Brilliant when the market value of more than 50 billion "Galaxy", has long been self-care. ST Tiancheng (600112.SH), *ST Galaxy (000806.SZ), the two "Galaxy" listed companies platform, in a series of problems under pressure. Under the pressure of a series of problems, now it is difficult to survive.
Among them, ST Tiancheng after 2018, in July 8, 2020 and then by the Securities and Futures Commission investigation; *ST Galaxy is following the 2011 administrative punishment, in June 2020, also again from the China Securities Regulatory Commission Guangxi Securities Regulatory Bureau of the "decision on administrative punishment" and "market barring decision".
As for the "Galaxy" real controller Pan Qi, after 2011 was recognized by the Securities and Futures Commission as a market ban, 10 years may not serve as a listed company and engaged in the securities business institutions of senior management positions, and then in June 2020 by "additional " 10-year ban from the market period.
ST Tiancheng, which suffered a huge loss of 846 million yuan in 2019 and a renewed loss of 26,285,900 yuan in the first quarter of 2020, has not had a good time recently.
July 9, ST Tiansheng announced to the public, because there is a controlling shareholder Galaxy Tiancheng Group Limited (hereinafter referred to as Galaxy Group) non-operational occupancy of funds and failure to carry out the approval process to provide guarantees and other irregularities, July 8, 2020, the company, Galaxy Group, the de facto controller Pan Qi and the relevant parties received the "Notice of Investigation" issued by the China Securities Regulatory Commission: due to the company, Galaxy Group, Pan Qi and the relevant parties are suspected of information disclosure violations, according to the "Chinese People's *** and the State Securities Law" of the relevant provisions of the China Securities Regulatory Commission decided to the company, Galaxy Group, Pan Qi and the relevant parties to carry out a case investigation.
Obviously, this is another company dragged into the mud pit by the controlling shareholder. Data show that Galaxy Group holds 18.34% of ST Tiansheng, another eye of the sky shows that Pan Qi holds 52.27% of Galaxy Group, is the real controller of ST Tiansheng.
It is reported that ST Tiansheng since April 23, 2019 for the first time to disclose the funds occupation, violation of guarantee matters to date, has been continuing to the relevant violations of the matter to carry out a comprehensive investigation of the controlling shareholders and their affiliates suspected of the scale of the funds occupation, the formation of the time, the reasons for the occupation, the occupation of the process to carry out a detailed investigation. As of June 29, 2020, the total amount of funds occupied by the controlling shareholders of ST Tiancheng was 512,808,200 yuan, the balance of funds occupied as of the end of 2018 was 260,232,700 yuan, the balance of funds occupied as of the end of 2019 was 311,530,700 yuan, and the balance of funds occupied as of June 29, 2020 was 311,530,700 yuan; the irregularities of ST Tiancheng The total amount of guarantees is 451.33 million yuan, and the balance of illegal guarantees as of June 29, 2020 is 111.8 million yuan.
In this case, the controlling shareholders also committed to solve the problem of external guarantees and funds occupied by the listed company through a variety of ways as soon as possible. But at present ST Tiancheng controlling shareholders are planning to solve the problem of violations, the specific details of the program is still uncertain. At the same time, China Audit & Chinese Accounting Firm (special general partnership) of the company's related parties to occupy funds, the integrity of the violation of the guarantee and the accuracy of bad debt accruals also formed a reservation. On the part of the listed company, also because of the existence of non-operational occupation of funds by the controlling shareholder Galaxy Group and irregular guarantees, according to the provisions of Article 13.4.1 (V) of the Stock Listing Rules of the SSE Upon the application of the company to the SSE, the company's shares were subjected to other risk warnings from May 24, 2019 onwards.
On June 29, 2020, ST Tiancheng also issued the "Management System to Prevent Controlling Shareholders and Their Affiliates from Occupying the Company's Funds", which shows the seriousness of the problem.
ST Tiancheng has been a member of the regulator's "repeat customer" list. January 2018, ST Tiancheng has received a notice of investigation; November 2018, ST Tiancheng faced the "administrative penalty decision" issued by the Securities and Futures Commission (SFC), which penalized the company and the relevant responsible persons for the disclosure of information. violations were penalized, and the company was found to have constituted a false record act at that time. Also as a result, small and medium-sized investors also rose to claim, according to ST Tiancheng disclosure, as of May 27, 2020, the company *** involved in 505 cases of securities misrepresentation liability disputes, the amount of the lawsuit *** counted RMB 83,684,300 yuan, accounting for the company's most recent period of the audited net assets of 6.86%, but also engaged in the ST Tiancheng burnt out.
Although ST Tiancheng has repeatedly emphasized that its production and business activities are normal, the results of the first quarter of 2019 and 2020 show that its main business is also a mess. In response to the loss in 2019, ST Tiancheng's own analysis of the reasons is mainly due to the impact of the electrical equipment industry policy and the intensification of competition in the industry market, the company's product output, sales, average sales price compared with the same period of the previous year have a relatively large decline, so the operating income, gross profit margin declined significantly. In addition, a number of overdue debt involved in litigation, resulting in an increase in the cost of financing the existing debt, resulting in the current period of financial expenses, profit loss of a larger magnitude.
To say the least, ST Tiancheng market known as the "Galaxy" listed companies platform, because in the same major shareholder's banner, there is another brother company *ST Galaxy. At present, *ST Galaxy's days are not easy.
First of all, look at the performance, 2018 *ST Galaxy loss of 706 million yuan, 2019 loss of 1.153 billion yuan and the financial report was issued "unable to express an opinion", and therefore the listed company was implemented by the delisting risk warning. 2020, the first quarter, *ST Galaxy lost 8.3819 million yuan! The latest information shows that *ST Galaxy is expected to lose 3.5 million yuan -5 million yuan in the first half of 2020, if the annual audited net profit in 2020 is negative again, *ST Galaxy in the disclosure of the 2020 annual report, will be suspended from listing, shell imminent.
Like ST Tiansheng, *ST Galaxy also similarly exists in the situation of external guarantees and funds occupation. According to the company's disclosure, as of the end of 2019, the non-operational occupation of funds by the company's controlling shareholders and their related parties had a balance of 444,633,000 yuan, and the balance of illegal guarantees was 169,028,100 yuan. Galaxy Group's feedback is that it is negotiating to avoid the execution of the listed company's assets; it is increasing its asset disposal efforts; it intends to introduce a strategic investor to optimize the debt structure, and give priority to solving the problem of occupying the funds of *ST Galaxy and the debt involving the illegal guarantees; and it is also cooperating with the listed company and the lawyer team to carry out the work of the lawsuit in view of the illegal guarantees.
The current situation is that the Galaxy Group has been playing "disabled", in addition to the shares were repeatedly frozen, assets are difficult to freely dispose of cash, by the impact of litigation can not absorb the new external financing, etc. In addition, due to the failure to repay debts, the Galaxy Group's shareholding has been twice by the judicial auction, the cumulative auction amounted to 65.86 million shares. Public information shows that Galaxy Group shares *ST Galaxy 41.07%.
*ST Galaxy has not been idle, the company's directors, supervisors, senior management has also taken a series of "prevention of large shareholders" measures, such as with creditors, courts, governments and other communications, and to the relevant courts to put forward the implementation of the objections and the implementation of the reconsideration to coordinate the parties to stop or suspend the implementation of the company's assets or subsidiaries, to avoid the loss of company assets. Equity, in order to avoid the loss of company assets; such as focusing on strengthening the implementation of the funds management system, supervision and management efforts with the chapter, pay close attention to and track the dynamics of the use of funds, to prevent the controlling shareholders of the funds occupation and violation of the guarantee matters again; such as through the litigation "guard" assets, *ST Galaxy has been exempted from the company's 278,657,100 yuan of legal means. The company 27865.71 million yuan of guarantee responsibility.
Of course, for the major shareholders, the most "fatal" or a series of "administrative penalties" and "market bans. Was filed for investigation; November 2019 *ST Galaxy, Galaxy Group and other relevant parties received the CSRC Guangxi Supervision Bureau issued the "prior notice of administrative punishment"; June 2020, *ST Galaxy received from the CSRC Guangxi Securities Supervision Bureau of the "decision on administrative penalties" and the "decision on the market ban".
The content of which shows that, because *ST Galaxy has failed to disclose the non-operational occupancy of funds by related parties in accordance with the provisions of the relevant transactions, failed to disclose the provision of guarantees for related parties in accordance with the provisions of the provisions of the disclosure of information on major lawsuits, and failed to disclose the shares of Galaxy Biologicals held by Galaxy Group in accordance with the provisions of the judicial freezing of the matter, etc., the regulator has decided to *ST Galaxy ordered to rectify the situation, give a warning, and impose a fine of 600,000 yuan A warning was given to Pan Qi and a fine of 300,000 yuan; Xu Hongjun and Tang Xinlin, then chairman of the listed company, and Diao Jinsong, then director of the company, were given a warning and fined 300,000 yuan; Bonnie Zhang, then CFO, was given a warning and fined 250,000 yuan; Ye Debin, then director and executive vice president, was given a warning and fined 200,000 yuan; Lu Anjun, Wang Su, Liu Jie, Zhu Hongbin, Song Haijie and Liu Jie, then senior management, were also given a warning and fined 200,000 yuan. Zhu Hongbin and Song Haifeng were given a warning and fined 150,000 yuan each; then senior Chen Ruping was given a warning and fined 100,000 yuan; and then supervisor Cai Qiongyao was given a warning and fined 50,000 yuan.
More seriously, the regulator also imposed a 10-year securities market ban on Pan Qi; a five-year securities market ban on Xu Hongjun and Tang Xinlin; and a three-year securities market ban on Diao Jinsong and Bonnie Zhang.
Search in the Juchao consulting found that the *ST Galaxy history also two times by the administrative penalty, in addition to this time, *ST Galaxy in June 10, 2011 also received the SEC issued the "Administrative Penalty", was found to be the facts of the violation of the law is to inflate the 2004 sales revenue of 179,427,000 yuan, a profit of 69,318,700 yuan; inflate the 2005 annual sales revenue of 34,757,600 yuan, a profit of 29,387,000 yuan; inflate the 2005 annual sales revenue of 34,757,600 yuan, a profit of 1.5 million yuan. Sales revenue of 34,757,600 yuan, profit of 7,951,600 yuan; concealment of related-party fund transactions; concealment of external guarantees; concealment of bank loans; failure to disclose in a timely manner due to major violations of the law by the Ministry of Finance, Guangxi Commissioner's Office of the inspection and punishment by the local government.
The intriguing thing is that in 2011, the SEC found that Pan Qi for the market ban, since May 25, 2011, 10 years may not serve as a listed company and engaged in the securities business institutions of senior management positions; at the same time was found to be Yao Guoping, 7 years may not serve as a listed company and engaged in the securities business institutions of senior management positions.
Unexpectedly, the last 10-year ban time limit has not yet arrived, Pan Qi will receive a new 10-year ticket, which is also considered rare in the A-share market.
Pan Qi as the "Galaxy" in charge of the Galaxy Group, relying on the Galaxy Group, holding ST Tiancheng and *ST Galaxy two listed companies platform, and even once harvested the market's enthusiasm. Online information shows that Pan Qi was born in 1963, Chengdu, in Nanjing University, Department of Economic Management to complete the undergraduate and master's degree, and then went to the Southwest University of Finance and Economics, in 1991 to obtain a doctorate degree in economics, the following year, Pan Qi went to Hainan and set up the Beihai Tongtai Economic Development Corporation (hereinafter referred to as the Beihai Tongtai).
And *ST Galaxy, is in April 1993 by the Guangxi Zhuang Autonomous Region Economic System Reform Commission to the Gui body to reform the stock word [1993] No. 57 approved by the Beihai Tongtai, Beihai Yintan National Tourist Resort Investment Center, Guangxi Construction Trust and Investment Company Limited Beihai Office, Hainan South China Financial Corporation, Shanghai Far East Yinlian Industrial Company Limited Hainan, five companies ** with the initiation of a directed fund-raising campaign to raise funds for the development of the economy, and then went to the Southwest University of Finance and Economics in 1991 to obtain a doctorate in economics. ** with the initiation of the establishment of a joint stock limited company in the form of directed solicitation. As for ST Tiancheng, its predecessor, Long March Electrical in 2002, huge losses, the original shareholders to consider the transfer of equity, it is this opportunity was Pan Qi keen to find, and in 2003 reached a transfer agreement in 2003, and ultimately the acquisition of the early 2004 completion of the transfer, "Galaxy" was formally formed.
Originally holding two listed companies platform "Galaxy" is worth the time to make great progress, but "Galaxy" but chose a road that will lead them to the abyss, running so far in a mess, the two listed companies platform and no improvement.
Then look at the stock price, the previous reweighting review, *ST Galaxy historical high point was created in 2015, as high as 31.91 yuan, and now the current price of 1.52 yuan is not even a fraction of its market value loss of 33.4 billion yuan; ST Tiancheng's historical high point was also created in 2015, as high as 35.88 yuan, and now the current price of 1.62 yuan can not be compared to the same time, a loss of 17.4 billion yuan in market value! The two combined, "Galaxy" over the years evaporated market value of more than 50 billion yuan, it is lamentable.
As for investor rights, Shanghai Shen Hao Chengdu Law Firm, Chen Shijun lawyers believe that the actual controller of the listed company has been subjected to administrative penalties, the rights of minority shareholders are likely to be supported by the court.