According to information released by China Securities Regulatory Commission on October 10, the Securities Regulatory Commission recently notified in advance of administrative penalties for the existence of false records in regular reports and other financial data of Yuancheng Environment Co., Ltd.(referred to as "*ST Yuancheng(Rights Protection)"), a company listed on the main board of the Shanghai Stock Exchange. After investigation, *ST Yuancheng falsely increased income and profits for three consecutive years, violating securities laws and regulations. The China Securities Regulatory Commission plans to impose a fine of 37.4546 million yuan on listed companies, a total fine of 42 million yuan on five responsible persons, and a 10-year ban on the actual controller from entering the securities market.
According to information from the China Securities Regulatory Commission, *ST Yuancheng has encountered a major illegal and compulsory delisting situation, and the Shanghai Stock Exchange will initiate the delisting process in accordance with the law. For criminal clues that may be involved, the CSRC will adhere to the working principle that they should be removed and transfer them to the public security organs in strict accordance with the provisions of the Criminal Law and the "Provisions of the Supreme People's Procuratorate and the Ministry of Public Security on Standards for the Filing and Prosecution of Criminal Cases under the Jurisdiction of Public Security Organs (2)".
On the same day, *ST Yuancheng issued an announcement stating that there were false records in the company's annual reports from 2020 to 2022. By falsely increasing the labor and machinery costs of projects related to Yuelong Mountain International Tourism Resort (hereinafter referred to as the "Yuelong Mountain Project") and falsely increasing the output value of corresponding projects, the company has inflated operating costs by 158 million yuan, operating income by 209 million yuan, and profits. The total amount is 50.46 million yuan.
At the same time, around September 2022, *ST Yuancheng successively received settlement approval forms for road infrastructure projects in Zhangmian, Xuliu, Sanling, Nanchenji and Yugou Industrial Parks in Huaiyin District and stamped them with the company's official seal for confirmation. However, it did not adjust the financial recording amount in a timely manner based on the approval results, resulting in the company's 2022 annual report inflated operating income by 141.6 million yuan and inflated total profits by 13.45 million yuan, accounting for 4.33% of the absolute value of the current disclosed amount respectively. 24.6%。
The announcement also mentioned that in October 2022, *ST Yuancheng disclosed that the China Securities Regulatory Commission approved the company's non-public offering of no more than 85.54 million new shares. On November 11, 2022, the company disclosed that it had completed non-public offering of shares and raised a total of 285 million yuan. From July to September 2022, the company disclosed documents such as the "2022 Non-public Issuance Plan of A Shares"(Revised Draft, Second Revised Draft), and "Reply on Feedback on Application Documents for Non-public Issuance of Shares in 2022", citing Financial data such as operating income of the Yuelong Mountain Project in 2020 and 2021. The above financial data is untrue and inaccurate. *ST Yuancheng fabricated material false content in the 2022 non-public offering documents.
According to the announcement, the five responsible persons Zhu Chanren, Zhou Jinhai, Yao Lihua, Yu Jianfei and Chen Pingping will be fined. Among them, as the actual controller and chairman at the time, Zhu Chanren was banned from entering the securities market for 10 years.
For some time, the China Securities Regulatory Commission has seriously investigated and dealt with financial fraud cases of many listed companies, causing counterfeiters to pay a heavy price.In June, the China Securities Regulatory Commission disclosed information showing that Vietbo Power was fined a total of 30.8 million yuan for inflated operating income and profits by fabricating new energy vehicle powertrain sales and other businesses, and falsely selling assets. The two entities who cooperated with the fraud were jointly held accountable; In August,*ST Gaohong(rights protection) significantly inflated income and profits for long-term activities such as "idle" and "order-taking" businesses such as notebook computers with no commercial essence. The relevant responsible entities were fined 160 million yuan, and the third party who cooperated with the fraud was fined 7 million yuan; In September,*ST Dongtong(rights protection) inflated income and profits for four consecutive years. The CSRC plans to fine it 229 million yuan, and impose a total fine of 44 million yuan on the seven responsible persons, and impose a 10-year ban on the actual controllers from the securities market.
In the eyes of industry insiders, the severe punishment of a series of major illegal cases is not only a thunderous blow to financial fraud, but also a key turning point in the ecological reconstruction of the capital market. Wu Qing, Chairman of the China Securities Regulatory Commission, emphasized at the press conference of the State Council Information Office on September 22 that the next step will be to improve the accuracy and effectiveness of supervision, implement the main responsibilities and main businesses, strictly supervise in accordance with the law, and highlight the key points, manage what should be managed well, while adhering to strictness and moderation, strictness and effectiveness, further improve the market supervision and risk prevention mechanism, create a capital market order that is both "flexible" and "manageable", and promote high-quality development.
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