Recently, Dongguan Qinshang Optoelectronics Co., Ltd. received an announcement from the China Securities Regulatory Commission on the administrative penalties for its company and related personnel and the prior notice of market bans on the alleged violation of securities laws and regulations.
Penalty results: Li Xuliang forbids the securities market for life
Pursuant to the provisions of the first and third paragraphs of Article 193 of the Securities Law, the China Securities Regulatory Commission plans to make corrections to the company's shares, give warnings, and impose a fine of 600,000 yuan; warn Li Xuliang, He also imposed a fine of 600,000 yuan; warned Hu Xuanhe and imposed a fine of 300,000 yuan; warned Chen Yonghong and imposed a fine of 100,000 yuan.
At the same time, according to Article 233 of the Securities Law and Articles 3, 5 and 6 of the Regulations on Prohibition of Securities Markets, the CSRC intends to decide to adopt a lifelong securities market ban on Li Xuliang; Hu Xuan followed the five-year securities market ban.
Reason for punishment: information disclosure is not timely or false
According to the facts confirmed by the China Securities Regulatory Commission's "Administrative Punishment Notice", this diligent share mainly involves two information disclosure violations:
1. Qinshang shares did not disclose information in time according to regulations. On September 30, 2016, Qinshang and Chengdu Gunda Investment Development Co., Ltd. (hereinafter referred to as “Chengdu Gundamâ€) signed the “Investment and Investment Letter of Intent†for the acquisition of Chengdu Qizhong Experimental Middle School (hereinafter referred to as “Chengdu Qizhongâ€). A preliminary intention was reached on the initial valuation, trading method, performance commitment, performance compensation and validity period of Chengdu Qizhong. This transaction is a major matter as stipulated in Article 67 of the Securities Law. However, Qinshang shares disclosed the above matters on March 11, 2017.
Second, the information disclosed by Qinshang shares has false records. On April 22, 2017, Qinshang Co., Ltd. announced the acquisition of Chengdu Qizhong Process and disclosed that the two parties signed the “Intent of Acquisition and Investment†on February 17, 2017, and made a preliminary agreement on the acquisition of Chengdu Qizhong by Dijin Shares. The above announcement of Qinshang Shares is inconsistent with the fact that the two parties signed the “Intent of Acquisition and Investment†on September 30, 2016, and the two intentions are consistent.
Lawyer's point of view: these investors can claim
Liu Guohua, director of Guangdong Benben Law Firm, said that according to the Securities Law and the Supreme People's Court's false statement of judicial interpretation, investors with damaged interests can claim losses from listed companies that are falsely stated. Liu Guohua believes that investors who buy shares on the job during these time periods have this interest:
Investors who buy shares in Qinqin from September 30, 2016 to March 11, 2017, and who sell or hold the stock after March 11, 2017;
A buyer who buys shares in Qinqin from April 22, 2017 to September 8, 2017 and sells or holds the stock after September 8, 2017.
Investors have won the case for the civil civil claims of the two violations of the violations of the previous two shares of Qinshang. They have successively won compensation, referring to the results of the previous two courts’ violations of their diligent shares, this time The probability that a conditional investor will sue for a claim to win a claim will be very large, and then it may trigger a large number of investors to claim compensation for the company.
Diligently on "black history": multiple investigations
Gaogong LED noticed that this was not the first time that Qinshang was subject to administrative punishment by the Securities and Futures Commission. On May 3, 2013, Qinshang Co., Ltd. received the “Notice of Investigation†from the CSRC on suspicion of information disclosure violations; on May 12, 2014, the Guangdong Securities Regulatory Bureau issued the “Administrative Punishment Decisionâ€.
On December 1, 2014, the CSRC issued the “Notice of Investigation†to Qinshang Shares again, and the reason for the investigation was still “in case of suspected information disclosure violationsâ€.
On March 17, 2015, the Guangdong Securities Regulatory Bureau issued the “Administrative Punishment Decisionâ€, stating that in 2013 and 2014, Qinshang’s shares and its largest shareholder, Qinshang Group, had non-operating capital flows and did not perform on the matter. Information disclosure obligations. The company was ordered to make corrections, give warnings, and impose a fine of 500,000 yuan. Li Xuliang was given a warning and a fine of 300,000 yuan was imposed. In addition, many people were warned and fined, including Hu Xuan.
Diligence Status: Divesting Semiconductor Business Transformation Education
In the past two years, the performance of semiconductor lighting products has continued to decline. Therefore, since 2015, it has begun to transform into education. In order to concentrate the company's advantageous resources into the education industry, Qinshang shares will be suspended for half a year from May 25, 2017, and it is proposed to divest the company's semiconductor lighting business.
On the evening of October 25, 2017, the company announced again that the company plans to sell 1.35 billion yuan to the related party Huang Zhiyong to sell 90% of the holding subsidiary Xinqin, 100% equity of Qinshang Semiconductor and the shareholding company Jiangxi Qinshang and Anhui Qinshang. 30% equity of Raffles Optoelectronics, 25% equity of Anhui Bangda Qin, 20% equity of Fujian Guoce Photoelectric, 13.33% equity of Jiangsu Shangming, 4.67% equity of Huiyu Tongxin, and 3.75% equity of Zhongke Semiconductor.
When Qinshang shares divested its semiconductor business, nearly 7 billion bets on education in 2 years. According to incomplete statistics, since 2016, Qinshang’s investment in the education industry has reached 6.858 billion, and eight educational companies have been acquired.
The frequent investment in the education industry and the divestiture of the semiconductor business seem to indicate the determination of Qinshang's share transformation. The transition education seems to be a strong shot in the context of the continuous decline of the semiconductor business. But in fact, it is often frustrated in the path of transitional education.
First, Diligent Shares purchased RMB 2 billion for Longman Education. In the first year of the completion of the acquisition, due to the unfulfilled commitments, the impairment of goodwill of RMB 420 million was accrued, resulting in a net loss of 427 million in 2016. It was down by 2160.66% year-on-year, which is the first loss since its listing.
In addition, in March 2017, the acquisition project of Chengdu Qizhong Experimental School failed; the “2.9 billion acquisition of Aidi Education†project started in December 2016, the transaction has still not been settled.
On January 10, 2018, Qinshang shares announced again that the company’s British education received a notice from the counterparty Lhasa in the recent days, because of its holding of the Wharton style, Shenzhen Nanshan Chen Xinhua Table Tennis Club Co., Ltd. There is a dispute over equity, and Wharton's style has received a notice of appeal from the People's Court of Nanshan District, Shenzhen.
This is another shadow since the transition education.
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