Original title: Periscope丨One million "bonuses" caused 5 people to be sentenced to 4-7 years in prison in the first instance. What is the secret behind the "job embezzlement" case of Songda Education?

  Author: Pan Yurong

  Behind the "job embezzlement" case, whether it is the transfer of assets led by directors or the use of "job embezzlement" by Songda Education to cover up false financial reports, both reflect the randomness of infringing on the interests of small and medium shareholders.

  In the workplace, people can't help themselves.

Liu Yan and others never dreamed that they would "do things according to the boss's arrangement", but what awaited them was prison.

  On the first working day in 2022, Songda Education (430244), a company listed on the New Third Board, issued an unusual "event progress announcement" - a "job embezzlement" case reported by the company three years ago, ushered in Judgment in the first instance.

  In this "employment embezzlement" case, five people, including the former securities affairs representative of Songda Education, the former chief financial officer and deputy director of its subsidiaries, were sentenced to prison terms ranging from 4 to 7 years for their involvement in the embezzlement of the company's property.

The reason for the criminal case is that these five people participated in a series of asset transfers planned and directed by the company's top management.

  In the eyes of the 5 employees, what was considered a "duty behavior", why did they end up taking criminal responsibility?

What is behind the asset transfer behavior planned and implemented by the company's top management?

The Securities Times reporter obtained the complete judgment and internal financial information of the case, and interviewed the relevant parties and the family members of the defendant, so as to present the case and the hidden background behind it.

  Prequel to "Job Embezzlement"

  Headquartered in Wuhan, Songda Education is a private enterprise mainly engaged in educational informatization and educational software development. It was listed on the New Third Board in 2013.

Since then, the company's development has reached a new level, with revenue increasing by more than 100% year-on-year for three consecutive years.

  After listing on the New Third Board, Songda Education has implemented several private placements, with a cumulative financing amount of 515 million yuan.

Among them, Tianfeng Securities and related parties have become important investors in Songda Education.

Tianfeng Securities and its investment platform, Tianfeng Tianrui Investment Co., Ltd. (hereinafter referred to as "Tianfeng Tianrui"), have invested about 210 million yuan in Songda Education and related companies through related investment funds.

Because of these investments, the "Tianfeng Department" company's total shareholding in Songda Education reached 10.63%, becoming the second largest shareholder after the actual controller Xu Chunlin.

  Based on the high investment of Tianfeng Department in Songda Education, Han Yujia, the then president of Tianfeng Tianrui, was sent to Songda Education as a director, responsible for the post-investment management of the project.

  Han Yujia has a deep relationship with Songda Education.

In 2012, Han Yujia worked at Changjiang Securities and was the sponsor of Songda Education's listing on the New Third Board.

After that, Han Yujia jumped to Tianfeng Securities and continued to be in charge of the Songda education project.

It can be said that Han Yujia has played an important role in Songda Education from its listing on the New Third Board to the subsequent financing.

  After obtaining hundreds of millions of yuan in financing, in order to find new business growth points, Songda Education, whose main business is education informatization, began to extend in the direction of preschool education, and started to acquire kindergarten assets.

To this end, Songda Education has set up a wholly-owned subsidiary - Wuhan Songda Investment Co., Ltd. (hereinafter referred to as "Songda Investment").

  Han Yujia won the trust of Xu Chunlin for helping Songda Education to successfully raise funds in the early stage, and he was further appointed as the director of Songda Investment, responsible for the investment related to the kindergarten and the follow-up capital operation.

Because of the above-mentioned division of labor, Han Yujia also served as the director of the Sunda Investment Preschool Education Committee.

  Based on this, Han Yujia summoned a group of old departments to join Songda: Tianfeng Tianrui employee Liu Yan became the CFO of Songda Investment, Tianfeng Tianrui employee Wu Zhigao became the investment director of Songda Investment, and Tianfeng Securities employee Wang Xiang joined Songda Education is the representative of securities affairs. Li Jing, Han Yujia's former colleague in Changjiang Securities, joined Songda Investment as cashier, and Xu Ming joined Songda Investment as deputy financial director.

  When Songda's investment in the field of preschool education was gradually expanding, from October to December 2018, under the planning and command of Han Yujia and others, a series of strange kindergarten asset transfer incidents occurred.

  Asset transfer

  As mentioned above, the operation of kindergarten assets under Songda Education is handled by Songda Investment, a wholly-owned subsidiary.

To this end, Songda Investment has established subsidiaries such as Wuhan Songda Tongxin, Beijing Songda Tongxin, Wuhan Tongzhiming, Wuhan Beiming, and Wuhan Beibei, which are responsible for the specific operation of more than 40 kindergartens in different regions.

  From October to December 2018, under the planning and command of Han Yujia and others, the related subsidiaries of Songda Investment holding kindergarten assets were strangely transferred one by one.

  In order to undertake kindergarten assets, a partnership called Wuhan Kuamei Future Education Investment (hereinafter referred to as "Kwamei Future") came into being; in addition, Hubei Ruihuacheng Investment Co., Ltd. (hereinafter referred to as "Hubei Ruihuacheng"), Also appeared in the role of the vest company.

  From October 23 to 26, 2018, Songda Investment successively transferred all its holdings of Wuhan Beibei (60% equity), Wuhan Tongzhiming (100% equity) and Wuhan Beiming (80% equity) to Kuamei Future ; On October 30, Beijing Songda Tongxin (100% equity), the grandson company of Songda Investment, was transferred to Hubei Ruihuacheng; on December 10, Beijing Zhongjiao Xinxue Education Technology Co., Ltd., which Songda Investment will hold (80% equity) was transferred to Wu Zhigao.

  The reason why the transfer of these subsidiaries is strange lies in two points: first, the decision-making procedure for the transfer of the subsidiary violates the provisions of the articles of association of the company; Go, it is actually a 0 consideration transaction.

  The board of directors of Songda Investment has three directors, in addition to the chairman Xu Chunlin, the other two directors are Han Yujia and Tu Jiebin.

According to the materials obtained by the Securities Times reporter, in the resolution document of the board of directors of Songda Investment to transfer the equity of the relevant subsidiary, only the signatures of Han Yujia and Tu Jiebin, but not the signature of the chairman Xu Chunlin.

  According to the rules of procedure of the board of directors in the articles of association of Songda Investment Company, the board of directors is convened and presided over by the chairman. When the chairman cannot perform his duties, he should designate a director to convene the meeting on his behalf.

Chairman Xu Chunlin claimed that he had no knowledge of the resolutions of the board of directors, nor did he appoint a director to convene the board of directors, so he did not approve these resolutions.

  In addition, the articles of association of Songda Investment also stipulate that the shareholders are the highest authority of the company, and the general meeting of shareholders decides the company's business policy and investment plan.

In other words, the investment resolution of Songda Investment is still subject to the approval of the sole shareholder, Songda Education.

However, the above-mentioned resolution on the sale of the subsidiary was not reviewed and approved by Zongda Education.

  In addition, in the equity transfer of the five subsidiaries involved, the transaction consideration of Wuhan Tongzhiming and Beijing Zhongjiao Xinxue was 0 yuan, and the transaction consideration of Wuhan Beiming, Wuhan Beibei, and Beijing Songda Tongxin were 8.9488 million yuan and 5.8269 million yuan respectively. RMB 10,000 and RMB 5 million. After the transaction price of the latter three companies was transferred to Songda Investment, it was quickly taken away.

That is to say, the equity of the five subsidiaries transferred by Songda Investment is actually a zero-consideration transaction.

  Since Songda Investment is under the control of Han Yujia's team, the transfer money can be quickly withdrawn after it arrives.

Relevant capital flow shows that a considerable part of the posted equity transfer payments came from Songda Investment and Songda Education.

In the process of transferring such funds, a large number of accounts of vest companies and natural persons are used for posting.

  After capital posting and industrial and commercial changes, the subsidiaries of Songda Investment were transferred to Kuamei Future and Hubei Ruihuacheng.

However, the relevant materials obtained by the reporter show that the transferee of the assets of the two kindergartens is more the role of the agent.

  Kuamei Future has three shareholders: Wuhan Huada Tiantong accounted for 45.38%, Wuhan Hanhe Technology accounted for 53.85%, and Wuhan Titan Century accounted for 0.77%.

Among them, Wuhan Hanhe Technology's shares are held on behalf of Wuhan Huada Tiantong, and the two parties have signed a nominee holding agreement; Wuhan Titan Century's shares are held on behalf of Songda Investment.

  The shareholders of Hubei Ruihuacheng are two natural persons, and they also handed over the management rights of the company to Wuhan Huada Tiantong, and the two parties signed a transfer agreement.

  To sum up, the shares acquired by Kuamei Future and Hubei Ruihuacheng are ultimately directly and indirectly owned by Wuhan Huada Tiantong.

At the level of Wuhan Huada Tiantong, there are 6 shareholders, including Songda Investment, with a shareholding ratio of 19.97% and the largest shareholder; the rest also include several shareholding platforms, such as Songda Education employees holding The stock platform "Xinhe Management" (17.53%), "Tianfeng Ruiqi" (15.91%) controlled by Tianfeng Tianrui, and "Ranran Investment" (7%) of Xu Chunlin's related parties.

  From the perspective of equity retrospective, after the relevant assets are transferred, Songda Investment still enjoys some rights and interests through Wuhan Huada Tiantong.

However, an objective result of the asset transfer is that the interests of the listed company Songda Education in the early childhood education assets have been encroached.

From the comparison data before and after, the corresponding rights and interests of Songda Education have dropped significantly.

  Judging from the ownership of the preschool education assets after the transfer, it does not reflect that Han Yujia personally obtained the equity share.

However, Tianfeng’s equity share in early childhood education assets has changed from its previous holding of 10.63% in Songda Education to 15.91% in Wuhan Huada Tiantong.

This means that the rights and interests of Xu Chunlin and other minority shareholders of Songda Education are damaged.

  5 sentenced to 4-7 years in prison

  After learning that a subsidiary of Songda Investment was transferred, on December 17, 2018, Xu Chunlin, chairman of Songda Education, went to the public security organ to report a criminal case on the grounds of "job occupation"; on December 26, Wuhan Public Security Bureau The East Lake New Technology Development Zone Bureau issued a criminal case filing notice.

  From January to March 2019, Liu Yan, Wu Zhigao, Wang Xiang, Li Jing, and Xu Ming, who participated in the asset transfer incident, were successively detained.

The two directors, Han Yujia and Tu Jiebin, who were the "decision makers" of the asset transfer incident, avoided overseas.

Tu Jiebin, believed to be one of the commanders, later returned to China and was released on bail pending trial.

  It took three years for the case to go from investigation and arrest to prosecution and trial.

On December 30, 2021, the court announced the first-instance verdict: Liu Yan embezzled 41.7684 million yuan and was sentenced to 7 years; Wu Zhigao embezzled 20.7784 million yuan and was sentenced to 6 years; Li Jing embezzled 16.99 million yuan and was sentenced to 5 years and 6 months ; Wang Xiang embezzled 15.7784 million yuan and was sentenced to 5 years; Xu Ming embezzled 6 million yuan and was sentenced to 4 years.

  These 5 people belonged to the role of "executing according to the order" in the asset transfer incident, and were "accomplices" in the case.

Among them, Songda Investment Financial Director Liu Yan, Deputy Financial Director Xu Ming, and Cashier Li Jing organized and implemented the transfer and transfer of relevant funds; Songda Education Securities Representative Wang Xiang and Songda Investment Investment Director Wu Zhigao drafted the relevant equity Transfer agreement, and go to the industrial and commercial department to go through the industrial and commercial change procedures.

  At the end of the execution of these affairs, Han Yujia decided to withdraw 1 million yuan from the company account of Hubei Ruihuacheng to give "bonus" to the team.

According to the testimony recorded in the judgment, the five defendants received bonuses ranging from 37,500 to 125,000 yuan respectively.

  Why is the actual income of these 5 people not more than 125,000 yuan, but the amount of embezzlement recorded ranges from 6 million yuan to more than 40 million yuan?

According to the data in the judgment, as long as they participated in the relevant matters, the amounts involved were added up.

  According to the Criminal Law, the crime of occupational embezzlement refers to a staff member of a company, enterprise or other unit, taking advantage of his position to illegally occupy the property of his own unit.

A criminal litigator told reporters that "illegal occupation" in occupational occupation is not limited to own occupation, but also includes helping a third party to occupy.

  In the final analysis, the amount of money that each of the five people pocketed was no more than 125,000 yuan, and the loss of freedom for 4-7 years was not a big price.

Before he was brought to justice, Xu Ming returned the 125,000 yuan he had received.

  After the above-mentioned five persons were detained, facing the accusation of occupational occupation, they argued that they acted according to the instructions of the "masterminds" Han Yujia and Tu Jiebin, which belonged to their duties, and had no subjective intention of occupation.

  "Someone suggested that Liu Yan leave as soon as possible (going abroad to escape), but Liu Yan thought he had made his case clear and refused." Liu Yan's family told a Securities Times reporter.

  Covering up false financial reports with "job embezzlement"

  The five detained persons may not have expected that after the criminal case occurred, the things hidden below the surface of the water were exposed, and its impact far exceeded the occupation itself.

  After the criminal case, Songda Education’s 2018 annual report was delayed until June 29, 2019 before it was disclosed.

  The annual report disclosed by Songda Education shows that the annual loss was 378 million yuan, and the net profit attributable to the parent decreased by 947.21% year-on-year.

Just before the third quarterly report of 2018, Songda Education also achieved a net profit of 20.9762 million yuan attributable to the parent, that is to say, the company broke a loss of nearly 400 million yuan in the fourth quarter.

  In response to the financial report data of Songda Education, the audit institution issued an audit conclusion of "incapable of expressing an opinion".

  Among the losses of Songda Education in 2018, the largest amount came from an asset impairment loss of 222 million yuan.

Regarding this impairment loss, the auditor stated in the audit opinion: The management of Songda Education failed to provide relevant information on the provision of bad debts, and was unable to obtain sufficient and appropriate audit evidence. ".

  According to the annual report, in 2018, Songda Education transferred 200 million yuan of fixed-increase funds to Jinan Rural Commercial Bank. Agreements and other documents are missing, and the whereabouts of the funds cannot be confirmed at present.” “Whether the above-mentioned funds can be recovered cannot be confirmed, and there are significant risks, so impairment is made.”

This is the main component of the 222 million yuan asset impairment loss.

  So, is this really the loss caused by the embezzlement of directorship?

If you follow the direction of Songda Education’s 281 million yuan fixed increase in fundraising, you will know the truth.

  In January 2018, Songda Education completed the private placement and fundraising, with a total fundraising of 281 million yuan.

Regarding the use of these funds, Songda Education disclosed: 1) 89.11 million yuan for the basic education big data project; 2) 56.38 million yuan for the cloud project of early childhood education products; 3) 79.21 million yuan for the flagship kindergarten 4) RMB 56.18 million is used to supplement working capital.

  However, Songda Education did not use it in accordance with the above agreement, but misappropriated the raised funds without authorization.

According to the publicly disclosed information and the key evidence obtained exclusively, the reporter of Securities Times restored the main destination of the 281 million yuan of fixed increase funds.

  The "Special Verification Report of Songda Education Raised Funds" (hereinafter referred to as "Special Verification Report") disclosed by Changjiang Securities, a securities company sponsored by the company, detailed the expenditure details of the 281 million yuan.

  The first batch of fundraising expenditures occurred from April 24 to 28, 2018, with a total of 12.113 million yuan, which was used to pay for the issuance costs.

  The second batch of fundraising expenditures occurred on April 27-28, 2018, with a total of 28 million yuan.

Among them, 8 million yuan was paid to the related party Wuhan Huada Tiantong in the name of "cloud construction project purchase funds"; 20 million yuan was paid to "Huanle Building Decoration" in the name of "kindergarten decoration funds". And "Innovative Paradise Decoration".

  After the two decoration companies received the funds, they transferred the relevant funds to the Bank of China account of Wuhan TEDA Xinchen Technology Co., Ltd. (hereinafter referred to as "TEDA Xinchen").

According to Xu Chunlin's statement to the police, "Songda Education has always used the TEDA Xinchen China Bank account to collect funds from its kindergartens and use it for the turnover of Songda Education's funds."

This proves that TEDA Xinchen, which has no equity relationship with Songda Education, is actually a posting company controlled by Songda Education.

  The account flow of TEDA Xinchen obtained by a Securities Times reporter shows that the company received 19.3 million yuan from two decoration companies on April 27-28, 2018, and then remitted 19 million yuan on April 28; Among them, 11 million yuan was transferred to the "Huiquan Technology Kindergarten" under Songda Education; 8 million yuan was transferred to Fan Junjie, an internal employee of Songda Education.

  To sum up, the second batch of 28 million yuan of expenditures in the fund-raising fund has been returned to Songda Education and related parties after going through several transfer accounts.

  The third tranche of disbursement of funds raised took place on May 16-17, 2018.

In order to make better use of the idle funds, Songda Education transferred 200 million yuan of it from the special fund-raising account and deposited it into Jinan Rural Commercial Bank for large-denomination certificate of deposit financing, a total of 4 transactions, each of 50 million yuan.

  The "Special Verification Report" shows that after the funds were deposited in Jinan Rural Commercial Bank, Songda Education immediately pledged 200 million yuan of deposit receipts for four such as Jinan Diming CNC, Jinan Shunhai Trading, Jinan Helin Building Materials, and Jinan Faquan Industry. 180 million yuan in loans from two companies - 45 million yuan each - were guaranteed.

Later, because the above-mentioned 180 million yuan loan was not repaid on time, the 200 million yuan deposit certificate was forcibly deducted 180 million yuan by Jinan Rural Commercial Bank.

  Therefore, in the 2018 annual report, Songda Education blamed it on the unclear whereabouts of the funds due to the embezzlement of the director’s position.

  However, according to the evidence obtained by the Securities Times reporter, the funds are not "unidentified".

The 180 million yuan of funds lent by Jinan Diming Numerical Control and other four companies from Jinan Rural Commercial Bank has actually flowed back to Songda Education.

  Evidence 1: On the day Jinan Diming CNC got the loan, it remitted 45 million yuan to the Bank of China account of TEDA Xinchen controlled by Songda Education; the next day, TEDA Xinchen split the 45 million yuan into two ——12.99 million yuan and 32.01 million yuan were respectively transferred to the two companies "Wuhan Huiyouxun" and "Wuhan and Shunyuan".

  After Wuhan Huiyouxun and Wuhan Heshunyuan received such funds, the funds eventually flowed into Songda Education.

Changjiang Securities, the sponsor of Songda Education, found in its daily supervision that Wuhan Huiyouxun and Wuhan Heshunyuan had large financial transactions with Songda Education, and such financial transactions were hidden from Songda Education's cash flow statement. .

  Evidence 2: The loan interest of Jinan Diming Numerical Control and other four companies in Jinan Rural Commercial Bank was borne by Songda Education.

An internal request form of Songda Education obtained by a reporter from the Securities Times shows: On July 18, 2018, Wen Ying, the financing manager of Songda Education, filled in a request form for four companies including Jinan Diming Numerical Control. The loan paid the interest for June, with a total of 652,500 yuan; the payment request form shows that the payment account is TEDA Xinchen, and the documents are signed by Chairman Xu Chunlin and Chief Financial Officer Li Qingyou.

  The reporter checked the flow of TEDA Xinchen Bank of China account obtained. On July 18, 2018, there were indeed 4 outflows of funds corresponding to a total of 652,500 yuan in the account, and the whereabouts of the funds were consistent with the payment receipt.

  This shows that the actual curve of the 180 million yuan of funds loaned by Jinan Diming CNC and other four companies from Jinan Rural Commercial Bank has flowed back to Songda Education for its actual control.

It is understood that part of the 180 million yuan was transferred by Sunda Education to Sunda Investment in the form of funds allocated by the group to increase capital for an educational institution in Lu'an, Anhui.

  To sum up, the funds pledged by Songda Education in Jinan Rural Commercial Bank's large-denomination certificates of deposit are not "unknown", but are used for other purposes.

The direct reason for the loss is: Songda Education failed to repay the loan through Jinan Diming CNC and other four companies, which led to the collective default of the four companies, so Jinan Rural Commercial Bank deducted a large amount of money for guarantee. 180 million yuan in the certificate of deposit.

  In this way, it is not tenable for Songda Education to attribute all the losses caused by the loss of large certificates of deposit to "the occupation of directors' positions".

In the 2018 annual report of Songda Education, there are as many as 19 references to "job occupation", and some difficult to explain matters are mostly covered up on the grounds of "job occupation".

Therefore, the audit institution finally gave an audit conclusion of "incapable of expressing an opinion" on the questionable financial statements.

  The hidden story behind asset transfer

  The explosion of the deposit certificates pledged by Songda Education in Jinan Rural Commercial Bank reflects to a certain extent that the capital chain of Songda Education was very tight at the end of 2018.

  In addition to the debt pressure of Songda Education, Xu Chunlin's personal debt pressure as the chairman is not small.

For example, in November of that year, Xu Chunlin failed to pay Tiannuo Wealth Management (Shenzhen) a share repurchase of 38 million yuan on schedule, which resulted in the freezing of the 16.6 million shares of Songda Education he pledged to Tiannuo.

  Han Yujia told the Securities Times reporter that from October to December 2018, as the debt pressure of Songda Education intensified, in order to protect the preschool education assets from being mortgaged to repay the debt, he planned to implement the transfer of preschool education assets.

According to the previous plan of Songda Education, its preschool education assets will be spun off and listed separately.

  Han Yujia's ability to plan the transfer of assets shows that she plays a significant role in the education of Songda.

How did these asset transfer behaviors trigger Xu Chunlin's criminal report?

  Han Yujia and Xu Chunlin were once "close comrades-in-arms" as the representatives of the management who put Songda Education on the New Third Board and assisted in completing several financings.

Xu Chunlin once publicly stated at a company meeting that Han Yujia would become the company's successor.

  In fact, the two signed a "drawer agreement" on equity transfer as early as November 2017: Xu Chunlin transferred his 45.91% stake in Songda Education to Han Yujia at a consideration of 20 million yuan, but the consideration was not paid .

After the second half of 2018, the existence of the drawer agreement was gradually known within Songda Education, and Han Yujia was gradually accepted as the new boss of the company.

However, the drawer agreement was ruled out a few years later.

  Since Xu and Han have a drawer agreement, they should be tied to the same boat to "help each other".

In September 2018, Han Yujia, who is in charge of the preschool education sector, also cooperated and helped when Songda Education needed to withdraw funds from the kindergarten due to the bank's loan renewal and bridge bridge.

  By November 2018, the financial crisis of Songda Education and even Xu Chunlin had not eased.

According to people close to Songda Education, Xu Chunlin started the emergency fundraising mode at that time.

  When Xu Chunlin once again wanted to embezzle funds from the kindergarten account for emergencies, Han Yujia did not lend a helping hand again.

Han Yujia said that this directly led to the breakdown of the relationship between Xu Chunlin and him.

To this end, Xu Chunlin publicly denied Han Yujia's status as the director of the Early Childhood Education Committee in Songda Investment, and set out to regain control of Songda Investment.

On November 30, 2018, Xu Chunlin led someone into the office of Songda Investment and forcibly took away the official seal and financial information, while Han Yujia asked the office staff to call the police.

  At the same time, the financial black hole of Songda Education has gradually become known to more shareholders. The shareholders further discovered that most of the 281 million yuan raised by the fixed increase at the beginning of the year has disappeared.

The chat records of the Wechat group of the board of directors of Songda Education obtained by the reporter showed that the shareholder representatives were questioning Xu Chunlin about the whereabouts of the funds.

Shareholder representatives advocated an independent audit of Songda Education to find out the situation, and some shareholders even issued a lawyer's letter claiming to hold criminals responsible for misappropriating funds.

  Han Yujia believes that Xu Chunlin, who was in the whirlpool and worried that he would be responsible for the explosion of the 180 million yuan pledged deposit certificate, took the first step and made a criminal report on the transfer of preschool education assets carried out by his team for occupation.

  However, Han Yujia's so-called asset preservation behavior objectively damaged the interests of the listed company Songda Education.

For this point, Han Yujia can hardly defend herself.

  This brother-in-the-wall executive infighting has since evolved into a criminal case that has changed everyone in the bureau.

  The breakup of the company's executives, when it falls on the employees, becomes an unbearable burden.

The five employees of Han Yujia's team seem to have been "doing things according to the boss's arrangement" on the surface, but they have been deeply involved in high-level struggles.

At the same time, due to the lack of vigilance of crossing the red line and illegal operations, and misbehavior, they paid a heavy price for this, which is embarrassing.

  After the first-instance verdict was announced, the five defendants were unanimously dissatisfied and decided to appeal.

Regarding Han Yujia's online accusation of Songda Education for being involved in financial fraud, Zeng Jing, the company's board secretary, told the Securities Times reporter that this statement was not credible, but did not reveal more.

Zeng Jing said that the information about the case of embezzlement of the company's director's position has been disclosed in the announcement, and everything is subject to the announcement. The impact of the case on the company still needs to wait for the second-instance judgment.

The reporter contacted Xu Chunlin many times, but no response was received as of press time.

  (Liu Yan, Li Jing, Xu Ming, Wang Xiang, Wu Zhigao are all pseudonyms in this article)