Lei Jianping on December 23
Baby Tree, which has been suspended for more than 8 months, has made a comeback.
A few days ago, Xu Chong, the former CFO of Babytree, revealed that Fosun Group had illegally restricted personal freedom, threatened him and his team, and falsely accused and framed him, and Fosun Group threatened to interfere with justice.
Xu Chong also insisted that Babytree Group still owes it 2The principal amount of RMB 100 million was not returned, and it caused a large amount of additional losses.
Babytree issued a statement today, saying that it was concerned that a departing employee Xu used the Internet and social platforms to publish a series of slanderous remarks against the company and its major shareholders, maliciously slandered the company and its executives, and fabricated and disseminated a large amount of false information about Babytree.
After investigation, the employee was dissatisfied with the company's previous dismissal of him, so he spread rumors to vent his personal anger. We deeply regret and indignant this matter, many malicious accusations that deviate from the facts have seriously affected the reputation of the company, major shareholders and management team, our company strongly condemns its behavior, and will resolutely safeguard its legitimate rights and interests through legal channels. ”
Babytree also said that it called on the public not to believe rumors and jointly protect a clear and orderly online ecology and business environment.
Denial armed with a long sword forcibly locked himself in the office
The reason for the incident is that in April 2023, Xu Chong made an official speech on the board of directors of Babytree, criticizing the major shareholder Fosun Group for continuously infringing on the interests of Babytree Company for several years, trampling on the independence of Babytree Group as a listed company in Hong Kong, and causing huge losses to Babytree Company and other shareholders.
Subsequently, Babytree issued an announcement to remove Xu Chong, the company's chief financial officer, from his position, and at the same time, Xu Chong's position as executive director was also removed. Babytree said that the company had sent a written notice to Xu Chong on April 11, and that the reason for the dismissal was that Babytree was not satisfied with Xu Chong's performance.
According to the data, Xu Chong was born in 1975, graduated from Nanjing University, obtained a master's degree in law from Chinese University in July 2001, and served as CFO of China Vision Jinqiao from 2004 to 2010. From March to July 2011, he also briefly served as the vice president and CFO of Huakang Insurance, and from June 2012 to June 2014, Xu Chong served as the CFO of Zhaogang.
Xu Chong was appointed as the executive director and CFO of Babytree in October 2014, responsible for the company's strategic development, financial operation management and capital operation. During his tenure, Babytree completed multiple rounds of financing and was listed on the Hong Kong Stock Exchange in November 2018. Before being dismissed this time, Xu Chong had been in Babytree for eight and a half years.
Xu Chong did not sit idly by for the dismissal, and Xu Chong then broke the news that a number of companies under the Fosun Group, including Fosun Tourism (1992HK), Henlius (2696HK) and Babytree Group used a "structure sheet" to list on the stock exchange, which was suspected of constituting a false listing.
According to Xu Chong, Babytree was undersubscribed when it went public in 2018. As a result, several directors of the company resolved to solve the problem by means of a "structure sheet". This is done by a company subscribing to a company's issuance order for $70 millionAfter that, Babytree returned the raised funds to the company in the form of entrusted financial management, that is, to expand the scale of listing in the form of capital circulation. The counterparty's company is called AMTD Global Markets*** (AMTD).
In order to ensure the listing, the directors of Babytree accepted a similar structure of about 30 million US dollars from the "China Science and Technology Innovation Department", which led to the arrest of Zhang Tao, the founder of the "China Science and Technology Innovation Department". In order to cover up the fact of the "structure sheet", Chen Qiyu (the representative of the major shareholder at the time) and Wang Huainan (the founder of Babytree) asked Xu Chong for help, hoping that he would "contribute capital to fill the pit" in the name of personal loans. Therefore, Babytree Group still owes Xu Chong himself about 1300 million yuan.
Xu Chong also said that a number of Fosun's subsidiaries may have the above-mentioned "structure single" listing arrangements, including Fosun Group's holding of 7925% of Fosun Tourism Culture (1992.)HK), and Henlius (2696.), which was caught in the storm of "entrusted financial management thunderstorm" and obtained the auditor's qualified opinionhk）。
In April 2023, Xu Chong was resigned, and there was a lot of commotion. A person familiar with the matter broke the news that Xu Chong refused to hand over on the day he was dismissed, and the company asked him to leave the office area, and he directly staged a martial arts film on the scene, holding a long sword in his hand, and locked himself in the office for 3 days after forcibly breaking into his office.
In this regard, Xu Chong's statement is that when Fosun representatives and Wang Huainan entered his office, read out the recall document to him on the spot and left, more than a dozen "men in black" stood at the door of Xu Chong's office, and no one could enter Xu Chong's office anymore, Xu Chong could not get out, and the power supply in the office was cut off, and this situation lasted for a full 72 hours, during which Xu Chong called the police four times, and the first three police officers were unable to take Xu Chong out of the office. It wasn't until three days later that the fourth batch of police officers, Xu Chong, came out of the office.
I also remembered what widely circulated social news spread by Fosun about "attacking the office with a long sword", which was really entertaining. Xu Chong said that his four alarms had alarm records clearly recorded in the system. In addition, it is not only Xu Chong who is restricted in his personal freedom, but also more than a dozen employees under Xu Chong.
Xu Chong also said that the elderly in his family were also threatened, and the two elderly people in the family received an unknown person**, reported the address of Xu Chong's home, and said that he knew that Xu Chong's 8-year-old child went to school at a certain elementary school, and the usual time to go to and from school was a certain point, and said, "You pay attention to safety."
Insist on asking for 2RMB 100 million principal
Xu Chong has been in Babytree for nearly 9 years, and it is hard to imagine that the relationship between a CFO and a listed company is so deadlocked.
Xu Chong said that he was the person who paid the most to the Babytree Company, and he was not one of them, and he was also the one who was left of the Babytree in a soap opera way.
Xu Chong said that in the 9 years of Babytree, the suspended company, which has now been "Huohuo" to only 300 million yuan, has raised a total of 7 billion yuan in the capital market over the years, and has "continued its life" many timesEvery year, we make every effort to find ways to deal with the compliance risks of many listed companies caused by Fosun and Wang Huainan's various obstinate actionsIn order to support the company, it paid for itself to become the fifth largest shareholder in addition to Fosun, Wang Huainan, Alibaba, and Good FutureIn particular, it is also the largest creditor of the company that still owes more than 200 million yuan to him personally.
In the process of Xu Chong's debt collection, two more things happened:
1. When Xu Chong was about to return to Hong Kong on a business trip in May, he was intercepted by the border police at the customs of Beijing Capital Airport and informed Xu Chong: 1) He was suspected of embezzlement and was restricted from leaving the country, please contact the Economic Investigation Detachment of the Chaoyang Branch;2) Xu Chong's passport and pass have been declared invalid by the Chaoyang Branch. Xu Chong later learned that this practice of invalidating passports and passes had only occurred in suspects who had committed clear and serious crimes after full investigation and evidence collection, and had been arrested, and would inevitably face a long prison sentence.
2. There is more than one person of the kind of "judicial broker" who beats Xu Chong and threatens Xu Chong.
But Xu Chong insisted on asking for 2Principal of RMB 100 million - Since the company signed a loan agreement with Xu Chong in September 2018 and lent the company the first tranche of US$2.94 million, to December 2022, the cumulative amount of US dollars and RMB borrowings to the company is about 100;The company started with small repayments in 2019 and has made dozens of repayments by the beginning of 2023.
Xu Chong claimed that at the end of 2021, the occupation of his personal funds reached a peak of 3400 million, the liquidity of personal assets is very uncomfortable;At the time of Xu Chong's ouster this year, the balance of funds owed by the company to Xu Chong was 2100 million.
However, what Xu Chong asked for before was 1300 million, somehow it became 2100 million.
In August 2023, Babytree also issued an investigation report, stating that it did not confirm that the board of directors or any other directors at the time had sought any loans from the complainant to provide any loans to Babytree in their personal capacity, nor did there be any evidence such as board discussions, resolutions, Babytree approvals, contract records, etc., to prove that Babytree was or had owed the complainant1300 million yuan.
Babytree is still suspended
It is reported that Babytree has been suspended for several months, and Babytree will further delay the despatch of the 2022 annual report and postpone the annual general meeting and continue to suspend trading.
Before the suspension, the Babytree share price was 0265 Hong Kong dollars, the company's market capitalization is 4HK$400 million is a far cry from the beginning of the listing.
Lei Di was founded by ** Lei Jianping, if ** please in**.