Jingwei Textile Machinery Controlling Shareholder Does Not Exceed 300 Million Yuan To Subscribe For A Shares.

In the reporting season, there are always some listed company executives who violate the rules and regulations to buy and sell stocks. Although there are penalties for exchanges, violations are repeated. Industry insiders say that the lack of supervision and low cost of illegal activities are the root cause of the current illegal trading of stocks by executives.

"Open, fair and fair" is the basis for the existence and development of the securities market. However, some listed companies try every possible means to break through the restrictions of laws and regulations and carry out irregularities. According to the latest statistics of CAI Hui, up to now, there have been 73 violations of listed companies since the beginning of this year. Among them, 30 cases have been violating the law, 6 cases have been investigated and 6 have been publicly condemned, and 19 have been punished by the SFC and the management. The "greedy stomach" of listed companies is in line with the regulation of asset bubbles to control asset bubbles.

In the textile and garment industry, although this year's list of listed companies has only one Xinye textile company, deliberate violation is a lingering shadow, and violations often occur. Especially during the intensive reporting period of the interim report, many outgoing anti conventional practices should be vigilant.

Zhang Yundong, director general of Shenzhen securities regulatory bureau, said recently: "never allow listed companies to cheat money and cheat people". To see this news gives two messages: first, the phenomenon of fraud and deception by listed companies is more serious; two, the securities and Futures Commission must lay a solid hand in governing this phenomenon.

Violation of small Shareholder interests

The typical representative is Jiangsu three friends.

Since December 2000, the SFC has no longer accepted the application of the trade union as a shareholder in the listing of companies, such as the status quo of the friendship industry held by the trade union, and the legal risks of Jiangsu three friends. If there are no Jiangsu three friends cheating in listing, the value of lies may not be measured by numbers. A deliberately deceived, for Jiangsu three friends in exchange for 146 million yuan real gold and silver. The fact that trade union holdings have been hidden for many years, the actual controller Nantong friendship industry is preparing to make Jiangsu friends meet the requirements of legal norms through the withdrawal of employee shares.

The car is still in a terrible state, and there is a new problem. Shareholder interests Be violated. According to Zhu Jianguo, a company employee, in order to erase the problem of trade union ownership held by the actual controller at the beginning of the listing, Sanyou company in Jiangsu began to redeem the employee's contribution certificate and damage the interests of minority shareholders recently, at a price far below the market price. In June 4th, the lawyer of Beijing Dacheng Law Firm, who was responsible for safeguarding the rights and interests of some employees of the company, said publicly that the three friends of Jiangsu and their parent company, Nantong friendship Industrial Company, not only did not respect the rights granted by the law to the minority shareholders, but even suspected to infringe on the interests of minority shareholders.

It is worth noting that the price of the employee shares is too low to be calculated, even if the price is calculated at a price of 2.6 times, at that time, 1 yuan per share of the employee stock is now only worth 2.6 yuan. This price is really low compared with the recent stock prices of Jiangsu Sanyou. With the attention of the domestic media to this incident, the top shareholder of Nantong friendship industrial high level has begun to show a playful attitude towards this incident. On the afternoon of May 24, 2011, a meeting was held, which indicated that the related matters of liquidation and purchase were no longer carried out. 　　　

In contrast to the repurchase price of employee shares, the stock price is currently up to 14.06 yuan, which is higher than the 11.46 yuan of employee stock repurchase and 440.77% of the deviation.

Doubts about information disclosure

The typical representative is Huafang textile, Busen shares, Xinmin technology, Huafeng spandex, Jiangsu broad-minded.

Hua Fang textile announced in April 11th that the controlling shareholder Huafang Group Co., Ltd. is planning a major asset reorganization of the company, and during this period, it will have communication and consultation with the intermediaries. The company stopped planning for major asset acquisitions and non-public offering of shares, during which it also said that the audit and evaluation of assets to be injected will be completed soon. The company intends to no longer disclose the reorganization plan and directly disclose the formal report of the reorganization. After less than a week later, the reorganization stopped abruptly. In a series of company information disclosure, investors never know the specific targets of the major asset acquisition and the specific issues of stock issuance.

As of August 5th, Huafang textile company hit a new low of 8.49 yuan, and has fallen 41.06% since May 17th. Compared with the closing price before restructuring, the market value of the company was evaporated, and investors who had been fooled by information disclosure suffered heavy losses. 　　　

Busen shares played a rough line in the negative side of information disclosure. In the draft prospectus, Busen shares used the words "Beijing franchisee" in the details of the top 5 accounts receivable arrears. But according to the survey, there are no other stores in Busen city in Beijing. Of the 8 existing stores, 6 are all in store stores. At present, there are no first tier franchisees in Beijing. Since Beijing has no first tier franchisee, which legal person or individual does the Beijing franchisee refer to?

After the listing, the share price has been sluggish, closing at 18.7 yuan as of August 5th, and breaking the issue price at 16.88 yuan at the closing price of 16.77 yuan in June 20th, the lowest price being 16.56 yuan on that day. 　

The newspaper announcement quickly changed the face.

The disclosure of information is more common among listed companies. The performance notice of listed companies is "patched", which is obviously suspected of false statements. Typical representatives are Xinmin technology, Huafeng spandex and Jiangsu broad-minded.

Xinmin Technology Quarterly report revealed that net profit growth in the first half of the year could be up to 60% to 90%. In July 2nd, the net profit of the company in the first half of the year was revised down by 15% to 35%. In August 3rd, the report disclosed that the net profit decreased by 17.64% in real terms compared with the same period in August 3rd.

Huafeng spandex quarterly report revealed that net profit growth in the first half of the year was less than 30%. In July 11th, net profit decreased by 45.8% compared with the same period in July 27th, and the net profit in the first half of the year dropped to a real level. The decrease was 45.8% in the first half of the month.

Jiangsu's broad-minded quarterly report revealed that net profit in the first half of the year increased by 25% to 50%. In July 6th, the net profit was revised up to 10% to 25% over the same period last year. Net profit in July 28th was only 19.29% higher than that in the first quarter, which is far from the largest increase reported in the quarterly report.

The listed companies that preview "patch" indicate that their ability to resist risks is poor, and their performance is uncertain. According to the regulatory department's requirements for information disclosure of listed companies, timely, objective, complete and true is the basic criterion that listed companies should follow in the process of information disclosure. The quick change of performance notice is neither objective nor realistic. 　

Executives also want to touch the red line.

The illegal operation of executives of listed companies has been repeatedly banned. In essence, it is the illegal profit making behavior which is based on the asymmetric information advantage of other investors, and it is impossible to exclude the possibility of insider trading and market manipulation. The typical representative is Xinye textile.

In July 21st, Xinye textile announced that the company was notified in July 20th that Gao Zhaoyang, the party secretary and vice chairman of the company, was being investigated by the Discipline Inspection Committee of the CPC Nanyang on suspicion of personal violation and was temporarily unable to perform the duties of directors. The company also pointed out that the survey involved only Gao Zhao Yang before he came to the company, but had nothing to do with the company's behavior and its behavior in the company. This matter has no effect on the production and operation of the company. At present, the company's operation and operation are all normal. Xinye textile and securities department staff said, "the company is not very clear about Gao Zhaoyang's alleged personal violation of discipline. It should be his problem when he was the director of Xinye County Finance Bureau, but he did not find any disciplinary actions during the company's term of office."

Before the truth was uncovered, Xinye textile was naturally defeated by investors. It has been observed that Xinye textile 126 million share issuance has just been lifted in May 31st. On the same day, there were 5 million 400 thousand shares trading on the block trading platform. The buyer came from 3 business departments, and the seller was the same as UBS Securities Shanghai Nanjing West Road securities business department. At the same time, Xinye textile stock price volume fell, volume increased to 20 million 560 thousand shares, equivalent to 7 times the volume of trading on the previous trading day, down 2.89% on the same day, closing at 5.04 yuan. It is difficult for the same business department to continuously sell at a low price, so it is difficult not to allow the outside world to link up the 5 million 400 thousand block trading data with the restricted issuance of shares that have just been lifted.

Then, in June 20th, Xinye textile shares hit a new low of 4.61 yuan. As of August 5th, the stock price was 4.76 yuan, falling far below the issue price (5.19 yuan). From July 20th to August 5th, the stock fell 6.85%, losing the market.

The author also noted that there are always some listed company executives who violate the rules and regulations to buy and sell stocks during the reporting period. Although there are penalties for exchanges, violations are repeated. Industry insiders say that the lack of supervision and low cost of illegal activities are the root cause of the current illegal trading of stocks by executives. They suggested that in addition to legislation on related issues, the regulatory authorities should strictly enforce the law.

"We must not allow listed companies to cheat money and deceive people", which is the next step for the regulatory authorities. "Listed companies have rules, but they do not play with fire". This is the final result of investors' ardent expectation. Combing these "playing with fire" listed companies, is aimed at those who are lucky and eager to strike a bell.