China Business Network Client, January 24th Quanjian Group suspected of pyramid scheme, its vice president Shen Jianhong was nominated as a director of ST Shengda, and it caused controversy. On the evening of the 24th, ST Shengda issued an announcement stating that Sichuan Shengda Forestry Industry Co., Ltd. received an investigation notice from the China Securities Regulatory Commission on January 24. The China Securities Regulatory Commission decided to file a case for investigation of the company due to suspected illegal and irregular information disclosure.
CSRC data map. China News Service Dong Xiangyi Photo by
According to previous reports, ST Shengda passed a board resolution on December 11, 2018, nominating Shan Yang, Feng Chao, Shen Jianhong and Guo Yafei as non-independent director candidates for the fifth board of directors of the company. Among them, Baohetang (Hainan) Modern Agricultural Technology Co., Ltd. (hereinafter referred to as Baohetang) was nominated as director of the listed company. According to information, Shen Jianhong has served as vice president of Quanjian Group since 2011.
It is worth noting that ST Shengda, which was originally scheduled to hold a shareholders' meeting to deliberate on the board of directors' election at the end of last year, previously announced the postponement of the meeting. Until January 20, ST Shengda announced the resolution of the first extraordinary general meeting of shareholders in 2019: the proposal of to nominate Quanjian Group executive Shen Jianhong as a candidate for director was rejected , with only 2.99% of the votes agreed, and all other candidates were elected.
When Quan Fitness was at the forefront, the nomination of its executive as a director of ST Shengda immediately attracted the attention of regulators. On January 18, ST Shengda received a letter of concern from the Shenzhen Stock Exchange, requesting to explain the relationship between Baohetang and its affiliated companies and Quanjian Group, and whether there is any financial transactions or cooperation. The reason and rationality of the company's nomination of Quanjian Group's vice president Shen Jianhong as a non-independent director candidate .
As early as January 15, Sichuan Securities Regulatory Bureau also issued an inquiry letter to ST Shengda, asking ST Shengda to explain the process and reasons for nominating Shen Jianhong as a director of the company .
public information shows that ST Shengda was listed in 2008 and passed a major asset restructuring in 2015. The company's main business consists of two major businesses: home furnishing and clean energy. At the end of 2016, ST Shengda divested its home furnishing business from its controlling shareholder Shengda Group, and its main business has become clean energy.
Quanjian has been arrested for suspected pyramid schemes, and the controller has been arrested. Why did Baohetang nominate Quanjian’s senior executive as a candidate for director? In response, Baohetang's actual controller Shan Yang told the media that Baohetang mainly operates the traditional Chinese medicine industry, and Quanjian also has a traditional Chinese medicine business.
Another big doubt is, what kind of relationship does ST Shengda and Baohetang have? According to the Daily Economic News, due to the broken capital chain of Shengda Group, the controlling shareholder Shengda Group, in mid-November 2018, Shengda Group wanted to transfer control of ST Shengda to Baohetang .
According to Interface News, Baohetang is actually a "shell company": the actual paid capital is only 150,000 yuan, claiming to be planning to build a modern agricultural comprehensive processing project in Hainan Province, and is currently conducting preliminary research, site selection, planning and design, and has not yet officially started actual production and operation. In addition, as of the end of September 2018, Baohetang had a debt of 3.02 million yuan and was insolvent. In addition, the company's operating income has been zero since 2017, and it lost 870,000 yuan in the first nine months of 2018.
As of January 24, ST Shengda's stock price has closed negative for five consecutive trading days, closing at 2.22 yuan per share on the same day. (China Business Network APP)
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