On June 24, Yahua Electronics successfully passed the meeting. Its label is a hospital communication system supplier, and its main product is "ward intelligent interaction system".
"Ward Intelligent Interaction System" accounts for 90% of the company's total revenue. This product connects doctors, nurses, and patients through audio and video and other information means to build a communication channel within the hospital. Among them, the second-generation ward interactive system generates the most revenue, accounting for 64.23% of the company's total revenue in 2021.
Yahua Electronics was established in 1998. In 2016, it successfully listed on the New Third Board, and the listing was terminated in August 2020. From the perspective of shareholder structure, as of June 26, Central Asia Huaxin held 61.73% of the equity of Yahua Electronics and was the company’s controlling shareholder. CEFC Central Asia’s largest shareholder is Geng Bin, who holds 79.17% of the company’s shares.
In addition, Geng Bin also directly holds 2.18% of the shares of Yahua Electronics, and Geng Bin's father Geng Yuquan holds 11.02% of the shares of Yahua Electronics. Geng Yuquan, Geng Bin and his son directly and indirectly hold 74.93% of the shares of Yahua Electronics and are the actual controllers of the company.
01 The controlling shareholder Xinpi was fined for violating regulations
74.93% of the shares of Yahua Electronics are held by Geng Yuquan and his son, which can be said to be a veritable family business.
Public information shows that Asia Huaxin, the largest shareholder of Yahua Electronics, has been repeatedly punished by regulatory agencies due to disclosure issues. In 2018, CEFC Central Asia was publicized for seriously failing to cooperate with the Market Supervision Bureau’s inspection in its annual report and public disclosure information. In 2016, CEFC Central Asia was included in the list of abnormal corporate operations by the Shenzhen Market Supervision Bureau because it failed to disclose its 2015 annual report on time. It was not removed from the abnormal list until the end of 2016.
At that time, Yahua Electronics had been listed on the New Third Board. As the actual controllers of Yahua Electronics and Central Asia Huaxin, the behavior of Geng Yuquan, Geng Bin and his son in delaying the disclosure of annual reports and public information was intriguing.
02 Frequent changes in audit institutions and financial directors
In addition to shareholders, Yahua Electronics' financial audit institutions also change frequently. When it was listed on the New OTC Market in 2016, Zhongtianyun Accounting Firm was responsible for the audit work of Yahua Electronics. But just one year later, Yahua Electronics changed its audit agency to Zhongxinghua Accounting Firm.
It was Zhongxinghua's audit that discovered problems in Yahua Electronics' financial reporting processing. In 2018 and 2019, Yahua Electronics first announced revenue data of 144 million yuan and 186 million yuan. However, after Zhongxinghua's audit, Yahua Electronics reduced its revenue by 20.0796 million yuan and 7.1227 million yuan. After the revenue reduction of
, Yahua Electronics’ net profit in 2018 and 2019 decreased by 37.20% and 2.77% respectively. In this regard, Yahua Electronics explained that the difference in revenue and profit was due to adjustments in accounting policies.
Then in September 2020, after Yahua Electronics submitted the listing guidance letter, it changed the audit agency to Rongcheng Accounting Firm. So far, in less than 5 years, Yahua Electronics has changed three audit institutions.
According to the auditors from Shanghai, frequent changes of audit institutions are rare. Changing the audit firm either requires changing to a more experienced or reputable accounting firm, or the company will change when the company and the audit firm cannot reach an agreement.
According to Wind statistics, 88 listed companies changed accounting firms in 2020, of which 23 had "non-standard" opinions issued for their 2020 annual reports. In addition, among the 88 exchange companies, the stocks of 21 companies have been capped (ST/*ST companies).
In addition to the frequent changes in accounting firms, Yahua Electronics’ executives, especially the financial director, have been changed three times between 2019 and 2022. In February 2019, Xiang Hui, the former financial director of Yahua Electronics, was promoted to general manager. The position of financial director was taken over by Guo Ying, with a term of three years.
Then in August 2020, just over half of his term, Guo Ying resigned as CFO due to personal reasons, and Yu Lei subsequently took over as CFO.
As we all know, the financial director, as the most important position of the coordination body in the listing process, generally will not be changed easily.
(Author | Duan Nannan, editor | Lang Ming)
