Henan richest man “planted”, regulatory letter raid!Illegal short-term trading netted nearly 87 million yuan

2022-06-02 0 By

Illegal short – term trading company convertible bonds, the original stock chairman was targeted by the supervision!In the morning of August 8, the Shenzhen Stock Exchange issued a regulatory letter to Qin Yinglin, chairman of Muyuan Foods Co.,Ltd., saying that as a shareholder holding more than 5% of Muyuan Foods Co.,Ltd., he bought 37.8557 million Muyuan convertible bonds on August 25, 2021, with an average transaction price of 100 yuan per bond and a transaction amount of 3.786 billion yuan.And sold 5,794,400 muyuan convertible bonds on February 17, 2022, with an average transaction price of 115 yuan per bond and a transaction amount of 666 million yuan.The foregoing transactions constitute short-term transactions as provided for in Article 44 of the Securities Law.The Shenzhen Stock Exchange pointed out that the above behavior violates the provisions of article 1.4 and 3.4.1 of the Stock Listing Rules (Revised in 2022).We hope that you can learn your lesson and make rectification in time to prevent the above problems from happening again.At the same time, I remind you that the shareholders, directors, supervisors and senior managers of the listed company shall strictly abide by national laws and regulations, the Stock Listing Rules and relevant provisions of the stock Exchange, and trade the company’s stocks and their derivatives in compliance.On the evening of April 7, Muyuan Stock Announced that qin Yinglin, chairman of the company, had made a short-term transaction by reducing his holdings of convertible bonds, and all the profits of 86.8881 million yuan had been handed over to the company.In addition, the reduction of convertible bonds held by xu Shaotao, a senior manager, also constituted a short-term transaction, and the income of 69,200 yuan was also handed over to the company.The announcement revealed that Qin Yinglin this short-term transaction generated revenue amount of 86,888,100 million yuan, the amount of revenue has been handed over to the company.Muyuan shares said that Qin yinglin and Xu Shaotao deeply apologize for the bad influence caused by this behavior, and sincerely apologize to the majority of investors, and will strictly abide by relevant regulations in the future to prevent such incidents from happening again.According to media reports, Makihara said that the chairman’s reduction of convertible debt is mainly based on the overall consideration of capital planning, and the increase of cash reserves in the downturn of the industry to reduce the debt level and improve the ability to resist risks.This misunderstanding of the rules led to short-term trading, there is no subjective intention of short-term trading, there is no use of short-term trading to seek benefits.Henan’s richest man “planted”?Data show that Qin Yinglin, born in 1965, Chinese nationality, no overseas permanent residence right, bachelor degree, graduated from Henan Agricultural University, animal husbandry major, the founder of the company, started the business in 1992, has more than 20 years of pig breeding, breeding pig propagation, commercial pig raising experience and business management experience.Currently he is vice Chairman of Henan Longda Muyuan Meat Co., LTD., Chairman of China Securities Jiao Tong Fund Management Co., LTD., vice Chairman of the Board of Trustees of West Lake University, Executive chairman of China Animal Husbandry Association Pig Industry Branch, and a delegate of the 13th National People’s Congress.According to Mukihara’s 2021 quarterly report, Qin Yinglin and Qian Ying together hold 100% of mukihara Group’s shares and 53.88% of the company’s shares directly and indirectly.According to the 2021 Forbes Rich List, Qin Yinglin is the richest man in Henan province, ranking 44th with a fortune of $33.5 billion, edging out Ding Lei, CEO of NetEase, to rank 9th among Chinese entrepreneurs.As pork prices continue to fall, The performance of Makihara shares also declined sharply.According to the financial report, in the third quarter of 2021, the net profit attributable to shareholders of listed companies was a loss of 822 million yuan.The company recently disclosed the 2021 annual performance forecast shows that it is expected to achieve annual operating revenue of 77 billion to 80 billion yuan, net profit attributable to shareholders of listed companies is 6.5 billion to 8 billion yuan, 70.86% to 76.32% lower than the same period last year;Net profit after deduction is expected to be 7 billion to 8.5 billion yuan, down 71.9 percent to 76.86 percent from the same period last year.Source: Zhongxin Jingwei April 8, read: Sun Shijian