** Deep Blue Finance.
Written by |Yang Bo.
Dad's company for two days**5176%, and my son's company also collapsed!
In the past two days, the share price of the listed liquor company Rock Co., Ltd. (company name "Shanghai Guijiu Co., Ltd.") has fallen sharply for two consecutive days, and various rumors have been rampant, causing extreme anxiety among investors.
Behind this, in fact, there is a "Haiyin system" - a third-party wealth management company that claims to be the third largest in China. The starting point of the crisis was the "cashing crisis" of Haiyin.
Will the Haiyin system collapse because of this?
The crisis of the "Haiyin system".
Two listed companies, collapsing at the same time.
On December 13, the U.S. stock "Hywin Holdings" suddenly increased its volume by **4261%, the next day rock shares fell to the limit.
On December 14, Haiyin Holdings once again **1594%, 15th Rock Shares**486%。
Tianyancha data shows that the actual controller of Rock Shares (Shanghai Guijiu) is Han Xiao, and the final shareholding ratio is 5598%。In addition, Han Xiao is also the son of Han Hongwei, the actual controller and chairman of Hywin Holdings, a NASDAQ-listed company.
Who is Hywin Holdings?
Haiyin Holdings, which bills itself as the third largest third-party wealth management service provider in China, listed on the NASDAQ in March 2021.
According to the prospectus, Hywin Holdings' main products are "real estate fixed income products", which invest in real estate projects of well-known domestic large-scale developers with good credit ratings, with a term of 6-36 months. As of June 2020, the transaction volume of Haiyin's private placement products was 52.7 billion, of which 39.2 billion was real estate products, accounting for more than 70%.
In the past two years, with the rise in the number of debt defaults of domestic real estate enterprises, many domestic real estate fixed income products have experienced a payment crisis. But the amazing thing is that I haven't heard of it before - Haiyin's products have a large area of difficulty in cashing!
It wasn't until the evening of December 14 that Hywin Holdings suddenly "exposed" that there was a redemption problem with some asset-backed products previously distributed by the company. But Hywin claims that it is only a distributor!However, there are still customers who demand that "Hywin Holdings is responsible for repaying the relevant payments".
In this way, Haiyin is quite "wronged".
However, the matter has come to this point, although Haiyin is only a distribution agency, but the product redemption crisis has been completely exposed!
Therefore, the market generally believes that the ** of rock shares is related to the cashing crisis of Haiyin Holdings.
But Rock shares are anxious to distance themselves from the relationship.
On December 15, Rock Co., Ltd. publicly responded on the investor interactive platform that up to now, the company and Haiyin Holdings and its subsidiaries only have alcohol sales business, and the transaction amount is 4880,000 yuan, in addition to the above business, the company has no other business dealings with Haiyin Holdings. At present, production and operation are normal.
Fines for financial report fraud
Although it is eager to clear up the relationship with Haiyin, the rock shares themselves are constantly being questioned by all parties!
The first is open financial fraud, which has already been punished.
On July 2, 2022, Rock Co., Ltd. was investigated by the Shanghai Regulatory Bureau of the China Securities Regulatory Commission on suspicion of illegal information disclosure. On September 28, 2023, the "Administrative Penalty Decision" of the Shanghai Securities Regulatory Bureau came. The main content is: due to false records in the annual reports for four consecutive years from 2017 to 2020, the company was ordered to make corrections, given a warning, and imposed a fine of 2 million yuan. Han Xiao, the actual controller of the company, was given a warning and fined 3 million yuan.
As for the specific reason, it can be traced back to 2017. At that time, the rock shares were still called "Pi Lu Pi", in fact, the controller Xian Yan was later issued by the Securities Regulatory Commission for publishing false information and manipulating the marketWith a fine of 6.9 billion yuan, Xian Yan was finally sentenced to 5 years in prison. However, because of the company's violations, "Pi Lu Pi" was initiated by investors to file a claim.
Later, Han Xiao took over the "Pi Lu Pi", but the money and lawyer fees for the claim had to be paid. In order to pay compensation costs, lawyer fees, etc., Rock Co., Ltd. found two companies, one is responsible for compensating for civil compensation costs of 50.02 million yuan, and the other is responsible for compensating legal service fees of 20.25 million yuan, totaling 70.27 million yuan. However, these expenses were not handled in accordance with the corresponding accounting standards, resulting in the falsification of the 2017-2020 annual report of Rock Shares, so there was the previous filing and punishment.
However, Rock Shares, which operated in violation of regulations because of the payment of claims, may once again face investor claims!
Press the gourd to float the scoop!
At present, there are several teams of lawyers who are soliciting aggrieved investors to file claims. For example, Xu Feng, director of Shanghai Jiucheng Law Firm, said that investors who sold or continued to hold ** rock shares between January 31, 2018 and July 2, 2022, and sold or continued to hold ** after July 2, 2022, can file a claim.
More questions to be answered
However, this is another company with "explosive" performance. In the first three quarters of this year, the total revenue of rock shares was about 135.3 billion yuan, an increase of 72 percent year-on-year11%。Net profit attributable to the parent company 1200 million yuan, a year-on-year increase of 15363%, ranking first in the growth rate of the liquor industry!
But the question is "no more, no less".
Question 1: Can't pay your salary?
In addition, there has been more and more news about the unpaid wages and layoffs of Shanghai Guijiu recently.
On the "Maimai" platform, Deep Blue Finance noticed that in recent days, many people have spoken in the exchange area of Shanghai Guijiu, and there have been information such as "Shanghai Guijiu thunderstorm", "suspended pay and waiting for work", "wages and compensation cannot be paid", "incumbents have signed voluntary resignation forms" and other information.
What the situation is, we have to wait for Shanghai Guijiu itself to explain.
Question 2: MLM-style liquor selling?
This year, the liquor market is notoriously "difficult", but the performance of Shanghai Guijiu has "soared", so there are constant doubts.
Taking the data disclosed in the 2022 annual report as an example, 70% of Shanghai Guijiu's operating income comes from the distributor model. However, according to the reporter of "China Real Estate News", a field visit to Shanghai, the base camp of Shanghai Guijiu, "there is almost no trace of the liquor brand of Shanghai Guijiu" on the market. In addition, many other ** field visits also reached the same conclusion.
So, how are these wines sold?
According to the China Real Estate News, citing people familiar with the matter, part of the sales of Shanghai Guijiu were formed by forcing employees and disadvantaged partners to buy. This statement can also be confirmed by some Internet revelations.
On social platforms such as Zhihu, there are "breaking news" of applicants. The whistleblower said that Shanghai Guijiu "requires a single entry, and its performance will be optimized if it does not work for a month", and it also has to "pull people" to join the company. And it is difficult to meet the specified performance indicators, as long as they do not meet the standard for one month, they will be fired immediately. Even, the district manager above also asked employees to play a certain detective, a certain Mo, and a certain oul, and find someone to chat and sell alcohol.
In addition, due to the high rebate for selling liquor, and the phenomenon of pulling people's heads, Shanghai Guijiu was questioned as a "pyramid scheme".
It's outrageous.
Because there is a precedent of financial fraud, in the stock bar and other investor communities, there has been no stop to question the financial fraud of Shanghai Guijiu.
Conclusion
In a continuous manner, Shanghai Guijiu not only cheated investors, but also made its own employees miserable.
On March 17 this year, Rock Co., Ltd. issued an employee stock ownership plan, raising a total of no more than 60.35 million yuan, of which the company's employees raised no more than 35.5 million yuan. By July 13, the purchase of the shareholding plan was completed, and a total of 2.42 million shares were bought at an average price of 2472 yuan shares, the total cost of ** is about 59.88 million yuan.
If according to the December 15 ** price 18Calculated at 61 yuan, the shareholding plan has a floating loss of about 14.8 million, and a floating loss of about 245%！
Now, there is no follow-up of Haiyin Holdings, and all parties are questioning Shanghai Guijiu, under the overall downward trend of the liquor industry, where should Shanghai Guijiu go?
References: 1"Shanghai Guijiu "Burning Money", 2023-10-26, China Real Estate News, 2, "Shanghai Guijiu Responds to "MLM-style Selling Wine", Spending 300 Million on Marketing in Half a Year", 2023-10-12, Entrepreneurship at the forefront, data support: Tianyancha.