According to information on the official website of the China Securities Regulatory Commission, Yongmei Holdings was given a warning and imposed a fine of 3 million yuan. (Image source: Adobe Stock)
[See China News on August 1, 2021](See a comprehensive report by Chinese reporter Ding Xiaoyu) Recently,Yongmei Holdings80 billionFinancial fraudandBondThe case of illegal information disclosure has come to fruition.According to the information on the official website of the China Securities Regulatory Commission, after conducting an investigation and trial of Yongmei Holdings, it decided to give a warning to Yongmei Holdings and impose a penalty of 3 million yuan.fine, And impose corresponding penalties on other parties.
On November 10, 2020, the “20 Yongmei SCP003” issued by Yongmei Holdings failed to repay the principal and interest in full on time, which constituted a substantial default and shocked the market.
According to a report by the China Securities Journal, after investigation by the China Securities Regulatory Commission, Yongmei Holdings had false disclosures of currency funds amounting to 86.119 billion yuan.
From January 2018 to October 2020, Yongmei Holdings has issued 21 inter-bank debt financing instruments and 3 non-public corporate bonds. In related debt financing instruments and private placement bond prospectus, periodic reports and other documents, Yongmei Holdings listed the current accounts receivable from Henan Nenghua as monetary funds, resulting in a total of 86.119 billion yuan of inflated monetary funds at the level of its consolidated statements.
Among them, the financial statements from 2017 to September 30, 2020 were inflated by 11.274 billion yuan, 23.564 billion yuan, 24.107 billion yuan, and 27.174 billion yuan, respectively, accounting for 54.03%, 62.56%, 57.28%, and 57.28% of the total monetary funds disclosed in the current period. 57.86%, accounting for 7.94%, 14.52%, 14.68%, and 15.74% of its total assets disclosed in the current period.
In addition, Yongmei Holdings has false records about restricted currency funds in the prospectus of some debt financing instruments. Failure to disclose equity pledge matters as required, resulting in major omissions in the prospectus for debt financing instruments.
The China Securities Regulatory Commission issued a warning to Yongcheng Coal and Electricity Holding Group Co., Ltd. in accordance with the second paragraph of Article 197 of the Securities Law of 2019, and imposed a fine of 3 million yuan; in addition, several parties to the incident were imposed A fine of 10-55 million yuan.
China Interbank Market Dealers Association has disclosed that Yongmei Holdings has four major violations:
The first is that the company’s independence information disclosed in the issuance documents is inaccurate and incomplete, and the controlling shareholder’s occupation of its assets is not accurately disclosed; the second is that a large amount of monetary funds are transferred to the controlling shareholder’s fund management center, and the relevant information is of interest to investors. Risk judgment has an important influence, but Yongmei Holdings has not disclosed relevant information and related transactions arising from it in the annual report and issuance documents; third, the restricted assets and default record information disclosed in the relevant issuance documents or financial reports are inaccurate; Fourth, during the existence of debt financing instruments, the free transfer of related assets and changes in the use of raised funds were not disclosed in a timely manner.
The Yongmei incident also involved violations of many institutions. Including 6 securities institutions including China Chengxin International Credit Rating Co., Ltd., Sigma Certified Public Accountants, Haitong Securities, Haitong Futures Co., Ltd., Shanghai Haitong Securities Asset Management Co., Ltd., Donghai Fund Management Co., Ltd., and Industrial Bank shares Co., Ltd., China Everbright Bank Co., Ltd., Zhongyuan Bank Co., Ltd. and other three lead underwriters. Among the 11 institutions, 4 institutions have been suspended for a certain period of time.
Yongmei Holdings’ 2020 annual report shows that the company’s total assets are approximately 172.16 billion yuan.
Netizens said that 80 billion was fined 3 million, and the cost of crime was too low.
Some netizens said: “This is a crime of fraud!” “If you don’t get penalized for making false accounts, your credit will not be saved.”
From Evergrande, China Fortune, Blu-ray, to Yongmei Holdings, as netizens said: “The sudden growth of mutated crops in the ground may be an accident; if it always grows from time to time, it must be a mutation in this place. Push it to others, and so on!”
Editor in charge: Jingxin Source: Look at China
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