The Collapse Of "Blockchain'S First Share": The Phantom Of A Huge Loss Of 10 Billion Yuan

"Blockchain first share" easy to see shares (600093. SH) thunderbolt burst.

According to the annual report of 2020, which was postponed to July 6, the net profit of Yijian shares in 2020 decreased by 1400.78% year-on-year, resulting in a huge loss of 11.524 billion yuan.

Before the suspension, the market value of Yijian shares was 6.642 billion yuan, which indicates that the loss in 2020 is 1.74 times of its market value.

Easy to see shares are also insolvent, with net assets of - 3.558 billion yuan by the end of 2020, and dropped to - 3.626 billion yuan by the end of the first quarter of this year.

Therefore, Yijian shares will implement risk warning from July 7, and the stock abbreviation will be changed to * ST Yijian.

The Shanghai Stock Exchange also issued a regulatory working letter to Yijian shares at the first time, requesting to explain the relevant situation in the aspects of huge loss recovery, large amount of impairment, capital occupation, major defects in internal control, etc., and timely disclose the major progress of relevant matters.

But the hidden "minefield" of Yijian shares is more than these. Nine day holdings, which lost its control in October 2018, can still grab funds from Yijian shares in the first half of this year.

"At present, we are still investigating and there is no judicial intervention. We will definitely take some measures in the future, and we will not rule out calling the police." Easy to see shares on July 6 to the 21st century economic reporter said.

It is rare for A-share that the scope of impairment provision of easy to see shares is wide. Visual China

Internal control is in vain

It is easy to see that the abyss of falling shares lies in the huge amount of withdrawal.

According to the annual report, the total amount of various credit impairment reserves and assets impairment reserves of Yijian shares in 2020 is 11.626 billion yuan and 274 million yuan respectively, with a total of 11.9 billion yuan.

The scope of impairment provision of easy to see shares is very wide, which is actually rare for a shares, involving accounts receivable, prepayments, other receivables, factoring receivables, entrusted loans, long-term receivables, long-term equity investment, etc.

Yijian shares suddenly thundered. Tianyuanquan certified public accountants, which had given standard and unqualified opinions for many years before, issued an audit report on the 2020 annual report that could not express its opinions, and identified the major defects in the internal control of Yijian shares.

It is easy to see that the internal control of shares is in vain, especially in factoring business, supply chain business, asset management plan and so on.

In May and June 2020, Horgos factoring, an Yijian subsidiary, successively transferred two accounts receivable and paid 1.2 billion yuan and 2.528 billion yuan of factoring funds. There are problems such as the maturity date is earlier than the signing date of factoring contract, and the information related to the formation of basic assets is incomplete.

The factoring funds put in by Yijian shares in 2020 have been overdue since July. The overdue factoring principal by the end of the current year was RMB 3.044 billion, reaching RMB 9.883 billion by July this year. However, relevant risk assessment was not carried out in time, timely reporting and effective measures were taken for collection and recovery, which led to the increasing risk of factoring receivables recovery.

There are still some problems in the external payment of supply chain business funds of Yijian shares without proper approval, resulting in large amount of prepayment. By the end of 2020, the balance of prepayment is 4.553 billion yuan.

In addition, false creditor's rights are also easy to be seen in the stock account. For example, on August 5, 2020, its subsidiary Shenzhen Dianzhong commercial factoring formed an asset management plan through the transfer of accounts receivable creditor's rights, and obtained 300 million yuan of fund-raising funds. However, the accounts receivable in the transfer contract are false claims, and the examination of financing contracts has not been effectively implemented.

However, the audit institutions were unable to carry out the audit procedures for other current assets mainly due to factoring of easily seen shares. The amount of letters issued was 14.136 billion yuan, and the amount of reply was 7.308 billion yuan, and the reply rate was only 51.7%.

According to Yijian shares, its business verification team found that there were different degrees of former legal representatives, shareholders and senior executives of the business enterprises corresponding to the prepayment and factoring receivable businesses by combing the historical industrial and commercial information, and some of the legal representatives, shareholders, and senior executives of the enterprises controlled by Yunnan Jiutian Holding Co., Ltd At present, senior executives are still employees with easy to see shares, and the company will continue to take various measures to further verify.

The problem is, at present, big thunder's easy to see shares, whether there are problems in the previous annual financial data?

"The detailed situation is still under investigation. It is not known whether the previous year is retroactive or not." The above-mentioned easy to see shares related to the 21st century economic reporter said.

14.436 billion huge capital to be solved

Easy to see the stock mess refers to the former controlling shareholder of nine days holding, the latter admitted to the existence of a large amount of capital occupation.

According to Yijian shares, before the disclosure date of the report, the company received a letter from the former controlling shareholder Jiutian holding company to confirm that as of June 20, 2021, the company had occupied a total of 4.253 billion yuan of capital through its four clients. Jiutian holdings promises to repay the Occupied Funds and corresponding fund occupation fees in separate installments before June 30, 2023, and provide guarantee for the repayment commitment of Jiutian holdings by means of asset mortgage and individual unlimited joint and several liability guarantee.

"The capital occupied by Jiutian Holdings has not yet begun to return." "Some of the situations are still under investigation and are not clear," the person concerned told the 21st century economic report

The problem could be more complicated.

Easy to see shares said that after receiving the letter, the company immediately hired accountants and lawyers to jointly carry out special verification with the company, and it was temporarily unable to judge the completeness and accuracy of the statement made by Jiutian holdings.

The auditor also said that it was unable to implement effective audit procedures and obtain sufficient and appropriate audit evidence to prove whether the statement of Jiutian holdings was true, accurate and complete.

However, whether there is more capital occupation of Jiutian holdings, the audit institutions raised questions.

According to the audit institution, as of the date of the audit report, the principal of the supply chain factoring with overdue shares was RMB 4.046 billion, and the principal of real estate factoring overdue was RMB 5.837 billion; By the end of 2020, the balance of prepayment was 4.553 billion yuan, "it is impossible to obtain sufficient and appropriate audit evidence, and it is impossible to judge whether there is fund occupation by related parties".

Statistics show that the total amount of the above three funds is 14.436 billion yuan, which is 3.39 times of the 4.253 billion yuan capital occupied by Jiutian holdings.

Nine days holding shares of easy to see the capital occupation, can be called the vast.

According to the annual report of Yijian shares in 2020, the capital occupied by Jiutian holdings is 4.253 billion yuan (excluding interest on asset funds), of which the amount of capital occupied at the end of 2020 is 4.156 billion yuan, and the new occupation from January 1, 2021 to June 30, 2021 is 97 million yuan.

This means that in the first half of this year, with the explosion of easy to see shares, the nine day holding company, which is no longer the controlling shareholder of easy to see shares, is still able to manipulate Yijian shares through certain arrangements and grab huge funds from them.

Strangely enough, Yijian shares were investigated by the CSRC on May 14 for suspected illegal information disclosure. However, during the investigation period, Jiutian holdings did not stop.

"The SFC is still investigating the company, and it's not over yet." Said the person concerned.

The phantom of Jiutian holding company

The frequent occurrence of stock chaos is due to the "black hole" generated by the layout of Jiutian holding company.

In June 2012, Jiutian holdings acquired 76 million shares of 23.57% of Yijian shares known as Hejia shares at that time with a price of 317 million yuan, becoming the controlling shareholder. Leng Tianhui, the actual controller, also became the actual controller of Yijian shares.

In July 2015, Yijian shares raised 4.848 billion yuan, shifting its main business from auto parts to supply chain management and commercial factoring.

During the refinancing, not only Jiutian holdings increased its shareholding ratio from 23.57% to 36.17% through the subscription of 2 billion yuan, but also introduced three local state-owned enterprises in Yunnan, including Yunnan central group, Yunnan provincial industrial investment and Yunnan Guoding, which contributed more than 2.3 billion yuan.

After the transformation of supply chain management and commercial factoring, it is easy to see that the performance of the shares has suddenly changed from 35.4329 million yuan in 2014 to 886 million yuan in 2019, an increase of 2403% in five years.

This transformation can be described as the starting point of Jiutian holding's great shift of heaven and earth, which directly led to the mystery of the whereabouts of the supply chain factoring principal, real estate factoring principal and prepayment balance totaling 14.436 billion yuan five years later.

Nine days holding to enlarge easy to see shares "cake", is to sell for the price.

In mid-2017, Yijian shares disclosed that the World Expo tourism group controlled by the state-owned overseas Chinese city group planned to invest 4 billion yuan to acquire 40% shares of Jiutian holding, so as to realize the control of Jiutian holdings and the indirect control of Yijian shares, but it was not approved by OCT Group in the end.

After that, Jiutian holdings also targeted at local state-owned enterprises, successively transferred its shares to Shanghai Gangtong and gongtou junyang of Yunnan Industrial Investment Group, totaling 3.249 billion yuan, and reduced its holding of 24530800 shares through the secondary market. At present, it still holds 119.5 million shares, accounting for 10.65% of the visible shares.

In August 2020, after junyang of industrial investment group transferred 18% of Jiutian holding, Yunnan Industrial Investment Group became the controlling shareholder of Yijian shares. After taking over, Yijian shares quickly changed from "pie" to "trap".

In fact, prior to this, in October 2018, nine days holdings was no longer an easy to see shareholder. At that time, Jiutian holdings entrusted its 19% voting rights to Yunnan youdianfei Agricultural Technology Co., Ltd., which enabled Dianzhong group to take the top position. Leng Tianhui resigned from the position of chairman and general manager of Yijian shares.

However, Leng Tianhui's resignation and the "downgrade" of Jiutian holdings did not affect its control over Yijian shares.

Leng Tianqing is the successor of Leng Tianqing, who has successively assumed the post of chairman and general manager of Yijian shares since September 2017, and resigned as director and executive director on March 9, 2021.

"Leng Tianhui and Leng Tianqing are brothers." The above-mentioned easy to see shares related person told the 21st century economic report reporter, "Jiutian Holding Co., Ltd. works in the same building with us, and now there are still people working, but we can't understand the internal situation."