Zhaoxin shares re-disclosed annual report: Dong Jian Gao changed from anti-water to fidelity

Zhaoxin shares re-disclosed annual report: Dong Jian Gao changed from “anti-water” to “fidelity”
Because 12 directors and supervisors were “not fidelity” to the 2019 annual report, Zhaoxin was requested by the CSRC to re-compile the annual report and disclose the annual report prepared by the board of directors and the board of supervisors before April 30.  On the evening of April 29, after three consecutive trading days of a merger, the listed company Shenzhen Zhaoxin Energy Co., Ltd. (stock abbreviation: Zhaoxin shares 002256) disclosed the revised “operations”.As of April 30, at 10:20, Zhaoxin’s shares fell by 5.15%, reported 1.29 yuan / share, more than 840,000 contracts, and a continuous limit of 4 consecutive trading days.  Dong Jiangao changed from “anti-water” to “fidelity” before Zhaoxin shares changed its name to “rainbow refinement”.Twenty-five years ago, Rainbow Refinery, which specializes in fine chemicals, was established and listed on the Shenzhen Stock Exchange’s small and medium-sized board in 2008. Seven years later, in 2015, Rainbow Refinery completed the only fixed increase since listing and raised 15 billion yuan of funds.Yuan, and began to gradually expand its business to photovoltaic power generation, new energy vehicle operations, new energy vehicle charging piles, etc.Subsequently, the company changed its name from “Rainbow Refining” to “Zhaoxin Shares” in November 2016.  However, the expansion of the business did not bring a bright future for Rainbow Refinement. Since 2018, the company’s founder Chen Yongdi resigned as chairman, and subsequently exposed the “Old Lai” incident; at the end of 2019, the company’s third largest shareholder, ShenzhenHuitong Zhengyuan Equity Investment Fund Partnership (Limited Partnership) (hereinafter referred to as “Huitong Zhengyuan”) “forced the palace” to remove shareholders.Since March this year, more than 10 directors and supervisors of the company have successively resigned.  Before the board of directors of the company has been completed and the board of supervisors changed, the department separated its directors and the supervisors continue to serve in the company.On April 23, Zhaoxin disclosed its 2019 annual report. Yang Qinhu, director and deputy general manager of Zhaoxin, director Chen Shi, director Chen Shi, independent director Wang Cong, independent director Li Changxia, independent director Xiao Tusheng, supervisor Huang Hao, and supervisor Cai LigangSupervisor Guo Qian, Chief Financial Officer Su Zheng, Executive Deputy General Manager Guo Jian, Deputy General Manager Tang Weidong, Deputy General Manager Jin Hongying and other 12 directors and supervisors all said they could not guarantee the authenticity of the annual report.  In the above 12 directors and supervisors, except for Su Zheng and Guo Jian, the remaining 10 people all proposed to leave after March 16, this year, the company’s chairman and general manager Zhang Wen and vice chairman Zhai Jianfeng also announced during this periodResigned, the current acting chairman is Yang Qinhu.  On the evening of April 29, Zhaoxin shares re-disclosed the 2019 annual report approved by the board of directors of the board of directors. The attitude of the company’s directors and supervisors before the change of attitude was changed to “fidelity”.The screenshot from Zhaoxin shares announcement Zhaoxin shares pointed out that currently the company’s fifth board of directors have resigned, there are 5 directors continue to perform their duties, and the fifth session of the board of supervisors has resigned, 3 supervisors continue to perform their duties.The company will hold its first extraordinary shareholders meeting in 2020 on May 7 to elect non-independent director candidates, independent director candidates and shareholders’ representative supervisor candidates appointed by Huitong Zhengyuan.  As of March 31 this year, Zhaoxin shares a total of 90472 shareholders, Chen Yongdi, Shenzhen Rainbow Venture Capital Group Co., Ltd. (hereinafter referred to as “Rainbow Group”), Shenzhen Huitong Zhengyuan Equity Investment Fund Partnership (Limited Partnership), ShenzhenBaoxin Financial Services Co., Ltd. and Zhongrong International Trust Co., Ltd. hold 26 shares respectively.26%, 9.12%, 6.45%, 4.95% and 4.66%, the company’s top five shareholders.  Among them, the average pledge ratio of the top three shareholders is over 99%, and the shares held by the top two shareholders are all frozen.The Rainbow Group is jointly held by Chen Yongdi and Shen Shaoling. The Rainbow Group has entered bankruptcy proceedings and has been elected as the bankruptcy administrator.(Related reports: “The annual report was” backwatered “: many directors and supervisors of Zhaoxin shares resigned and waited for Baoneng Zhongzhihuan.)) The financial data audit agency has retraced from” unable to express opinions “to” reserved opinions in 4In the “version” of the annual report for 2019 on the 23rd, the audit agency Zhongqin Wanxin Certified Public Accountants (Special General Partnership) (hereinafter referred to as “Zhongqin Wanxin Accounting Office”) gave Zhaoxin’s annual report “unable to express opinions””An audit opinion.In the version on April 29, Zhongqin Wanxin Accounting issued an audit report with a reservation and a major uncertainty related to continuing operations.  Zhongqin Wanxin Accounting pointed out that the basis for the formation of reservations was Zhaoxin’s factoring business in 2017, which lacked commercial substance.Absolutely, the risk weighing suggested by Zhongqin Wanxin Accounting, Zhaoxin shares there are significant uncertainties related to continuing operations, it said that Zhaoxin shares in 2018 and 2019 will be replaced for two consecutive years until December 2019Increasing clarity 3 on the 31st.US $ 5.1 billion, the main operating assets have been reduced, the financing capacity is weak, and the final financial report approved the excessive overdue situation of Ri Zhaoxin shares.  In the re-disclosed annual report, Zhaoxin adjusted the financial data of the past three years.  Among them, the adjustment of financial data for 2017 and 2018 identified by Zhaoxin Co., Ltd. is a correction of accounting errors, and accounting errors involve a total of three problems. In addition to overcoming the lack of commercial substantive factoring business, it also includesSupporting industries “Park 6MW distributed photovoltaic power generation project” and “20MW photovoltaic power generation project of Meishan Village Breeding Base, Baihu Town, Lujiang County, Anhui Province”.  The former has been in a state of shutdown since the end of 2016 due to the obstruction of project construction. Since 2017, asset impairment tests have been conducted, but the company has not conducted impairment tests; and it has not obtained the national photovoltaic annual construction scale index and cannot apply for national renewable energyThe supplement of electricity price supplementary funds confirmed the state subsidy electricity fee income.The picture on the left and the picture on the right are the adjustments of the main items of the 2017 and 2018 financial statements, respectively.Construction projects, long-term equity investments, other non-current financial assets and other subjects have been adjusted for impairment, and the total amount of withdrawal is from 1.9.6 billion increased to 2.4.8 billion yuan.Among them, the changes in the provision for impairment of accounts receivable were continuous, increasing from 9.51 million yuan to 26.94 million yuan.  After the adjustment, Zhaoxin shares realized operating income in 2019.3.1 billion, down 28 a year.55%, realized net profit attributable to shareholders of listed companies -3.0.7 billion, -2 in the same period in 2018.07 trillion US dollars, the Air Force version of the above two performance indicators are 4 respectively.3.1 billion and -2.7.5 billion yuan.  The first quarterly report for 2020 disclosed at the same time shows that Zhaoxin shares achieved 7691 operating income from January to March this year.660,000 yuan, down by 9 every year.39%, the expected net profit attributable to shareholders of listed companies is 2895.880,000 yuan, the same period last year was expected to 2589.210,000 yuan.  The annual general meeting of shareholders replaced substantive control defects: the financial advisory committee of more than 70 billion US dollars approved Zhongqin Wanxin Accounting Office although it revised the audit opinion on Zhaoxin ‘s 2019 annual report, but still maintained the internal audit assurance report of Zhaoxin.Negative opinion.  Zhaoxin shares in the internal control self-assessment report that the company’s financial reporting internal control has major deficiencies. Among them, Zhaoxin shares approved short-term financing from 4 non-financial institutions and 1 natural person with the approval of the 2019 annual board of directors.Principal 7.1.8 billion; in December 2017, Shenzhen Hongcai New Material Technology Co., Ltd. and Jiaxing Cailian New Material Technology Co., Ltd., a subsidiary of Zhaoxin, conducted factoring business with factoring companies that lacked commercial substance, involving more than 30 million yuan.yuan.  In addition, Zhaoxin believes that the company has general defects in non-financial reporting internal control.Among them, in July 2017, Zhaoxin Co., Ltd. in the board of directors and shareholders’ general meeting, without the letter of the letter, illegally guaranteed the company’s then controlling shareholder Rainbow Group, involving an amount of 20 million yuan.  At the same time, Zhaoxin shares have irregular registration management of insiders.In 2018, the company did not fill in the insider information insider files and made major progress on the acquisition of equity in Shanghai Zhongli Industry Co., Ltd. and the non-public issuance of bonds.  In addition, Zhaoxin’s internal control of file management is flawed.At the end of December 2018, the company was only signed by a deputy general manager, which smashed and destroyed parts of the company ‘s Shiyan factory archives, including the company seal use form and registration form from 2006 to 2016, and financial management contracts, Distribution agreements, mid-term contract books and other important file materials.  It seems that Zhaoxin shares canceled the annual shareholders meeting originally scheduled for May 15 and changed to May 21.  Relevant reports: Renewed reminder letter Zhaoxin shares extended the quarterly report has been two consecutive stop-and-stop closure of one million saunas, night net Xiao Wei Li Yunqi editor Sun Yong proofreading He Yan reporter contact email: xiaowei @ xjbnew.com