On July 4, * ST Jingui (002716. SZ), once known as the first share of silver, announced that it had received the Notice of investigation issued by the CSRC. Cao Yonggui, the companys controlling shareholder and actual controller, was investigated by the CSRC for suspected illegal information disclosure.
At the same time, the progress of four litigation matters involved in * ST Jingui was disclosed at the same time, including three civil judgments and one enforcement notice. Up to now, the market value of * ST Jingui has evaporated by 80%, and the accumulated loss of last year was 4.3 billion yuan. The stock price dropped 91% from the highest point of 17.47, and the latest closing price was 1.4 yuan per share.
This year, there were 43 judicial risk incidents
In fact, since the beginning of this year, * ST Jingui has been involved in lawsuits.
According to Tianyan information, from the beginning of the year to now, there have been 43 judicial risk events related to Chenzhou Jingui Silver Industry Co., Ltd., most of which involve contract disputes (related to sales, guarantees and financial leasing), bond trading disputes and bill disputes.
On July 3, * ST Jingui received the investigation notice issued by China Securities Regulatory Commission. The content of the notice is: as the company, its controlling shareholder and actual controller, Mr. Cao Yonggui, is suspected of illegal information disclosure, in accordance with the relevant provisions of the securities law of the peoples Republic of China, we will decide to put Mr. Cao Yonggui on file for investigation. Please cooperate.
Three financial institutions involved
At the same time, the progress of four litigation matters involved in * ST Jingui was disclosed at the same time, including three civil judgments and one enforcement notice.
In a dispute over a financial loan contract, the defendant Chenzhou Jingui Silver Industry Co., Ltd. (hereinafter referred to as the company) shall repay the plaintiff Hunan Caixin Trust Co., Ltd. the loan principal of RMB 100 million and the interest calculated at the annual interest rate of 24% from August 2, 2019 to the actual settlement date (with RMB 1011129.17 deducted) within 10 days from the effective date of this judgment. At the same time, repay the plaintiff Hunan Caixin Trust Co., Ltd. the loan principal of RMB 80 million and the interest and compound interest calculated at the annual interest rate of 18.3% from August 2, 2019 to the actual settlement date based on RMB 80 million;
In a dispute over the right of recourse of bills, the defendant Chenzhou Jingui Silver Industry Co., Ltd. shall pay the plaintiff Zhejiang property Zhongda United Financial Services Co., Ltd. the face value of the electronic commercial acceptance bill with the bill number of 230758800555820180914255130051 and the interest within 15 days from the effective date of this judgment, and pay the plaintiff Zhejiang Zhongda United Financial Services Co., Ltd The face value and interest of the electronic commercial acceptance bill with the bill number of 23075880555820180920258053116 of the limited company are RMB 100 million and interest.
In addition, for the annual report of 2019, the SME Board of Shenzhen stock exchange sent an inquiry letter on the annual report, and * ST Jingui postponed the reply for many times.
Screenshot of 2019 Annual Report
It is worth noting that one side is the companys annual huge losses, on the other side is the generous salary of senior officials. According to the annual report of 2019, the total remuneration of directors, supervisors and senior managers of the company during the reporting period was 3.2868 million yuan, the total pre tax remuneration of chairman, acting general manager and Secretary Cao Yonggui from the company was 507200 yuan, and the total pre tax remuneration of director Cao Yongde from the company was 412700 yuan.
Screenshot of 2019 Annual Report
After six years of listing, the market value has shrunk by 80%
What happened to Chinas first silver stock?
In 2014, jinguiyin was listed on the small and medium-sized board of Shenzhen Stock Exchange, known as Chinas first silver stock. In the following 2015-2017, the company delivered the financial report of double growth of net profit in successive years, which was pursued by secondary market funds.
However, up to now, the market value of * ST Jingui has evaporated by 80%, and its share price has dropped 91% from its highest point of 17.47. The latest closing price is 1.4 yuan per share.
How can we get here? In fact, this year, St Jingui has thrown out a series of bombings.
In December 2019, 17 Jinggui 01 of 200 million private placement bonds issued by the company defaulted.
Subsequently, the company was further implemented delisting risk warning, becoming todays * ST Jingui.
It is worth noting that in the first half of 2019, some institutions also gave a buy rating and a target price of 12 yuan.
CAITONG securities wrote two research reports in March and may 2019. The research report believes that the rescue fund of RMB 4.17 billion from Great Wall assets and Agricultural Bank of China to Jingui bank is in place, which will fully support the development of the company. As a result, the agency raised its target price to 12 yuan in the next six months. Today, the total market value of * ST Jingui is only 1.345 billion yuan.
60000 shareholders are trapped, and two trusts step on thunder!
Or face value delisting
By the end of March 2020, there were more than 60000 shareholders in the secondary market of * ST Jingui.
Image source: wind
This means that for 1 Yuan stocks such as * ST Jingui, after being investigated by the CSRC, it is more likely to cause panic, accelerate falling to 1 yuan / share, and trigger the delisting crisis of par value.
In addition, as of the first quarter of 2020, among the top ten shareholders of * ST Jingui, there are two famous trust figures -- Aijian Trust and Zhongrong International Trust, which are all new in the first quarter.
This year, more than one par value delisted shares bid farewell to a shares
In this year, many low-priced stocks have bid farewell to a shares because of the face value delisting system. Looking at the current A-shares of nearly 3900 stocks, as of July 3, there were 4 stocks with a share price lower than 1 yuan / share, and 88 yuan stocks with a price between 1 yuan and 2 yuan / share.
According to the data, since 2020, there have been 9 listed companies triggering the delisting of par value. Among them, there are 7 companies in the first half of the year, namely st Ruidian, * ST Meidu, Shengyun environmental protection, * ST Tianbao, Shenwu environmental protection, Dongfeng B, and Tianguang Zhongmao.
Recently, * ST Dahua B and * St Silver Pigeon successively announced that they had received the Shanghai Stock Exchanges decision to terminate the listing of the companys shares. Both companies were delisted because their daily closing prices were lower than the par value of each share for 20 consecutive trading days.
Source: Yang Bin, editor in charge of economic report in the 21st century_ NF4368