On the evening of August 10, Fengfeng Group, once known as the king of demon shares, announced that the companys shares had been suspended from July 8, 2020. During the suspension of listing, the company still contacted the audit institutions in the market in many aspects, but as of the disclosure date of the announcement, it had not signed an agreement with the relevant audit institutions, resulting in the failure to disclose the 2019 annual report within one month after the suspension of listing. Therefore, Shenzhen stock exchange has the right to decide to terminate the listing and trading of the companys shares.
Like its name, the storm group always seems to be at the center of the eye of the storm
On the evening of August 6, storm group announced that the companys shares had been suspended from July 8, 2020. During the suspension of listing, the company still contacted the audit institutions in the market in many aspects, but as of the disclosure date of the announcement, it did not sign an agreement with the relevant audit institutions.
On July 31, Fengfeng Group issued a concern letter saying that Feng Xin, chairman and general manager of Fengfeng Group, was indicted for bribery of non-state staff. After the day of trading, Fengfeng Group announced that recently, through Mr. Feng Xins defenders, the peoples Procuratorate of Jingan District, Shanghai, filed a public prosecution against Mr. Feng Xin, the legal representative of the company, for suspected bribery of non-state employees. The case is being further handled by the peoples Court of Jingan District, Shanghai.
Windstorm group will suspend trading from July 1, 2020.
go into a cul-de-sac
Speaking of the storm group, everyone knows.
Pushing the time point back to five years ago, Fengfeng Group was named the king of demon shares by shareholders. This is because since its listing on March 24, 2015, it broke the A-share market limit record with 37 consecutive limit boards in a short period of 40 days. At that time, Fengfengs share price soared from 7.14 yuan / share to 327 yuan / share, and its market value was more than 40 billion yuan. Now, the founders have been arrested, all the senior executives have left, and the stock market has been suspended. It has fallen to less than 500 million yuan, which is very sad.
Many people attribute the great defeat of Fengfeng Group to Feng Xin, the actual controller of Fengfeng Group, who was taken compulsory measures by the public security organs for suspected crimes on July 28, 2019. In fact, after the success of listing in 2015, since 2016, the annual revenue of Fengfeng Group has not been satisfactory, and almost lost money for consecutive years.
In May 2019, Everbright capital, a subsidiary of Everbright capital, which has jointly established an industrial M & A fund with Fengfeng Group, took Fengfeng Group to court for compensation of 750 million yuan due to the continuous loss of MPS of the acquisition project company and the failure of Fengfeng Group and Feng Xin to fulfill the repurchase agreement.
After investigating the property of Fengfeng Group, the peoples Court of Haidian District of Beijing found no property available for execution. Then, Fengfeng Group was included in the list of persons to be executed for breach of trust. Feng Xin was also taken compulsory measures by the public security organ.
In September 2019, Feng Xin was arrested on suspicion of bribery and embezzlement of non-state staff. With the loss of Feng Xin, the storm became a loose sand, and the executives began to seek new jobs, and employees left or were dismissed.
Annual report dystocia
Fengfeng audio and video was founded in 2003. After that, Fengxin team acquired Fengfeng AV and built it into a player with super decoding function. In 2009, the total number of users of storm video increased to 280 million, and the number of online users reached 25 million every day. In March 2015, Fengfeng Group was listed on the growth enterprise market, and gained a number of trading limit boards, with a market value of more than 40 billion.
However, after 2016, the situation of Fengfeng Group has gone from bad to worse. The arrest of Feng Xin is directly related to the acquisition of MP & Silva, a European sports copyright brokerage company, by storm group and Everbright capital in 2016.
According to the reply letter of Fengfeng Group, in October 2019, the then CFO of Fengfeng Group applied to resign as CFO for personal reasons. Since then, the company has been looking for a CFO candidate, but due to poor business conditions, arrears of employees wages, excessive negative news and other reasons, there has been no result.
In November 2019, the audit institution resigned from the work of audit accountant of Fengfeng Groups 2019 annual report. Since then, Fengfeng Group has solicited cooperation intention from other institutions through various channels, and contacted more than ten audit institutions. However, due to various reasons, the final result has not been achieved.
Up to now, Fengfeng Group has not completed the appointment of CFO, and there is no cooperative audit institution for the annual report of 2019. Based on this, Fengfeng Group is unable to disclose the annual report of 2019 within the statutory period, nor the first quarter report of 2020 within the prescribed period.
According to the previous announcement, the net assets attributable to the owners of the parent company in the consolidated financial statements of Fengfeng Group on September 30, 2019 are - 633.4499 million yuan (not audited), and there is a risk that the net assets attributable to the shareholders of the listed company at the end of 2019 after audit are negative.
In addition, on February 10, 2020, Fengfeng Group and Beijing FengXing Online Technology Co., Ltd. signed a cooperation agreement and its attachments. During the performance of the contract, there are uncertainties or risks in laws, regulations, policies, technologies, markets, etc., and at the same time, it may also face risks caused by unexpected events and other force majeure factors. Fengfeng Group employees continue to lose a large number of employees, at the same time, there is the situation that some employees are in arrears.
The storm group disappeared
Recently, fund Jun found in the Appstore and Android application market that storm video app can be downloaded and used normally. The latest software update was displayed one month ago. There is a news that the app has been taken over online by the wind bank.
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