Huichenshares as everHC Networkof the spin-off company, its founderZhao LongIt wasHC Networkof senior staff. Zhao LongBorn in Baotou, Inner Mongolia, he came to Beijing after graduation and entered the then famous company in 1999HC Network, from an ordinary researcher to the director of the research institute step by step. In 2008,HC NetworkThe structure was adjusted, and the department in charge of information was established as a joint venture with D&B of the United States, named HC D&B, and appointedZhao LongServed as CEO. As a world-renowned data service organization, D&B has achieved leapfrog growth in HC's performance, with revenue increasing from 30 million in 2008 to 100 million in 2011. However, due to the decision of the US Dun & Bradstreet to withdraw from the Chinese market,Zhao LongIt was raisedManagement buyoutsand eventually acquired a 40% stake in the company on a personal basis, with other management andHC Network30% of each shareholding.
HuichenThe shares were inflated high when they landed on the STAR Market in 2020. However, in the investigation by the CSRC, it was revealed that there were false records in the financial data of the prospectus in the middle of the year and the financial reports of the past three years from 2020 to 2022. While not all data is fake, this isCreditMissing is a very serious problem for listed companies, tooThe cornerstone of the market is there. Therefore, the SFC is rightHuichenThe penalties for shares have also been increased accordingly, with a total fine of 16 million, the chairmanZhao LongAs the first responsible person, he was fined 3 million, and the other 3 relevant responsible persons were fined 3 million, 2.5 million and 2.5 million respectively.
fromHuichenJudging from the current financial data of the shares, in addition to financial fraud, the company is also facing huge challenges in terms of operation. With the intensification of competition in the industry, the company's gross profit margin has been greatly inferior to before. Selling expenses and administrative expenses alone have been madeGross profitAll of them are depleted, and losses become inevitable. In other words, if no substantial changes are made,HuichenThe main business of the shares cannot be sustained. This can also be done from venture capitalShareholdersClearance ** case to get some validation, after all,ShareholdersThey tend to be more than ordinaryInvestmentsSee the problems of the enterprise earlier. According toShareholdersThe data shows that HCInvestmentsIt has been **4%, Hunan Cultural Tourism, Ningbo Xinhou, etcInvestmentsFang has even cleared all of them. And for management, it may not be an opportunity.
HuichenThe shares have now been *ST due to the inability of the audit to issue an opinion, and the removal of the hat has become the most important task of the company at the moment. Whether or not financial fraud is a thing of the past, it no longer matters how much the fine is. The most important thing now is how to restore the market's trust in the company and rebuild the companyCredit。The sustainable development of the company can only be achieved through truthful, transparent and sound management.
In summary,HuichenThe prospectus of the shares and the falsification of the financial statements in recent years have made the companyCreditDamaged, the company not only faces a huge fine, but also needs to face the pressure to take off the hat. In addition to financial fraud, the company's operational difficulties cannot be ignored. Only through substantial change and the restoration of trust in the marketHuichenOnly by taking stock can we get out of the predicament and achieve sustainable development. This is also the challenge and task that every listed company faces.