**: Company E.
A fine uncovered a fictitious *** case.
According to the "Advance Notice of Administrative Punishment" issued by the Shanghai Securities Regulatory Bureau (Hu Zheng Jian Zhi Zi 2023 No. 28), from May 2020 to July 2021, Shanghai Jinlitai Industrial Development *** (hereinafter referred to as "Jinlitai Industry") participated in the fictitious "** business" led by Zhejiang Yunfa Cultural Development *** (hereinafter referred to as "Zhejiang Yunfa"), and the contract amount involved in the case was about 1.5 billion yuan.
The subject matter of this case is 1kg of customized gold bars of AU9999. The Shanghai Securities Regulatory Bureau determined that the essence of the business is financing business, the upstream and downstream are actually designated by Zhejiang Yunfa, and the relevant logistics and funds form a closed loop, and Jinlitai Industrial actually only fulfills the obligation to advance funds and earns capital use fees.
The person in charge of Zhejiang Yunfa responded in an interview with a reporter from **Times E Company that there is a real demand for the *** business of Jinlitai Industry, which is actually a "buying" advance behavior, and the related business has ended, and the money and income of Jinlitai Industry have been recovered on time and in full. He also said that in addition, Zhejiang Yunfa has no other first-class business.
Fiction of a large advance**
According to the above-mentioned "Advance Notice of Administrative Punishment", Jinlitai Industrial participated in the fictitious "** business" led by Zhejiang Yunfa.
From May 2020 to July 2021, Jinlitai Industrial has signed a total of 41 ** sales contracts with downstream customers, with a total contract amount of 150.9 billion yuan;Correspondingly, Jinlitai Industrial has signed 41 procurement contracts with upstream merchants such as Zhejiang Yunfa, with a total contract amount of 148.5 billion yuan.
*The label is 1kg of AU9999 custom gold bars. The above business in the name of the first, the essence of the financing business, Jin Li Tai Industrial and the upstream business, downstream customers signed a purchase and sale contract, the upstream and downstream are actually designated by Zhejiang Yunfa, related logistics, funds to form a closed loop, Jin Li Tai Industrial actually only fulfill the obligation to advance, earn the use of funds.
Jinlitai Industrial is a wholly-owned subsidiary of Jinlitai (300225), an A-share listed company, and was established in May 2020 to engage in first-class business. Jinlitai is mainly engaged in the research and development, production and sales of coatings, which is not related to the first business, the company said that it is to improve the efficiency of capital use to carry out the business, and the annualized rate of return in the first half of 2021 is about 825%, which is significantly higher than the bank's wealth management interest rate in the same period.
Jinlitai has announced that the main customers of Jinlitai Industry are enterprises controlled by a local State-owned Assets Supervision and Administration Commission, and the main first-class merchants are wholly-owned subsidiaries of A-share listed companies and their entrusted processors.
Another announcement shows that in the first half of 2021, Jinlitai Industrial has paid a total of 28.8 billion yuan of advance payments, each of 10 million yuan to more than 23 million yuan, a total of 16, have not been submitted to the board of directors for review and approval, and the fund management is too extensive.
The business model of Jinlitai Industry is as follows: customers place orders for Jinlitai Industry to purchase specific requirements of first-class products, and prepay 5% of the sales contract amount;Jinlitai Industrial placed an order to the first merchant and paid 100% of the purchase price in advanceAfter the delivery is completed, the customer will pay 95% of the balance of the sales contract amount to Jinlitai Industrial.
This is a typical financing **, small pre-payment to customers, full prepayment to ** businessmen, do not participate in processing, do not control the delivery, in essence, only the capital provider, the purchase and sale difference earned is actually the cost of capital use.
The Shanghai Securities Regulatory Bureau found that Jinlitai did not disclose the true situation of participating in the "** business", and included the relevant ** products involved in the above-mentioned "** business" into the inventory, which was suspected of inflating the inventory at the end of 2021 25.8 billion yuan, accounting for 28 percent of the current net assets32%；Jinlitai included the difference between purchase and sale formed by the above business into its revenue, and was suspected of inflating its operating income of 1038 in the first quarter of 2022990,000 yuan, accounting for 6 percent of the current operating income11%。This behavior also led to false records in Jinlitai's 2021 annual report and 2022 first quarter report.
Accordingly, the Shanghai Securities Regulatory Bureau intends to decide to order Jinlitai to make corrections, give a warning, and impose a fine of 2 million yuan5 relevant responsible persons were fined, totaling 3.5 million yuan. On December 6, the Shenzhen Stock Exchange issued a letter of concern, which will initiate disciplinary proceedings against Jinlitai and related parties.
Leader Response: Procurement on behalf of the leader
According to the enterprise investigation, Zhejiang Yunfa was established in 2001 with a registered capital of 110.8 million yuan, and Yu Hui directly holds 1026% of the shares, 51% of which is held by Zhejiang Yunfa Holding Group *** (hereinafter referred to as "Yunfa Group"), which is the actual controller and serves as the chairman and legal representative.
The person in charge of Zhejiang Yunfa told the reporter of **Times E Company that the commemorative badge of Jinlitai to commend employees for one year was made by Zhejiang Yunfa, so there was a connection, and later learned that Jinlitai's account of capital management wanted a higher rate of return, and Zhejiang Yunfa's ** business capital demand was larger, and the two sides reached a cooperation and adopted the first way.
Procurement must be in cash, but we do bank, postal and other channel customers, from processing, invoicing to payment takes time, so there is a greater demand for funds. The person in charge said, "It is equivalent to Jinlitai Industry to help us purchase ** and then sell it to us, giving us a period of account period." ”
The person in charge of Zhejiang Yunfa believes that there is a real demand for the first time carried out by Zhejiang Yunfa, which is simply the advance business of "buying". "Invoices, goods, and processing are all real, and the money and income of Jinlitai Industry have also been recovered on time and in full, and there is no loss. He stressed.
In addition to the previous cooperation with Jinlitai Industry, does Zhejiang Yunfa have other first-class businesses?The person in charge denied it.
Zhejiang Yunfa is actually a first-class cultural and creative product company, and has undertaken the design and production of souvenirs for many large-scale events in recent years.
Zhejiang Yunfa official website said that the company is one of the first to enter China's leading cultural and creative field of enterprises, the first cultural and creative product designer, manufacturer and seller, since 2014 is committed to the construction of the national marketing network, in 2015 with the Bank of China and the Bank of Ningbo cooperation sales exceeded 100 million yuan, with China Gold Coin Corporation, Shanghai Mint *** Shanghai Zhenbao Gold and Silver Jewelry Factory, Zhejiang Provincial Post Bureau and other long-term strategic cooperation.
Screenshot of the official website of Zhejiang Yunfa)
In the "Enterprise Helmsman" column on the official website of Zhejiang Yunfa, there is a **, Yu Hui is wearing a short-sleeved shirt and holding the ** of "The Yellow Emperor's Neijing". According to the introduction here, Yu Hui was born in 1983, graduated from Zhejiang University, and received an EMBA from Tongji University.
In addition to serving as the chairman of Zhejiang Yunfa, he also serves as the director and general manager of Zhejiang Shangyu Yunfa Industry, the general manager of Shaoxing Xiaoxiantan Yue Kiln Celadon, and the president of Zhejiang Yunfa Yue Kiln Celadon Research Institute. Yu Hui said in the company's official website that Zhejiang Yunfa wants to create a great blueprint for the cultural and creative industry that belongs to the Chinese.
Screenshot of the official website of Zhejiang Yunfa)
For more than ten years, the company has participated in the production of many major domestic and foreign events and competitions. For example, the 2008 Beijing Olympic Games medal hook production, the 16th Asian Games medal production, the 2010 Shanghai World Expo gift production, the 2018 China First International Import Expo commemorative badge and derivative product design and production, the 2023 Spring Festival Gala commemorative badge design and production, etc. The *** article of Yunfa Group introduced it like this.
Investment layout
According to the enterprise investigation, Yu Hui served as the legal representative of 16 companies including Yunfa Group and Zhejiang Yunfa. In addition to Yunfa Group, it has also invested in Zhejiang Yunfa Industry (hereinafter referred to as "Yunfa Industry"), Shanghai Fanxiu Jewelry**, Nuwei (Shanghai) International**, Shaoxing Xiaoxiantan Yueyao Celadon and many other companies, and indirectly holds nearly 70 enterprises.
It is worth mentioning that the "Yunfa Department" has also been laid out in the capital market.
As of the end of the first half of this year, Yunfa Group held 833631 shares of Jiangsu Huitong Jinke Data, a listed companynq）1258.080,000 shares, with a shareholding ratio of 123292%, the second largest shareholder of the company.
According to Huitong Jinke's 2022 annual report).
Huitong Jinke is mainly engaged in outsourcing business entrusted by financial institutions, including call center business, physical sales business, information consulting, data processing, etc. According to the regular report of Huitong Jinke, Yunfa Industry was once an important businessman of the company. In 2017, the company's purchase amount of Yunfa Industry was 2820520,000 yuan, accounting for 1336%。Yunfa Industrial Department is the company's largest businessman of the year.
According to the 2021 annual report of Huitong Jinke, the company has related transactions with Yunfa Industry and Zhejiang Yunfa. During the reporting period, the company purchased 69 commodities from Yunfa Industry950,000 yuan, commissioned processing fee 1350,000 yuan. During the same period, the company paid 15930,000 yuan, 193 labor fees for Zhejiang Yunfa were collected40,000 yuan.
In 2022, there was no related procurement between Huitong Jinke and the "Transportation and Development Department".
In October 2017, Huitong Jinke and Yunfa Industry jointly established Jiangsu Huijin Litong Information Technology Co., Ltd., which has been renamed Jiangsu Yunfa Industry), and laid out first-class sales. In December 2022, Huitong Jinke transferred its 51% stake in Jiangsu Yunfa Industry to Yunfa Industry.
In addition, the "Yunfa Department" also appeared in the prospectus disclosed by Shanghai Kahn Culture Communication Co., Ltd. in 2021. In 2020, Yunfa Industrial was the fifth largest customer of Kahn Culture, with a transaction volume of 2799310,000 yuan. It is said that Yunfa Industrial purchases cultural and creative crafts such as gold collars, silver collars, and "Golden Bull Holding Wealth" bracelets from Kahn Culture, and the main end customers are commercial banks.
*Times reporter Mei Shuang also contributed to this article).
Editor-in-charge: Wan Jianyi Proofreader: Wang Jincheng.
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