Shagang (002075, SZ), with a market value of 10 billion, disclosed an announcement involving the alleged violation of the letter and disclosure by the controlling shareholder.
Today (May 10) evening, Shagang Co., Ltd. disclosed the announcement that the controlling shareholder received the “Advance Notice of Administrative Penalty” from the China Securities Regulatory Commission. It was disclosed that Wei Guo, the first deputy chief accountant of Shagang Group, actually managed the company to buy and sell shares of Shagang Group. However, Shagang Group concealed its concerted action relationship with the company, resulting in false records in Shagang’s 2019 and 2020 annual reports.
The China Securities Regulatory Commission stated that Shagang Group and related parties have the right to make statements and plead for a hearing. The facts, reasons and evidence presented by Shagang Group and related parties will be adopted if they are established after review by the China Securities Regulatory Commission. If the rights of statement, defense and hearing are waived, the CSRC will make a formal administrative penalty decision based on the relevant facts, reasons and basis.
There are still traces of “Shagang” behind the companies involved
Today evening, Shagang Co., Ltd. disclosed the announcement that the controlling shareholder received the “Advance Notice of Administrative Penalty” from the China Securities Regulatory Commission, involving details of the controlling shareholder Shagang Group’s suspected information disclosure violations. As early as November 3 last year, Shagang Co., Ltd. disclosed the relevant filing notice.
According to the announcement, Zhangjiagang Free Trade Zone Jinlin Fengtai Trading Co., Ltd. (hereinafter referred to as Jinlin Fengtai) borrowed Sun Lianjie’s securities account, and Sun Lianjie lent his securities account for Jinlin Fengtai’s use; on November 20, 2019, Jinlinfeng Wei Guo, the actual manager of Thailand, arranged for his subordinates to lead Sun Lianjie to open a tripartite depository bank account at the China Merchants Bank Suzhou Industrial Park Sub-branch, and then open a securities account at the Xinghai Street Securities Branch of CITIC Construction Investment Securities Co., Ltd. Suzhou Industrial Park.
On November 26, 2019, Sun Lianjie’s securities account received 44 million shares of “Shagang Shares” through a negotiated block transaction. From May 26 to July 6, 2020, 39.4 million shares were sold. 7,200 shares were sold on December 11, 2020. From February 26, 2021 to March 2, 2021, 4.5928 million shares were sold. Sun Lianjie’s securities account bought “Shagang shares” funds from Jinlin Fengtai, and part of the funds also flowed into Jinlin Fengtai after selling “Shagang shares”.
Wei Guo, the first deputy chief accountant of Shagang Group, actually manages Jinlin Fengtai. According to the provisions of Article 83, paragraph 2 (2), of the Administrative Measures for the Acquisition of Listed Companies, Shagang Group and Jinlin Fengtai are controlled by the same entity. Linfengtai is a concerted action person.
The reporter of “Daily Economic News” inquired about the historical stock price and found that on the day that Sun Lianjie’s account was assigned the shares of Shagang on November 26, 2019, the company’s stock price opened at 6.82 yuan per share (rights were not restored). At this price, the market value of the shares transferred to Sun Lianjie’s account exceeds 200 million yuan. From May 26 to July 6, 2020, the share price of Shagang has exceeded 10 yuan per share, and the corresponding market value has exceeded 400 million yuan. Obviously, Sun Lianjie’s account sold high and bought Shagang shares at low prices to earn a large price difference.
Looking at the industrial and commercial information, it can be found that the two major shareholders of Jinlin Fengtai are Geng Qingfeng and Wang Kuanzhu, with a registered capital of 10 million yuan, but the actual payment has not been completed. From the current information, there is no relationship between Jinlin Fengtai and Shagang Group. However, there are still clues left in the registered mailbox of the corporate annual report. Search according to the “[email protected]” e-mail box recorded in the company’s 2020 annual report, and the QQ number is named “Shagang Tax Section”.
In addition, we searched the WeChat public account of Shagang Group and found that the last time Wei Guo appeared on the public account was on July 5, 2021. At that time, he was still participating in an activity of the company with the leaders of the group and the heads of relevant departments.
There are false records in the annual reports of listed companies
The China Securities Regulatory Commission believes that Jinlin Fengtai’s borrowing of Sun Lianjie’s securities account violates the provisions of Article 58 of the Securities Law, and constitutes the use of other people’s securities accounts to engage in securities transactions as described in Article 195 of the Securities Law. transaction behavior.
Sun Lianjie’s lending of his securities account for the use of Jinlin Fengtai violated the provisions of Article 58 of the Securities Law and constituted the act of lending his own securities account as described in Article 195 of the Securities Law.
Shagang Group concealed its concerted action relationship with Jinlin Fengtai, resulting in false records in Shagang’s 2019 and 2020 annual reports. On June 29, 2020, when the shareholding ratio decreased by 1%, it did not notify the listed company to make a timely announcement. Violating the provisions of paragraph 3 of Article 63, paragraphs 1 and 2 of Article 78 of the Securities Law, and constitutes the issuer’s rights and interests as described in paragraph 2 of Article 197 of the Securities Law. The controlling shareholder or actual controller conceals relevant matters, resulting in false records in the information disclosed by the information disclosure obligor.
According to the facts, nature, circumstances and the degree of social harm of the parties’ illegal acts, according to Article 195, Paragraph 1 of Article 197 and Paragraph 2 of Article 197 of the Securities Law According to the regulations, the China Securities Regulatory Commission plans to decide: 1. Shagang Group shall be ordered to make corrections, given a warning, and a fine of 2.5 million yuan; 2. Jinlin Fengtai shall be ordered to make corrections, given a warning, and a fine of 800,000 yuan; 3. Shagang Shen Bin, chairman of the group, gave a warning and imposed a fine of 1 million yuan; 4. gave a warning to Wei Guo and imposed a fine of 1 million yuan; 5. ordered Sun Lianjie to make corrections, gave a warning, and imposed a fine of 300,000 yuan.
The China Securities Regulatory Commission also stated that Shagang Group and related parties have the right to make statements and plead for a hearing. The facts, reasons and evidence presented by Shagang Group and related parties will be adopted if they are established after review by the China Securities Regulatory Commission. If the rights of statement, defense and hearing are waived, the China Securities Regulatory Commission will make a formal administrative penalty decision based on the above facts, reasons and basis.
Shagang Co., Ltd. stated that the subject of punishment involved in the “Advance Notice of Administrative Penalty” is the company’s controlling shareholder and related parties, not a listed company, and will not affect the company’s daily production and operation activities.
Source of cover image: Photo Network-500311372
