The first case of blue mountain technology being filed for investigation

category:Finance
 The first case of blue mountain technology being filed for investigation


Lanshan technology, which had been officially announced at the end of March this year and announced the termination of its declaration in September, has been plagued by disasters in the past two months. The company has successively disclosed such announcements as the resignation of directors, supervisors and senior executives, the suspension of main business, and the freezing of bank accounts.

There are still many problems to be solved when the company is put on file for investigation this time: are the sponsor securities companies in charge of supervision and the intermediary agencies such as the recommendation agency and audit institution when applying for the selection layer, need to bear joint and several liabilities? Can investors who have suffered huge losses be able to claim compensation?

Application of blue mountain science and technology selection layer (source: national stock transfer company)

It was founded in 2005 and mainly engaged in the production and sales of Blu ray products. The company was listed on the new third board in June 2014, and entered the innovation level for four consecutive years from 2016 to 2019. It is also the first listed company to adopt market making trading.

In terms of performance, from 2017 to 2019, the operating revenue of blue mountain technology was 676 million yuan, 642 million yuan and 674 million yuan respectively, and the net profits attributable to shareholders of listed companies were 70.6996 million yuan, 45.194 million yuan and 49.112 million yuan respectively.

At the end of April this year, the company announced that it intends to apply for the selected layer. After official propaganda rushed to the selected layer, the stock price of blue mountain technology increased significantly, and the number of investors increased significantly.

According to the prospectus of blue mountain technology public offering, the company plans to select standard 3 the market value is not less than 800 million yuan, the operating revenue in the latest year is not less than 200 million yuan, and the total R & D investment in the last two years accounts for no less than 8% of the total operating revenue of the last two years.

In the inquiry letter, the company focused on the R & D mode, R & D expenses and expenditures, and the high equity pledge of major shareholders. According to the data, as of the end of 2019, the controlling shareholder of blue mountain technology, cyber Hong Kong, held 234.1596 million shares and pledged 200 million shares. In mid May this year, cyberhk pledged another 20 million shares. The proportion of major shareholders equity pledge exceeds 90%.

At the end of September, the national stock transfer company issued a declaration for termination of blue mountain technology. Since then, blue mountains share price has plummeted. Data show that the companys stock price was 5.19 yuan / share before the suspension, and the latest share price was about 0.28 yuan / share, with a drop of 94%.

Investors can investigate the liability of the illegal subject

In the process of self-discipline review of national stock transfer companies and on-the-spot inspection by CSRC, it is found that the authenticity of information disclosure of Lanshan technology is questionable, and it is suspected of violating the relevant provisions of the securities law and the measures for the supervision and administration of unlisted public companies, etc., and the CSRC shall initiate a case filing investigation on Lanshan technology in accordance with the procedures. The SFC said.

Blue Mountain Technology terminated the declaration of the select layer. After the resumption of trading, the stock price fell by more than 90%, and many investors suffered a large loss. The reporter learned that blue mountain technology investors can investigate the liability of the illegal subject in accordance with the specific arrangements such as the securities class action system.

Blue Mountain Science and technology has been put on file for investigation this time. Are the sponsor securities companies responsible for supervision and the intermediary agencies such as the recommendation agency and audit institution when reporting the selection layer need to bear joint and several liability? According to the investigation, if the intermediary needs to bear the corresponding responsibility, it will be punished accordingly. At the same time, the SFC reiterated its zero tolerance attitude towards violations of laws and regulations. The CSRC said that in the next step, in accordance with the strategic deployment of the Party Central Committee and the State Council on financial services for small and medium-sized enterprises and the real economy, and in accordance with the requirements of system building, non-interference and zero tolerance, the CSRC will continue to improve the basic systems, improve the inclusiveness and accuracy, and crack down on financial fraud and information disclosure violations And the serious dereliction of duty of intermediary agencies and other illegal acts that disrupt the market order, prevent breaking through the barrier with illness, purify the market ecology, and protect the legitimate rights and interests of investors. Source of this article: Guo Chenqi, editor in charge of first finance and Economics_ NBJ9931

Blue Mountain Science and technology has been put on file for investigation this time. Are the sponsor securities companies responsible for supervision and the intermediary agencies such as the recommendation agency and audit institution when reporting the selection layer need to bear joint and several liability? According to the investigation, if the intermediary needs to bear the corresponding responsibility, it will be punished accordingly.

At the same time, the SFC reiterated its zero tolerance attitude towards violations of laws and regulations.

The CSRC said that in the next step, in accordance with the strategic deployment of the Party Central Committee and the State Council on financial services for small and medium-sized enterprises and the real economy, and in accordance with the requirements of system building, non-interference and zero tolerance, the CSRC will continue to improve the basic systems, improve the inclusiveness and accuracy, and crack down on financial fraud and information disclosure violations And the serious dereliction of duty of intermediary agencies and other illegal acts that disrupt the market order, prevent breaking through the barrier with illness, purify the market ecology, and protect the legitimate rights and interests of investors.