The response to the Shenzhen Stock Exchanges letter of concern raised a bigger financial problem for the old pharmaceutical company.
According to the reply of Guizhou bailing to the letter of concern of Shenzhen Stock Exchange, the company takes Guizhou Yibo economic and Trade Co., Ltd. (hereinafter referred to as Yibo economic and Trade Co., Ltd.), Chaozhou Meiyuan Printing Co., Ltd. (hereinafter referred to as Meiyuan Printing Co., Ltd.), Anshun Baolin science and technology traditional Chinese medicine beverage Co., Ltd. (hereinafter referred to as Baolin science and Technology) as the intermediary, and only plans in 2019 The contribution is 2.085 billion yuan.
Among them, there are 1.422 billion yuan of loans from suppliers, 490 million yuan of which finally flows into Guizhou bailings actual controller to form capital occupation, and 170 million yuan is provided to suppliers.
It is worth noting that such a transfer of funds continued until May this year. From January to May 19 this year, there were also cases of illegal use of funds through suppliers.
Suppliers became intermediaries and allocated more than 2 billion yuan last year
According to Guizhou bailings reply to the Shenzhen Stock Exchanges letter of concern, Guizhou bailing has allocated 2.085 billion yuan to suppliers Yibo economic and trade, Meiyuan printing and Baolin technology in 2019 in the form of prepayment and bank loan directional payment, including 1.422 billion yuan of bank loan through the above-mentioned suppliers, 170 million yuan of suppliers use fund and funds occupied by the actual controller It is 492 million yuan, and the accumulated recovered capital is 2.143 billion yuan (including interest).
In the letter of concern, Guizhou bailing listed the fund transfer with these three suppliers in detail. The reporter found that Guizhou bailing and the three suppliers made frequent fund transfers for bank loans. Basically, Guizhou bailing transferred the funds to the account of one of the above suppliers. After a week or so, these suppliers transferred the funds to Guizhou bailing.
When the capital flows frequently, there will be such in and out of the account every day. In September 2019, for example, Guizhou bailing transferred 100 million yuan to Yibo economy and trade every day for three consecutive days on September 25, 26 and 27, respectively. On September 26, 27 and 29, 2019, Yibo economy and trade planned to transfer 300 million yuan into Guizhou bailing account with a slight change in the amount of capital.
Guizhou bailing said that the reason for such bank reverse lending was that the company returned the due working capital loan to the financial institutions on schedule. After the loan was returned on schedule, the bank issued a new phase of working capital loan. The bank was entrusted to pay to the companys designated supplier, and the supplier received the loan and then transferred it to the companys designated account.
On the one hand, the banks reverse loans will flow to the controlling shareholders of Guizhou bailing, forming the non operational occupation funds of the controlling shareholders for Guizhou bailing.
According to the data, Guizhou bailing allocated 492 million yuan to suppliers in 2019 and 550 million yuan to suppliers, all of which were non operating occupation of related parties. The daily maximum balance of funds of the company with non operating occupation of actual controller reached 410 million yuan, accounting for 10.11% of Guizhou bailings audited net assets in 2019.
It is worth noting that such behaviour has continued throughout the year. According to the data, Guizhou bailing transferred 197 million yuan from January 1 to May 19, 2020 to the suppliers and 197 million yuan from the suppliers. Guizhou bailing said the payment was entrusted payment and recovery of normal loans. In the same period, the actual controller of Guizhou bailing occupied 566 million yuan.
Guizhou bailing has also provided funds to the three suppliers for a long time. In 2019, the three suppliers used 170 million yuan of Guizhou bailings funds; from January 1, 2020 to May 19, 2020, 249 million yuan of funds.
In the reply to the letter of concern, Guizhou bailing made it clear that some suppliers use of funds did not meet the requirements of Shenzhen Stock Exchanges guidelines for the standardized operation of listed companies and other relevant regulations; the actual controllers non operational occupation of funds did not meet the notice of China Securities Regulatory Commission on regulating the capital flow between listed companies and related parties and the external guarantee of listed companies and Shenzhen securities The exchanges guidelines for the standardized operation of listed companies and other relevant requirements.
The relationship behind the three sub loan suppliers or mutual intersection becomes a mystery
However, the article behind the reverse loan through regular banks is quite different from the reverse loan through private lending and the reverse loan with suppliers as fund transfer intermediary like Guizhou bailing.
The reporter of Beijing News noted that none of the above three suppliers mentioned by Guizhou bailing had appeared in the companys information disclosure announcement before. The total purchase amount of Guizhou bailing to the top five suppliers is only 300 million yuan, which is quite different from the companys disclosed current capital of more than 2 billion yuan.
According to Guizhou bailing, three suppliers of Yibo economic and trade, Meiyuan printing and Baolin technology have no relationship with the company. So, what are the three suppliers?
First of all, lets talk about Meiyuan printing from Guangdong. Meiyuan printing is an enterprise in Chaozhou, Guangdong Province. It mainly deals in packaging and decoration printing, other printing and other businesses. Its boss is Li Jianxin, who holds 75% of the stock rights of Meiyuan printing.
The only 50% owned subsidiary of Meiyuan printing is Zhengzhong micro loan Co., Ltd. in Chaoan District, Chaozhou City. Its business scope is naturally to handle various micro loans, and it has sued others for loan contract disputes.
At the time of this capital increase, the name of Li Jianxin appeared in the list of shareholders of Chongqing Haifu Medical Co., Ltd. at that time, Li Jianxin and Guizhou bailing had the same number of shares in Chongqing Haifu Medical Co., Ltd., and they were the second largest shareholders. In January this year, Li Jianxin held 12.635% of the list of shareholders of Chongqing Haifu Medical Co., Ltd. disclosed by Guizhou bailing. According to the enterprise investigation data, Li Jianxin is now a director of Chongqing Haifu Medical Co., Ltd.
The reporter of Beijing News found that the two remaining Yibo economic and trade and Baolin technology, which have close financial relations with Guizhou bailing, are the same actual controller behind them.
According to the data, the two companies are all local enterprises in Guizhou with the same office address. Yu Yixiang, the major shareholder and legal representative of the two companies, holds 90% of the equity of Baolin technology and 88% of the equity of Yibo economy and trade.
Similarly, the above two companies are not directly listed in the supplier list of Guizhou bailing. However, in the 2012 annual report, as the former five suppliers of Xiang, Guizhou bailing purchased 15.5775 million yuan from Xiang, accounting for 2.79% of the total purchase amount of that year.
And it is worth noting that Li Jianxin also had an intersection with Yu Yixiang. The reporter noted that the first shareholder of Yibo economic and Trade Co., Ltd., also known as Li Jianxin, withdrew from Yibo economic and Trade Co., Ltd. in August 2015 and became a new shareholder in Yixiang.
In addition, in April this year, Baolin technology, controlled by Yixiang, was fined for producing inferior yams, confiscated illegal income and property, according to the punishment announcement issued by Guizhou pharmaceutical regulatory bureau.
Guizhou bailings debt ratio increases year by year and the actual controller urgently returns the remaining Occupied Funds
Behind the frequent back loans, Guizhou bailings actual controllers non operational occupation of the companys funds is also very serious.
According to the 2019 annual report, Jiang Wei, the actual controller of Guizhou bailing, borrowed 340 million yuan from Guizhou bailing at the interest rate of 6% due to capital turnover. The financial report shows that the funds and interest have been returned as of December 31, 2019.
According to the special audit notes on occupation of non operating funds and other related capital transactions issued by the accounting firm, in 2019, Guizhou bailing accumulatively transferred 2.086 billion yuan of funds to the actual controller of the company and recovered 2.144 billion yuan (including interest), all of which are non operating.
According to the content of this letter of concern, Guizhou bailing still has the situation that the actual controller occupies the companys funds by transferring funds to suppliers this year. Data shows that from January 1 to May 19, 2020, the total amount of non operating funds occupied by related parties of Guizhou bailing reached 528 million yuan.
On May 15, Guizhou bailing received a letter of concern from Shenzhen Stock Exchange, asking for an explanation of capital occupation and other issues. After that, on May 15, 18 and 19, the actual controller and supplier of Guizhou bailing transferred three funds to the account of Guizhou bailing.
Data shows that Guizhou bailings financial expenses in 2019 are 54.18 million yuan, an increase of 251.95% compared with the same period in 2018. In terms of operation, Guizhou bailing achieved an operating revenue of 2.85 billion yuan in 2019, down 9.13% year on year; the net profit attributable to shareholders of listed companies was 290 million yuan, down 48.27% year on year. In 2019, the gross profit margin of Guizhou bailings Chinese patent medicine business also fell to 57.69%, 5.44% lower than that in 2018. In 10 years of listing, this is the first time that Guizhou bailings income and profit have declined. Source: new Beijing News Author: Li yunqi editor in charge: Wang Xiaowu_ NF
Data shows that Guizhou bailings financial expenses in 2019 are 54.18 million yuan, an increase of 251.95% compared with the same period in 2018.
In terms of operation, Guizhou bailing achieved an operating revenue of 2.85 billion yuan in 2019, down 9.13% year on year; the net profit attributable to shareholders of listed companies was 290 million yuan, down 48.27% year on year. In 2019, the gross profit margin of Guizhou bailings Chinese patent medicine business also fell to 57.69%, 5.44% lower than that in 2018.