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Listed membrane enterprises completely collapsed, with a profit of 11.9 billion yuan, touching compulsory delisting

release date: Source: *st Kangde announcement, China Securities Journal number of Views: 8194 copyright and disclaimer

core tip: on the evening of July 5, kangdexin Composite Materials Group Co., Ltd. (Securities abbreviation: "*st Kangde", company abbreviation: "kangdexin") announced that it had received the prior notice of administrative punishment from the CSRC. The net profit of the company for four consecutive years from 2015 to 2018 was actually negative, with a false increase of profit of 11.9 billion yuan, In case of major illegal compulsory delisting, the company's shares were subject to major illegal compulsory delisting, and the trading was suspended from July 8, 2019. Kangdexin, a white horse stock with a market value of 100 billion, collapsed completely overnight

in the evening of July 5, the CSRC announced the investigation results of *st Kangde. The results showed that *st Kangde was suspected of falsely increasing the total profit by 11.9 billion yuan in various ways from 2015 to 2018, resulting in false records and major omissions in the relevant annual reports disclosed by *st Kangde

the Shenzhen Stock Exchange said that in the next step, the CSRC will fully listen to the statements and arguments of the parties, and punish them according to the law based on the facts and the law. Those suspected of committing crimes shall be transferred to judicial organs for criminal investigation in strict accordance with relevant regulations

if the CSRC makes the final administrative punishment decision on *st Kangde, the Shenzhen Stock Exchange will start the company's major illegal compulsory delisting process at the first time

Shenzhen Stock Exchange approved that kangdexin and its key personnel would be punished for serious violations ↓↓

kangdexin and its key personnel

*st Kangde involved in information disclosure violations that lasted for a long time, involved a huge amount of money, the means were extremely bad, and the violation was particularly serious. It was planned to punish * St Kangde and its key personnel for life, and take measures to ban access to the market

according to the facts, nature, circumstances and degree of social harm of the illegal acts of the parties, the CSRC plans to decide:

first, order Kang Dexin to make corrections, give a warning and impose a fine of 600000 yuan

II. Zhong Yu, the actual controller of kangdexin, was given a warning and fined 900000 yuan, including 300000 yuan as the person in charge directly responsible and 600000 yuan as the actual controller

III. give a warning to Wang Yu, the then chief financial officer, and Zhang Lixiong, the then head of the Treasury Department, and impose a fine of 300000 yuan respectively

IV. Xu Shu, the then general manager, was given a warning and fined 200000 yuan

v. give a warning to director Xiao Peng and impose a fine of 100000 yuan

VI. the relevant principals Du Wenjing, Yan Guixin, Bao Guanqian, LV Xiaojin, Wang Donghan, Na Baoli, Wu Yan, Zhong Kai, shaomingyuan, Sui Guojun, Su Zhongfeng, Shan Runze, Liu Jinsong and Zhang Yanhong will be warned and fined 50000 yuan respectively

VII. Other responsible personnel Hou Xiangjing, Ji Fuxing, Yu Yao, Yang Guangyu, Zhang Shuhua, Zhang Wandong, Gao Tian, Zhou Guifen and Chen Dong shall be warned and fined 30000 yuan respectively

in addition, the CSRC plans to decide to ban Zhong Yu, Wang Yu and Zhang Lixiong from entering the securities market for life; Xu Shu plans to be banned from the securities market for 10 years

during the period of prohibition, in addition to continuing to engage in securities business in the original institution or holding the positions of directors, supervisors and senior managers of the original listed company and non listed public company, they shall not engage in securities business in any other institution or hold the positions of directors, supervisors and senior managers of other listed companies and non listed public companies

Kang Dexin is suspected of "four crimes"

the CSRC pointed out in the prior notice of administrative punishment that the facts of Kang Dexin's suspected violation of the law include:

1. Falsely increasing the total profit in the annual report

from January 2015 to December 2018, Kang Dexin falsely increased its operating income through fictitious sales business, and falsely increased its operating costs through fictitious procurement, production, R & D expenses and product transportation expenses R & D expenses and sales expenses

through the above methods, kangdexin inflated the total profit of 2.381 billion yuan in 2015, accounting for 144.65% of the total profit disclosed in the annual report; The total inflated profit in 2016 was 3.089 billion yuan, accounting for 134.19% of the total profit disclosed in the annual report; The total inflated profit in 2017 was 3.974 billion yuan, accounting for 136.47% of the total profit disclosed in the annual report; The total inflated profit in 2018 was 2.477 billion yuan, accounting for 722.16% of the total profit disclosed in the annual report. Product composition of bridge concrete component fatigue testing machine:

the above behavior led to false records in the financial data of the relevant annual report disclosed by kangdexin

2. The related party transactions of non operating funds occupied by the controlling shareholders were not disclosed in the annual report

in 2014, Kangde Group signed the cash management service agreement with Xidan Branch of Bank of Beijing to uniformly manage the bank accounts opened by the subordinate companies controlled by Kangde group in bank of Beijing, and collect the account funds of the agreed subsidiaries in real time to the 3258 account of Xidan Branch of Bank of Beijing of Kangde group, If payment is required, it will be allocated from the parent account. The actual balance of each sub account is 0, but the bank statement provided by Bank of Beijing does not display collection transactions such as automatic deposit and transfer between parent and sub accounts, and the displayed balance is the balance of the cumulative deposit amount minus the allocated amount

within the scope of the financial statements, the funds in five bank accounts of three subsidiaries were collected to Kangde group in real time, forming a related party transaction between kangdexin and Kangde group

the notice shows that the amount of related party transactions between kangdexin and Kangde group was 6.523 billion yuan in 2014, 5.837 billion yuan in 2015, 7.672 billion yuan in 2016, 17.150 billion yuan in 2017 and 15.931 billion yuan in 2018

3. Failure to disclose in time and in the annual report the provision of related party guarantees for controlling shareholders

on January 22, 2016, November 14, 2016 and January 17, 2017, kangdexin subsidiary Zhangjiagang kangdexin Optoelectronic Materials Co., Ltd. (hereinafter referred to as optoelectronic materials) signed three deposit receipt pledge contracts with Beijing Branch of Xiamen International Bank Co., Ltd; On September 27, 2018, optoelectronic materials signed the deposit receipt pledge contract with AVIC Trust Co., Ltd. The aforementioned deposit receipt pledge contracts all agree to provide guarantee for Kangde group with the certificate of deposit of large amount funds in the special account of optoelectronic materials

the major event was not disclosed in time, resulting in major omissions in the relevant annual reports

4. In the annual report, LANXESS group headquarters invested 75million euros in the polyamide 6 production equipment first imported by Antwerp, and truthfully disclosed the use of the raised funds

in December 2015, Kangde Xinding raised a net amount of 2.982 billion yuan, which was used to increase capital to photoelectric materials and build an advanced polymer membrane material project with an annual output of 102 million square meters. In September 2016, kangdexin, in accordance with the approval of the China Securities Regulatory Commission, raised 4.784 billion yuan to increase the capital for the materials that need to replace the gaskets of optoelectronic materials, build the project with an annual output of 100million bare eye 3D modules and the aforementioned advanced polymer project, and repay bank loans

however, during the period from July to December 2018, kangdexin transferred a total of 2.453 billion yuan from the special account for raised funds, and paid 2.174 billion yuan and 279 million yuan to chemical saiding and Yulong automobile respectively in the name of paying equipment procurement funds; The transferred raised funds finally returned to kangdexin after multiple circulation, and the purpose of the raised funds was changed

the notice shows that 3. The characteristics of the experimental machine: kangdexin disclosed in its 2018 annual report that a total of 3.688 billion yuan of raised funds had been used during the reporting period, all of which were used for the construction of the project with an annual output of 102 million square meters of advanced polymer membrane materials and the project with an annual output of 100million pieces of naked eye 3D membrane products. There was no change in the use of the raised funds during the reporting period

the CSRC pointed out that Kang Dexin did not truthfully disclose the use of raised funds, resulting in false records in the 2018 annual report

hundreds of billions of white horse shares fell, and 150000 shareholders unfortunately stepped on the thunder

in July 2010, kangdexin (now *st Kangde) was listed on the A-share market as "the world's largest pre coating production enterprise"

in 2017, it ranked among companies with a market value of 100 billion

in January 2019, *st Kangde exposed a default of 1.5 billion yuan of debt, and the company was unable to repay 1.5 billion yuan of debt with 15 billion yuan of capital in hand, causing an uproar in the market

on April 30, *st Kangde disclosed its 2018 annual report, revealing that another 12.2 billion deposits in Bank of Beijing had "disappeared"

on May 12, Zhong Yu, the company's major shareholder and actual controller, was taken criminal coercive measures by the police on suspicion of committing a crime. According to the analysis, Zhong Yu's detention may be related to the whereabouts of her 12.2 billion deposit

so far, the company's share price has fallen 84%, with a market value of only 12.5 billion yuan

after many years of listing, the number of shareholders of kangdexin has continued to rise in recent years, from 10000 shareholders in 2014 to the latest 150000 shareholders

the growth of the number of shareholders of Kangde new ↓↓

and recently, *st Kangde's share price has rebounded, rising from the recent low point of 2.47 yuan/share on June 18 to 3.52 yuan/share on July 5, with an increase of 42%. Unfortunately, retail investors who rebound have no time to flee, because from the opening day of July 8, *st Kangde began to suspend trading

unfortunately, investors trampled on thunder, and investors howled

psychological preparation for failure to receive interest as scheduled. On July 9, *st Kangde announced again that due to the tight liquidity of the company, there was uncertainty in the interest payment of "17 kangdexin mtn002" which should pay interest on July 15, 2019

in contrast, kangdexin incident, as a listed company, can make the illegal act last so long, the amount involved is so huge, the means are so bad, and the illegal circumstances are so serious! The actors involved without moral bottom line are hateful, but should we reflect: how can the illegal actors hide the truth and openly act under layers of supervision? Are there loopholes in the regulatory system? Is the relevant penalty too light to have a deterrent effect? How can similar events be prevented from happening

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