Insider trading is 80 billion, and the chairman loses 200 million!

Mondo Finance Updated on 2024-02-27

When an investor claim is in progress.

Author |Yu Qi.

Editor丨Wu Lijuan.

* |Bronco Finance.

113 ** accounts, 80 billion yuan of transaction amount ......Such a huge number is actually just the data generated by the chairman of the company's joint private placement for 2 years3.8 billion!

There is no shortage of strange things in A shares, and on February 22, a "Administrative Penalty Decision" issued by the China Securities Regulatory Commission (CSRC) will be *ST Meishang (300495SZ) boss cooperated with a private equity company to manipulate his own ** thing and pushed it in front of investors.

ST Meishang is a company founded in 2001 with the qualification of landscape architecture design and construction. The company's main business covers three major areas: ecological cultural tourism, ecological restoration, and ecological products.

Meishang Ecology landed in the capital market at the end of 2015 and issued **31$82 shares. However, the listing is broken, and the highest Meishang ecology has only touched 2467 yuan shares, and now the stock price once fell below 1 yuan.

The company's share price trend is sluggishIn 2018, the boss Wang Yingyan began a joint private placement to "speculate" his own **.

Wang Yingyan was born in 1967 and is one of the actual controllers of Meishang Ecology. Judging from the information disclosed by the Securities Regulatory Commission,From June 12, 2018 to July 3, 2020, Wang Yingyan, then chairman of Meishang Ecology, and Ji Yun, then the legal representative of Shanghai Yongshu Asset Management, actually controlled 113 ** accounts (hereinafter referred to as "account groups") including "Wu" and traded "Meishang Ecology".

During the manipulation period, the account group accumulated **314.1 billion shares, **3998.4 billion yuan, sold 3979.8 billion yuan. The cumulative transaction amount is as high as nearly 80 billion yuan.

Judging from the specific manipulation methods, the account group controlled by Wang Yingyan and Ji Yun has been concentrated on **Meishang Ecology** since June 12, 2018, during the manipulation periodThe average proportion of the number of accounts traded in the Meishang ecosystem to the trading volume of the ** market is 3218%。Among them, the transaction on June 17, 2019 accounted for 5866%。

In other words, in those two years, more than 30% of the average trading volume of Meishang Ecology was completed by the account controlled by the boss. During the period, the account group was also implementedInverted trading, that is, buying and selling between 113 ** accounts, that is, buying and selling by oneself is a false transaction.

Under the control of Wang Yingyan and Ji Yun, Meishang Ecology has deviated from the relevant index many times. Such as June 12, 2018 to March 21, 2019Meishang's ecological stage rose by 346%, and the GEM Composite Index (**097%),Deviation 3557%

However, after two years of "riotous operation", Wang Yingyan and Ji Yun did not make money through **. Since 2016, the share price of Meishang Ecology has continued to decline, and the total market value has shrunk to less than 800 million yuan. According to the SFC's disclosure, commissions and related taxes are deductedThe account group lost a total of 23.8 billion yuan.

When the matter was revealed, punishment followed. The SFC decided,Wang Yingyan was fined 5 million yuan and Ji Yun was fined 3 million yuan.

Some investors wonder if they can make a claim for such disregard for market rules and manipulation of stock prices.

In fact, the occurrence of the stock price manipulation incident by the actual controller is only a "crime plus one degree" for Meishang Ecology. Zang Xiaoli, a lawyer at Beijing Shixue Law Firm, said that some cases have been filed for prosecution against Meishang Ecology, all of which involve false statements. The market manipulation of the chairman of Meishang Ecology and the time of misrepresentation basically coincide.

Meishang Ecology is a company that has had problems from the beginning of its issuance.

According to the previous "Administrative Penalty Decision" of the China Securities Regulatory Commission, there are false records in the information disclosure documents of Meishang Ecology in 2015 from the prospectus to the 2019 annual report, the 2020 semi-annual report, the 2016 non-public issuance of shares and the payment of cash to purchase assets and raise matching funds and related party transaction reports, and the prospectus for the public issuance of corporate bonds to qualified investors in 2017.

That is to say,Before it was listed, Meishang Ecology began to falsify its performance.

Specifically, in the prospectus, Meishang Ecology disclosed the performance of the first three years of listing, of which 16 was inflated in 201256% net profit; In 2013, it was inflated by 1631%;In 2014, it was inflated by 712%。

After the listing, Meishang Ecology has become more and more bold in its financial "beautification". Among them, from 2015 to 2019 and the first half of 2020, the net profit was inflated respectively. 85%。In absolute terms, the highest oneIn 2018, the inflated net profit reached 14.8 billion yuan.

If you tell a lie, you have to use more lies. In order to complete the purpose of performance beautification, during this period, Meishang Ecology also recovered inflated net profits by recognizing accounts receivable in advance; False credit for bank interest income; Failure to adjust project income according to the approved amount; and inflated subsidiary revenues.

In addition, the facts of Meishang's ecological violations also include:Failure to disclose related party transactions and capital occupation as required, failure to disclose major litigation matters as required, failure to truthfully disclose the return of funds occupied by the controlling shareholder, and non-public issuance of Meishang Ecology constitute fraudulent issuanceWait.

In July last year, Meishang Ecology announced the "Administrative Penalty Decision" and "Market Ban Decision" issued by the China Securities Regulatory Commission for the above behaviors, which ordered Meishang Ecology to make corrections, gave a warning, and imposed a fine of 13.3 million yuan; Wang Yingyan was given a warning and fined 15.1 million yuan, and another actual controller, Xu Jing, then director of Meishang Ecology, was warned and fined 530,000 yuan. and imposed a lifetime ban on Wang Yingyan from entering the market.

*: Canned Picture Gallery.

In response to the above-mentioned violations of laws and regulations, lawyer Zang Xiaoli saidInvestors can make a claim if they meet the following criteria:

Claim condition 1: Between July 3, 2015 and April 29, 2021, ** Meishang Ecology, and sold or continued to hold after April 30, 2021.

Claim condition 2: between July 1, 2021 and December 23, 2021, ** Meishang Ecology, and sold or continued to hold after December 24, 2021.

Lawyer Zang Xiaoli pointed out that there are two key dates here, one is April 30, 2021, when the defendant Meishang Ecology issued an audit report that could not express an opinion, an announcement on accounting errors, an announcement on the occupation of non-operating funds, etc. The other is that on the evening of December 23, 2021, the Japanese Meishang Ecological Announcement was placed on file for investigation. It may be disputed which date counts as financial fraud, fraudulent issuance, and other irregularities**. Therefore, the conditions for compensation are differentiated, and it is ultimately up to the court to decide.

And this time, the boss of Meishang Ecology cooperated with the private equity to manipulate his own **, which happened between June 12, 2018 and July 3, 2020, and it happened to be the sameDuring the period when the financial statements of the above-mentioned companies were falsely recorded.

Investors who meet the requirements can contact a lawyer** to make a claim.

After a series of violations of laws and regulations were revealed, Meishang Ecological Performance**. At the same time as the decline in revenue, the net profit and the loss for four consecutive years. From 2020 to 2022, the net loss was 09.7 billion yuan, 104.9 billion yuan, 70.5 billion yuan, the total loss exceeded the sum of the net profit since listing.

On January 29, Meishang Ecology released its 2023 annual performance forecastLast year, the company's net profit attributable to shareholders of listed companies was expected to lose 6200 million yuan 4400 million yuan.

*:wind

At the same time as the decline in performance, Meishang Ecology received the Reorganization Application from the Shenzhen Intermediate People's Court in October 2022 and the Decision Letter from the Shenzhen Intermediate People's Court on December 5, 2022, in which the court decided to initiate the pre-reorganization procedure against Meishang Ecology and appointed Beijing King & Wood Mallesons (Shenzhen) Law Firm as the administrator of the company during the pre-reorganization period.

However, up to now, the company has not received the court's acceptance ruling, whether the court will accept the company's reorganizationThere is uncertainty as to whether the company will enter into reorganization proceedings.

During this period, Wang Yingyan stepped down as chairman. Wu Tianhua, the previous deputy general manager, was promoted to chairman.

However, with the change of chairman, Shangmei Ecology has not yet recovered from the previous punishment. For example, in May last year, the Shenzhen Stock Exchange issued an inquiry letter to the company for the 2022 annual report, in which the Shenzhen Stock Exchange raised 33 questions about the company's internal control deficiencies and large fluctuations in gross profit margin, but the company 1More than 0 postponement responses。On the evening of February 23, Meishang Ecology issued another postponement reply announcement, saying that the company is currently actively sorting out relevant issues, and the company will postpone the completion of the reply to the "Annual Report Inquiry Letter" before March 8, 2024.

However, it is worth noting that although the net profit is still in the red, the revenue in the fourth quarter has skyrocketed.

In the 2023 annual performance forecast, Meishang Ecology expects that the operating income in 2023 will be 10.9 billion to 1400 million yuan. In the first three quarters of 2023, the company's operating income was 4585930,000 yuan, which illustratesMeishang Ecology's operating income in the fourth quarter of last year was 6314070,000 yuan to 9414070,000 yuan, and more than the sum of the revenue in the first three quarters.

Meishang Ecology said that in 2023, the company will optimize its management structure and strictly limit management expenses, and the company's management expenses will be reduced by about 35 million yuan compared with the previous year.

Now, on the one hand, the reorganization has not yet been finalized, and the company is facing the risk of delisting, on the other hand, the latest performance is gradually improving. Let's talk in the comment section.

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