Lanfeng Biochemical is suspected of illegal disclosure of information. According to the relevant provisions of the Securities Law of the People's Republic of China, the China Securities Regulatory Commission decided to investigate the company or trigger investor claims.
On the evening of January 9, Lanfeng Biochemical announced that the company was suspected of illegal disclosure of information. According to the relevant provisions of the Securities Law of the People's Republic of China, the China Securities Regulatory Commission decided to investigate the company or trigger investor claims.
Prior to August 28, 2018, Lanfeng Biochemical had been ordered to rectify by the Jiangsu Securities Regulatory Bureau due to violations. At the same time, the company's performance in the first three quarters turned losses, with a net loss of 35.225 million yuan, and there was a problem of 350 million yuan of debt generated by the company's third largest shareholder illegally occupying company funds.
The letter was repeatedly warned or triggered investor claims
Lanfeng Biochemical received the “Notice of Investigation†received by the China Securities Regulatory Commission on January 8. Due to the company's alleged illegal disclosure of information, the China Securities Regulatory Commission decided to investigate the company in accordance with the relevant provisions of the Securities Law of the People's Republic of China.
Figure| Lanfeng Biochemical Announcement
If Lanfeng Biochemical is thus subject to administrative punishment by the China Securities Regulatory Commission and is deemed to be a major illegal act in the administrative penalty decision, or if it is transferred to the public security organ according to the law for alleged violation of regulations and non-disclosure of important information, the company will touch Shenzhen In the case of illegal distribution of fraudulent issuance or major information disclosure as stipulated in Article 13.2.1 of the Stock Exchange Listing Rules (Revised in 2018), the company's stock trading is subject to delisting risk warning. Implementation of the delisting risk warning After the expiration of the 30 trading days, the company's shares will be suspended until the Shenzhen Stock Exchange has made a decision on whether to suspend the listing of the company's shares within 15 trading days.
Investors may be able to register for claims in advance due to the violation of the regulations of Lanfeng Biochemical. According to the Securities Law and relevant judicial interpretations, listed companies may suffer civil liability for damages caused by false statements. The scope of compensation includes: investment balance, commission, stamp duty and interest loss.
Earlier on August 28, Lanfeng Biochemical had been ordered to rectify by the Jiangsu Securities Regulatory Bureau due to violations. Lanfeng Biochemical lacks effective internal control in monetary fund management and does not strictly enforce the principle of separation of incompatible posts. The results of the monetary fund disclosures from 2011 to the first three quarters of 2011 were untrue and inaccurate; the company did not take effective measures to prevent shareholders and their related parties from occupying or transferring the company's funds, and did not find the above matters in time and disclosed them as required.
In addition, on August 21, Lanfeng Biochemical also received a supervision letter from the Small and Medium-sized Board Management Department. The 2017 net profit predicted by Lanfeng Biochemical in the performance forecast amendment announcement and performance report and the 2017 annual audited net profit existed. Large differences, the company failed to fulfill its information disclosure obligations in a timely and accurate manner. Chairman of the company Yang Zhenhua, general manager Liu Yu, and financial director Xiong Jun failed to fulfill their duties and bear important responsibility for the company's above-mentioned violations.
Shareholders illegally occupied funds to reach 350 million companies in the first three quarters of the performance turned losses
The reason why it has such a big impact on Lanfeng Biochemical Finance and its breach of the letter is likely to be because the company’s third largest shareholder illegally occupies 350 million yuan of debt generated by the company’s funds.
Founded in 1998, Lanfeng Biochemical was launched in 2010. It is engaged in the production and sales of fungicides and preparations, pesticides and preparations, herbicides and preparations, and Fine Chemical intermediates. In 2015, it acquired subsidiary Ark Pharmaceutical and entered the pharmaceutical manufacturing industry. In the audit process of the other party's 2017 annual report, it was found that the deposits of the Ark Pharmaceutical Bank did not match.
According to the police investigation, Wang Yu, the former chairman and legal representative of Ark Pharmaceuticals, illegally transferred the funds of Ark Pharmaceutical Bank to the unit or natural person account related to Wang Yu, resulting in illegal use of the company's funds. As of December 31, 2017, the balance of the illegally occupied funds was 350 million yuan, equivalent to the three-year performance of Lanfeng Biochemical.
On May 28, 2018, the company received the “Reminder of Repayment of Company Funds†issued by Wang Yu to the company. Wang Yu promised to repay the company funds and interest that were illegally occupied. On June 8, 2018, Wang Yu fulfilled the promises on time and repaid the company's funds of 20 million yuan.
In addition, on February 1st, Lanfeng Biochemical also issued an announcement. In the spot check of bank accounts, the company’s financial department found that the company’s original bank cashier Wang used the convenience of his position and illegally misappropriated the company itself, amounting to about 1300. Ten thousand yuan.
It can be seen that Lanfeng Biochemical has problems in the actual control ability of the subsidiary and the internal control of the company.
At the same time of negative news, the performance of Lanfeng Biochemical is also retreating. In the first three quarters of 2018, the company's revenue was 1.148 billion yuan, down 11.85% year-on-year. The net profit was a loss of 3522.59 trillion yuan, down 137.83% year-on-year. The net loss reached 35.225 million yuan. In 2017, the net profit was 35.446 million yuan, a year-on-year decrease of 66.96%.
Figure | Lan Feng deepens the financial situation, source: wind
The shutdown of Lanfeng Biochemical Company's Xinyi headquarters due to environmental problems is also an important reason for its losses. According to the on-site inspection and requirements of the higher-level environmental protection supervision department, the headquarters of Lanfeng Biochemical Xinyu has been shut down since June 12, 2018, and resumed production on September 12, 2018.
Lanfeng Biochemical announced on June 13 that it is expected to reduce the company's net profit by about 20 million yuan during the period of production suspension. This will have a greater impact on the company's 2018 annual operating results. It seems that the loss is beyond the expected range.
The company’s actual controller has changed its letter of infringement or affected its progress.
On December 24, Lanfeng Biochemical announced that the company plans to generate 336,856,324.15 yuan and the resulting suffocation from Shaanxi Western Zhou Pharmaceutical Co., Ltd. due to the illegal use of company funds by Wang Yu and its related parties. The creditor's rights were transferred to Jiangsu Suhua Group Co., Ltd. and Suzhou Green Investment. After the transfer of accounts receivable, the company no longer has the right to corresponding accounts receivable.
At the same time, Lanfeng Biochemical announced that the company received the notice from the controlling shareholder Jiangsu Suhua Group and the concerted person Suzhou Green Investment, Suhua Group, Green Investment and China-Shaanxi Nuclear Industry Group and Shaanxi Jinnuo Investment on December 24, 2018. Co-signed the "Share Transfer Agreement" and "voting power entrustment agreement".
Suhua Group, Green Investment and Golden Nuclear Investment signed the "Debt Compensation Agreement", stipulated that Suhua Group and Green Investment will invest RMB 250 million in the debts of Lanfeng Biochemical (including Jiangsu Chemical Group's 187.5 million). Yuan, Green Investment (62.5 million yuan), transferred to the nuclear investment for reimbursement, the payment period is before December 28, 2018.
In order to ensure the return of the Suhua Group and Green Investment when the transfer of the shares cannot be realized, Green Investment holds the 61% equity of Suhua Group as the guarantee for repaying the debt. If the equity transfer and voting rights entrusted matters are completed according to this, the controlling shareholder and actual controller of Lanfeng Biochemical will change.
The above-mentioned debts of Suhua Group and Green Investment to cope with Lanfeng Biochemical were caused by the problem of solving the capital occupation of Lanfeng Biochemical. The payment of the above amount of debt by the Golden Nuclear Investment is the premise of the transfer of the shares. The two are a package and are mutually conditional, which together constitute an integral part of the transaction and are implemented at the same time.
However, the "Share Transfer Agreement" and "voting power entrustment agreement" signed this time also received an inquiry letter from the Shenzhen Stock Exchange on December 28, asking the company to make a voting power entrustment ratio on the "inquiry letter", that is, whether the relevant party constitutes A written explanation and disclosure of relevant issues such as concerted action persons.
At the same time, due to the violation of this letter, the listed company was not allowed to reduce its holdings during the investigation, and the transfer of control rights in the company's promotion will be stranded. Under the dual pressure of huge performance losses and unfavorable corporate governance, Lanfeng Biochemical will face a more difficult future.
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