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Silver Cashmere Industry Scam: Domestic Sales Are Suspected Of False Spanactions

2013/9/12 13:59:00 156

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is this a commercial miracle or a well knitted fraud scandal? /p >
 > a href= "http://www.91se91.com/news/index_c.asp" > cashmere industry < /a > backdoor listing for 5 years, net profit increased 7.7 times, stock price soared 5.1 times, and was awarded A share "value investment" benchmark. At present, with the stability of the main industry of cashmere, the company will extend its third refinancing to the market. 
 however, when we tried to dissect the winning gene of this blue chip company, more and more doubts emerged. What is the profit model of the cashmere industry? Who is the core customer? But even these two basic problems are difficult to find a clear answer. 
Why can't the cashmere industry of p be able to get rid of itself in the gloomy cashmere industry? Why is it known as the leading domestic enterprises, but its own brand is "obscure"? Net profit is rising steadily, and why the operating cash flow is deteriorating continuously, and the inventory remains high. Such deep problems are even more difficult to see clearly. 
With the above questions, reporters went to Ningxia, Beijing, Hebei, Guangdong, Hongkong and other places in the past few months, and surveyed more than 10 key customers and suppliers in the cashmere industry, hoping to restore the truth of the silver cashmere industry. 
 but the truth is far more shocking than reasoning. 
 through field visits, the reporters found that in 2012, the three largest Hongkong "famous" customers with the highest purchase amount in the export business of the cashmere industry were all shell companies with only one year's registered capital of HK $10 thousand. Tracing down the actual controller's status is three Chaoshan townships born in 1977, 1987 and 1989 respectively. 
 through a number of unannounced visits, it was discovered that the 3 Chaoshan men behind the 2012 export of the silver cashmere industry in Shenzhen were engaged in import and export declarations intermediary business in Shenzhen. 3 of them live in the vicinity of Huang Bei Ling, Luohu District, Shenzhen, and two of them are still working in the same company. They not only have regular business, but also provide "specific services" for the "special" customers, and also "sell" or "scrape together" the export tax rebate documents. The so-called "Hongkong famous" customers in the cashmere industry are only set up by customs offices in Hongkong, and they are borrowing accounts for overseas sales and refunds of small businesses. 
 the cashmere industry is a leading industry in the cashmere industry. It has all kinds of qualifications, including import and export, export tax rebate and so on. It owns Shenzhen branch and Hongkong subsidiary but relies on young custom brokers company salesmen who have no experience in cashmere industry to shoulder the export burden. 
 to re visit domestic customers. The Shanghai news reporters found that the five core domestic customers were in the three km radius of the Bank of China cashmere industry headquarters. Through multiple channels of interviews, these enterprises are highly suspected to be related party members of cashmere industry or their actual controlled member enterprises. Wuzhong Zhongxing cashmere Co., Ltd. and Lingwu City Junfeng Cashmere Industry Co., Ltd. are regarded as the companies of the Bank of China. In addition, Liu Jinrong, the real controller of Ningxia snow crystal industry Co., Ltd., one of the most important domestic customers, has been behind 17 capital account buying and selling silver and cashmere industry stocks. The shareholding ratio has been as high as 8.84% and has become a real related party. 
 however, the cashmere industry has not listed the snow cashmere industry as a related party so far and has continued to cooperate closely. 
P is even more surprised that the above domestic customers are almost simultaneously suppliers of the Bank of China, whose names also appear in accounts receivable and prepaid accounts. 
 reporter has learned through investigation that part of the domestic sale of the silver corduroy industry is actually a covert commission processing business to hide related parties, that is, the cashmere industry sells floss and other raw materials to a company, and a company will carve the water washed wool into no plush, and the cashmere industry will purchase No Plush again. 
 through the non related disclosure of related parties, a Bibi commissioned processing business constitutes the financial effect of inflated income and purchase amount when it enters accounts. On the other hand, the cashmere industry is willing to allow the above customers (suppliers) to occupy the capital, and deposit large amounts of funds to the external parties concerned through the two major subjects of prepayment and receivables to avoid supervision. 
 through these strange traces of operation, we can splice the miraculous financial statements of the cashmere industry. In the case of continuous growth in performance, the company's operating cash flow continues to flow out. At the same time, the company's stock is increasing year by year, and annual purchases exceed profits. Up to now, it has accounted for nearly half of the total assets. 
 peel off the false colors, unload the thick ink makeup, and the truth of the silver cashmere industry will soon be unveiled. 
 leather bag < a href= "http://www.91se91.com" > Company < /a > processing export deception tearing silver cashmere industry 
 the cashmere industry with "soft gold" cashmere as its main business, while carefully weaving the cashmere landscape map, it also leaves a "needle eye" full of suspense. 
Less than P, the CIC industry has been able to remain single for 5 years, maintaining a high growth rate, and exporting more than half of its business structure, but it is hard to find traces of overseas core customers. It has long been known that it is a leading domestic enterprise, with its own brand nameless. 
For a few months, the Shanghai Daily went to Ningxia, Beijing, Hebei, Guangdong, Hongkong and other places to visit 15 core customers and suppliers of the silver cashmere industry, trying to restore the real business prospect of the silver cashmere industry, P. 
 the result of the survey is startling. .
 reporter found in Ningxia Lingwu cashmere Industrial Park, several major domestic customers of cashmere industry gathered in the radius of 3 km radius of the company headquarters, nepotism and secret related spanactions emerged; tracing the flow of funds, the purchase, sales, accounts receivable and prepaid accounts of the cashmere industry mainly came from these domestic customers. Besides, the operating income was "idling big", and funds were also deposited through the prepaid and two accounts receivable to the related parties to avoid capital supervision. 
 in Ningxia, Shandong, Beijing and other places, the financial strength and business registration income of many domestic customers interviewed by reporters are difficult to match with the sales amount shown in the cashmere industry, and the spanaction authenticity is greatly questioned. 
 in Hongkong, what journalists have heard is more and more unthinkable. In 2012, three new Hongkong companies, which were newly established as the major customers of the cashmere industry, were all shell companies with only a year or so. The actual controllers pointed to three Chaoshan people and their status was Shenzhen local import and export custom brokers company salesperson. 
 each Shenzhen import and export custom brokers company will set up a shell company in Hongkong in order to get an overseas account to help customers settle accounts. 
 "it's Bizarre!" people in Shenzhen's import and export circles are surprised to see such a behind the scenes spanaction. 
P, more than 20 years old young import and export custom brokers company salesman, incarnation of the international cashmere sourcing giant, and the Bank of China's cashmere industry billion spanactions. "On our side, this is impossible." 
 by the reporter's many secret visits, three leather bags companies are also mainly set up by the Shenzhen import and export custom brokers company in Hongkong for the capital account, "this bag company is too common in the circle." One of the secret businesses of the custom brokers company is to provide customers with inflated foreign trade spanactions and work together to defraud the export tax rebates. 
 the financial statements of the cashmere industry are similarly clouded. In the case of continuous growth in performance, the cash flow of the cashmere industry continued to run out of large quantities. Meanwhile, the company's inventory increased year by year, accounting for nearly half of the total assets, and the annual purchase exceeded the profit! 
 is it a wonder that the cashmere industry is hoarding goods? The cashmere giant is puzzled: "the raw material inventory of cashmere enterprises is generally suitable for production in one or two years, cashmere is a renewable resource, and there is no need to store too much." 
 in fact, the source of profits of the cashmere industry is not from the main industry. According to statistics, the government subsidies, interest discount and export tax rebates have accounted for more than 60% of the total profits since 2009. 
 throw away the vanity, and unload the thick ink makeup. How do you make the true appearance of the cashmere industry? 
 export customers are hard to find trace 
 Chaoshan three young people "director" export business 
"P >" cashmere industry "is the leading industry of cashmere industry in China. Ma Sheng Guo, the owner of the cashmere industry, started from the earliest selling of cashmere raw materials. Now it has become a large listed company covering cashmere < a href=" http://www.91se91.com/ "target=" _blank "> textile < /a > whole industry chain. 
 however, the brilliant description of China obscures the emptiness of business logic. 
 a basic question is: who is the core customer of the Bank of China? The reporters read almost all the announcements since 2008, and the descriptions are not detailed. 
 in the latest plan of increasing fixed volume, the company's introduction to customers is to establish a solid trade relationship with many large international department stores and famous brands. 
, however, the reporter made a brief introduction of the Chinese clothing brand "FOK Luo Fei Fei", "Brown Alan" and the foreign brand "Todd Duncan" on Taobao, Tmall, eBay, Amazon and other electronic business platforms. 
, which of the following customers contributed so much to the cashmere industry? 
 > three big Hongkong customers are showing up, /p >
By the end of 2007, the three brothers of Ma Sheng Guo took the silver cashmere industry relying on asset replacement, and export sales occupied half of the country. The scale increased from 479 million yuan in 2008 (about 64.21% of export sales) to 1 billion 320 million yuan in 2012 (about 54% of export sales accounted for). 
 but according to the statistics of the reporters, from 2008 to 2011, the export customers of the top 5 customers of the cashmere industry were only Dawson (from 2009 to 2011, the total sales amount was 309 million yuan), the 3 companies of Italy Schneider Co., Ltd. (2009 sales amount 42 million 780 thousand yuan) and Hongkong Beijing Ji Shi Da Limited (2010 sales amount 66 million 900 thousand yuan), the total amount was not large. 
 this is in sharp contrast to the half structure of China silver industry. 
 however, this does not hinder the expansion of the export business of the company. In 2012, the Bank of China began to see new overseas customers. 
 half year 2012, the only overseas customer of the five major customers of the cashmere industry is the group Thai International Trade Co., Ltd. (hereinafter referred to as "Qintai international") which contributes 75 million 350 thousand yuan in revenue. In the 2012 annual report, two big Hongkong customers entered the board. They were third major customers, CHINA DIGITAL MARKET CO (hereinafter referred to as China Digital), 116 million yuan and fifth major customers Dongsheng International Trade Co., Ltd. (hereinafter referred to as Dongsheng International) 91 million 570 thousand yuan, while group Tai International failed to enter the top five in the annual report. In 2013 semi annual report, Qintai international reappeared and ranked the fifth largest customer with a spanaction value of 62 million 960 thousand yuan. 
 it is remarkable that who are the 3 Hongkong customers who emerged in 2012 and 2013? 
 Hongkong registry online enquiry Center shows that group Tai International was established in March 17, 2011; Dongsheng international establishment time was shorter, and it was established in February 22, 2012; China Digital was founded in May 3, 2011. The registered capital of these 3 companies is only HK $10 thousand, all of them belong to Private Companies. The Hongkong Companies Ordinance stipulates that Private Companies is also known as a closed company, the smallest category of registered companies in Hongkong. 
 this means that the 3 Hongkong companies were established in the year or the next year, that is, spanactions with the Bank of China's cashmere industry. 
 but 3 companies do not have any relevant information at TDC in Hongkong. It is understood that the Hongkong TDC is a statutory body responsible for promoting Hongkong's foreign trade. All traders, manufacturers and service providers operating in Hongkong will leave a record in Hongkong Trade Development Council. 
 {page_break} 
 this means that the 3 companies registered in Hongkong do not have any real business or trade practices in Hongkong. 
 Chaoshan three young people's purse company 
 to explore the truth, the reporter went to Hongkong to further investigate the background of Qintai international, China Digital and Dongsheng international. 
 the address of the registered office registered in the 2013 annual declaration of Qun Tai International, Hongkong, Kowloon, 23 B07, Arts crafts emporium, 26 Kwai Cheong Road, Kwai Chung, Kowloon. The reporter found the nameplate of "Hongkong Longxiang international investment advisor Limited" at the door. 
 this is a 10 square meter office, with only two employees. An employee explained to reporters that they were a secretarial company and confirmed that their customers were not aware of their day-to-day business. During the period, a post office staff sent the parcel, the employee told reporters: "we usually do these things, send the incoming mail to our company in Shenzhen, then send them to the customer separately. If you want to find our client, you must first find the person in charge of our company, leave your contact information, convey it to the customer, and then contact you by the customer. 
 the registration address of China Digital is 704 unit of Kay road development building, 33 Mong Kok Road, Kowloon, Hongkong. The address is two secretaries of "Hua Ji international business" and "Huafu international business (Hongkong)". 
"P > reporter asked to contact China Digital, but was refused:" frankly speaking to you, we are a secretary company, if you understand these four words, you should know that you can not get any information here. If you really want to contact the company and find the police, we can only provide information to the police. " 
 when the reporter explained that it was not to collect debts, but wanted to know some business situations, the attitude of several employees eased a lot: "in fact, we usually pick up the phone for our customers and say that the person in charge is not here, so we really can not help you to contact the company." When a reporter asked whether China Digital might be a leather bag company, the employee hinted: "you see, is a normal company like this? Do you want to do business?" 
 the registered address of Dongsheng International -- 705 unit of good view business centre, 2-16 Garden Street, Mong Kok, the nameplate is "Yu Tai Management Consulting Co., Ltd.". 
 obviously, the 3 companies are all purse company established by secretarial company. According to the insiders, the registered company in Hongkong is very simple. It only needs to provide a copy of the identity card or passport and confirm the company name. "The whole cost is only HK $5000-6000." It is reported that the real shareholders of such companies are in the mainland, there is no office area in Hongkong, nor do they know their business scope. 
 according to inquiries, the shareholders of the 3 largest Hongkong customers of the cashmere industry jointly pointed to 3 people from Chaoshan, Guangdong -- Zhan Shaoji, Zhang Xudong and Zhan Lingyun. 
 data show that qentai international holds 100% of Zhan Shaoji's shares from July 1987, and its ID card is located in the first lane of Maozhi long dyke in Shangrao Town, Raoping County, Chaozhou. Raoping County governs Shangrao Town, Huanggang Town, new Fengzhen, and around Yang Town, among which Huanggang town is the seat of the county seat. 
 reporter rushed to Shangrao town of Raoping county. After investigation, she was admitted to Guangdong university after graduating from university in 2006. After that, she worked in the import and export declaration agency business in Shenzhen Luohu District Huang Bei Ling area. The sole shareholder of Dongsheng international is Zhang Xudong, who is similar to Zhan Shaoji's age. His identity card information shows that he was born in April 1989, and his household address is No. 3 Dongyi lane, the upper sunflower house in new Fengzhen. In Raoping County, Zhang Xudong's new Fengzhen is only a few kilometers away from the Shangrao town where Zhan Shaoji is located. 
 reporter asked Zhang Xudong's home repeatedly. Many villagers confirmed that Zhang had lived here, but he moved to Shenzhen many years ago. "Zhang Xudong, his father, was doing import and export declarations in Shenzhen. He came back in the first couple of months." 
 nearby villagers said they did not hear that they had done cashmere distribution business, and the scale was so large. 
 in addition to the two "post-80s", the shareholder of China Digital Corporation, another big customer of Hongkong cashmere industry, is a "70 post". 
 according to the survey, China Digital was established in May 3, 2011, and its history is rather complicated. Before September 2011, the shareholders of the company were born, Zhan Lingyun, the current shareholder, was born in 1977 and is now registered in Tianhe District, Guangzhou. 
According to the information, the reporter went to the native hometown of Anhui Huaining High River town riding dragon community, according to the information. 
 by the guidance of the people, the reporter found a natural home -- a two storey building with two bungalows. Reporters entered the door to see that the tiles on the roof of the living room were missing, and the sun shone directly into the room from outside the house. In the living room, there was a broken cart, stacked with farm implements, and there were tables and a long stool that had been lacqued. Even in economically underdeveloped rural areas of Anhui, such scenes are rare. 
When p asked about his natural condition, his mother was full of complaints. "He doesn't go home, sometimes he comes back thirty times a year, and calls one or two times a year." 
 neighbors also said that the natural economy is not good enough. These years, they have been working with their wives and children, and have hardly come back. 
 shows that gymnastics is probably only a passing traveller. Zhan Lingyun, who eventually took over the Chinese digital code, belonged to Raoping County, Guangdong province. 
 strong > false export business 
 three Raoping people -- Zhan Shaoji, Zhang Xudong and Zhan Lingyun's identities, location and nature of work are all astonishing. 
 reporter verified that Zhan Lingyun left an office address in Shenzhen in China digital registration message, 27B, B international B, Luohu District. 
 Reiss international B 27B, pointing to an import and export agency custom brokers company named Shenzhen Di Shi Tower Industrial Co., Ltd., the website information said, "we import and export customs declaration, inspection, generation of foreign exchange (in accordance with the bank's price tag at the same day), agent refund, agent land certificate." 
 the reporter entered the company by way of employment, and confirmed that Zhan Lingyun was there. 
 Industrial and commercial information shows that the registered capital of the company is 1 million yuan, while natural persons Qiu Can and Zhan Zhiqiang hold 60% and 40% shares respectively. Qiu Can and Zhan Zhiqiang came from the surrounding town of Raoping County, which is close to the new Fengzhen and Shangrao towns where Zhan Shaoji and Zhang Xudong were born. 
The salesman of P > is doing a simple job: constantly calling the local trading companies from Alibaba, the most important is the freight company. Ask if there are goods to go or something like that. "Our company can mainly declare customs. If you need it, you can also take care of the trailer. After we take your goods, each container / cabinet can return 1600 yuan." 
 what kind of business is this? /p >
 "they earn export tax rebates." A senior person with import and export told reporters. Taking the textile industry as an example, in order to reduce the competitive pressure facing the textile industry, the Ministry of Finance and the State Administration of Taxation in April 2009 raised the export rebate rate of some textiles, such as cashmere yarn and cashmere sweater, to 16%. 
 for the large enterprises such as the cashmere industry, they are fully qualified and have their own full-time import and export custom brokers company, which can be handled separately from spanportation, customs declaration to tax rebate. 
 but for some small companies, they may have a real export business, but they have no direct settlement of foreign exchange accounts and have no qualification to apply for export tax rebates, nor can they get export tax rebates. An import and export agent like Dassault can make foreign exchange for trading companies and small businesses. Instead of collecting money, they can send money back to export companies, with the aim of accumulating export and export tax rebate documents, and selling the export data two times to the third party who needs to export fake export data or who want to defraud the export tax rebates. The real export will be used to increase the export of the third party and defraud the export tax rebate. 
 this situation is very common in Shenzhen. Listed companies also involved - such as Nanfang shares in August 14th announcement, 2010-2011 years, the company's export documents, verified by 54 of the record documents are false documents, involving a total of 10 million 330 thousand yuan has been withdrawn tax. According to the relevant provisions, the Nanjing State Administration of Taxation Inspection Bureau to recover the company's tax rebates of 10 million 330 thousand yuan. 
 inflated export business 
 "to do import and export intermediary agents, every day in Shenzhen calling to intermediary business, which is possible at the same time in Hongkong to do cashmere distribution?" Shenzhen import and export circles told this reporter, "the silver cashmere industry to do business with these 3 people, very strange." The amount is so large that it is rare. " 
 "cashmere industry" has its own independent export qualification and custom brokers company, and does not need intermediaries. Of course, there is no need for an import and export custom brokers company salesman to help them develop cashmere sales. 
 reporter through the touch row, locked Zhan Shaoji and Zhang Xudong in a place called Shenzhen Yi Sheng Tong import and Export Trading Co., Ltd. Yi Sheng Tong "service project involves agent shipping, air freight, import and export cargo clearance, customs declaration, cargo entry and exit inspection and quarantine, cargo storage, tax refund and other one-stop services". Zhan Shaoji is assistant to the general manager. 
 Yi Sheng Tong industrial and commercial information shows that the company was founded in July 2007 with a registered capital of 500 thousand yuan. The sole natural person shareholder and legal person is Zhang Wen Zhen. 
 worthy of special attention is that the information of Zhang Wen town ID card contained in the industrial and commercial registration information shows that it was born in January 1967, and the household address is the same as Zhang Xudong's No. 3 Dongyi lane, sun Kwai house, new Fengzhen, Raoping County, Guangdong. 
 combined with the visit of reporters in Dongyi lane of Fengzhen sunflower house, all the local families are single family and distinguished by door brands. The person in charge of household registration said that the household address was marked, and the same address meant Zhang Wen town and Zhang Xudong family. 
 this means that Zhan Shaoji and Zhang Xudong are working in the company of Zhang Xudong's family. They have created two major Hongkong customers, including group Thai International and Dongsheng international. 
 Why do at least two of the three largest Hongkong customers of the cashmere industry belong to the same side, and two Hongkong accounts and companies are required to be opened? 
 insiders analysis that import and export businesses, especially those involving export tax rebates, are very strict in supervision. "Customs officers will check, and the Inland Revenue Department will also pay attention to it. If a container price is checked by the general assembly, the export volume of a company is huge and concentrated in a few companies will also be noticed." 
 reporters in accordance with the "import and Export Circle" routines and Zhan Shaoji get "business" links. 
 Zhan Shaoji said that tens of millions of export data were "not much of a problem". The usual practice was to "pay" (referring to the export data of small businesses) and declare them by customs. "As long as export data are available, we only need to provide company information and other documents." 
 "our customers do not need these export data, so you can use your company's head to give customs data to you." Zhan Shaoji said. 
, however, to operate in this way, we must give him a small intermediate fee. Without asking for the export tax rebate, "the price is different every day. Today's price is 0.017 of the total amount of the US dollar." 
 in the exchange, a particularly noteworthy detail is that Zhan Shaoji informed his past clients that "the group accounts were cancelled." 
 "Zhan Shaoji is so client notification that in the circle, it basically locked the group Tai International is just a settlement account, there will be no other explanation, nor is it an industrial company." Shenzhen import and export circles said. 
 CB 2013 semi annual report shows that Qintai international is still the fifth largest customer with a spanaction value of 62 million 960 thousand yuan. 
 the cashmere industry is full of channels, and it does not need to rely on import and export custom brokers company. It does not need to rely on Zhan Shaoji Chaoshan "80 generation". 
According to the announcement of the silver cashmere industry, the company set up a Shenzhen branch in May 2010 to specialize in the sales of cashmere yarn. The sales of yarn in Shenzhen branch increased significantly in 2011. The company achieved about 297 tons of cashmere yarn sales (excluding 277 tons of Duncan yarn sold by the wholly-owned subsidiary of the United Kingdom), of which 160 tons were exported, accounting for about 8.8% of the total export volume of cashmere yarn in the same period, ranking fifth in the cashmere yarn export enterprises. 
Less than P, the cashmere industry is also a subsidiary company in Hongkong. Cashmere industry, a wholly owned subsidiary of Hongkong, Oriental cashmere Co., Ltd. was founded in August 2005, and is mainly sold in the international market without plush and cashmere slips. 
 in that case, why do we need to do business with Hongkong bag company? "/p".
 {page_break} 
 domestic customers concealed nepotism high growth mask 
 the related party manipulates 17 accounts, once holding shares exceed 8% "/p >.
 if the sale of some of China's silver industry is suspected of fraud, the operation of its domestic business is even more frightening. 
 with the sample of the top five customers and the top five accounts receivable disclosed by the company in the past three years, the reporter combed out 5 core domestic customers, namely Ningxia snow crystal Cashmere Industry Co., Ltd., Lingwu City Junfeng cashmere Co., Ltd., Wuzhong Zhongxing Cashmere Industry Co., Ltd., Ningxia Guo Bin Cashmere Industry Co., Ltd., Ningxia Chengfeng industry and Trade Co., Ltd. 
 according to the on-the-spot investigation, the above companies are highly suspicious of the relevant companies of the Bank of China (cashmere) industry or the "member" enterprises that are actually controlled by them. 
 the material obtained by the reporters from the authoritative department has exposed an astonishing fact: Liu Jinrong, the actual controller of snow crystal industry, one of the largest domestic customers of the cashmere industry, has been behind the scenes to control 17 accounts in the sale of silver and cashmere industry stocks, with a shareholding ratio of 8.84%. 
 according to the relevant rules, snow cashmere industry should undoubtedly be identified as the Bank of China related industry. The regulatory authorities even decided that Liu Jinrong's concealed and hot criminal techniques were more obvious behind the illegal spanactions and evading investigations, and were deliberately illegal. 
 no such mention has been made in any announcement, nor has it been disclosed as a related party. Up to now, snow crystal velvet industry is still working closely with the company as a good customer. 
 these facts should be known to the cashmere industry closely related to the snow cashmere industry. Why is it concealed and not reported? Is there a bigger chess game behind it? 
 snow crystal velvet industry, while doing business and stocks, 
"P" in August this year, the reporter came to the dry and quiet Ningxia plain to visit the Lingwu cashmere Park, where the cashmere industry was located. Many customers, such as snow crystal, have also settled in the park. 
P > Industrial and commercial data shows that the snow crystal cashmere industry was founded in May 2004, the legal representative is Liu Jinrong, which is the third largest customer in the cashmere industry in 2011 and the second largest customers in 2012. The two company is less than 1 kilometers apart. 
 information, snow crystal velvet industry is a deep processing enterprise which integrates cashmere combing, knitting wool, spinning, curing shirts, making and developing large scale cashmere products, import and export trade, and ethnic products production. The total registered capital of the company is 10 million yuan, with 65 employees. 
 from the introduction of the text, the snow cashmere industry and the cashmere industry are competitors. Why do we purchase products from them? 
 hang on the wall of the guest house on the office of snow crystal velvet industry: it has 260 tons of carding and no plush production capacity, and the products are supplied to Limited by Share Ltd of cashmere industry. This means that the snow cashmere industry is also a supplier of the silver cashmere industry. 
 it is necessary to introduce the production process of cashmere products: first, purchase cashmere raw materials, then rinse them into water washed velvet; water washed velvet is formed through carding without fuzz; no fluff can be made into velvet strips and yarns, and the latter can be made into finished products such as cashmere sweaters. It can be seen that the snow cashmere industry is engaged in the process of washing from velvet to no plush. 
What is the connection between the snow cream industry and the Bank of China industry? Reporters interviewed many employees in the factory area. They all said that Liu Jinrong and Ma Shengguo worked together for several years and were very private friends. They were brothers who had always had cross investment. 
 at the same time, a piece of evidence obtained by the authoritative department from the reporters shows that in 2010, the regulatory authorities had held an exclusive proportion of the stake in the Bank of China in Liu Jinrong's manipulation of "Huang Mou" and other accounts. 
 according to the investigation, Liu Jinrong has entrusted Zhu Mou and Wang to operate "Huang Mou" and other 17 fund accounts to buy and sell silver and cashmere industry stocks. The funds are provided by Liu Jinrong, and the related rights and interests belong to them. 
 at that time, the "Huang Moumou" account group held 9 million 539 thousand shares of the Bank of China, accounting for 5.75% of the issued shares, and more than 5%. After that, the proportion of shares in the Bank of China was up to 8.84%. 
 the regulatory authorities found that Liu Jinrong's behavior violated the securities law. Moreover, Liu Jinrong's operation method is more concealed, and the intention of illegal trading and evading investigation is more obvious, which is intentional illegal. The regulatory authorities decided to give Liu Jinrong a warning and impose a fine of 600 thousand yuan. In Ningxia, the reporter confirmed by many parties that Liu Jinrong, who was investigated by the regulatory authorities, is Liu Jinrong, a legal person in snow crystal industry. 
 the SFC "information disclosure management of listed companies" clearly stipulates that shareholders of listed companies holding more than 5% of listed companies, their concerted actions and actual controllers should submit a description of the list of affiliated persons and their relationship. The parties to the spanaction shall not avoid the related procedures and information disclosure obligations of the listed company by concealing the relationship or taking other measures. 
 Shenzhen Stock Exchange Listing Rules and other regulations also require that shareholders of listed companies holding more than 5% shareholders and their concerted actions and actual control persons should be identified as related parties. At the same time, other listed companies identified by the principle of substance over form have special relationship, which may cause the listed companies to tilt their interests to relevant parties and should also be identified as related parties. Its spanactions are disclosed and regulated according to the rules of related party spanactions. 
 up to now, the cashmere industry has not listed the snow cashmere industry as a related party in its periodic report. In the context of knowing that Liu overruled the company's shares, BOC also insisted on working closely with it. 
 the related party phantom .
 besides the snow crystal velvet industry, other domestic customers also obscured the relationship in a more secretive way. Looking for business information, Junfeng textile industry was founded in June 2001. The legal representative is Wang Yonggui, the first largest customer in 2010, the second largest customer in 2011, and the fourth largest customer in 2012. The two companies are about 1.5 kilometers apart. Judging from its main business, Junfeng is also an interbank company in the cashmere industry. 
 reporters visited the Junfeng industry. The doorman said that the company was in a state of shutdown, and there were no employees in the factory. When to resume production, it is still unknown. Reporters later identified the relationship between the company and the cashmere industry as a purchaser. The latter blurted out: "Ma Zong bought the factory in 2009, and now we comb them." But when he finished, he startled and asked, "are you a buyer? Why don't you know this?" 
 reporter visited Zhongxing wool industry again. Industrial and commercial information shows that the company was founded in May 2005, the legal representative is Ma Jinzhong, the fifth largest customer in 2010, the fifth largest customer in 2011 and the first largest customer in 2012. 
 check the information. Zhongxing wool industry specializes in processing domestic carnage, and export products are mainly sold to Dawson and Italy fine Neda company. Now there are 200 tons of non plush production capacity. It can be seen that Zhongxing is also an interbank company in the Bank of China. 
 reporters only interviewed one of the guards in the Zhongxing factory. He said that the company had been bought by Lingwu a large cashmere enterprise, and now it has been suspended for more than half a year. 
 the reporter turned back to the cashmere factory area and found several staff members asking questions. The latter confirmed that Zhongxing and Jun Fengrong industries were all under the Bank of China. 
 on the other hand, the 2008 annual report of the cashmere industry shows that from August 2008 to August 2009, the company leased 700 thousand yuan to run the cashmere industry. In May 8, 2009, Wuzhong daily published the notice of enterprise registration of Wuzhong industrial and commercial bureau. It showed that the company changed to Yang Fabin, and its shareholders changed to Yang Xuejun, Yang Fabin and Wang Dongjun. 
 a person familiar with the matter said that since 2009, Zhongxing textile industry is actually responsible for Zhang Jianwu, deputy general manager of cashmere industry, while Yang Fabin is a staff member of Bank of China's cashmere industry. 
 in addition, the reporter's visit to Guo Bin's Velvet industry and Chengfeng industry and trade presents another scene -- the spanformation of real estate and fur business. 
 access to industrial and commercial information. Guo Bin's Velvet industry was founded in February 1998. The legal representative is Ma Guobin, the fifth largest customer in 2009, the largest customer in 2011. Chengfeng industry and trade was established in May 2001. Ding Shengguo, the legal representative, is the fifth largest accounts receivable disclosed by the annual report of the silver cashmere industry in 2012. It is also a client. Two the company is less than 2 km away from the cashmere industry. 
 people familiar with the matter told reporters that Ma Guobin was Ma Shengguo's fellow countryman who led the latter in the cashmere business. 
 huge amount of funds moved outside /p < >
 financial data is uncertain and hidden interest chain 
 why is there a lot of spanactions between the cashmere industry and the suspected related parties? Is there any more obscure business logic and interest chain behind it? 
 through extensive data sorting and customer visits, with the capital flow of cashmere industry as the entry point, the reporters found that accounts receivable, prepaid accounts, inventory and other subjects were obviously abnormal and suspicious. 
 looking at the various announcements, comparing the subjects of the top five customers and the top five suppliers, we can see that almost all the domestic customers of the Bank of China are suppliers. 
 it is disclosed that between 2009 and 2011, the company sold 85 million 470 thousand and 100, 200 million and 445 million yuan to the three companies of the national bin, the Zhongxing and the Junfeng industries respectively, accounting for 100%, 90.46% and 72.43% of the sales volume of washable sales respectively, accounting for 11.17%, 17.11% and 24.57% of the sales revenue of that year. 
At the same time, from 2009 to 2011, the company purchased 94 million 740 thousand yuan, 206 million yuan and 400 million yuan for the above three companies, accounting for 53.64%, 72.30% and 65.23% of the total gross amount of non Plush purchases in that year, accounting for 13.72%, 20.66% and 19.55% of the total purchase amount of the year. 
 for this reason, the rights issue is understatement: because of the characteristics and current situation of the cashmere industry, there is a partial overlap between the sales staff of the company and the non woolen purchasing supplier. 
 check the details of the top five accounts receivable and prepaid accounts contained in the annual earnings report of the cashmere industry, and the enterprises of the above suppliers' customers "eat at the same time" appear at the top five list of accounts receivable and prepaid accounts. 
 such as the second largest accounts receivable objects of the Junfeng cashmere industry in 2011, the fourth largest accounts receivable in 2012, and the fourth prepaid accounts in 2010 and the third prepaid accounts in 2012 for 2012. The snow crystal industry, Guo Bin industry and Zhongxing textile industry have similar situations. 
 the industry believes that there is a possibility of such operation: through the non related disclosure of related parties, a Bibi commissioned processing business constitutes a financial effect of inflated income and purchase amount at the time of entry, and the authenticity of the domestic output value is enormous. 
 at the same time, since it only entrustment processing business, why does the Bank of China cashmere industry allow customers to occupy funds at both ends? A reasonable explanation is that through prepayment and receivable two major subjects, the company will deposit large amounts of funds to the affiliated parties in vitro to avoid financial supervision. 
 it is worth noticing that the cashmere industry is selling the domestic washing business to the suspected related parties, which has brought the gross profit level superior to that of the same industry: 15% in 2011 and 19% in 2012, all higher than the gross sales rate of 13% and 12.3% of the product after sale. 
 look at the earnings data. The inventory of the cashmere industry continued to rise over the years. As of the first half of 2013, inventory reached 2 billion 710 million yuan, accounting for nearly half of the total assets, and its stockpiling motives were doubtful. Comparing the data of -2012 in 2009, the net cash flow of operating cash in the 4 years was 1 billion 100 million, but the stock increased by 1 billion 600 million. 
The inventory of "P" > cashmere industry is true and reliable? Reporters interviewed many domestic cashmere leading enterprises, and all of them found that there was not much inventory of cashmere raw materials in the cashmere industry. In the spring of 2013, the other companies in the industry paid a high price for the shortage of raw materials. 
 a step back, even if the stock is real, is it necessary for the cashmere industry to continuously increase inventories? A cashmere tycoon explained in an interview with reporters that the raw materials inventory of cashmere enterprises is generally suitable for the production of one to two years. Cashmere is a renewable resource. Too much hoarding is unnecessary. "Similar to the practice of BOC, the inventory ratio is obviously too high, reflecting the lagging sales capacity, occupying large amounts of capital, and may cause losses in large inventory prices." 
 apart from what the company calls the upstream monopoly strategy, is there another kind of financial operation organ? One side is the net profit margin in the profit statement, the other is in the < a href= "http://www.91se91.com/news/index_cj.asp" > the asset < /a > the indebtedness is difficult to assess.
 it is worth noting that since 2009, a large number of government subsidies, discount and export tax rebates accounted for more than 60% of the total profits of the Bank of China, which is the source of its profit growth. According to the survey, in the past 2009-2011 years, the impact of government subsidy income on current net profit was 25 million 922 thousand and 200 yuan, 36 million 194 thousand and 400 yuan and 52 million 847 thousand and 300 yuan respectively, accounting for 66.37%, 48.56% and 31.77% of net profit respectively. Since 2013, the company has received more government subsidies. Up to now, it has reached 211 million yuan. 
From 2009 to 2011, the amount of tax rebates should be 21 million 400 thousand yuan, 41 million 860 thousand yuan and 96 million 660 thousand yuan respectively, accounting for 36.07%, 53.06% and 52.80% of the total profits in the current period, respectively. P 
 all kinds of doubts, the cashmere industry needs to give an explanation to the public. It is time to let the sunshine illuminate the truth!