Our reporter Wu Wenjing, trainee reporter Feng Sijie

The relatives of the chairman of the board of directors who had a shortage of funds for purchasing real estate overseas took the listed company as their own “ATM” and quietly borrowed an “interest free loan” for nearly half a year.

On the evening of April 14, satellite chemical announced that it had recently received a warning letter from Zhejiang securities regulatory bureau. After investigation, it was found that satellite chemical had the following problems: on October 1, 2021, Ma tujun, general manager of satellite chemical USA Corp., a subsidiary of the company, borrowed 15.2304 million yuan from the company for overseas house purchase. The above funds were repaid in installments on December 22, 2021 and March 18, 2022. Ma tujun is a direct relative of the directors of the company and an affiliated natural person of the company. The company failed to review the above related party transactions in accordance with relevant regulations and timely fulfill the obligation of information disclosure.

Satellite chemistry “pretending to be deaf and dumb” received warning letter

According to the announcement of satellite chemistry, Ma tujun is a middle-level manager of the company. He is assigned by the company to work in Texas, the United States. He is mainly responsible for managing the operation of satellite America and carrying out international business. But why is it that when personal capital turnover is difficult, the first thing employees think of is not to apply for bank loans, but to reach out to listed companies?

The reporter of Securities Daily inquired about the prospectus, preliminary announcement and public information disclosed on the company’s official website when satellite chemistry was listed. In addition to his position in the subsidiary of satellite chemistry, Ma tujun is also a direct relative of Yang Yuying, the party secretary and vice chairman of satellite chemistry. Yang Yuying is the eldest sister of Yang Weidong, the chairman and actual controller of satellite chemistry. At the same time, Yang Yuying also serves as a director of satellite Holding Co., Ltd., the controlling shareholder of satellite chemistry. In other words, Ma tujun and the actual controller of the company are a family.

On the evening of March 22, 2022, after Ma tujun returned all the loans of 15.2304 million yuan to the listed company, satellite chemical announced that it had been found that the non operating funds of related parties had been occupied in 2021.

According to the updated annual report, satellite chemistry achieved a revenue of 28.557 billion yuan and a net profit of 6.007 billion yuan in 2021, with a significant year-on-year increase.

However, the reporter also noted that behind the high growth of performance, the funds of satellite chemistry are not abundant. At the end of 2021, the balance of long-term borrowings of satellite chemistry reached 13.474 billion yuan, a significant increase of 4.804 billion yuan over the beginning of 2021. At the same time, the company still had 1.423 billion yuan of short-term borrowings, and the two borrowings accounted for 30.59% of the total assets. Large borrowings also led to a sharp rise of 16.61% to 502 million yuan in the financial expenses of satellite chemistry that year.

Kuang Yuqing, the founder of lens research, told the Securities Daily: “the occupation of funds has costs and risks.”

In fact, for satellite chemistry engaged in the petrochemical industry, heavy asset management is its industry characteristic, which also puts forward higher requirements for the operation ability and solvency of enterprises. The importance of controlling capital cost is self-evident.

Shen Lidong, a lawyer from Jingheng law firm, told the Securities Daily: “as a listed company, we should implement an effective internal control system. If a listed company’s funds are continuously occupied by related parties, the interests of the listed company and the majority of investors may be difficult to protect, which means that there are serious loopholes in the implementation of such a listed company’s internal control system.”

Zhejiang securities regulatory bureau pointed out that the above-mentioned acts of satellite chemistry and related personnel violated the relevant provisions of Articles 3, 4 and 41 of the measures for the administration of information disclosure of listed companies. At the same time, Zhejiang securities regulatory bureau took the supervision and management measures of issuing warning letters to Yang Weidong, chairman and general manager of satellite chemistry, Li Jun, chief financial officer and Shen Xiaowei, the letter of the board of directors, and recorded them in the integrity archives of the securities and futures market.

The persistent problem of non operating capital occupation needs to be solved

In the capital market, the persistent disease that major shareholders or other related parties occupy the non operating funds of listed companies has not been eradicated. The occupation of funds often occurs at the same time as the violation of letter phi and concealment of related relationship of listed companies.

For listed companies, even a small amount of capital occupation is an infringement on the rights and interests of investors, which can easily lead to a crisis of trust and a higher impact on the financing cost of listed companies.

Shen Lidong told reporters: “the formation of illegal occupation of funds by related parties is essentially related to the lack of financial internal control of listed companies and the lack of effective supervision over the control right of controlling shareholders. China’s securities market has the characteristics of ‘dominance of one share’, the controlling position of major shareholders is strong, and they do not perform the corresponding decision-making procedures in accordance with governance norms, and regard the funds of listed companies as their own available funds.”

“In this regard, we should improve the legal system. For major shareholders or actual controllers who have not been returned for a long time, we can freeze their rights in listed companies and even take measures to prohibit entry into the capital market.” Shen Lidong suggested.

For this lesson, satellite chemistry said that the company will strengthen internal control management and strengthen the awareness of compliance operation. Improve the company’s internal control system, prevent internal control risks, and further improve the ability of continuous and standardized operation. At the same time, organize the company’s directors, supervisors, senior managers and relevant financial personnel to learn relevant laws and regulations, fully understand the harmfulness of fund occupation, constantly enhance the awareness of self-regulation, strictly implement the implementation of various regulations, and prevent similar events from happening again in the company.

Kuang Yuqing suggested: “The administrative, legal and even criminal responsibilities of the relevant personnel should be investigated for the non operational capital occupation without the deliberation of the board of directors and the authorization of the general meeting of shareholders; if substantial losses are caused, the listed company should make a claim against the person responsible, because it is the consequence of personal violations of laws and regulations, and the listed company should have the right of recourse; at the same time, the CSRC and the exchange should include it in the integrity records and personal credit investigation records , restrict such personnel from holding important positions in listed companies. “

Massive information and accurate interpretation are all in Sina Finance app

Our reporter Wu Wenjing, trainee reporter Feng Sijie

The relatives of the chairman of the board of directors who had a shortage of funds for purchasing real estate overseas took the listed company as their own “ATM” and quietly borrowed an “interest free loan” for nearly half a year.

On the evening of April 14, satellite chemical announced that it had recently received a warning letter from Zhejiang securities regulatory bureau. After investigation, it was found that satellite chemical had the following problems: on October 1, 2021, Ma tujun, general manager of satellite chemical USA Corp., a subsidiary of the company, borrowed 15.2304 million yuan from the company for overseas house purchase. The above funds were repaid in installments on December 22, 2021 and March 18, 2022. Ma tujun is a direct relative of the directors of the company and an affiliated natural person of the company. The company failed to review the above related party transactions in accordance with relevant regulations and timely fulfill the obligation of information disclosure.

Satellite chemistry “pretending to be deaf and dumb” received warning letter

According to the announcement of satellite chemistry, Ma tujun is a middle-level manager of the company. He is assigned by the company to work in Texas, the United States. He is mainly responsible for managing the operation of satellite America and carrying out international business. But why is it that when personal capital turnover is difficult, the first thing employees think of is not to apply for bank loans, but to reach out to listed companies?

The reporter of Securities Daily inquired about the prospectus, preliminary announcement and public information disclosed on the company’s official website when satellite chemistry was listed. In addition to his position in the subsidiary of satellite chemistry, Ma tujun is also a direct relative of Yang Yuying, the party secretary and vice chairman of satellite chemistry. Yang Yuying is the eldest sister of Yang Weidong, the chairman and actual controller of satellite chemistry. At the same time, Yang Yuying also serves as a director of satellite Holding Co., Ltd., the controlling shareholder of satellite chemistry. In other words, Ma tujun and the actual controller of the company are a family.

On the evening of March 22, 2022, after Ma tujun returned all the loans of 15.2304 million yuan to the listed company, satellite chemical announced that it had been found that the non operating funds of related parties had been occupied in 2021.

According to the updated annual report, satellite chemistry achieved a revenue of 28.557 billion yuan and a net profit of 6.007 billion yuan in 2021, with a significant year-on-year increase.

However, the reporter also noted that behind the high growth of performance, the funds of satellite chemistry are not abundant. At the end of 2021, the balance of long-term borrowings of satellite chemistry reached 13.474 billion yuan, a significant increase of 4.804 billion yuan over the beginning of 2021. At the same time, the company still had 1.423 billion yuan of short-term borrowings, and the two borrowings accounted for 30.59% of the total assets. Large borrowings also led to a sharp rise of 16.61% to 502 million yuan in the financial expenses of satellite chemistry that year.

Kuang Yuqing, the founder of lens research, told the Securities Daily: “the occupation of funds has costs and risks.”

In fact, for satellite chemistry engaged in the petrochemical industry, heavy asset management is its industry characteristic, which also puts forward higher requirements for the operation ability and solvency of enterprises. The importance of controlling capital cost is self-evident.

Shen Lidong, a lawyer from Jingheng law firm, told the Securities Daily: “as a listed company, we should implement an effective internal control system. If a listed company’s funds are continuously occupied by related parties, the interests of the listed company and the majority of investors may be difficult to protect, which means that there are serious loopholes in the implementation of such a listed company’s internal control system.”

Zhejiang securities regulatory bureau pointed out that the above-mentioned acts of satellite chemistry and related personnel violated the relevant provisions of Articles 3, 4 and 41 of the measures for the administration of information disclosure of listed companies. At the same time, Zhejiang securities regulatory bureau took the supervision and management measures of issuing warning letters to Yang Weidong, chairman and general manager of satellite chemistry, Li Jun, chief financial officer and Shen Xiaowei, the letter of the board of directors, and recorded them in the integrity archives of the securities and futures market.

The persistent problem of non operating capital occupation needs to be solved

In the capital market, the persistent disease that major shareholders or other related parties occupy the non operating funds of listed companies has not been eradicated. The occupation of funds often occurs at the same time as the violation of letter phi and concealment of related relationship of listed companies.

For listed companies, even a small amount of capital occupation is an infringement on the rights and interests of investors, which can easily lead to a crisis of trust and a higher impact on the financing cost of listed companies.

Shen Lidong told reporters: “the formation of illegal occupation of funds by related parties is essentially related to the lack of financial internal control of listed companies and the lack of effective supervision over the control right of controlling shareholders. China’s securities market has the characteristics of ‘dominance of one share’, the controlling position of major shareholders is strong, and they do not perform the corresponding decision-making procedures in accordance with governance norms, and regard the funds of listed companies as their own available funds.”

“In this regard, we should improve the legal system. For major shareholders or actual controllers who have not been returned for a long time, we can freeze their rights in listed companies and even take measures to prohibit entry into the capital market.” Shen Lidong suggested.

For this lesson, satellite chemistry said that the company will strengthen internal control management and strengthen the awareness of compliance operation. Improve the company’s internal control system, prevent internal control risks, and further improve the ability of continuous and standardized operation. At the same time, organize the company’s directors, supervisors, senior managers and relevant financial personnel to learn relevant laws and regulations, fully understand the harmfulness of fund occupation, constantly enhance the awareness of self-regulation, strictly implement the implementation of various regulations, and prevent similar events from happening again in the company.

Kuang Yuqing suggested: “The administrative, legal and even criminal responsibilities of the relevant personnel should be investigated for the non operational capital occupation without the deliberation of the board of directors and the authorization of the general meeting of shareholders; if substantial losses are caused, the listed company should make a claim against the person responsible, because it is the consequence of personal violations of laws and regulations, and the listed company should have the right of recourse; at the same time, the CSRC and the exchange should include it in the integrity records and personal credit investigation records , restrict such personnel from holding important positions in listed companies. “

Massive information and accurate interpretation are all in Sina Finance app