Co.Ltd(000587) , Zhu Yaowen has always played a leading role. According to public data, Zhu Yaowen was born in 1964 and served as Jinzhou Cihang Group Co.Ltd(000587) chairman from July 2013 to last year. Up to now, Zhu Yaowen indirectly holds Jinzhou Cihang Group Co.Ltd(000587) 787 million shares through the Ninth Five Year Plan Group, accounting for 37.04% of the total share capital, which is in the stage of bankruptcy and reorganization.
The nightmare of Jinzhou Cihang Group Co.Ltd(000587) began in 2018. In that year, Fenghui leasing of M & A assets, which had just completed the performance commitment, changed its face after the commitment period, resulting in a loss of RMB 2.233 billion, which directly swallowed the profits contributed in the previous three years, resulting in a huge loss of RMB 2.85 billion in Jinzhou Cihang Group Co.Ltd(000587) that year, and then triggered a large impairment risk of various assets. In 2019, it continued to suffer a sudden loss of RMB 6.28 billion. Under two consecutive years of losses, the company was warned of delisting risk in May 2020; In April 2021, due to the uncertainty of the internal control audit report with negative opinions and the ability of sustainable operation, it was superimposed with other risk warnings.
In May 2021, Jinzhou Cihang Group Co.Ltd(000587) applied to the exchange for canceling the delisting risk warning with a revenue of no less than 100 million yuan in 2020 and a positive net profit, which was not approved.
debt exemption “shell”?
By the end of the third quarter, Jinzhou Cihang Group Co.Ltd(000587) net assets were -177 million yuan, which was in an insolvent state. At present, the biggest problem is how to “protect the shell”.
On January 7, the company announced that the creditors zhongrunboguan and Fenghui leasing sent a “debt exemption notice” like a “timely rain”, which exempted the debts of 1.33 billion yuan and 79.226 million yuan previously owed by Jinzhou Cihang Group Co.Ltd(000587) respectively. If the above 1.4 billion debt exemption can be recognized, the company’s net assets will change from negative to positive.
For the above matters, the exchange quickly issued a letter of concern, requiring the company to explain the reasons and rationality of the exemption of creditor’s rights by Zhongrun boguan and Fenghui leasing, whether the relevant creditor’s rights transfer and exemption have commercial substance, and clearly requiring the company to explain whether there is a situation to avoid delisting risk through debt exemption.
It is worth mentioning that the two main businesses of Jinzhou Cihang Group Co.Ltd(000587) have basically stalled. In terms of gold and jewelry, due to the creditor freezing the company’s bank account and requesting the court to auction relevant machinery and equipment, the operation of gold and jewelry business has been suspended. At present, the main work is to collect customers’ Arrears and materials; In terms of financial leasing, the divestiture of 90% equity of Fenghui leasing has been completed. Now, the company is striving to build a new platform and has established Jinzhou (Xiamen) gold asset management company to participate in the operation of Xiamen Gold Industrial Park. Even though we are trying to get rid of the burden of history, Jinzhou Cihang Group Co.Ltd(000587) is still worrying about its sustainable operation ability. In the first three quarters of 2021, the operating revenue was 93 million yuan, less than 100 million yuan; The net profit is – 500 million yuan, which is in a state of loss.
In the secondary market, the company’s share price has fluctuated recently. From January 7 to 11, the limit rose for three consecutive days, but then turned the wind direction on January 12 and closed at the limit; On January 13, the trading limit was harvested again, with the latest closing of 1.82 yuan / share.
