Tang Zhishun Huayangcheng Evening News reporter Han Ping
Wanfu Shengke, which was suspended from listing on April 22, 2013 due to fraudulent listing, issued yesterday almost blinded all investors' eyes. The company said that a total of 26.18% of the company's equity under the name of the former controlling shareholder Gong Yongfu and Yang Ronghua and his wife was transferred to Taoyuan Xianghui Agricultural Investment Co., Ltd. (hereinafter referred to as "Taoyuan Xianghui") by the judicial authorities. The latter will become the largest shareholder of Wanfu Shengke, and the actual controller of the company will also be changed to the natural person Lu Jianzhi, and the company's shares will resume trading from now on. After the stock resumed trading yesterday, it directly hit the daily limit by one line and closed at 6.22 yuan. When the China Securities Regulatory Commission made it clear that GEM stocks are not allowed to be backdoor and the registration system is about to take place, Taoyuan Xianghui still invested heavily in a company with serious losses, and the future fate of Wanfu Shengke once again attracted attention from all walks of life.
The two companies in Hunan and Zhejiang have joined hands to become major shareholders
Although Wanfu Shengke has predicted that the full year of performance may still be in losses, coupled with the previous listing fraud, there are high calls for it to delist immediately. However, Taoyuan Xianghui is still actively involved in the debt restructuring of Wanfu Shengke and has paid huge amounts of funds. The announcement shows that Taoyuan Xianghui provided a huge loan of 140 million yuan to Gong Yongfu and Yang Ronghua on August 30 and September 11, 2013. Since the Gong couple could no longer repay the loan, the court allocated the 25.0877 million shares held by Gong Yongfu and the 10 million shares of Wanfu Shengke held by Yang Ronghua to Taoyuan Xianghui at an appraisal price of 3.99 yuan per share to repay the above-mentioned 140 million yuan debt. Since then, Taoyuan Xianghui directly held 26.18% of Wanfu Biotech's equity and became the company's largest shareholder. Because Lu Jianzhi holds 100% of Taoyuan Xianghui's equity, he is currently the actual controller of Wanfu Biotech.
What is amazing is that Taoyuan Xianghui also voluntarily paid 85 million yuan to the Gong couple as a "reasonable" compensation for the transfer of the controlling stake in Wanfu Shengke. This means that although the Gong couple is fake, they can still become millionaires. Taoyuan Xianghui spent a total of 225 million yuan to control Wanfu Biotechnology.
Ningbo Yongdao Equity Investment Partnership (Limited Partnership) is also very optimistic about this fraudulent and loss-making company. The partnership also obtained 15.0376 million shares of Wanfu Shengke from Gong Yongfu for 60 million yuan, with a price of 3.99 yuan per share. According to information, Ningbo Yongdao was established at the end of February 2013, just one month before the suspension of trading of Wanfu Biotechnology. Its executive partner Wu Haixia is still a "post-85".
The above two companies hold a total of about 30% of Wanfu Shengke's equity, exceeding Yang Ronghua's 30.19 million holdings. Ningbo Yongdao will become the third largest shareholder. Wanfu Shengke is currently facing pressure to suspend its listing, and as a GEM stock, it will not be able to implement backdoor acquisition in the future. How can the huge investment invested by Lu Jianzhi and Ningbo Yongdao be cashed out? Is this a risky move or a good move? This case is of great reference significance for the subsequent development direction of the capital market.
At present, Taoyuan Xianghui's entry cost is 6.41 yuan per share, while Ningbo Yongdao's cost is 3.99 yuan. With another daily limit, the investment of the above two companies can make a book profit. Before the suspension of trading, Wanfu Shengke's total market value was very small, only 757 million yuan, and the circulating market value was less than 200 million yuan. As early as before the stock was suspended in April 2013, its trend was contrary to the news, and many funds completed heavy investment in building positions before Wanfu Shengke's suspension. What is particularly strange is that when the stock was suspended in the afternoon, there seemed to be insiders rushing to grab stocks in the last half of the trading day in the morning. The stock price once hit the daily limit, and the trading volume in half a day exceeded one double the trading volume the day before the suspension. It can be seen that if you have funds, try to grab the goods before the suspension of trading.
Among its top ten circulating shareholders, Xiao Lihai's performance is particularly eye-catching. As of the end of 2012, this person was not seen in the shareholder list of Wanfu Biotech. By the end of March 2013, Xiao Lihai had bought 450,000 shares, accounting for 0.33% of Wanfu Biotech's total share capital, ranking first in the circulating shareholder list. In the following 14 trading days, Xiao Lihai invested more than 198,800 shares, increasing his shareholding ratio to 0.48%, becoming the tenth largest shareholder of Wanfu Biotech and the largest shareholder of circulating shares.Another natural person shareholder named Xiao Lijiang also appeared on the Wanfu Shengke shareholder list. With the purchase of at least 60,000 shares in 14 trading days in April, it completed the establishment of 260,000 shares before the suspension, becoming the ninth largest shareholder of the outstanding stock.
Also "bold" are Guangdong Yuecai Trust Co., Ltd. - Zhongding, natural person shareholders Zhang Shouqing, Shu Xinyue, Ma Jinling, and Lin Qiuxia. They all completed positions in 14 trading days in April, with a shareholding of between 249,000 and 589,700 shares, all of which ranked among the shareholders of circulating shares. Among them, Zhang Shouqing has always been famous in the capital market for precise investment in listed companies that "Farewell to the Best" market. Calculated based on the average transaction price in April, the average holding cost of the above shareholders is about 5.3 yuan. Calculated based on yesterday's closing price, the current yield has reached 17%. What’s even more strange is that in April 2013, the turnover rate of the stock exceeded 130% in just 14 trading days. It can be seen that almost all the old shareholders took action, and new shareholders such as Xiao Lihai and Xiao Lijiang were replaced.
Background information
1 Wanfu Shengke fraud incident
On September 27, 2011, Wanfu Shengke (Hunan) Agricultural Development Co., Ltd. successfully landed on the GEM, and the sponsor was Ping An Securities. But soon after, the fraud incident occurred and became the first case of fraud on the GEM listing that caused a sensation in the market. After investigation by the China Securities Regulatory Commission, from 2008 to the first half of 2012, Wanfu Shengke's cumulative inflated operating income and operating profits reached 905 million yuan and 213 million yuan respectively; after calculation of its four and a half years of financial data, nearly 9 profits became fraudulent. On September 19, 2012, Wanfu Biotechnology was suspended and the China Securities Regulatory Commission filed an investigation into it. On May 10, 2013, the China Securities Regulatory Commission stated that the administrative investigation of Wanfu Biotechnology was over. The sponsor Ping An Securities was issued a fine of more than 76 million yuan, and the two sponsors were given a penalty of banning the market. However, the punishment for listed companies is obviously lighter, and only the main responsible person is fined less than RMB 300,000.
After that, Ping An Securities and Wanfu Shengke stated that they will jointly bear compensation for investors who are damaged by fraud, but the recipients must agree not to pursue legal liability. In the end, 12,756 people received a total of 178 million yuan in compensation, accounting for 99.56% of the total amount to be compensated.
Many industry insiders believe that the punishment for fraud on listed companies in the incident was light and failed to deter them. Mainly, Wanfu Shengke obtained 400 million yuan in financing through fraud, with the compensation amount being less than 200 million yuan, and most of it was borne by Ping An Securities; the main responsible person can also become a millionaire by selling shares. Although the reputation of the fraud is damaged, the benefits are huge, which may attract illegal people to follow.
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