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Behind Kangmei Pharmaceutical's 30 billion "error": "Old friend" GF Securities was questioned

May 15, 2019 13:07
Author: Hong Xiaotang
source: Economic observation network

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Summary
[Kangmei Pharmaceutical's 30 billion "errors" behind: "old friends" GF Securities was questioned] With the recent launch of the investigation of Guangdong Zhujiang Zhongzheng Certified Public Accountants in the Kangmei Pharmaceutical case, the responsibility of the intermediary agencies was also Received a high degree of attention. It is worth mentioning that Guangfa Securities, another intermediary that has provided support for Kangmei Pharmaceutical and has provided services for multiple financings, has been questioned. (Economic Observer Network)

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  Kangmei PharmaceuticalThe 30 billion yuan cash evaporation suspect that broke out is still continuing to ferment.

With the recent launch of the Securities and Futures CommissionKangmei PharmaceuticalIn the case, the auditor of Guangdong Zhujiang Zhongzheng Certified Public Accountants Co., Ltd. filed an investigation and the responsibility of the intermediary agencies was also highly concerned.

It is worth mentioning that for many yearsKangmei PharmaceuticalAnother intermediary that has provided sponsorship and multiple financing servicesGF SecuritiesIt is even more questioned.

According to statistics, the reporter found thatKangmei PharmaceuticalAfter 18 years of listing,GF SecuritiesThrough the initial, additional issuance, preferred stock, convertible bonds, corporate bonds, etc.Kangmei PharmaceuticalProvided 11 financings, totaling a total of 25.48 billion yuan, the onlyKangmei PharmaceuticalA securities company that has provided financing. According to the statistics of the reporter,GF SecuritiesIt also provided not less than 33 equity pledge financing for Kangmei Industrial, involving nearly 4 billion shares.

And beyond that,GF SecuritiesversusKangmei PharmaceuticalThere is more deep cooperation between them, and the unusual "interest alliance" between the two is also criticizing the credibility of intermediaries.

At the time of writing, inquiries for reporters,GF SecuritiesNo response was given.

  "Kangguang" cooperation

  GF SecuritieswithKangmei PharmaceuticalThe intimacy does not stop at financing services.

Public information shows that as early as 2006GF SecuritiesOn the eve of the listing of the backdoor, the employee stocks need to be cleaned up.Kangmei Pharmaceutical“Puning Xinhong Industrial Investment Co., Ltd.”, created by Vice Chairman Xu Dongyu, became one of the transferees of these shares.

Just in the Kangmei systemGF SecuritiesAt the end of June of the same year,GF SecuritiesThe public offering of its public fundraising strategy is preferred to be held by a hybrid securities investment fund.Kangmei Pharmaceutical638 million shares became its sixth largest tradable shareholder, almost at the same time,Kangmei PharmaceuticalCompleted a public offering of 500 million yuan.

Just three months after the completion of this fixed increase, the fund of GF is nowKangmei PharmaceuticalThe list of shareholders has disappeared. At that time, many insiders also questioned the GF Fund’sKangmei PharmaceuticalPull up the price and scale to "lift the sedan chair."

However,Kangmei PharmaceuticalThe relationship with the GF Fund has not ended here.

In 2007,Kangmei PharmaceuticalObtained through purchaseGF SecuritiesA 10% stake in the public fund's GF Fund, serving as the latter's shareholder for 12 years, until the beginning of this yearKangmei PharmaceuticalThe GF Fund shares held by the announcement will soon beGF SecuritiesRepurchase.

For this 12-year equity investment,Kangmei PharmaceuticalThe announcement said that the expected revenue will be no less than 800 million yuan.

In addition to the cooperation at the shareholding level,GF SecuritieswithKangmei PharmaceuticalThe hidden relationship also extends to multiple dimensions. Public information shows thatKangmei PharmaceuticalThe two investment platforms of Boyi Investment and Xinhong Industrial controlled by the real control person Ma Xingtian couple participated in manyGF SecuritiesSponsorship project.

However, some insiders pointed out that if the above cooperation is only the independent behavior of the relevant parties, it is not illegal.

"in caseKangmei PharmaceuticalAnd the affiliated company meets the shareholder qualifications of the licensees such as securities and funds, so obviously these transactions are not illegal and can only be explainedGF SecuritieswithKangmei PharmaceuticalThe relationship is very good. "A person close to a securities company said.

  Lack of independence

If you just keep this partnership, the market is rightGF SecuritiesAnd the question may not be as much as today, in the eyes of some market participants,GF SecuritiesIs it already andKangmei PharmaceuticalThe depth of binding is lost in independence and deserves attention.

As early as 2012, there was a market questionKangmei PharmaceuticalThere is a virtual increase in assets, whenGF SecuritiesWhen I came up with the conclusion of the investigation of "no inflated assets", there is a voiceGF SecuritiesThere is no independence, but later the relevant doubts are gone.

And nowKangmei PharmaceuticalOnce again in the eyes of public opinion,GF SecuritiesIt seems that I still chose to "strive".

atKangmei PharmaceuticalMay 3, after the above error occurred in the 2018 annual report,GF SecuritiesIssued a supervision report for refinancing in 2016 and emphasized that the issuer “has no false records, misleading statements and major omissions”.

In the opinion of the industry, after the audit institution was investigated,GF SecuritiesWhether or not the intermediary is diligent should also be investigated.

"GF SecuritiesYou can’t make money with a financial license. When something goes wrong with the project, you shouldGF SecuritiesIs it diligent to conduct an investigation? "A medium-sized brokerage investment bank in Beijing believes.

But some investment bankers believe that becauseGF SecuritiesThere are many projects involved, at this timeGF SecuritiesInvestigating may have a greater impact on all parties in the market, so be cautious.

"GF SecuritiesThere are many investment banking projects, and there are some science and technology projects, if the investigation is filedGF SecuritiesAccording to the regulations, it will inevitably affect the progress of investment banking projects. "A investment banker close to the regulatory level believes that "is it right?"GF SecuritiesIt may also be more prudent to initiate an investigation. ”

But another buyer believes that if it cannot be investigated according to lawGF SecuritiesWhether or not to assume the responsibility of an intermediary in the Kangmei incident will inevitably hit the long-term confidence of the capital market.

"BecauseGF SecuritiesNot a small institution, investigationGF SecuritiesThere may be some short-term pains, but it is clear that these pains are an institutional problem that has long been accumulated in the capital market.” A person in charge of a private equity institution in Shanghai said, “If you open the network at this time, you cannot understand the responsibility of the intermediary. There will still be many similar cases, which will definitely lay a long-term hidden danger to the capital market. ”

(Article source: Economic Observer Network)

                (Editor: DF150)

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