Zhangzidao lost nearly 400 million yuan, and two shareholders said management was chaotic

category:Finance
 Zhangzidao lost nearly 400 million yuan, and two shareholders said management was chaotic


Net profit decreased by more than 1300%

In November last year, Zhangzi Island raised the black swan event alarm, a large proportion of bottom seeded scallops died, and made it clear that the event has constituted a significant risk of inventory impairment of bottom seeded scallops. According to the 2019 performance express, affected by the scallop death event, the company has written off the inventory cost and accrued the inventory falling price reserves of nearly 300 million yuan.

According to the report on investigation and evaluation of bottom seeded scallop resources in the bottom seeded sea area issued by the national marine environment monitoring center, the company has written off the inventory cost of 231 million yuan of bottom seeded scallop of 435700 mu in 2017 and 2018.

According to the resource investigation and evaluation report, inventory results, book cost of bottom seeded shrimps and scallops at the end of 2019 and other relevant financial data, Zhangzi Island also made depreciation reserves of more than 60 million yuan for 124800 mu of bottom seeded shrimps and scallops in 2017 and 2018.

Zhangzidao said that the company had previously applied to the government for relief of the sea area use fund in 2019, but it had not received the approval of the remaining 143 million yuan. In this regard, the company recognized the amount as a receivable and did not offset the cost or record it in the profit and loss account.

According to the reporters analysis, the final investigation result has not yet been published for the scallop death event announced by Zhangzi Island at the end of 2019.

Luo Weixin, the director of the companys second largest shareholder, voted against the performance express and the proposal of annual provision for impairment and write off of assets. Luo Weixin said that the proposal mentioned that the investigation and assessment of dibaobei resources of Zhangzidao group issued by the national marine environment monitoring center was the only supporting report submitted by its management unilaterally, and it had reason to think that the authenticity, fairness and fairness of the content of the report were biased.

Frequent changes in the top management of the company

On the evening of February 28, a notice on appointment and removal of personnel was issued along with the performance express of Zhangzi Island, specifically the change of CFO and senior management of another company. Liu Yong, the companys chief financial officer, applied to resign as the companys chief financial officer due to personal physical reasons, Zhangzidao said.

In the past six months, there have been many personnel shocks. In November last year, Liang Jun, the companys director and executive vice president, applied to resign from the above position; Gou Rong, the companys chief financial officer and executive president of overseas trade business group, applied to resign from the companys chief financial officer position. In addition, sun Fujun, vice president of the company and Secretary of the board of directors, also applied for resignation. Just a month later, Cong Jinxiu, the companys independent director, and Zhang Kan, its chief information officer, resigned.

For the resignation of sun Fujun, former Secretary of the board of directors of Zhangzi Island, Zhangzi Island once said that it was the impact of the receipt of the CSRCs notice of administrative punishment and market prohibition on Sun Fujuns senior management qualification. According to this notice, after investigation and determination by the CSRC, Zhangzi Island was suspected of financial fraud and false increase of profits during 2016-2017, and there were major defects in internal control. In this regard, dozens of directors, supervisors and senior staff of the company at that time were listed as directly responsible personnel. Luo Weixin, director of the company, also publicly opposed the latest personnel change proposal. Luo Weixin said that in order to better protect the interests of the company and the interests of small and medium-sized shareholders, in order to lose the trust of the existing management and the confusion of the companys management, the change of such important positions should be publicly selected or recommended by the shareholders . Source: Daily Economic News Author: Li Shiqi editor in charge: Wang Xiaowu NF

For the resignation of sun Fujun, former Secretary of the board of directors of Zhangzi Island, Zhangzi Island once said that it was the impact of the receipt of the CSRCs notice of administrative punishment and market prohibition on Sun Fujuns senior management qualification.

Luo Weixin, director of the company, also publicly opposed the latest personnel change proposal. Luo Weixin said that in order to better protect the interests of the company and the interests of small and medium-sized shareholders, in order to lose the trust of the existing management and the confusion of the companys management, the change of such important positions should be publicly selected or recommended by the shareholders .