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Source Huaxia Times
On May 10th, Guangdong Securities Regulatory Bureau issued a decision on administrative supervision measures for Dongguan Securities and related personnel, which served as a source of science and technology (safeguarding rights) (300716).Mammothgoldslot.SZ) sponsors of initial public offerings have committed violations in the process of continuous supervision, and the Guangdong Securities Regulatory Bureau has decided to take administrative regulatory measures to issue warning letters to Dongguan Securities and related responsible persons.
In this regard, Jiang Han, a senior researcher at Pangu think tank, told the Huaxia Times that as a sponsor, Dongguan Securities has the responsibility to ensure that the information disclosure of listed companies is true, accurate and complete, and to continuously supervise the operation of listed companies. However, for some improper motives, it may deliberately ignore its due duties or its internal management is not strict, resulting in Dongguan Securities failing to fully perform these duties.
"this reflects that Dongguan Securities may have serious problems in business operation and risk control, which directly harms the interests of investors and undermines the fairness and transparency of the market." He continued.
It is worth mentioning that this year Dongguan Securities 9 years IPO "long-distance run" was suspended again, and began to sprint the public offering track. However, its president Pan Haibiao left his post as general manager of the fund management company due to job transfer, which may affect the company's public offering development process.
Be issued with a warning letter
According to a previous report by this newspaper, Quanwei Technology received the notice of filing a case by the China Securities Regulatory Commission on June 15, 2023, and received a prior notification of punishment on August 23, 2023.
The notice shows that from August 2019 to June 2020, its former holding subsidiary Guangdong National supply chain Management Co., Ltd. (hereinafter referred to as "National supply chain", has changed its name to Guangdong Yueli Energy Co., Ltd.) to carry out xylene trading business by shipping, introduced by Ke Yongjin and others Signed xylene procurement contracts with 8 suppliers including Maoming Maonan Diamond Chemical Co., Ltd., Shanghai Bangyao Energy Technology Co., Ltd., Guangdong Zhongqian Petrochemical Co., Ltd., Maoming Fidelity Petroleum Co., Ltd., Shanghai Chuangji Petrochemical Co., Ltd., Shanghai Yikang Petrochemical Co., Ltd., Shenzhen Qianhai Jinxin Yinhui Petrochemical Co., Ltd., Zhuhai Runshengda Petrochemical Co., Ltd., etc. 38 batches of transactions were carried out.
However, there is an obvious abnormal relationship between the above-mentioned suppliers and customers, the charter party and transport documents are false, there is no actual delivery of goods for shipping and transportation in the procurement and sales links, and there is a capital circulation in the purchase and sale payment.
While Quanwei Technology included the above false increase in business income and operating cost into the scope of the consolidated statement. In 2019, Quan falsely increased business income of 557 million yuan and operating cost of 552 million yuan, accounting for 21.40% and 23.36% of the operating income and operating cost recorded in the current report, respectively. In the first half of 2020, there was a false increase of 344 million yuan in business income and 340 million yuan in operating cost, accounting for 28.97% and 33.33% of the operating income and operating cost recorded in the current report, respectively.
As a result, Quanwei Technology received the decision on Administrative punishment issued by Guangdong Securities Regulatory Bureau on November 3, 2023, and received a supervision letter from Shenzhen Stock Exchange on May 6, 2024. The Shenzhen Stock Exchange also decided to publicly condemn Quanwei Technology and related parties.
Dongguan Securities, as a sponsor for the initial public offering of Quanwei Technology, has committed violations in the process of continuous supervision. Dongguan Securities did not carefully verify the authenticity of large capital transactions of listed companies, and at the same time, failed to fill in the 2019 on-site inspection report as required.
The above actions of Dongguan Securities violate the relevant provisions of the measures for the Administration of Securities issuance and listing sponsor Business (Securities Regulatory Commission order No. 137). As sponsor representatives, Yao Genfa and Yang Na bear the main responsibility for the above violations. According to the relevant regulations, the Guangdong Securities Regulatory Bureau decided to take administrative supervision measures to issue warning letters to Dongguan Securities, Yao Genfa and Yang Na.
In this regard, Zhang Xinyuan, head of research at the think tank, told our reporter that these violations may endanger the company's reputation and reputation, reduce investors' trust in the company, and affect the company's financing ability and market competitiveness.
Can the road to public offering go smoothly?Mammothgoldslot?
According to public information, Dongguan Securities, founded in 1988, is one of the first underwriting and sponsoring agencies in the country.
Dongguan Securities submitted its application for an initial public offering in 2015 and was accepted, but it suspended the IPO process in May 2017 because Yang Zhimao, the controller of Jinlong shares, who owns 40 per cent of it, was implicated in a bribery case. Until February 2021, the CSRC resumed its review, and in February 2022, Dongguan Securities had an initial public offering meeting, but finally did not get the listing approval.
In 2023, Dongguan Securities sprinted IPO again, but as Dongguan Securities suspended the submission of financial information in IPO application documents, Dongguan Securities IPO audit entered a suspended state from March 31, 2024.
According to the latest prospectus, the performance of Dongguan Securities has shown an overall downward trend in recent years. From 2020 to 2022 and the first half of 2023, the revenue of Dongguan Securities was 3.165 billion yuan, 3.701 billion yuan, 2.299 billion yuan and 1.085 billion yuan respectively, and the net profit was 782 million yuan, 996 million yuan, 791 million yuan and 353 million yuan respectively. The net profit after deduction is 779 million yuan, 1.00 billion yuan, 781 million yuan and 352 million yuan respectively.
In addition, Dongguan Securities expects its revenue to fall by 2.27% to 11.58% in the first three quarters of 2023, and its net profit to fall by 18.89% to 26.62%.
"judging from the financial data, the continued decline in the company's performance is indeed a worrying problem, which may be caused by changes in the market environment, increased competition, poor cost control and other factors. For such a situation, the company needs to carefully analyze the reasons and take effective measures to reverse the decline. For example, strengthen market research, optimize product structure, improve product quality and service level, reduce operating costs and so on. At the same time, the company also needs to strengthen internal management, improve decision-making efficiency and execution, and ensure the steady development of the company. " Yuan Shuai, executive director of the project to promote high-quality development of specialized and special new enterprises, told our reporter.
It is worth mentioning that Dongguan Securities is attacking the public offering track. In its March 2023 prospectus, Dongguan Securities revealed that it had started the application process for its fund management subsidiary. On April 1, Dongguan Securities's application for the establishment of a public offering fund management company has been successfully accepted by the Securities Regulatory Commission. On 9 April, another notice of correction was received.
However, on May 6, Pan Haibiao, president of Dongguan Securities Company, resigned, and he also left the position of general manager of the public offering fund management company that the company is preparing for.
And will this affect the establishment of public fund management companies by Dongguan Securities? Yuan Shuai said, "the departure of the president and general manager may cause instability within the company, affecting the company's strategic planning and business development." In addition, as the timing of their departure comes at a critical time for the company to prepare for public fund management companies, it may also bring some uncertainty to the company's preparatory work. "
However, Jiang Han pointed out: "this does not mean that the company's plan to set up a public fund management company will be cancelled." The company can find a new and suitable person to replace Pan Haibiao to ensure the smooth progress of the preparatory work. For Pan Haibiao's departure, investors need to pay attention to how the company handles the change properly to ensure that the company's operations are not greatly affected, as well as the composition of the new leadership and their plans for the future development of the company. "
On related issues, our reporter sent a letter to Dongguan Securities, but no reply was received as of the press release.