Text: Kingfisher Capital.
There has been a big case of blatant fraud in A-shares.
It's hard for you to imagine that six annual reports in a row have been falsified......
In June 2010, Jin Tongling (300091SZ) has been on the GEM for more than 13 years.
And its fraud case finally saw the light of day, which couldn't help but make investors sigh that this company was really too "daring", and even small and medium-sized shareholders began to doubt their investment beliefs.
Even if the shareholders are sincerely friends of time, but in exchange for the well-designed ** of the listed company.
What's even more absurd is that a private equity firm has been "running" Jin Tongling with its clients' funds for 5 years, and this private equity has been in a state of "abnormal operation".
The boldBackground
Jintongling is an equipment manufacturing enterprise, with the integration of power generation islands, high-pressure air stations, ice storage systems, seawater (fluidized) ice-making systems, energy-saving transformation of wind systems and other related engineering and technology general contracting capabilities.
The company landed on the GEM in June 2010 and is the first GEM company in Nantong City, Jiangsu Province. From 2010 to the end of 2022, Jin Tongling has released a total of 13 annual financial reports.
According to the latest "Prior Notice of Administrative Punishment" issued by the Jiangsu Securities Regulatory Bureau, Jin Tongling has carried out financial fraud for six consecutive years from 2017 to 2022, inflating its operating income by about 113.5 billion yuan, inflated profits of 46.8 billion yuan;The inflated operating income was about 20.2 billion yuan, with a reduced profit of 3852770,000 yuan.
It can be seen that 2017 became a turning point for Jin Tongling's "financial thinking", and the senior management team began to commit financial fraud.
The Jiangsu Securities Regulatory Bureau also pointed out that the company's chairman, chief financial officer, assistant general manager and one director were all involved in the above-mentioned financial fraud.
Washingdata
Judging from the news alone, investors must not be able to understand the "guts" behind the six consecutive years of fraud.
In addition to "guts" - no reverence for the market and morality, Jin Tongling's technical method of "cleaning" financial reports is also worth a beating.
In fact, this fraud was directly "self-exposed" by Jin Tongling**.
At the end of April 2023, Jin Tongling announced that in the process of preparing the 2022 financial statements, self-examination found that there were major errors in previous years and retrospectively adjusted, mainly including errors in operating income and errors in the completion progress of construction contracts.
After the above announcement was disclosed, the Shenzhen Stock Exchange quickly sent a letter of inquiry, and two months later the company was investigated by the CSRC.
In fact, when Dahua Accounting Firm reviewed Jin Tongling's financial situation in April this year, it found 11 major errors, involving the company's failure to record bonuses and the company's failure to collect payments on behalf of customers.
Let's take a look at the "money-making effect" brought to the financial report by Jin Tongling's "cleaning data".
Taking the total profit data as an example, from 2017 to 2022, the total profit of Jintongling was inflated or inflated, accounting for the total profit (absolute value) disclosed by the company in each year. 83%。
Private capitalIdentification unknown
Is the shareholder behind Jin Tongling inextricably linked to this financial fraud?
This is a key point that needs to be questioned.
As long as you open any ** software, investors will find that brokerage institutions have not written a bullish research report on Jin Tongling for a long time, and the most recent report was published on December 12, 2018.
2018 is precisely the second year that Jin Tongling launched financial fraud.
In other words, brokerage analysts have almost "abandoned" the company.
However, the private placement with the customer's real gold ** "fell in love" with Jin Tongling.
As of the end of the third quarter of this year, a private equity institution named "Shanghai Rolling Stone Investment Management", two of its products ranked among the top ten shareholders of Jintongling.
In addition, according to *** Rolling Stone Investment, the starting point of holding Jin Tongling can be traced back to July 2018.
However, Rolling Stone Investments is no longer a "legitimate" private equity firm.
According to the official website of the China ** Industry Association, the filing qualification of Rolling Stone Investment is in the state of being cancelled and has the following annotated information:
According to the "Announcement on the Cancellation of the Registration of 9 Private Equity ** Managers Including Fujian Shanyi Investment Management" issued by the Association on September 27, 2023, the registration will be cancelled. ”
The China ** Industry Association also reminded that Rolling Stone Investment is in "abnormal operation".
This private equity product involves the theme of modern pharmaceuticals and the new energy industry, and has a strong track-based investment color.
In addition, the association also reminded Rolling Stone Investment that a number of products "(manager registration qualifications) were not submitted for liquidation in the system when they were cancelled", which included two products of Heavy Position Jin Tongling.
Just looking at the three financial reports disclosed by Jin Tongling this year, there is no public offering institution among the top ten shareholders, and the ** institution is only "supported" by Rolling Stone Investment.
Could it be that Rolling Stone Investment has never found the internal governance problems of Jin Tongling?Is the investment research team's research completely out of control?
Moreover, this disqualified private equity manager has been "following" Jin Tongling with client assets for 5 years, and these 5 years are in the stage of continuous fraud by Jin Tongling.
In other words, Rolling Stone Investments took the investor's money and went to a counterfeiting company for several years. Whether this is an injustice or something else, it is difficult to have a definite answer.
This article is an original article by Kingfisher Capital, please do not be authorized without permission**.