Guangzhou Langqi 572 Million Inventory Crisis Continues To Ferment In A-Share Market

Guangzhou Langqi 572 million inventory storm continues to ferment in the A-share market.

On September 28, Guangzhou Langqi closed at 5.13 yuan, with a total of 276600 selling orders closed the limit.

On the evening of the previous day, Guangzhou Langqi announced a "suggestive announcement on the possible risks of some inventory goods", which directly pointed out that the company's inventory of goods in Ruili warehouse and Huifeng warehouse with the value of 453 million yuan and 119 million yuan (totally 572 million yuan) disappeared.

Guangzhou Langqi said that the company signed Warehousing contracts with Jiangsu Hongshen Logistics Co., Ltd. (hereinafter referred to as "Hongshen company") and Jiangsu Huifeng Petrochemical Co., Ltd. (hereinafter referred to as "Huifeng company"), which agreed to store the goods in the warehouse area of No. 2, Huanghai 1st Road, Rudong County, Nantong City, Jiangsu Province (hereinafter referred to as "Ruili warehouse"), and Huifeng company was located in Jiangsu Province The reservoir area of Fenggang phase II Wharf (hereinafter referred to as "Huifeng warehouse").

But strangely, on September 28, 21st century economic reporter contacted relevant people of Hongshen company and Huifeng company, both of which denied receiving the relevant inventory of Guangzhou Langqi. Among them, Wei Guangquan, director of St Huifeng, the parent company of Huifeng company, disclosed to the 21st century economic reporter that the company has already reported to the relevant public security organs in Guangzhou.

Inventory "destination" trapped in luoshengmen

The mystery of Guangzhou Langqi inventory has reached a deadlock.

The 21st century economic report in-depth investigation found that the two warehousing parties involved were high-risk enterprises, and both denied the storage of relevant inventory.

According to qixinbao data, Hongshen company, as the custodian of Guangzhou Langqi's 453 million yuan inventory, filed for bankruptcy in February this year. The handling Court is Rudong County People's court, and the latest disclosure date is April 4. Before that, Hongshen company had been involved in dozens of debt disputes, including private lending disputes, financial loan contract disputes, etc. Mr. Gao has been listed in the legal list of Mr. Huang for many times.

Facing the issue of "inventory" mentioned by Guangzhou Langqi, on September 28, Huang Yongjun confirmed to the reporter of 21st century economic report that the company did sign a warehousing contract with Guangzhou Langqi in September 2019, but it did not actually enter the goods. Hongshen company is a transportation company and has no warehousing qualification. The Ruili warehouse mentioned above is linked by Guangzhou Langqi.

"My own company is now in the process of bankruptcy reorganization. Our bankruptcy administrator knows about it and has reported it to the court." Huang said. For more details, Huang said.

It is worth mentioning that a detail of qixinbao may prove Huang Yongjun's statement about "Ruili Cang" and Guangzhou Langqi.

According to the announcement, "Ruili Cang" is located at No. 2, Huanghai 1st Road, Rudong County. Coincidentally, qixinbao shows that the industrial and commercial registered address of Jiangsu Qiheng agrochemical Technology Co., Ltd. (hereinafter referred to as Qiheng agrochemical) is also "No. 2, Huanghai 1st Road, Rudong County".

According to qixinbao data, Qiheng agrochemical was established in October 2012, and its legal representative is Chen Huaguo, with a registered capital of 200 million yuan. Its main business scope includes research and development of agricultural chemical products production technology. Guangzhou Langqi holds 25% of its shares and is the second largest investor.

What's more strange is that the contact number registered in the 2016 annual report of Qiheng Agricultural Chemical Co., Ltd. is the same as that of Jiangsu Zhongzhi Chemical Co., Ltd. (hereinafter referred to as "Zhongzhi chemical") and Jiangsu Baohua International Trade Co., Ltd. (hereinafter referred to as "Baohua international"), and the latter two had a related guarantee relationship in Langqi, Guangzhou.

On September 24, Guangzhou Langqi once issued an announcement on overdue part of debts and freezing of some bank accounts. According to the announcement, as of September 24, 2020, 12 bank accounts of the company had been frozen, with overdue debts totaling 395 million yuan, accounting for 20.74% of the company's latest audited net assets.

Among them, 10 bank accounts of Guangzhou Langqi have been frozen, which are related to Baohua international and Zhongzhi chemical. In March and April 2019, Baohua international and Zhongzhi Chemical Co., Ltd. made a loan to Zhangjiagang rural commercial bank in Jiangsu Province, and pledged the commercial acceptance bill issued by Guangzhou Langqi to Zhangjiagang rural commercial bank as guarantee. When the relevant loans were due, they failed to repay their debts, and the commercial bills issued by Guangzhou Langqi failed to be paid on time. As a result, Guangzhou Langqi was enforced and 10 accounts were frozen.

And Guangzhou Langqi open another warehouse fanghuifeng company, also denied custody of Guangzhou Langqi storage of goods.

According to qixinbao, Huifeng company is a wholly-owned subsidiary of A-share listed company * ST Huifeng. Its main business scope includes refined oil wholesale and dangerous chemicals business. In the first half of 2020, Huifeng company realized a net profit of 5.0127 million yuan, which was the only profitable enterprise among the four major subsidiaries of * ST Huifeng.

In May 2018, * ST Huifeng failed to resume production on schedule due to the implementation of comprehensive shutdown rectification and some subsidiaries' shutdown rectification as required by the park. In 2018 and 2019, the audited net profit of * ST Huifeng for two consecutive accounting years was negative, and finally "delisting risk warning" was implemented. In April 2018, * ST Huifeng was also investigated by the CSRC for suspected information disclosure violations.

*Mr. Wei told the company that it had no right to sign a contract with Guangzhou Langqi.

"The contract was made by themselves. We have compared the official seal of their registration. It is false. Our company has sent someone to Guangzhou to report the case. The contract number they provided is yes, but we signed it with others, not with Guangzhou Langqi, and the content is different. (we suspect) the contract was made by themselves, and the official seal is not the official seal of our company. " Wei Guangquan said.

Who will pay the bill?

In the face of the three parties holding their own opinions, how to determine the responsibility of each party and who should "pay" for this account have become the focus of attention.

Wu Feng, director of Beijing Langcheng law firm and securities lawyer, pointed out to reporters that to judge the legal liability of Huifeng company and Guangzhou Langqi in this cargo loss incident, we should first see whether the warehousing contract between them is effective. At present, Huifeng company directly denies signing the warehousing contract with Guangzhou Langqi, and also denies the "Huifeng inventory list in June 2020", believing that the seal on the inventory list is inconsistent with the real seal of Huifeng company.

"If what Huifeng said is true, there may be cases of forging the corporate seal, signing contracts or engaging in other transactions in the name of the legal person, which is commonly known as" radish seal ". In this case, whether Huifeng company should bear the legal liability or not needs to judge whether the act of "radish seal" constitutes apparent agency. If the act of "radish seal" meets the appearance of agency by estoppel, and the opposite party of the contract has sufficient reason to believe that the party who forges the official seal has the agency right, even if the official seal is false, it can constitute apparent agency, then Huifeng company will be difficult to get rid of its responsibility. " Wu Feng said.

However, if Huifeng company's statement is not true and there is a real and effective warehousing contract with Guangzhou Langqi, Wu Feng pointed out that according to Article 388 of the contract law, "the custodian shall agree to inspect the stored goods or take samples according to the requirements of the depositor or or the holder of the warehouse receipt", and Huifeng company shall cooperate with Guangzhou Langqi to check the goods.

As for the "dispute" between Hongshen company and Guangzhou Langqi, according to the current information disclosure, there is a real and effective warehousing contract between Hongshen company and Guangzhou Langqi. However, Guangzhou Langqi did not entrust Hongshen company to keep the goods, but chose Ruili warehouse to store the goods.

"If the above information is consistent with the facts, it means that although there is a warehousing contract between Hongshen and Guangzhou Langqi, actually both parties have not fulfilled the contract. Instead, Guangzhou Langqi has separately concluded a de facto storage contract or custody contract with the owner of Ruili warehouse. If the contractual relationship between Ruili warehouse and Guangzhou Langqi is custody contract, Guangzhou Langqi has the right to notify Ruili warehouse at any time to claim the goods in accordance with Article 376 of the contract law: "the depositor may collect the deposit at any time."

On the same day, the reporter also called Guangzhou Langqi Securities Department on relevant issues. The operator said that they were waiting for the verification results, and the known information had been disclosed in the announcement.

In fact, the inventory disappeared out of thin air is not a small number for Guangzhou Langqi.

According to Guangzhou Langqi semi annual report, as of June 30, the company's inventory was 1.571 billion yuan, which means that the 572 million goods accounted for about 40% of the company's inventory.

The 21st century economic reporter also found that since its listing in 1993, the total net profit of Guangzhou Langqi in 27 years (1993-2019) is only 515 million yuan. In 2020, Guangzhou Langqi will have a net loss of 115 million yuan. At the same time, the company is also facing 395 million debt overdue.

There will be more companies involved in it, and there will be disasters behind it.

According to the public data, Guangzhou Langqi audit institution is zhongaudit Zhonghuan accounting firm. In the interim reports of 2019 and 2020, the club issued standard unqualified audit reports on the periodic reports of listed companies, which means that, from the perspective of audit institutions, the inventory of Guangzhou Langqi has no hidden danger.

"Inventory with such a large amount of money, even if it is stored in the leased warehouse, is also to be checked. If an annual report is issued, the audit institution will make an inventory on December 31, and the interim report will be on June 30. This kind of physical type of important inventory warehouse will take stock, and we should take it apart to see what is in the package." On September 28, an auditor of a large accounting firm in Guangdong pointed out to reporters.

At present, it is not known when Guangzhou Langqi signed the contract with Hongshen company and Huifeng company, the implementation of the contract and the historical cooperation.

In the morning of September 28, the Shenzhen Stock Exchange issued a letter of inquiry to Guangzhou Langqi, asking the listed companies to explain the development of the third-party warehousing business of the company, and asked "the annual audit accountants to explain whether the audit procedures adopted for inventory accounts have obtained sufficient and appropriate audit evidence".

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