On the evening of July 12, according to the WeChat public account of the Beijing Stock Exchange, the Beijing Stock Exchange imposed disciplinary sanctions on the company and relevant responsible persons for violations of laws and regulations such as capital occupation and failure to disclose major events in Bio Valley, a listed company of the Beijing Stock Exchange. This is the first disciplinary action against a listed company since the establishment of the Beijing Stock Exchange.
Bio Valley became the first company to be disciplined by the North Exchange, and it was self-inflicted. After all, the company has committed violations of laws and regulations such as capital occupation and non-disclosure of major events. After investigation: From August 2021 to March 2022, the controlling shareholder of the company, Shenzhen Jinshajiang Investment Co., Ltd. (hereinafter referred to as “Jinshajiang”), through the listed company’s endorsement of bank acceptance bills to third parties, and entrusting third-party financial management to accumulatively occupy The company’s capital is 356 million yuan, and the maximum daily occupied balance is 277 million yuan. In response to this fact of capital occupation, Jinshajiang and its actual controller, Lin Yanhe, promised that Jinshajiang would return all the occupied funds and capital income before June 30, 2022, and Lin Yanhe, the actual controller of the company, promised to provide joint and several liability guarantee. , as of June 30, 2022, the above commitment to return the funds has not been fully fulfilled.
At the same time, as of November 5, 2021, the accumulative amount of wealth management entrusted by the company to Yinfengtai Fund Management Co., Ltd. has met the information disclosure requirements. This matter therefore constitutes a violation of laws and regulations such as non-disclosure of major events.
Not only that, for the aforementioned violations of Bio Valley, the sponsor and sponsor representatives failed to effectively urge the company to establish a sound and effective information disclosure system, perform information disclosure obligations during the continuous supervision period, and failed to report major events to the Beijing Stock Exchange in a timely manner. Issued risk warning announcements, issued verification reports that were untrue and inaccurate, and failed to faithfully and diligently perform continuous supervision duties. It is precisely because of this that the sponsor and sponsor representatives were subject to disciplinary sanctions by the Beijing Stock Exchange. Huarong Securities was issued a warning letter, and two sponsor representatives Liang Liqun and Zhang Jian were criticized.
As the first disciplinary action taken by the Beijing Stock Exchange, the Beijing Stock Exchange not only included the listed company Bio Valley, the controlling shareholder Jinsha River, the company’s actual controller but also the company’s chairman and general manager Lin Yanhe, and the company’s financial director and board secretary He Yuan. When the target scope of disciplinary action was reached, the sponsor and the sponsor representative were also given disciplinary action, which indeed reflects that the Beijing Stock Exchange resolutely implements the policy of “establishing a system, non-intervention, and zero tolerance”, continuously strengthens self-discipline supervision, and effectively Strict market discipline, consolidate the responsibilities of intermediaries, strive to create an honest and standardized market environment, and “escort” the work style for the high-quality construction of the Beijing Stock Exchange and the comprehensive deepening of the new third board reform.
In fact, on January 28 this year, the China Securities Regulatory Commission, the Ministry of Public Security, the State-owned Assets Supervision and Administration Commission and the China Banking and Insurance Regulatory Commission jointly issued the “Guidelines for the Supervision of Listed Companies No. 8 – Supervision Requirements for Fund Transactions and External Guarantees of Listed Companies”, which strengthened listing The four ministries and commissions jointly established a supervision and coordination mechanism to strictly investigate and deal with violations of laws and regulations such as capital occupation and illegal guarantees, and those suspected of committing crimes shall be held criminally responsible in accordance with the law. It can be said that the problem of capital occupation in Bio Valley has just hit the muzzle of the joint law enforcement of the four ministries and commissions.
In May of this year, Bio Valley, its controlling shareholder Jinsha River, and its actual controller, Lin Yanhe, were investigated by the China Securities Regulatory Commission, and Bio Valley became the first company on the Beijing Stock Exchange to be investigated by the China Securities Regulatory Commission.
Looking back at the history of the capital market, illegal occupation of listed company funds is an important method for controlling shareholders to hollow out listed companies. Therefore, this black hand must be cut off. If the controlling shareholder fails to return the illegally occupied funds of the listed company in a timely manner, not only should he be punished, and his market entry should be banned, but he should also be prosecuted for the crime of “breaking trust and harming the interests of the listed company.” If it causes heavy losses to the interests of the listed company, the party concerned shall be sentenced to fixed-term imprisonment of not more than three years or criminal detention, and concurrently or only be fined; Penalty.
For another example, if the information on entrusted wealth management matters is not disclosed as required, according to Article 197 of the Securities Law, in addition to ordering corrections and giving warnings, a fine of not less than 500,000 yuan but not more than 5 million yuan will be imposed. ; Give a warning to the directly responsible person in charge and other directly responsible personnel, and impose a fine of not less than 200,000 yuan but not more than 2 million yuan.
Author / Pi Haizhou
Editor / Yue Caizhou
Proofreading / Ming LiReturn to Sohu, see more
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