A-share good father-in-law?
The trader lost 55 million of the company's father-in-law, borrowed money and sold shares for three days to make up for it
Jinzi Ham (002515.SZ) "unauthorized" liquidation caused the company's futures loss of 55.1 million, and the trader who paid for it out of his own pocket was helped by an "expert".
Chengdu Business Daily-Red Star News reporter noticed that on the evening of February 11, Jinzi Ham said in response to the Shenzhen Stock Exchange's inquiry letter that the compensation paid by the company's futures traders to the company's account came from his own and his father-in-law Shi Xiongbiao's own and Self-funded.
Shi Xiongbiao is a natural person shareholder holding 3.45% of Jinzi Ham and is the brother of Shi Yanjun, the former actual controller of the company.
It is understood that of the 55.1 million compensation, 41.05 million was obtained from Shi Xiongbiao's temporary loan from his friend Wang Qihui (Vice President of Jinzi Ham and former secretary of the board of directors), and another 5.95 million was obtained by Shi Xiongbiao's occupation of his brother Shi Yanjun (President of Jinzi Ham, former chairman of the board). ) originally entrusted him to pay child support to his nephew.
Jinzi Ham said that Shi Xiongbiao used his own and self-raised funds to help his son-in-law pay compensation based on his father-in-law's identity rather than his shareholder's identity. This transaction does not constitute an equity transaction.
In addition, there is no major defect in the overall internal control of the company.
Chengdu Business Daily-Red Star News reporter statistics found that Shi Xiongbiao reduced his holdings of Jinzi ham stocks twice within three years, cashing out a total of 33.2822 million yuan, and his shareholding ratio was also reduced from 4.26% to 3.45% in this announcement.
Traders "Unauthorized Closing of Positions"
To the loss of 55.1 million Jinzi ham
On January 27, a reporter from Chengdu Business Daily-Red Star News was informed that Jinzi Ham released a progress announcement on the hedging business of commodity futures, disclosing the previous loss of hog futures.
According to the previous announcement, on March 16, 2021, the company opened a futures account, and successively bought 2111, 2201, 2203, and 2205 call contracts for live pigs at the end of August (with a margin of less than 50 million yuan), and the company account started from 17,000 Starting to build positions at around RMB 15,000 / ton, the construction of positions was completed at around RMB 15,000 / ton. During this period, the lowest price of live pig futures dropped to around RMB 13,000 / ton.
Subsequently, the spot and futures prices of live pigs continued to show a unilateral downward trend, the company's account suffered a large amount of floating losses, and the margin shrunk significantly.
However, in September 2021, the price of hog futures continued to fall. Due to excessive pessimism about the market outlook, the company's futures traders closed the contracts they held without approval, resulting in a total loss of 55.1053 million yuan in the company's account.
On February 11, in the reply to the Shenzhen Stock Exchange's inquiry letter, Jinzi Ham disclosed the trader's trading process in more detail.
Jinzi Ham said that after checking the futures trading records, the company’s futures traders closed the contracts they held without authorization, and the time when there was a large investment loss was September 16, 2021.
Since September last year, the hog futures index has continued to decline unilaterally from 16,075 points. By September 16, the hog futures index dropped rapidly from 14,172 points at the opening to 13,798 points, and the company's futures traders were under tremendous pressure. , worried about the risk of forced liquidation of the company's position contracts.
Therefore, on the morning of the same day, the futures trader sold a total of 902 hog contracts without asking any member of the futures decision-making group, and tried to re-establish the position at a lower price, resulting in an actual investment loss of about 44.22 million that day. Yuan.
Subsequently, on September 27, 2021, the futures trader reported the above matters to the company and promised to compensate the company for all losses.
On September 29 and 30, 2021, the futures trader paid the corresponding losses to the company's account.
"A-share good father-in-law" borrows money and sells shares
Helping his son-in-law pay compensation
After the incident was disclosed, netizens heatedly discussed why the trader was so "magical" and raised 55.1 million in just a few days to make up for the company's losses?
On February 11, Jinzi Ham disclosed that the funds came from the self-owned and self-raised funds of the trader and his father-in-law Shi Xiongbiao.
It is worth mentioning that Shi Xiongbiao is a natural person shareholder who holds 3.45% of the company's shares. Shi Yanjun, Shi Xiongbiao's younger brother, is the company's president, former chairman and former actual controller.
According to the prospectus, Shi Xiongbiao was born in 1959 and has a junior high school education.
From 1978 to 1982, he served in the Xuancheng Military Division of Anhui Province. In 1982, he began to work as a general worker in Jinhua Bleaching and Dyeing Factory. After 16 years of work, he began to work in the production department of Jinhua Ham Co., Ltd. in 1998. In 2008 After 2009, he served as the purchasing manager of the production management department in Jinzi Ham Co., Ltd.
Of the 55.1 million compensation, 41.05 million is from Shi Xiongbiao's temporary loan to his friend Wang Qihui (the vice president of Jinzi Ham, former secretary of the board of directors), and the other 5.95 million is Shi Xiongbiao's occupation of his brother Shi Yanjun who entrusted him to pay to his nephew. fee.
After that, Shi Xiongbiao repaid most of the arrears to Wang Qihui through the transfer of the shares of other companies he held.
As of February 11, Shi Xiongbiao's occupation of Shi Yanjun's funds has been eliminated, and there is still 6.9278 million yuan in arrears to Wang Qihui.
In addition, there is no situation where the funds actually come from the controlling shareholder or actual controller of the company.
In response to the inquiry about the transaction nature of the compensation, Jinzi Ham responded that Shi Xiongbiao used his own and self-raised funds to help his son-in-law pay the compensation based on his father-in-law's identity rather than his shareholder's identity. This transaction did not constitute an equity transaction, so the company Compensation money is included in non-operating income, and there is no situation where compensation money is used to adjust profits.
Summary of golden ham: habitually operate futures business with spot thinking
The loss of futures trading has also attracted the attention of the Shenzhen Stock Exchange.
On January 28, the Shenzhen Stock Exchange issued a letter of concern to Jinzi Ham, requiring Jinzi Ham to combine the transaction content of commodity futures hedging, the specific transaction amount, and the execution of this position closing operation, indicating whether the company's internal control exists. If there are any major defects, the annual auditing accountant should be asked to check and issue a clear opinion.
On February 11, Jinzi Ham replied that after investigation, it believed that there were no major defects in the company's internal control as a whole, and the loss was caused by the illegal liquidation of futures traders.
Previously, on January 27, a staff member of the Jinzi ham brokerage office told reporters that the reason why traders were asked to bear huge losses was because "this is caused by a problem with his operation, not that losses caused by normal operations are called He pays."
Jinzi Ham said that since the launch of this futures hedging business, in terms of trading operations, before the end of August 2021, account trading operations will be reviewed and confirmed by the trading daily statements, and on August 24, 2021, the deputy general manager has clearly signed the opinion to suspend Operation, after the company decided to switch to physical delivery on September 1, the account no longer needs to be traded, so the company no longer requires the printing of trading daily statements for review and confirmation, so it does not know the trading behavior of futures traders.
As for the regulations and implementation of the internal control system for the company's futures hedging business, Jinzi Ham said that there are still some deficiencies and flaws.
"Because of the lack of deep understanding of the trading variety and its risk exposure, the company simply selects the company's pig procurement link to carry out the hedging business, and habitually guides the hedging business in the way of spot thinking. Therefore, in 2021 Under the unilateral decline of hog spot and futures, the expected goal of hedging has not been achieved, which has brought profound lessons to the company."
Judging from the hedging transactions in 2021 disclosed by Golden Ham, in terms of positions, as of August 31, 2021, the company's open interest was 16,300 tons (1,017 lots), which was lower than the company's 2020 annual purchase volume and 2021 annual plan 2/3 of the purchase volume.
However, due to the continuous decline in the spot price of live pigs in 2021, the development of the company's brand meat business did not meet expectations, so it did not completely match the actual purchase quantity of the company in the spot market in 2021.
In addition, it is worth noting that at the end of September last year, after Jinzi Ham received compensation from traders, it did not account for investment losses and compensation income, nor did it disclose it in the third quarter report.
In response, Jinzi Ham replied that due to the misunderstanding of the relevant accounting standards for hedging, the compensation received was mistaken for the futures hedging principal and included in the recovery of the futures margin principal, and neither the investment loss nor the compensation income was accounted for. It is expected that there will be no real impact on the company's profits.
Based on this, the company's securities department believes that this matter has no actual impact on the company's operations, has no significant impact on the company's profits, and does not need to perform information disclosure obligations, so no information disclosure is made.
Chengdu Business Daily-Red Star News reporter Yu Yao Xie Yutong