The hottest St Kunji is deeply in the whirlpool, a

2022-09-22
  • Detail

St Kunji is in a whirlpool with uncertain future. Independent director resigns in response to rumors of fraud

Abstract: in the eyes of the storm *st Kunji (;), It has fallen into a situation of being more cautious, even on thin ice, although Kunming has the feeling of early summer at the moment

on the morning of March 23, after more than ten times of coordination for three consecutive days, the exclusive interview *st Kun Ji chairman Wang he was finally decided. Due to the sensitive escalation of the situation, the company was cautious and cancelled at the last moment of the exclusive interview, which failed to make the trip as desired

in the morning of the same day, *st Kunji H shares suddenly issued a short-term suspension announcement, because the company's internal control insider information was not disclosed. On March 20, *st Kunming Machinery H shares issued a similar announcement, and finally issued an announcement of suspected Financial Violations in the evening

in the middle of the night of the earlier day, *st Kunji issued three announcements in a row. In addition to responding to the inquiries of the Shanghai Stock Exchange, it also disclosed that the company was subject to the China Securities Regulatory Commission, otherwise it would be easy to undermine the filing and investigation of the electrical control Department, and the resignation of Yang Xiongsheng, the independent director and director of the audit committee of the board of directors, caused an uproar

On the afternoon of March 23, after nearly a day of twists and turns, Yang Xiongsheng responded exclusively to the resignation and sent an email

in the evening of March 23, *st Kunming Machinery announced that it decided to postpone the 2016 annual report to April 25. The announcement said that the company suffered losses for two consecutive years in 2014 and 2015, and it was judged that there would still be losses in 2016 and there was no possibility of profit. The listing of the company's A-share shares would be suspended after the disclosure of the 2016 annual report

with the further development of things, it is still difficult to judge in a short time what the future outcome of *st Kun Ji, which has the corresponding protection installation and equipment control installation systems configured in Yunnan Province and the state-owned assets background of Shenyang, and is a+h dual identity

resignation mystery

while temporarily canceling the exclusive interview with Wang He, on the morning of March 23, *st Kunji H shares issued a temporary suspension announcement because there was no disclosure of insider information about internal control

although the above insider information has not been released as of press time, it is understood that the resignation of independent director Yang Xiongsheng may also be one of the reasons, in addition to the actual control problems of the company over its holding subsidiary Xi'an Jiaotong University Saier machine pump complete equipment Co., Ltd

late at night on March 22, *st Kunji disclosed that Yang Xiongsheng had taken the lead in sending a resignation request by SMS on March 19, and resigned in writing on March 21, insisting that his resignation date was March 19

for his resignation, Yang Xiongsheng said that "the company has not listened to his strong suggestions for personal improvement in the quality of accounting information, and he suspects that the company's senior executives are cheating in this regard"

According to public information, Yang Xiongsheng has been teaching in the accounting department of Nanjing University since 1995. He is currently the director of the accounting department of Nanjing University. He is also the Deputy Secretary General of the Chinese Accounting Society and the vice president of the Jiangsu accounting society. His main research areas include internal control, basic accounting theory, financial management and management accounting

in March 2013, Yang Xiongsheng began to serve as the independent director of *st Kunming Machinery. Strangely, according to the company's announcement on the evening of March 20, the financial statements suspected of financial irregularities began in 2013. It is worth noting that Yang Xiongsheng also served as the independent director of Wuguo (delisted)

in this regard, a private equity executive in Beijing, who declined to be named, said that in the face of *st Kunji, which has basically been proven to be a financial fraud, Yang Xiongsheng threw out such a heavy message when he resigned, which may be to get rid of the relationship and avoid being "settled after autumn" by the regulators

On the afternoon of March 23, after efforts, Yang Xiongsheng was contacted, and he also responded exclusively to the above questions. He said that at present, it is a sensitive period, and he can't talk nonsense on relevant issues. If he really wants to talk about some topics, he will release them uniformly through the caliber of listed companies

"according to the professional discipline, I can't directly express my personal views on the (*st) Kunming Machinery issue. My opinions can only be released to the public through the company or stated to the securities regulatory department. Please understand and respect my professional ethics." Yang Xiongsheng said

however, for some voices questioning him in the market, Yang Xiongsheng said that the market voice should be left to it. He believed in the facts, the law and every link he dealt with was done in accordance with the rules and regulations. In the future, it will come out

it is worth noting that there are four independent directors in the current board of directors of * ST Kunji. Only Liu Qiang, a professor at the school of mechanical engineering and automation of Beijing University of Aeronautics and Astronautics, has a technical background, and the other three have backgrounds in the accounting industry

the other two independent directors are Chen Fusheng and Tang Chunsheng. The former is an associate professor of accounting at the school of business of the Hong Kong University of science and technology, a member of the American Accounting Association and a member of the Hong Kong Accounting Association; The latter is a senior accountant, a Chinese certified public accountant, a Chinese certified asset appraiser, and has been a partner of Zhonghe Asset Appraisal Co., Ltd. since 2009

also contacted the above two independent directors in various ways, but so far, no response has been received

the outcome is unpredictable

since its value has been raised, after the company actively disclosed its suspected financial violations on the evening of March 20, *st Kunji A-share and H-share prices have fallen sharply in a row

among them, H shares fell by 1.19% on March 22 after a sharp decline of 13.7% on March 21, and are currently at HK $2.49/share. The A-share price fell by the limit for three consecutive days, closing at 7.70 yuan/share at 23

the decline of share price confirms investors' pessimism about the future of *st Kunming Machinery, especially A-share investors

on March 23, a small shareholder holding *st Kunming Machinery said to that he had chosen this company at the beginning, although there was also an element of gambling (restructuring), but it had its logic. What he looked at was the background of state-owned assets in Yunnan Province and Shenyang City, and the expectation that the company could only choose restructuring if it wanted to change the current loss dilemma

in fact, before *st Kunji did not disclose the suspected financial fraud, it is expected to be suspended from listing due to losses for three consecutive years. With the advent of the "black swan", all previous expectations may fail

the latest progress on this incident shows that after the Yunnan Provincial Securities Regulatory Bureau entered the field for investigation on March 20, the China Securities Regulatory Commission also synchronously filed a case for investigation on *st Kunji on March 22. This means that before the final result comes out, all results, including delisting, may appear

the fact is that since Liu Shiyu took office as chairman of the CSRC, his style has been strict and comprehensive supervision. The reason why Xintai electric was forcibly delisted last year is precisely the financial fraud in the IPO stage

previously, a niusan who held *st Kunming Machinery was ready to leave the market because he believed that even if it did not withdraw from the market in the end, the current risk was higher than the profit

however, a securities rights lawyer in Beijing said to that he did not think that *st Kunji would eventually be delisted, and that he did not rule out that the final result would be bankruptcy and reorganization, "big bath, debt settlement, rebirth"

the above-mentioned private equity executives also believe that judging from the current situation, *st Kunji's financial violations are not serious, and the probability of delisting is not high, but it is likely to be used as a model by the CSRC

the private placement executive explained that, *st Kunji has the background of state-owned assets in both places, which will become an important factor in the issue of whether to delist in the later stage. At the same time, its a+h particularity is a situation that has never occurred in a shares at present, so it really needs to be handled or more difficult

"Kunming Machinery Co., Ltd. is also a representative enterprise in this industry in China. Although the performance has declined significantly in recent years, the more important reason is the industry. This can be compared with the situation of Shenyang Machinery Group and Dalian machine tool plant. With the strong support of the state for made in China, there is still a certain probability that the company will eventually maintain its listing status." The private equity executives said

Copyright © 2011 JIN SHI