After a loss of half a billion yuan, golden ham fried futures has more trouble: being filed, declining performance, and shareholders are claiming compensation
China Economic Net
The aftermath of “golden ham (002515) futures lost half a billion” is not even. Since the company’s “self disclosure” caused an uproar on January 27, the regulators have made moves one after another. More details have surfaced under the “four consecutive issuance” of attention letters, warning letters, administrative punishment forms and case filing notices.
On the evening of April 10, the golden ham announced that the company received the notice of filing a case from the CSRC on April 8. Due to suspected illegal information disclosure, the CSRC decided to file a case against the company in accordance with relevant laws and regulations. When it comes to violations, double decline in performance and lamentation of shareholders, where will “Ham first share” go?
Futures trading losses exceeding 50 million yuan, regulatory “four consecutive”
In the “golden ham futures loss of half a billion, traders are fully responsible for compensation: really lost? Should it be compensated? Who’s wrong?” The previous information in the article: the golden ham announced on January 27 that the company’s futures account suffered a total loss of 55.1053 million yuan due to the “unauthorized” liquidation of futures traders. The futures trader involved took full responsibility and made up the loss in less than a month.
The identity of this rich futures trader is very curious. In the reply of golden ham to the inquiry letter of Shenzhen Stock Exchange on February 12, this mystery was finally revealed. The announcement shows that the compensation paid by the futures trader to the company’s account comes from his own and self raised funds and his father-in-law Shi xiongbiao. Shi xiongbiao is not only a natural person shareholder holding 3.45% of the shares of JINZI ham, but also the brother of former actual controller and president Shi Yanjun.
Shi xiongbiao mainly helped his son-in-law raise funds through two channels, and the “family and friends” came from many sources: first, he borrowed 41.05 million yuan from his friend Wang Qihui (former vice president and former Secretary of the board of directors of JINZI ham); 2、 Occupying the 5.95 million yuan of alimony originally entrusted by brother Shi Yanjun to his nephew. Later, in order to repay the arrears to his friends and brothers, Shi xiongbiao sold off the shares of other companies he held. Shi xiongbiao was awarded the title of “China’s good father-in-law” because of his money, effort and human kindness.
After that, JINZI ham received the decision on administrative supervision measures of Zhejiang securities regulatory bureau and the supervision letter of Shenzhen Stock Exchange on March 10 and March 30 respectively. Zhejiang securities regulatory bureau pointed out that there were four problems in JINZI ham, including the failure to disclose major losses in futures trading in time, the failure to disclose large amount of employee compensation in time, the inaccurate disclosure of the third quarterly report due to non-standard accounting treatment, and the failure to fulfill the review and disclosure procedures of excess margin. It decided to issue warning letters to JINZI ham, Shi Yanjun, vice president Wu Yuexiao and Wang Qihui respectively and record them in the integrity archives of the securities and futures market.
It should be pointed out that Wang Qihui, who was warned by the regulator to “support justice and wealth” for his friends, submitted his resignation on April 9. According to the announcement, Wang Qihui resigned as vice president of JINZI ham for personal reasons and no longer held any position in the company after resigning. Meanwhile, Wang Qihui still holds 2306100 shares. This time node happened to be the day after the golden ham received the notice of filing a case from the CSRC. However, the golden ham denied that there was a connection between the two, saying that Wang Qihui resigned in advance, mostly for personal reasons.
Lawyers say they may be involved in more violations and face a fine of up to 10 million yuan
Now, with the CSRC’s investigation of golden ham, this ups and downs of futures loss may come to an end. In this regard, the golden ham confirmed that it was filed related to the disclosure of futures business, and the company said that “basically there is no impact, and the company is still in normal operation”.
Although the golden ham announcement only disclosed that the reason why the case was filed was “suspected of illegal information disclosure”, many senior lawyers said that the investigation may involve other violations.
Lawyer Xu Feng, director of Shanghai Jiucheng law firm, replied to the author that the investigation may include the part shown in the notice of filing a case by the CSRC or the decision on administrative supervision measures by Zhejiang securities regulatory bureau, but whether it will go beyond the scope needs to be observed. In addition, Lawyer Wang Zhibin of Shanghai Minglun law firm pointed out in an article that the administrative organ pursues the law enforcement principle of “no two penalties for one matter”, so this investigation may involve other undisclosed matters.
What punishment will the golden ham that touches the violation of letter Phi face? According to the securities law, if the information disclosure obligor fails to submit relevant reports or fulfill the obligation of information disclosure in accordance with the provisions of this law, it shall be ordered to make corrections, given a warning and fined not less than 500000 yuan but not more than 5 million yuan; If the report submitted or the information disclosed by the information disclosure obligor contains false records, misleading statements or major omissions, it shall be ordered to make corrections, given a warning and fined not less than 1 million yuan but not more than 10 million yuan; Relevant responsible personnel also face unequal fines.
48000 shareholders who “step on thunder” and meet the conditions can file a claim
How should shareholders safeguard their legitimate rights and interests? Xu Feng said in this regard, “after the investigation information is sent, it will strengthen the negative evaluation of public investors on Golden ham, which may have a certain impact and take time to release. In addition, it may also trigger claims from investors in the secondary market. Investors who meet certain conditions can be prepared to initiate claims“
It is reported that at present, Xu Feng’s lawyer team has received some claim consultation and assisted in preliminary preparation. The tentative claim conditions are: buy JINZI ham shares between August 24, 2021 and January 27, 2022, and sell or continue to hold them after January 27, 2022; In addition, investors who buy golden ham shares before April 11, 2022 and sell or continue to hold shares after April 11, 2022 can initiate claims.
Xu Feng further introduced, “because the Supreme Court has revised the claim rules, investors can file a claim without waiting for the punishment of the CSRC.”
In 2021, both revenue and net profit decreased, and the stock price fell sharply
It rains at night when the house leaks. The performance of JINZI ham, which has not recovered for several years, declined again in 2021.
In the past, in order to expand new profit growth points, golden ham has tried to “intervene” in the fields of great health, mining, finance, e-commerce and so on through diversified mergers and acquisitions, but the bonus is not very obvious. Until 2018, JINZI ham returned to its main business of ham, and its performance has improved since then