For every workplace, resigning is a normal behavior. There are many reasons for the resignation of people in the workplace, such as the benefits provided by the company, the room for their own jobs, the internal cultural system of the company, etc. Of course, some resignations were also dismissed by the company due to the company's poor development, etc. , but the collective resignation of executives is regarded by the outside world as a signal of problems with the company's development .
Recently, it was revealed that many senior executives of the company collectively resigned. What’s interesting is that the actual controlling shareholder of Hongda New Materials was also arrested by the police for some reason. Logically speaking, the stock price of Hongda New Materials should decline, but why does the stock price rise instead of falling? In fact, insider trading also rose in Hongda New Materials in 2014. So what problems has HTC encountered in the development of ?
1. Senior executives collectively resigned
Recently, several senior executives of Hongda New Materials, a well-known domestic listed company, were reported to have resigned collectively. Hongda New Materials responded to the public that this is the personal behavior of executives. The company's current development has not been affected in any way . Judging from the information disclosed by the outside world, the company's current executives only have one director and one supervisor.
What’s more interesting is that in April this year, HT New Materials just completed the adjustment of the company’s internal organizational structure in April this year. Just 7 months later, the company suddenly experienced the resignation of several senior executive groups.
Obviously, the company pointed out that these senior executives have resigned due to personal reasons are not valid. In fact, no matter any company at home and abroad, Once the executive group resigns, it will be interpreted by the outside world as the company is about to decline.
But what is even more puzzling is that in August this year, Yang Xin, the actual controlling shareholder of Hongda New Materials, was suddenly arrested by the local police. As for why the controlling shareholder was suddenly arrested by the police, Hongda New Materials has never given an explanation to the outside world . Logically speaking, if the controlling shareholder is investigated, the stock price of the company leaving the executive group will plummet.
The fact is that the stock price of HTC New Materials has reached its highest price in recent months on December 1st. closed on the same day at at 4.08 yuan per share, while the lowest point of the company's share price in August this year was 3.61 yuan per share . In fact, as early as 2014, HTC New Materials also experienced this situation during insider trading. After the company was exposed to problems, its stocks rose instead of falling.
2. Company introduction
. Founded in 1992, Hongda New Materials is one of the earliest companies in China to engage in high-temperature silicone rubber products. In 2008, it completed the listing of . Hongda New Materials' production and sales scale has always maintained a leading position in China, and has a great influence in the development of the entire industry, and has strong competitive strength and industry status.
At the same time, the company has a number of patented technologies, such as the preparation method of high-temperature resistant silicone resin, the preparation method of silicone phosphate ester, the preparation method of silicone resin for high-temperature resistant coating and other patented technologies.
But this year's HTC New Materials can be said to have serious problems in its development. Taking the financial report released by HTC New Materials this year's Q3 this year as an example, the company's total revenue in Q1-Q3 was 406 million yuan and -205 million yuan respectively, and decreased by 29.42% and 696.42% respectively compared with the same period in 2020.
The reason given by the company for the large-scale losses in the first three quarters was not affected by the network communication scam. Some people also pointed out that the reason why the controlling shareholder was investigated by the police may also be related to the incident
However, in 2014, Yang Xin, the actual controlling shareholder of Hongda New Materials, joined hands with company executives to conduct an insider transaction. Because the amount involved is relatively large and has caused serious damage to the rights and interests of small and medium-sized shareholders, the incident of also caused Hongda to be investigated by the China Securities Regulatory Commission .
In this insider trading case, the major shareholder Shanghai Yongbang used senior executive Zhu Dehong to provide funds to manipulate Hongda New Materials' stock price and lost 30.67 million yuan, manipulated Jinhe Industrial's stock price to cash out 720.34 million yuan , with a total profit of 689.67 million yuan, and shareholder Shanghai Jinlifang cashed out 49.2 million yuan. The stock price of Hongda New Materials held by executive Zhu Dehong rose from more than 4 yuan in April to 11 yuan, with the cumulative increase of 71.54%, and the stock value has been greatly improved.
This round of transactions also caused Hongda New Materials to be punished by the China Securities Regulatory Commission. Among them, the China Securities Regulatory Commission imposed the following penalties on several parties involved in this round of transactions, imposing a fine of 3 million yuan on Shanghai Yongbang, Yang Shaodong was given a warning and a fine of 600,000 yuan. Shanghai Jinli was fined 100,000 yuan, Li Shilei was given a warning and fined 50,000 yuan. Zhu Dehong fined 3.6 million yuan. So what problems does this insider trading expose the company's operation? ?
3. Internal problem analysis
First, there are problems with the company's equity structure. Take 2014 as an example. At that time, Jiangsu Weilun held 38.21% shares of Hongda New Materials. Zhu Dehong, as the legal representative of Jiangsu Weilun and the general manager of Hongda New Materials, held absolute control, providing convenience for hollowing out Hongda New Materials.
Secondly, there is a vulnerability in company management . From 2012 to 2014, the controlling shareholder Jiangsu Weilun accounted for nearly one-third of the number of people on the board of directors of Hongda New Materials, including Zhu Dehong and his son Zhu Enwei . Most of the other directors are from school professors and have little participation in the management and participation in Hongda New Materials' business management activities.
Therefore, independent directors are useless and other directors do not actively participate in the company's business management activities. led Zhu Dehong to control the entire board of directors of Hongda New Materials and control the company's business decision-making power.
Hongda New Materials' board of directors has become a prop for Zhu Dehong to manipulate listed companies. Hongda New Materials' business decision has become Zhu Dehong's "one-management" , allowing major shareholders and executives to blatantly use insider trading to transfer company interests to themselves to provide a perfect control channel.
In addition, as one of the independent directors, Luo Xiaowen also served as the deputy general manager of Hongda New Materials during his tenure. According to the independent director appointment system, personnel employed by the company or its affiliated companies should be excluded from the scope of independent directors. Luo Xiaowen's employment is tantamount to violating the company's internal management system. Moreover, Luo Xiaowen and Zhu Dehong's colleagues for many years are not conducive to maintaining their independence.
summary
Hongda New Materials is one of the earliest enterprises in China to engage in high-temperature silicone production, and its corporate development can be said to be a bright future. But whether it is the insider trading of the controlling shareholder in 2014, or the controlling shareholder in this year was investigated by the police and the executives resigned collectively, both exposed that there are many problems in the development of this company .
The puzzled problem is that other companies will experience stock prices plummeting after facing huge personnel changes at senior management. However, this time the stock price of Hongda New Materials has reached its historical highest price in recent months. What do you think are the reasons why the company's stock price has risen sharply? Everyone is welcome to express your opinions in the comment section.
