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15 people were criminally detained. Longevity creatures will be "ST"
On the evening of the 24th, the listed company Changsheng Bio Co., Ltd. announced that it will be implemented other risk warnings from July 26th. The stock abbreviation is more "ST longevity" by Changsheng Bio, and the company's stock trading day is limited to 5%.
According to the announcement of Changsheng Biological, Changchun Changsheng has stopped the production and sales of rabies vaccine. All products of the subsidiary have been suspended from the batch. In addition to the baibai broken combination vaccine and freeze-dried human rabies vaccine products ordered to suspend production, the company decided to adopt a comprehensive and independent production stoppage for other products of the company. The above production workshops self-examined and corrected during the production stoppage period, and carried out comprehensive and thorough rectification. The current time for resumption of production is uncertain.
Changsheng Bio said that a full shutdown will have a major negative impact on the performance of Changsheng Bio.
On July 24, after the company was investigated, 15 suspects including Changchun Changsheng Biotechnology Co., Ltd. Gao Mofang were detained in criminal detention. The long-lived "vaccine event" continues to ferment, triggering the highest level of instructions, and the long-lived organism has also encountered seven down-limits. Since the "vaccine event" has been exposed, the market value of Changsheng Life has evaporated 12.4 billion yuan. And the down limit is still going on.
Long-lived organisms have triggered funds to cut their valuations. Among the institutions that are currently downgrading the valuation, the valuation of the Oriental Fund is the lowest, down to 3.96 yuan. The valuation of the Oriental Fund of 3.96 yuan means that Changsheng Bio will also face 10 daily limit boards. It is worth noting that the fund company's valuation adjustment is only a temporary adjustment. If the situation changes, the fund company may re-adjust the valuation.
How far is the longevity creature from the market?
Gao Junfang's son Zhang Yihao: The delisting
The highest level of instructions, the company's suspension of production, the responsible person was criminally detained, the number of stocks on the daily limit was constantly refreshed, how far is the longevity organism delisted from the market?
“Long-lived creatures may be withdrawn from the market, and major violations of laws and regulations trigger the delisting,” one market source said.
Financial commentator Pi Haizhou believes that since 2014, A-shares have introduced a mandatory delisting system. However, the delisting system is mainly for the mandatory delisting of fraudulent issuance and illegal disclosure of major information disclosure companies. In fact, long-lived creatures are heavily falsified on rabies vaccines, and their nature is much more serious than fraudulent issuance. After all, fraudulent issuance is just a matter of making money, but it is a serious fraud on the rabies vaccine. This is not only for making money, but also for killing. Such companies should resolutely delist them. But the strange thing is that the A-share market can't directly delist it because of this.
Nowadays, the market's hope of forcibly delisting Changsheng Biology is pinned on the investigation of the CSRC's suspected information disclosure violations, which is actually a kind of inversion. After all, even if the bio-information disclosure of illegal organisms violates the law, this does not constitute murder, but it is a serious falsification on the rabies vaccine problem. This is a direct murder. The nature of both is obvious.
In the view of Zhu Bangling, a financial commentator, the possibility of a long-lived creature being forced to withdraw from the market is not small.
First, Changsheng Changsheng, a long-lived creature, has recorded fraud during the production of freeze-dried human rabies vaccine. This fraudulent act itself is an important violation of information and illegality. Second, it produced low-quality children's vaccine last year, but the company's annual report was not disclosed. Suspected of information disclosure violations; third, Changchun Changsheng involves a lot of bribery, by bribing local hospitals, disease and epidemic prevention departments, giving rebates to promote their products, this behavior may be suspected of constitute a major violation of the law; Fourth, the media reported that longevity organisms rely on yin and yang When the contract is listed, the long-lived creature may be suspected of fraudulent performance and fraudulent listing.
For the delisting, Changsheng Bio said on July 23 that the company's stock may be subject to the risk of delisting risk warning, suspension of listing or termination of listing.
Regarding the impact of the “vaccine incident” on the company, Gao Junfang’s son, Changsheng’s vice chairman Zhang Haohao, responded exclusively to the Beijing News’ financial help, saying: “(The serious consequences for the company) are gone, then there is still a The city is delisting." He said that the company is now in a state of suspension.
The rich country fund, the pledge party Xingye Securities, etc.
“If you withdraw from the market, investors, funds and brokers who hold their shares may face huge losses. However, whether or not to impose a penalty for delisting depends on the opinions and decisions of the regulatory authorities and cannot be predicted.” Qianhai Yang Delong, managing director of the open source fund, said.
Judging from the Thunder Fund, as of the first quarter of this year, 11 public funds held longevity creatures, and the proportion of shares held was 2.3%.
Among them, the rich mixed securities investment fund in the rich region of Fuguo Tianrui has the largest number of positions, with a total of 86.210 million shares. The longevity organism is also the fifth largest stock of the fund, accounting for 4.38% of the net worth. The agency cost (estimated) provided by the data is $17.08.
In addition, Huatai Bairui Value Growth Hybrid Securities Investment Fund and Huatai Bairui Consumer Growth Flexible Configuration Hybrid Securities Investment Fund hold 650,000 and 300,000 shares respectively, ranking 2 and 3 places. They are the 6th Awkwardness and the 10th Awkwardness, respectively, accounting for 2.25% and 1.80% respectively.
Sadly reminded of the thunder, there is also the pledge of the shares of Industrial Securities and Ping An Securities, Industrial Securities holds the long-lived creatures 170 million pledge shares, the current hidden danger is quite large.
As the stock price continues to fall, the pledged shares of Changsheng Bio major shareholder and controlling shareholder face the risk of liquidation. According to data released by Zhongdeng, Changsheng Biotech Co., Ltd. was pledged 28%, and most of the pledged parties are Industrial Securities.
For example, Zhang Haohao, the vice chairman of Changsheng Biological (the son of Chairman Gao Junfang), holds 174 million shares of Changsheng Bio, accounting for 17.88% of the company's total share capital. Including the 73.36 million shares that were replenished on July 23, it has accumulated 167 million shares, accounting for 95.86% of the shares it holds. The pledges are all Industrial Securities.
In addition to Industrial Securities, Ping An Securities also holds some of the shares of Changsheng Biomass. The major shareholder of Changsheng Bio, Wuhu Zhuorui Innovation Investment Management Center (Limited Partnership) also pledged 49.43 million shares to Ping An Securities in May last year, with a pledge period of two years.
According to market analysts, according to the closing price of 14.5 yuan on the pledge date, it is estimated that the closing line of the supplementary pledge will be about 7 yuan. After the long-lived creatures expect 4 times of the limit, the pledge shares will have a risk of liquidation, and Zhang Haohao needs to add pledge. However, the current situation is that 95.86% of Zhang Haohao's shares have been pledged.
It is worth noting that in order to prevent the long-term biological director from selling high stocks, the Shenzhen Stock Exchange has launched a sales restriction mechanism. Viewing the rules means that during the investigation period, even if the equity of the Gao Junfang family pledged to the securities company, the securities company could not sell in the secondary market, and only other ways could be sought.
What is the probability that a long-lived creature will be forced to withdraw from the market due to a major violation of law?
Financial commentator: Zhu Bangling
Long-lived creatures fraudulent events continue to ferment. After the high-level instructions and the investigation team, the longevity organism has become the "vaccine melamine", and has fallen into the whirlpool of public opinion.
The key point is that the longevity organism received the notice of investigation by the CSRC, and the company was investigated for suspected information disclosure violations. If the company is finally found by the regulatory authorities to have a major illegal act or transferred to the public security organ, according to the relevant provisions of the Shenzhen Stock Exchange Listing Rules, the company's stock may be subject to the risk of delisting risk warning, suspension of listing or termination of listing.
Then, is there any possibility that the long-lived creatures will withdraw from the market after being investigated by the regulatory authorities? Will long-lived creatures be forced to withdraw from the market due to major violations? It should be said that this possibility of delisting still exists, and even the possibility is not small. The announcement said that the company was investigated for suspected information disclosure violations, so what information does the longevity organism currently suspect of illegal disclosure?
First, Changchun Changsheng has recorded fraud during the production of freeze-dried human rabies vaccine. This fraudulent act itself is an important violation of information disclosure.
The Securities Law covers information disclosure standards mainly in Articles 63 and 193. These regulations require that the information disclosed by the issuer and the listed company according to law must be true, accurate and complete, and must not contain false records, misleading statements or major omissions. It can be seen that the information disclosure violations in the securities law mainly include three categories: false records, misleading statements and major omissions. There are too many manifestations of information disclosure violations, and the types and categories are different.
In the process of production of Changchun Changsheng vaccine, there is a record of fraud, which is suspected of “false records”. On July 15, the State Food and Drug Administration issued a notice stating that the flight inspection found that Jilin Changchun Changsheng Biotechnology Co., Ltd. freeze-dried human rabies vaccine production records fraud, serious violation of relevant regulations. This fact is probably the main basis for the "false records" in the violation of laws and regulations of the longevity biological information disclosure.
Second, last year, the production of inferior children's vaccines was produced, but the company's annual report was not disclosed, and it was also suspected of illegal disclosure of information.
In November 2017, the former State Food and Drug Administration notified that the 225,600 white vaccination vaccines of Changsheng Biologicals “does not meet the standards”, requiring the immediate use of unqualified products, and ordered to report the results of 2 batches of unqualified vaccines. . "The potency indicator does not meet the standard", that is, the vaccine has no immune effect. Longevity organisms immediately announced that although the DTP vaccine may affect the immune effect, it has no effect on human safety; "The problem vaccine sales revenue only accounts for 830,000 yuan, which has no impact on production and operation."
According to the announcement of Changsheng Biological, about 250,000 vaccines of this batch were sold to the Shandong Provincial Center for Disease Control and Prevention before being investigated. In the 2015 annual report, the company issued a total of 5.62 million copies of Baibai, ranking it first in the company's six vaccine products, which shows its importance. In the 2016 and 2017 annual reports, the company still said that Changchun Changsheng's current products for sale include the adsorption of cell-free DTP vaccine. However, in the 2016 and 2017 annual reports, the number of batches of this important vaccine product was not disclosed. Another change is that Baibai Broken also disappeared in the list of products for sale in the past two years. Until recently, a paper of administrative punishment opened the secret of the disappearance of the white. However, with the exposure of the investigation time, more doubts surrounding the smashing of the shackles followed: When was Baibai broken when it was tested for non-compliance? When did the Baibai broken production workshop stop production? As one of the company's six major vaccine products, why has it not caused fluctuations in the performance of Changsheng Biology in the past two years? Since October last year, why have long-lived creatures kept secret? Whether a listed company is suspected of being in violation of the rules is worthy of questioning.
Third, Changchun Changsheng involves a lot of bribery. By bribing local hospitals, disease and epidemic prevention departments, and giving rebates to sell their products, is this behavior suspected of posing a major illegal act?
In 2017, the service fee for longevity organisms was 442 million yuan, double the number in 2016. However, in the process of vaccine sales, Changsheng Biological (Changchun Changsheng) employees and distributors were involved in several criminal cases. They donated vaccine products to the relevant departments through the bribery of relevant departments.
According to statistics from third-party software, the number of “corruption and bribery” cases in the legal documents involving long-lived organisms is the highest. Since 2010, Changchun Changsheng sales staff has been involved in a number of cases of bribery to local hospitals and department heads of disease prevention and epidemiology. According to the China Judgment Document Network, more than 10 of the judicial rulings involving Changchun Changsheng are bribes through rebates. The vaccines involved include rabies, chickenpox, hepatitis B, and flu; among them, 72 yuan/support The freeze-dried rabies vaccine has a rebate of up to 20 yuan / support.
Fourth, the media reported that Changsheng Bio was listed on the yin and yang contract, so is the Changsheng Biological suspected of fraudulent performance and fraudulent listing?
Shandong Zhaoxin Biotechnology Co., Ltd. has a dispute of more than 40 million yuan with Changsheng Bio. It was the largest distributor of Changsheng Bio in 2015. Shandong Zhaoxin, a resigned person, revealed that the data of this case was not recognized by Shandong Zhaoxin. "When he (the longevity organism) went public, Shandong Zhaoxin cooperated and made fake data. This resulted in a yin and yang contract. Several companies have partnered with Changsheng Bio to help them go public."
In March of this year, the Shanghai and Shenzhen Stock Exchanges refined and clarified the system of compulsory delisting of major illegal activities, clarified the standards and procedures for listed companies to suspend listing and terminate listing due to major illegal violations, and strictly enforced the mandatory delisting system for major illegal activities. All-round coverage of major illegal acts, not tolerating, not accommodating, and efforts to maintain healthy market order. Since the beginning of this year, five listed companies in the Shanghai and Shenzhen Stock Exchanges have confirmed their delisting. It is expected that the regular delisting and forced delisting in the future will become the normal state of the A-share market.
We must also see the damn business bankrupt.