The "Galaxy" with a market value of more than 50 billion in the glorious period has taken care of itself. ST tiancheng (600 1 12. SH) and *ST Galaxy (000806. SZ), the platform of two "Galaxy" listed companies, is now struggling under the weight of a series of problems.
Among them, after 20 18, ST Tiancheng was investigated by the CSRC on July 8, 2020; *ST Galaxy received the administrative penalty of 20 1 1, and in June 2020, it received the administrative penalty decision and the market ban decision from Guangxi Securities Regulatory Bureau of China Securities Regulatory Commission.
As for Pan Qi, the actual controller of "Yinhe", he was recognized as a person prohibited from entering the market on 201,and was banned from taking the post of senior manager of any listed company or securities institution on 01,and was "added" to 10 in June 2020.
20 19 suffered a huge loss of 846 million yuan, and ST Tiancheng, which continued to lose 26.2859 million yuan in the first quarter of 2020, has not had a good time recently.
On July 9, ST Tiancheng announced that on July 8, 2020, the company, Galaxy Group, actual controller Pan Qi and related parties received the Notice of Investigation issued by China Securities Regulatory Commission, respectively, because the company, Galaxy Group, Pan Qi and related parties were suspected of illegal information disclosure. According to the relevant provisions of the Securities Law of People's Republic of China (PRC), the China Securities Regulatory Commission decided to initiate an investigation on the Company, Galaxy Group, Pan Qi and related parties.
Obviously, this is another company dragged into the mud by the controlling shareholder. According to the data, Galaxy Group holds 8.34% of the shares of ST Tiancheng/KLOC-0, and another investigation shows that Pan Qi holds 52.27% of the shares of Galaxy Group and is the actual controller of ST Tiancheng.
It is reported that ST Tiancheng has been conducting a comprehensive investigation on related violations since it first disclosed the fund occupation and illegal guarantee matters on April 23, 2009, and has carried out detailed verification on the scale, formation time, occupation reason and occupation process of the funds suspected by the controlling shareholder and its related parties. As of June 29, 2020, the total capital occupied by ST tiancheng holdings shareholders was 565,438+02,808,200 yuan, and the balance of capital occupied at the end of 2065,438+08 was 260,232,700 yuan, and 2065,438+065,438+053,070 yuan, as of 2020. The total amount of violation guarantee of ST Tiancheng is 4501.33 million yuan, and the balance of violation guarantee is1.1.80 million yuan as of June 29, 2020.
In this case, the controlling shareholder also promised to solve the problem of external guarantee and capital occupation of listed companies as soon as possible through various means. However, at present, the shareholders of ST tiancheng holdings are planning to solve the relevant violations, and the details of the specific plan are still uncertain. At the same time, Zhongshenhua Certified Public Accountants (special general partnership) has also formed reservations about the occupation of funds by related parties, the integrity of illegal guarantees and the accuracy of bad debt provision. As for listed companies, due to the non-operating occupation of funds and illegal guarantee by the controlling shareholder Yinhe Group, according to Article 13.4. 1 (5) of the Listing Rules of Shanghai Stock Exchange, the company's shares have been subject to other risk warnings since May 24, 20 19.
On June 29th, 2020, ST Tiancheng also issued the Management System for Preventing Controlling Shareholders and Their Related Parties from Occupying Company Funds, which shows the seriousness of the problem.
ST Tiancheng is already a member of the list of "repeat customers" of the regulatory authorities. On June 20 18, 1 year, ST Tiancheng received the notice of filing an investigation; On October 20 18 1 1 month, ST Tiancheng faced the "Decision on Administrative Punishment" issued by the CSRC, and the CSRC punished the company and related responsible persons for illegal information disclosure. At that time, it was found that the company constituted false records. Therefore, small and medium-sized investors have also risen to claim compensation. According to st Tiancheng's disclosure, as of May 27th, 2020, the company has involved 505 disputes over the liability for securities misrepresentation, with a total litigation amount of 83,684,300 yuan, accounting for 6.86% of the company's latest audited net assets, which also makes ST Tiancheng overwhelmed.
Although ST Tiancheng has repeatedly emphasized the normal production and operation activities, its performance in 20 19 and the first quarter of 2020 shows that its main business is also chicken feathers. According to the loss of 20 19, ST Tiancheng's own analysis is mainly influenced by the policy of electrical equipment industry, and the competition in the industry market is intensified. Compared with the same period of last year, the output, sales volume and average selling price of the company's products have dropped significantly, so the operating income and gross profit margin have dropped significantly. In addition, a number of overdue debts of the company are involved in litigation, which leads to an increase in the financing cost of existing debts, a large financial expense and a large loss of current profits.
Speaking of it, ST Tiancheng is called the "Galaxy" platform of listed companies by the market, just because there is a brother company *ST Galaxy under the same major shareholder. At present, the days of *ST Galaxy are also difficult.
First look at performance. 20 18 *ST galaxy lost 706 million yuan, 2011530,000 yuan, and the financial report was issued as "unable to express opinions", and the listed company was warned of the risk of delisting. In the first quarter of 2020, *ST Galaxy lost 838 1.9 million yuan again. The latest information shows that *ST Galaxy is expected to lose 3.5 million yuan to 5 million yuan in the first half of 2020. If the annual audited net profit in 2020 is negative again, the listing of *ST Galaxy will be suspended after the disclosure of the annual report in 2020, and it is urgent to protect the shell.
Like ST Tiancheng, *ST Galaxy also has external guarantees and capital occupation. According to the company's disclosure, by the end of 20 19, the balance of non-operating funds occupied by the controlling shareholder and its related parties was 444,603,300 yuan, and the balance of illegal guarantee was169022,438+million yuan. The feedback from Galaxy Group is that it is negotiating to avoid implementing the assets of listed companies; Strengthen asset disposal; It is planned to introduce strategic investors to optimize the debt structure and give priority to solving debt problems such as occupying *ST Galaxy funds and involving illegal guarantees; We are also cooperating with listed companies and lawyers in responding to illegal guarantees.
The current situation is that Galaxy Group has "abolished" itself. In addition to the fact that its shares have been frozen many times, it is difficult to dispose of its assets freely, and it is impossible to absorb new external financing due to litigation. The shares of Galaxy Group have also been auctioned twice by the judicial authorities because they cannot repay their debts, with a cumulative auction amount of 65.86 million shares. According to public information, Galaxy Group holds *ST Yinhe 4 1.07%.
*ST Galaxy has not been idle, and the company's directors, supervisors and senior managers have also taken a series of measures to "guard against major shareholders", such as communicating with creditors, courts and governments, raising execution objections to relevant courts, executing reconsideration, etc., trying to coordinate all parties to stop or suspend the execution of the company's assets or subsidiaries' equity, so as to avoid the loss of the company's assets; For example, focus on strengthening the implementation, supervision and management of the fund management system, pay close attention to and track the dynamic use of funds, and prevent the controlling shareholder from occupying funds and violating the guarantee from happening again; If the assets are "defended" through litigation, *ST Galaxy has been exempted from the company's guarantee liability by legal means of 276.538+0.8 million yuan.
Of course, for major shareholders, the most "fatal" is a series of "administrative penalties" and "market ban". 20 19, 1 month, *ST Yinhe was put on file for investigation; 20 19 1 1 *ST Yinhe, Yinhe Group and other related parties received the Notice of Administrative Punishment in advance issued by Guangxi Supervision Bureau of China Securities Regulatory Commission; In June, 2020, *ST Galaxy received the administrative penalty decision and the market ban decision from Guangxi Securities Regulatory Bureau of China Securities Regulatory Commission.
The content shows that *ST Galaxy failed to disclose the related transactions of non-operating funds occupied by related parties as required, failed to disclose the guarantee for related parties as required, failed to disclose major litigation information as required, and failed to disclose the Galaxy Bio shares held by Galaxy Group as required. The situation of judicial freezing. The regulatory authorities decided to order *ST Galaxy to make corrections, give a warning and impose a fine of 600,000 yuan; Give Pan Qi a warning and impose a fine of 300,000 yuan; Xu Hongjun, Tang Xinlin, then chairman of the listed company, and Diao Jinsong, then director, were given warnings and fined 300,000 yuan; Zhang Yi, then the chief financial officer, was given a warning and fined 250,000 yuan; Ye Debin, then director and executive vice president, was given a warning and fined 200,000 yuan; Lu, Wang Su and Liu Jie were given warnings and fined 6.5438+0.5 million yuan respectively; Chen, a senior official at that time, was given a warning and fined 654.38 million yuan; Cai, then in charge, was given a warning and fined 50,000 yuan.
More seriously, the regulatory authorities also banned Pan Qi from the securities market for 10 years; Xu Hongjun and Tang Xinlin were banned from the securities market for five years respectively; Diao Jinsong and Zhang Yi were banned from the securities market for three years respectively.
In the search of Juchao Consulting, it was found that *ST Galaxy was also punished twice by administrative punishment in history. In addition to this time, *ST Galaxy also received the "Administrative Punishment Book" issued by the CSRC on June 20 1 1, and the illegal facts identified at that time were that the sales revenue in 2004 was inflated by1794.27 million yuan, and the profit was inflated by 67,000 yuan. Inflated sales revenue of 34.7576 million yuan in 2005 and inflated profit of 795 1.600 yuan; Concealing the capital transactions of related parties; Concealing external guarantees; Concealing bank loans; Failing to disclose in time the inspection of Guangxi Commissioner's Office of the Ministry of Finance and the punishment of major violations of laws and regulations by local governments.
Intriguingly, on 20 1 1, the CSRC decided to ban Pan Qi from entering the market. From May 25, 20 1 1 year, he shall not be a senior manager of any listed company or securities institution for1year. At the same time, Yao was also recognized as a senior manager of listed companies and securities institutions for 7 years.
Unexpectedly, before the deadline of 10, Pan Qi received a new ticket of 10, which is rare in the A-share market.
As the head of "Galaxy", Pan Qi, relying on Galaxy Group, held the platforms of two listed companies, ST Tiancheng and *ST Galaxy, and even won the popularity of the market for a time. According to the online data, Pan Qi 1963 was born in Chengdu and completed his undergraduate and master's studies in the Department of Economics and Management of Nanjing University. Then I went to Southwestern University of Finance and Economics, 199 1 and got my doctorate in economics. The following year, Pan Qi went to Hainan and established Beihai Tongtai Economic Development Company (hereinafter referred to as Beihai Tongtai).
*ST Galaxy is a joint-stock company established by five companies, namely Beihai Tongtai, Beihai Yintan National Tourism Resort Investment Center, Beihai Office of Guangxi Construction Trust and Investment Co., Ltd., Hainan Nanhua Finance Company and Hainan Company of Shanghai Far East UnionPay Industrial Co., Ltd., which was approved by Guangxi Economic System Reform Committee in April, 20 1993. As for ST Tiancheng, its predecessor Chang Zheng Electric suffered huge losses in 2002, and the original shareholders considered the equity transfer. It was this opportunity that Pan Qi was keenly aware of, and reached a transfer agreement in 2003, and finally completed the acquisition in early 2004, and "Galaxy" was formally established.
Yinhe, which used to hold the platforms of two listed companies, is at the time of making great efforts, but Yinhe has chosen a road to lead itself into the abyss, and its operation has been in a mess so far, and the platforms of the two listed companies have not improved.
Looking at the stock price again, before the restoration, the historical high point of *ST Galaxy was 20 15, reaching 3 1.9 1 yuan. Now1.The current price of 52 yuan is not a fraction of it, with a market value loss of 33.4 billion yuan; The historical high point of ST Tiancheng is also 20 15, reaching 35.88 yuan. Today1.The current price in 62 yuan is different, and the market value loss is 174 billion yuan. On the whole, the market value of "Galaxy" evaporated in recent years has exceeded 50 billion yuan, which makes people sigh.
Regarding investor's rights protection, steve chen, a lawyer of Shen Hao Chengdu Law Firm, believes that the actual controller of the listed company is subject to administrative punishment, and minority shareholders' rights protection is likely to be supported by the court.