Zhou Yike, former vice president and chief financial officer of Hai Run photovoltaic Co., Ltd., was sentenced to 2 years and 8 months imprisonment, suspended for 3 years and fined 1 million yuan; Chen Hao, former vice president and Secretary of the board of directors, was sentenced to 2 years and 8 months imprisonment, suspended for 3 years and fined 5 million yuan.
Participated in the establishment of four photovoltaic listed enterprises, known as godfather of Chinas photovoltaic
According to public data, Yang Huaijin, who was born in Zhenjiang Yangzhong, Jiangsu Province in September 1963, received a bachelors degree in economics from Shanghai University of Finance and economics in 1985, and a masters degree in economics from Macquarie University in Australia in 1994, and then naturalized in Australia.
Around 2000, Yang Huaijin returned to China for financing and participated in the establishment of Wuxi Suntech Solar Power Co., Ltd., the earliest benchmark enterprise in Chinas solar photovoltaic industry. In December 2005, Wuxi Suntech was listed on the New York Stock Exchange, becoming the first Chinese private enterprise to land on the New York Stock Exchange.
At that time, Shi Zhengrong, the chairman of Wuxi Suntech, and Zhao Jianhua, the general manager of China Electric (Nanjing) photovoltaic Co., Ltd., were all from Yangzhong, and they had studied in Australia. Together with Yang Huaijin, they were known as the three heroes of Yangzhong in the industry.
In 2005, Yang Huaijin participated in the establishment of Hebei Jingao solar energy company. In February 2007, the company also listed on NASDAQ.
In 2011, Hairun photovoltaic Co., Ltd. * ST Shenlong (600401. SH), was approved by the CSRC with conditions.
Because of his four successes in the operation and listing of solar photovoltaic enterprises, Yang Huaijin was also praised by many media as the godfather of Chinas photovoltaic industry.
High transfer plan issued under huge losses
After the listing of A-shares borrowed from shell, the performance of hailun photovoltaic has been poor. In 2012, the operating income decreased by 30.37% year on year; the net profit was RMB 02million, down 99.48%; the net profit after deducting the non recurring profit and loss was even more RMB 400million. In 2013, the operating income continued to decline by 4.17%, while the net profit was a loss of 203million yuan.
At the end of November and early December 2014, Yang Huaijin, then chairman of the board of Hurun photovoltaic, discussed and communicated with Zhou Yike, Zhang Yongxin, the director and executive vice president, and other senior executives and financial personnel of Hairun company on the performance of 2014, and reached a consensus: when the company can not achieve profit in 2014, it is necessary to confirm more losses within the financial scope and try to minimize the confirmed losses Loss and impairment are placed in that year, laying a solid foundation for the future development of the company.
At the beginning of November 2014, Hairun photovoltaic began to calculate the profit of 2014 performance. The calculation results showed that from the meager profit calculated on November 4, 2014, after several adjustments, the loss was 469 million yuan by December 22, 2014, and finally by January 28, 2015, the calculation result was a loss of 799 million yuan.
On the evening of January 30, 2015, Hairun photovoltaic released the performance pre loss announcement, saying that the net profit attributable to shareholders of listed companies is expected to be about RMB - 800 million in 2014. The market is in uproar.
Before the disclosure of inside information, Yang Huaijin and others reduced their holdings on a large scale
According to the CSRC, the formation date of the insider information of the performance pre loss of Hai Run photovoltaic in 2014 is no later than December 22, 2014, and will be disclosed on January 31, 2015. However, before the release of the expected huge loss information, Yang Huaijin and others took the lead in reducing their shares on a large scale.
On December 31, 2014, Yang Huaijin reduced his holding of 2.5 million shares of Hairun PV through block trading, with a reduction amount of RMB 16.675 million.
On December 24, 2014 and January 12, 2015, Zhouyi could reduce its holding of 540000 shares of Hairun PV through block trading and continuous trading, with a total reduction amount of 3.9561 million yuan.
On December 24, 2014, Zhang Yongxin reduced 784000 shares of Hairun PV through block trading, with a reduction amount of 5.6291 million yuan.
According to the CSRC, the above-mentioned acts of Yang Huaijin, Zhou Yike and Zhang Yongxin violate the provisions of paragraph 1 of Article 76 of the Securities Law (that is, insiders of inside information of securities trading and persons who illegally obtain inside information shall not buy or sell the securities of the company, or disclose such information, or suggest others to buy or sell the securities before the inside information is disclosed), It constitutes an illegal insider trading act mentioned in article 202 of the securities law.
On January 20, 2017, the China Securities Regulatory Commission (CSRC) made a punishment decision, imposing an administrative penalty of 600000 yuan on Yang Huaijin, and taking five-year market ban measures on Yang Huaijin. During the period of prohibition, Yang Huaijin is not allowed to engage in securities business or serve as a director, supervisor or senior manager of a listed company. Zhou Yike and Zhang Yongxin were banned from entering the market for three years and fined 600000 yuan respectively.
Jiurun Management Co., the second largest shareholder of Hairun photovoltaic, also reduced its holdings of 157 million shares of Hairun photovoltaic after knowing the inside information and before the disclosure of inside information, and the actual amount of reduction was as high as 1.313 billion yuan, avoiding a loss of 61.9407 million yuan.
Ren Xiangdong, chairman of Jiurun management industry, then director of Hairun photovoltaic and former chairman of Hairun photovoltaic, reduced 11.1043 million shares of Hairun PV through block trading on December 29, 2014, with a reduction amount of RMB 71.0677 million; on January 14, 2015, he reduced 1.319 million shares of Hairun PV, with a total reduction amount of RMB 9.9704 million.
The CSRC made a punishment decision: confiscating 61.9407 million yuan of illegal income from insider trading of Jiurun management industry, and imposed a fine of 61.9407 million yuan; Ren Xiangdong, the person in charge of Jiurun management industry, was given a warning, banned from the market for 10 years, and imposed a total fine of 900000 yuan.
Hai Run photovoltaic delisted Yang Huaijin in prison
From 2016 to 2017, the financial reports of Hairun photovoltaic for two consecutive years were issued audit reports that can not express opinions by accounting firms. In May 2018, Shanghai Stock Exchange suspended its listing.
On April 30, 2019, Hairun photovoltaic disclosed its annual report in 2018. As of the end of 2018, the company had a loss of 3.737 billion yuan and net assets of - 2.541 billion yuan.
This annual report is still issued by the accounting firm can not express the audit report..
Hairun photovoltaic was forced to delist by the Shanghai Stock Exchange. During the delisting consolidation period, its stock price dropped to 0.12 yuan and finally closed at 0.15 yuan, which was the lowest price stock of a share so far.
According to wind data, as of the end of March 2019, the total number of shareholders of Hai Run PV was 241900.
In July 2020, the first instance of Nanjing Intermediate Court sentenced Yang Huaijin to two years and 10 months imprisonment and a fine of 1 million yuan. He did not appeal.
Zhou Yike and Chen Hao were also punished in the same case. Zhou Yike was sentenced to two years and eight months of imprisonment, suspended for three years and fined 1 million yuan; Chen Hao was sentenced to two years and eight months, suspended for three years and fined 5 million yuan.
It is worth noting that Chen Hao, who once served as vice president and Secretary of the board of directors of Hairun photovoltaic, did not appear in the punishment documents of the CSRC; however, Zhang Yongxin and Ren Xiangdong, who were made administrative punishment decisions by the CSRC, were not prosecuted by the Nanjing Intermediate Peoples court.