Jiuding Holdings is the controlling shareholder of Jiuding Group, a company listed on the New Third Board . From 2014 to 2015, Jiuding Holdings controlled 5 securities accounts to trade Jiuding Group, with a total profit of 501 million yuan.
The "Daily Economic News" reporter learned that in recent years, many A-share listed companies have turned their own real estate into "investment real estate".
ST Shelley (002076, SZ) used this method in 2020. At the end of October of that year, ST Shelley announced that it would convert some of its idle self-owned real estate into investment real estate for rental income . After this change, ST Shelley will realize a net profit of 43.7505 million yuan attributable to shareholders of the listed company in 2020. The reporter noticed that soon after the announcement of this accounting change, ST Shelley revised its annual profit forecast , and the company's performance turned losses into profits.
Dongbai Group (600693, SH) also announced in November 2020 that the subsequent measurement method of the company's investment real estate will be changed from the cost measurement model to the fair value measurement model. After retrospective adjustment, the net profit of Dongbai Group in the first three quarters of 2020 changed from 160 million yuan to 210 million yuan.
Earlier in 2016, Jiakai City (000918, SZ) also changed the measurement method of investment real estate from the cost measurement model to the fair value measurement model. After retrospective adjustment, the company's net profit in the first three quarters of 2016 increased by 290 million Yuan.
In an interview with the "Daily Economic News" reporter, a senior accountant said that on the day when self-use real estate is converted into investment real estate, the increase in fair value is not included in the current profit and loss, but is included in the owner's equity.
"In the case of an estimated loss, a listed company can manipulate the appraisal value of investment real estate in order to maintain the company's performance or obtain financing qualifications, and by increasing the fair value of the real estate, increase the profit and loss from changes in fair value for the current period , and turn losses into profits. Therefore, it is quite common for listed companies to adjust profits in this way." said the above-mentioned accountant.
From 2007 to 2016, LeTV’s financial frauds continued for ten years . It failed to disclose related-party transactions and guarantees as required. At the same time, it constituted a fraudulent issuance.
In 2021, the default event of Shengtong bonds attracted market attention. Shandong Shengtong Group Co., Ltd. (hereinafter referred to as Shengtong Group) was involved in financial fraud, by making false financial account sets, directly modifying the audited accounting statements, etc., from 2013 to 2017, the accumulated inflated profit was 11.9 billion yuan, resulting in false records in the issuance of bonds and debt financing instruments. Zhongtianyun Certified Public Accountants is the auditing agency of Shengtong Group's annual financial statements from 2013 to 2017, and issued a standard unqualified audit report for the statements with false records.
It has been found out that Yongmei Holdings has falsely disclosed monetary funds , and at the same time , the statements about restricted monetary funds in the prospectus of some debt financing instruments have false records, and the equity pledge matters have not been disclosed as required, resulting in major omissions in the prospectus of debt financing instruments.
On December 31, 2020, the first-instance judgment of the "Wuyang Debt" case was pronounced. The court held that Wuyang Construction used false financial data to defraud the bond issuance qualification, which constituted fraudulent issuance and false statements, and should be liable for the losses of investors .
In October last year, the management equity dispute of Shanghai Ten Billion Quantitative Private Mingshi Investment caused an uproar in the circle. Its products were suspended for subscription and large-scale redemption . More than 30 brokerages selling the institution’s products were involved, and the impact was very wide. The agency sales staff of a large securities firm said that after the negative public opinion, the agency sales of the private placement product was suspended for nearly a month, and the scale of investor redemption was more than half.
After the incident, the hidden dangers and loopholes in the consignment sales and custody business of securities companies' private equity products have also sparked discussions in the industry. Some securities dealers said that they should be cautious about private equity products with unclear equity structure, even if the product returns are good.
The Securities Times reporter also noticed that some securities companies have also been fined by supervision due to issues such as private equity fund custody. In February 2021, Shenzhen Securities Regulatory Bureau took corrective measures against CITIC Securities, believing that the company’s internal control over private equity fund custody business was not perfect, individual projects were not careful in performing their duties, business access control was not in place, and investment supervision business processes were weak. There are problems such as insufficient links and information disclosure review work, and insufficient business isolation.
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