On April 11, the Red Star Capital Bureau announced that the “Ham First Share” Jinzi Ham (002515.SZ) announced that the China Securities Regulatory Commission decided to file a case against the company due to suspected violations of laws and regulations in information disclosure.
The Red Star Capital Bureau called Jinzi Ham to ask about the specific reasons for the case. Jinzi Ham said: "It is still the problem of previous futures (trading) losses, which was not disclosed in time."
As of February 28, 2022, the total number of shareholders of Jinzi Ham was 48,700.
Whether the company's investors can claim claims under investigation has become a hot topic among investors of Golden Ham.
There are a lot of things to watch behind the golden ham being filed
local trader
In September 2021, Jinzi ham conducted live pig futures trading. Without approval, futures traders closed positions without authorization, resulting in a total loss of 55.1053 million yuan in the company's account.
Golden Ham demanded full responsibility from the futures trader, who raised funds to fully cover the losses in less than a month.
A-share good father-in-law
The futures trader's father-in-law is Shi Xiongbiao, brother of the founder of Jinzi Ham.
In order to help his son-in-law raise funds, Shi Xiongbiao used his own and self-raised funds, and also temporarily borrowed 41.05 million yuan from Wang Qihui, the company's vice president and former secretary of the board of directors; and occupied 5.95 million yuan from his brother Shi Yanjun (the company's president and former chairman).
Suspected of breaking the law and breaking the law, the golden ham was put on file
On April 11, Jinzi Ham announced that the company received the "Notice of Filing a Case" from the China Securities Regulatory Commission on April 8.
Due to suspected violations of laws and regulations in information disclosure, in accordance with the Securities Law of the People's Republic of China, the Administrative Punishment Law of the People's Republic of China and other laws and regulations, the China Securities Regulatory Commission decided to file a case against the company.
In response to this matter, the Red Star Capital Bureau called Jinzi Ham, and the other party revealed: "It is still the problem of previous futures (trading) losses, which was not disclosed in time."
The Red Star Capital Bureau noticed that on April 9, the day after receiving the CSRC's "Notice of Filing a Case", Jinzi Ham announced that the company's vice president Wang Qihui had resigned from the company for personal reasons.
Wang Qihui is one of the executives involved in the futures loss letter disclosure incident. On March 9, the Zhejiang Securities Regulatory Bureau issued the "Decision on Measures to Issue Warning Letters to Jinzi Ham Co., Ltd. and related personnel", showing that the existence of Jinzi Ham Four issues, including failure to disclose major losses in futures trading, failure to disclose large amounts of employee compensation received by the company, inaccurate disclosure of the third quarterly report due to non-standard accounting treatment, failure to perform deliberation and disclosure procedures for excess margin, etc.
Among them, in September 2021, a total of 70 million yuan was invested in the Jinzi ham futures account, which exceeded the quota of 50 million yuan reviewed and approved by the board of directors, and the excess funds invested in the futures account did not go through the review and disclosure procedures.
In addition, Jinzi Ham's futures business risk control system has shortcomings such as lack of effective supervision of accounts and inadequate management of operation authorization.
Shi Yanjun, then chairman of Jinzi Ham, Wu Yuexiao, then president and chief financial officer, and Wang Qihui, then secretary of the board of directors, were mainly responsible for the above violations. Zhejiang Securities Regulatory Bureau decided to issue a warning letter to the company, Shi Yanjun, Wu Yuexiao, and Wang Qihui. , and recorded in the integrity file of the securities and futures market.
On March 30, Jinzi Ham received another "Supervision Letter" from the Shenzhen Stock Exchange.
It is mentioned in the letter that Golden Ham has not performed the deliberation procedures and temporary disclosure obligations regarding the excess margin invested in the futures account, and will only disclose the aforementioned major losses and large compensations in futures trading as late as January 27, 2022. The company's third quarterly report for 2021 has corrected accounting errors.
According to the Shenzhen Stock Exchange, Jinzi Ham violated the relevant provisions of the "Stock Listing Rules (2020 Revision)" and the "Guidelines for the Standardized Operation of Listed Companies (2020 Revision)".
It is hoped that the company and all directors, supervisors and senior management personnel will learn from the lessons and make rectifications in a timely manner to prevent the recurrence of the above-mentioned problems.
The whole process of "futures loss" of golden ham
The Red Star Capital Bureau sorted out and learned that in August 2021, Jinzi ham successively bought the bullish contracts of 2111, 2201, 2203, and 2205 of live pigs.
However, the price of live pig futures continued to fall in September. 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.
The futures trader is the son-in-law of the company's founder brother Shi Xiongbiao.
Jinzi Ham requires futures traders to take full responsibility. As of September 30, 2021, futures traders have raised 55.1053 million yuan in compensation for the corresponding losses, fully covering the above losses.
Since October 2021, the company has suspended the hedging business of hog futures.
The company made a decision to dissuade the futures traders, and also investigated the corresponding responsibilities of the futures decision-making group and the futures working group members in this incident according to their duties.
However, due to the misunderstanding of the relevant matters, the company did not disclose the information in a timely manner.
The company also disclosed detailed compensation details: the compensation paid by the company's futures traders came from his own and self-raised funds by himself and his father-in-law Shi Xiongbiao.
Due to the lack of time to raise funds, Shi Xiongbiao temporarily borrowed 41.05 million yuan from Wang Qihui, the vice president of the company and former secretary of the board of directors, on September 29, 2021; he took up the alimony of 595 yuan entrusted by his brother Shi Yanjun (the company president and former chairman) to pay his nephew. million.
After that, Shi Xiongbiao repaid most of the arrears to Wang Qihui by transferring the shares of other companies he held, and at the same time paid his nephew support fee of 5.7 million yuan according to Shi Yanjun's entrustment and returned the difference.
As of the date of the issuance of this note, Shi Xiongbiao's occupation of Shi Yanjun's funds has been eliminated, and the outstanding balance of the arrears to Wang Qihui is 6,927,800 yuan.
After the news report, the trader was called "local tyrant trader" by netizens, and Shi Xiongbiao was also called "good father-in-law of A shares".
The market value has evaporated by nearly 2 billion yuan during the year
According to public information, Jinzi Ham was established in November 1994. Its main business is the research and development, production and sales of Jinhua ham, ham products and other fermented meat products and various low-temperature meat products.
In December 2010, Jinzi ham was listed on the small and medium-sized board of the Shenzhen Stock Exchange. It is the first listed company of A-share ham products and is known as "the first ham stock".
Affected by the news, the market opened on April 11, and the golden ham fell by the limit at 4.26 yuan per share.
According to data from Oriental Fortune Choice, since mid-January this year, the share price of Jinzi ham has fallen all the way, from 6.46 yuan per share to 4.26 yuan per share, a drop of 31.07%.
"What about the legitimate rights and interests of shareholders?" "Can I ask for compensation for losses?"... As soon as the news of the "Ham First Share" Jinzi Ham's filing came out, Jinzi Ham's "shares" exploded.
According to data from Oriental Fortune Choice, as of February 28, 2022, there were a total of 48,700 Jinzi ham shareholders.
Whether the company's investors can claim claims under investigation has become a hot topic among investors of Golden Ham.
Behind the company's investigation, the performance in 2021 is not satisfactory.
According to the 2021 annual report disclosed by Jinzi Ham, the company achieved a decrease in both revenue and net profit during the reporting period, of which the operating income was about 506 million yuan, a year-on-year decrease of 28.79%; the corresponding attributable net profit was about 42.8539 million yuan, a year-on-year decrease. 27.74%; the corresponding net profit attributable after deduction is about 21.1253 million yuan, a year-on-year decrease of 78.86%.
"The main reason for the decline in the company's revenue during the reporting period was that the company's brand meat business declined significantly year-on-year due to the fall in the price of live pigs." Jinzi Ham said that the loss of the brand meat business was the main factor leading to the decline in the company's profits.
According to public information, Jinzi ham mainly produces Jinhua ham, Parma fermented ham, Jinzi sausage, Jinzi sauce meat and other fermented meat products and various low-temperature meat products.
In December 2010, it was listed on the small and medium-sized board of the Shenzhen Stock Exchange. It is the first listed company of A-share ham products, known as "the first ham stock".
As of the close on April 11, the share price of Jinzi Ham was reported at 4.26 yuan per share, down 9.94%, with a market value of 4.168 billion yuan.
Since the end of January 2022, the share price of Jinzi ham has been on a downward trend. Compared with the historical high of 6.11 yuan per share during the year, the market value has evaporated by nearly 2 billion yuan.
Chengdu Business Daily-Red Star News reporter Yu Yao
Intern reporter Zhang Luxi
Comprehensive CCTV News