Zhongxin Jingwei, December 29 Due to six issues such as intra-industry competition and undisclosed related party transactions, four senior executives including Wolong Real Estate and Chairman Wang Xiquan were warned.
Wolong Real Estate announced on the evening of the 29th that it received the decision on administrative supervision measures issued by the Zhejiang Supervision Bureau of the China ** Regulatory Commission (hereinafter referred to as the "Zhejiang Securities Regulatory Bureau") "Decision on Issuing Warning Letters to Wolong Resources Group Shares and Related Personnel" ([2023] No. 233) (hereinafter referred to as the "Warning Letter").
According to the warning letter, the Zhejiang Securities Regulatory Bureau found the following problems in the on-site inspection of Wolong Resources Group Co., Ltd. (hereinafter referred to as the company).
First, the company's wholly-owned subsidiary, Wolong Mining (Shanghai)**hereinafter referred to as Shanghai Mining), and the company's indirect controlling shareholder, Wolong Holding Group, a holding subsidiary, Zhejiang Wolong Mining, constitute peer competition.
Second, the individual personnel and business of Shanghai Mining are not independent of the indirect controlling shareholder.
Third, the company's 2022 annual part of the rare earth ** business total amount method recognition revenue basis is insufficient.
Fourth, the company's inventory balance disclosure in 2022 is inaccurate.
Fifth, the company's individual related party transactions in 2022 were not disclosed.
Sixth, the company's 2021 long-term equity investment impairment provision is insufficient.
The Zhejiang Securities Regulatory Bureau pointed out that the company's above-mentioned behavior violated Articles 68, 69 and 73 of the Rules for the Governance of Listed Companies (CSRC Announcement [2018] No. 29), Article 28, Paragraph 2 of the Guidelines for the Content and Format of Information Disclosure of Companies Offering ** to the Public (CSRC Announcement [2021] No. 15), Articles 3 and 22 of the Administrative Measures for Information Disclosure of Listed Companies (CSRC Decree No. 182), Article 41.
Wang Xiquan, chairman of the board of directors, Lou Yaner, general manager, Zhao Gang, chief financial officer, and Wang Hailong, secretary of the board of directors, violated Articles 4 and 51 of the Administrative Measures for Information Disclosure of Listed Companies (Decree No. 182 of the CSRC) and should bear the main responsibility for the corresponding violations.
According to Article 52 of the Administrative Measures for Information Disclosure of Listed Companies (Decree No. 182 of the CSRC), the Zhejiang Securities Regulatory Bureau decided to take supervision and management measures of issuing warning letters to Wolong Real Estate, Wang Xiquan, Lou Yaner, Zhao Gang and Wang Hailong, respectively, and recorded them in the market integrity file.
In this regard, Wolong Real Estate said that the administrative supervision measures will not affect the company's normal operation and management and standardized operation.
According to the data, Wolong Real Estate was established in 1993 and listed on the Shanghai Stock Exchange in 1999. The company's main business is the development and sales of real estate business. The company's main products and services are real estate sales and property management.
In terms of performance, in the first three quarters of 2023, the company's revenue was 465.4 billion yuan, a year-on-year increase of 3436%；Net profit attributable to the parent company 23.8 billion yuan, down 3420%。
In the secondary market, Wolong Real Estate closed at 5 on the 29th00 yuan, an increase of 163%, and the company's total market capitalization is currently 350.3 billion yuan. (Zhongxin Jingwei app).
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