Rui Xing, Good Future Even More Fake QDII, The Stock Market Is Under Pressure, Fund Manager Said, "Do Not Evade".

After the auspicious coffee, the stock market has caused the market trust crisis.

In April 8th, a good future announcement also revealed that some employees were found to have misconduct in the routine internal audit process, which may exaggerate the sales figures.

Behind the risk of risk sharing, investment institutions are also very hurt. From the 2019 annual report holdings data, including Jiashi, Bank of communications Schroder fund, including a number of fund companies are involved in its products.

"The stock crisis in this time is a good opportunity for integrity education of listed companies. Eliminating financial fraud is the key content of purifying the investment environment, not only the stock market, but all listed companies should hold the bottom line of morality, and can not surpass the ethical boundaries of business. Those who eat ugly will eventually be abandoned by the modern commercial society. Kang Shui Yue, chief investment officer of Danyang investment, said.

Good future, fake fake.

According to the disclosure, a good future in the company's routine internal audit process finds that some employees have violated the sale of newly launched "light duty" business. The company suspects that the employee collusion with external suppliers and inflated the sales revenue of "light duty" business by forging contracts and other documents.

This "light class", which involves inflated sales revenue, is an online light learning platform dedicated to providing discipline literacy for the 6-12 year old primary school. Data show that in the 2020 fiscal year ended February 29, 2020, sales of light duty accounted for about 3% to 4% of total revenue in the future.

? ? ? CITIC Securities Research believes that "light duty" is divided into C end courses and B terminal businesses. According to its judgement, the existence of the false disclosure of the good future disclosure is mainly related to the B class light box business, and the light class box is sold in the distribution mode. It is speculated that the inflated behavior involved is collusion between the staff and the external distributors, and the income is increased through the false contract in the sales process of the B light class box in the B terminal.

"The company also disclosed that light duty business revenue accounted for 3%-4% of the company's revenue. Based on the data of fiscal year 2019, it calculated about 500 million -6 billion yuan, accounting for about half of the business income of the B side, while the amount of the amount involved in the increase was not disclosed, but the total income involved in the increase was only limited. Besides, the light duty business itself and the core business of the company are independent of learning, thinking, peing, learning and thinking, and network schools, and are not expected to have an impact on core businesses. CITIC Securities believes.

"Good future and Rui Xing coffee incident are different in nature. Good future events are their own self-examination and finding problems, reflecting the company's zero tolerance for violations, and corporate governance is relatively perfect. It is only because of the fact that after the Rui Xing coffee and Iqiyi incident, there may be an over interpretation of the market. Fund manager of a large public fund company told the twenty-first Century business reporter.

A public fund manager in Southern China also said in a visit that "good future is related to employees' personal behavior rather than corporate leadership, which has little impact on the overall business ability of the company."

10 QDII strokes

Although the agency has a more positive attitude towards a good future, the good future price of the company has been down more than 28% after the announcement.

Wind data show that as of the end of 2019, a total of 10 QDII funds hold a good future.

Among them, the QDII fund with the top three shares is: Jiashi overseas Chinese stock holds 450 thousand and 300 shares, the Bank of China card holds 149 thousand and 800 shares of overseas Chinese Internet, and the good future is also the sixth largest heavy share stock. Yi Fang Da has 141 thousand shares in Asia.

It is worth mentioning that huitianfu's huitianfu global mobile Internet has a good future and Rui Xing coffee, holding 23 thousand and 900 good stocks in the future and holding 11 thousand shares of Rui Xing coffee.

Rui Xing coffee after the counterfeiting, Rui Xing coffee shares in April 2nd (East time) after the opening of a continuous decline.

The storm of Rui Xing's coffee fraud has not yet passed. We have paid much attention to the financial problems of China's stock market and triggered a crisis of confidence in the market. Therefore, a good future event has also triggered a strong market concern. A securities business department public fund QDII fund manager said, "there is a view that this storm will affect more stocks in the valuation of the decline, but in fact, the follow-up is to wait and see, from our configuration temporarily will not evade all stocks, but the research will be more in-depth."

CITIC Securities believes that the core business of good future is not hindered, but it is magnified under the background of Rui Xing coffee fraud. And in the background of Rui Xing coffee fraud incident, the market is more sensitive to the overall mood of the stock market and is more vulnerable to confidence, which will enlarge the impact of the incident in the short term. It is expected that the stock price will face greater pressure in the near future.

According to the aforementioned fund manager, the company's internal communication has also repeatedly mentioned the integrity of the stock market.

"The trust crisis of China's stock market may soon be over, but the problems left to entrepreneurs and entrepreneurs in the country can not be seen in the past. Raising the level of corporate governance and management professional ethics is something that some subjects must be concerned about." Kang Shuiyue thinks.

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