Sundiro on the evening of April 14announcementSelf-examination found that the company is the largestshareholderThe situation in which the affiliated company Hengyang Niuye occupies funds is not expected to solve the problem within one month. Company application April 15SuspensionOne day, April 16Resumption of tradingAnd implement other risk warnings. According to the announcement, the total amount of non-operating funds occupied by Hengyang Cattle Industry in 2018 is about 477 million yuan.
Xindazhou said that after discovering the above matters, it has already collected the materials from Hengyang Cattle Industry in various ways. At present, the above issues have not been resolved. The board of directors decided to require Hengyang Caterpillar to propose feasible solutions within five working days to eliminate the company. Influence and followcontractThe agreement bears the loss. If Hengyang Niuye does not propose a solution within five working days, or within 10 working days, the two parties still have not reached an agreement on the capital occupation, the company will prosecute Hengyang cattle industry through legal procedures, by freezing Hengyang cattle industry Assets and litigation methods to protect the rights of the company and its shareholders.
Xindazhou said that the company has problems with internal control implementation, and will continue to self-check and correct itself, and sort out and rectify similar issues.
How is the capital occupation of nearly 500 million yuan formed? It is necessary to introduce the current major shareholder Shenzhen Shangheng Guantong Investment Enterprise (Limited Partnership) (referred to as “Shangheng Guantong”) from New Continent in 2016 and the related transaction with Hengyang Cattle. Hengyang Niuye is the company under the control of Chen Yangyou, the company's largest shareholder, Shangheng Guantong. Chen Yangyou indirectly holds a 34.89% stake in Hengyang Niuye and serves as a director of Hengyang Cattle.
According to Xindazhou's announcement on March 30, 2016, at that time, Xindazhou's former major shareholder Xinyuan Company transferred 10.99% of the shares held by the company to Shangheng Guantong. As of the disclosure date of the third quarter of 2018, Shangheng Guantong still holds 10.99%.
On August 26, 2016, Xindazhou A announced that Hengyang Cattle Co., Ltd.MergerChen Yangyou, the chairman of the company (company), is the actual controller of Hengyang Cattle, and also serves as the director of Hengyang Niuye. The director of the company, Li Lei, also serves as the director of Hengyang Niuye; RONDATEL S.A. As a wholly-owned subsidiary of Hengyang Niuye, Chen Yangyou is the actual controller of the company. Xindazhou company's wholly-owned subsidiary and Hengyang Niuye, RONDATEL S.A. The business that occurs is a connected transaction.
The specific related transaction content is that the main business of Ningbo Hengyang, a wholly-owned subsidiary of New Dazhou Company, isimport and exportTrade, mainly importing frozen beef overseas and conducting large-scale trade in China. As the company temporarily has no beef production and processing plants, and the customer resources are relatively insufficient, most of Ningbo Hengyang products are sold to Hengyang Cattle. The early business model basically followed the principle of first-class goods, and after the two parties negotiated and signed an agreement, the agreed period was three months. Shanghai Hengyang, another wholly-owned subsidiary of Sundiro, purchases beef from Hengyang Niuye and its subsidiaries, and the transaction model is first and foremost.
Xindazhou announced that it has been self-examined by the company and confirmed by the annual auditing firm to confirm that the company has been occupied by non-operating funds of Hengyang Cattle in 2018 due to the above-mentioned related transactions, with a total amount of 477 million yuan. Ningbo Hengyang sold a total of 443 million yuan of beef (including tax) to Hengyang Cattle in 2018, and received a total of 323 million yuan in sales, which formed a sales of 120 million yuan. At the end of 2018, Ningbo Hengyang to Hengyang cattle industry The balance of accounts receivable was 134 million yuan, which was greater than the sales receivable of 14.26 million yuan, which did not have commercial substance and was non-operating. In 2018, Shanghai Hengyang prepaid Hengyang cattle industry beef purchase amount of 741 million yuan, a total purchase of beef warehousing (including tax) of 117 million yuan, after deducting prepaid and then refunded and other adjustments, the non-operating occupation balance at the end of the period was 4.63 100 million yuan should not have commercial substance and form non-operating occupation funds.
In addition, the company also found many cases involving Chen Yangyou, Shangheng Guantong and Hengyang Niuye, and is in the process of verifying with the major shareholders. At the same time, the company is accepting the investigation of the China Securities Regulatory Commission and there is a risk of delisting.
(Article source: China Securities Journal)