Enterprise management is accused of vulnerabilities. Foshan Lighting is involved in transferring profits.
A notice of alleged violations of information disclosure has suddenly pushed Foshan Lighting to the forefront. The "Chinese Light King" of the year was now in deep trouble, and the stock price once fell sharply, setting a record low since June 2009, while negative news continued. As a listed company, due to repeated violations of information disclosure, the regulatory authorities demanded rectification. In the opinion of industry experts, the reason is mainly in the internal management of the enterprise.
Regulatory involvement in relevant investigations
Recently, Foshan Lighting suddenly issued a report saying that the company received the "China Securities Regulatory Commission Investigation Notice" on November 2. The content shows that due to suspected information disclosure violations, the company will face an investigation. Affected by this, Foshan Lighting's share price went straight down on the day of the report, which fell by 4.21%.
In response to the investigation of Foshan Lighting, there is a voice speculation in the industry that it may be related to the undisclosed related transactions in the previous report. It is understood that Foshan Lighting received the order from the Guangdong Securities Regulatory Bureau in July this year, and subsequently disclosed a number of related transactions, which occurred between 2009 and 2011.
Disclosure information shows that during the above three years, Foshan Lighting and Foshan Schnoqi California Electric Co., Ltd., Foshan Slangbo Enterprise Co., Ltd., Qinghai Weili New Energy Materials Co., Ltd., Qinghai Skyline Rare Element Technology Development Co., Ltd., Shanghai Liangqi Electric Appliance Co., Ltd. The company has had a transaction, and the controlling person or shareholder of the above company and the then chairman of Foshan Lighting, Zhong Xincai, are the father-son relationship. According to the regulations, the transactions between the above companies are related transactions.
Enterprise management is accused of a vulnerability
In fact, this is not the first time information disclosure has occurred in Foshan Lighting. The reporter checked the relevant information and found that as early as 2008, the Guangdong Securities Regulatory Bureau had ordered Foshan Lighting to request the rectification of information disclosure. In September this year, the Shenzhen Stock Exchange also sent a "concern letter" on Foshan Lighting's transfer of shares in Hefei Guoxuan.
Just two months ago, Zou Jianping, the former deputy general manager of Foshan Lighting, was also investigated and punished according to law during the period of planning to promote investment in new energy projects in 2009.
In the opinion of industry experts, this series of problems is mainly at the top of the management level, and frequent frequent high-level resignation is enough to explain. Since July, Foshan Lighting has successively announced the announcement of the resignation of corporate executives. First, on July 23, Director Taylor submitted the application for resignation of the company's directors. On July 24, independent director Zhang Haixia submitted his resignation report. On September 24, Zou Jianping, the deputy general manager of the company, resigned as the deputy general manager of the company and all the positions held by the company's subordinates and subsidiaries.
Information disclosure does not affect development
Gao Jianfeng, managing director of Bogai Consulting, said in an interview that information disclosure is the most basic requirement for a listed company. In recent years, the state regulatory authorities have also been increasing the supervision of information disclosure of listed companies, and almost every quarter, some companies are concerned.
Regarding the speculation that Foshan Lighting was investigated for related transactions, Gao Jianfeng said that there are two main situations in related party transactions, namely, transferring profits and transferring stocks, and these two cases correspond to two problems of enterprises. If the enterprise is transferring profits, then there may be criminal acts of the company or individual, which will be questioned by the majority of investors and have a long-term impact on the development of the enterprise. And if the transfer of inventory, or other information disclosure delays, is affected by its administrative process, then it will be only a short-term fluctuation.
The industry generally believes that there is a flaw in corporate personal crime or administrative management. All in all, Foshan Lighting's non-disclosure of related transactions is an improper act, which seriously damages the investor's right to know. In addition, the supervision department is not a verbal warning, but a direct investigation, I am afraid that there is a suspicion of transferring profits.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
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