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(Original title: 267 million yuan of funds were occupied! Maike Futures and its directors, supervisors and senior executives received fines, and the risky subsidiary was cancelled from filing)

On the afternoon of July 23, NEEQ listed companiesMaikefutures(870593.NQ) disclosed two announcements in succession, revealing that the company recently received a regulatory fine and the registration of its risk management subsidiary was cancelled.

Recently, the Shaanxi Securities Regulatory Bureau issued a fine to Maike Futures. Maike Futures, the company's actual controller He Jinbi, and several directors, supervisors and senior managers including Chairman Jiang Qinghe were punished by the regulator. The regulator believes that the above-mentioned persons in charge should bear the main responsibility for information disclosure violations and capital occupation problems.

Regulators pointed out that the biggest problem with Maike Futures was that the company failed to disclose in a timely manner that its controlling shareholder Maike Metal International Group Co., Ltd. (hereinafter referred to as "Maike Group") and its affiliates had misappropriated the company's funds.

According to the investigation, the funds of Maike Futures were used to carry out warehouse receipt pledge business, subscriptionPrivate EquityIllegal occupation in two ways under the name of.

Since 2021, Maike Futures' subsidiary Maike Resources Management (Shanghai) Co., Ltd. (hereinafter referred to as "Maike Resources") has successively carried out warehouse receipt pledge business without transaction substance with three companies including Guangzhou Chuangrong Metal Resources Co., Ltd. Upon investigation, the three companies are all controlled by Maike Group and constitute Maike Futures' related parties. The business was arranged and implemented by the company's director He Chen for the purpose of occupying the company's funds.

In 2022, through the introduction of Maike Group, Maike Futures subscribed to Ruihua Ruisheng No. 3 Private Equity Fund, involving an amount of 110 million yuan. Maike Group entrusted the fund manager Chengdu Ruihua Innovation Private Equity Fund Management Co., Ltd.'s holding subsidiary Chengdu Ruizhi Hongsheng Enterprise Management Consulting Co., Ltd. to use the above-mentioned Maike Futures funds in accordance with its designated investment path to subscribe to the "Shaanxi Guotou Chuangyuan No. 39 Maike Group Trust Loan Collective Fund Trust Plan".

Up to now, the controlling shareholder Maike Group has not returned any of the company funds it has occupied through the above-mentioned means.

From the end of 2021 to the end of 2023, the accumulated balances of the above-mentioned funds were RMB 30 million, RMB 267 million, and RMB 267 million, respectively, accounting for 4.67%, 41.19%, and 42.49% of the audited net assets in the latest period, respectively. Maike Futures did not disclose the above-mentioned funds in its 2021 and 2022 periodic reports and 2023 semi-annual report, nor did it disclose the three related parties.

The Shaanxi Securities Regulatory Bureau pointed out that the second biggest problem of Maike Futures is its imperfect internal control.

The investigation revealed that some of the company's interns and employees who did not obtain futures practitioner qualifications actually carried out customer contact and solicitation work, and some practitioners who did not meet the relevant conditions conducted information dissemination activities such as futures market analysis through the Internet and analyzed and predicted the trends of some products. The company failed to effectively implement audit control and did not report to the Shaanxi Securities Regulatory Bureau in advance. The company's relevant systems did not clearly define the first and direct responsible persons for network and information security work, which did not comply with the "Regulations on the Management of Futures Practitioners" and other regulatory provisions.

In response, the regulatory authorities decided to take administrative supervision measures to order Maike Futures to correct its mistakes.

The Shaanxi Securities Regulatory Bureau believes that Jiang Qinghe, Chairman of Maike Futures, He Chen, Director, Zhang Bin, Chief Financial Officer, and Wang Gang, Secretary of the Board of Directors, as the company's directors, supervisors and senior managers, failed to perform their duties faithfully and diligently, failed to ensure the truthfulness, accuracy and completeness of the company's disclosed information, and should bear the main responsibility for the company's information disclosure violations and capital occupation. He Jinbi, as the actual controller of Maike Futures and Chairman of Maike Group, should bear the main responsibility for the company's capital occupation. Therefore, the above-mentioned directors, supervisors and senior managers were subject to administrative supervision measures such as issuing warning letters and were included in the securities and futures market integrity files.

Another announcement showed that the risk management subsidiary of Maike Futures had its registration application cancelled by the China Futures Association due to its substandard net capital and risk coverage ratio.

According to the disclosure, the net capital and risk coverage ratio of Maike Resources have not met the prescribed standards since the end of December 2023. After the deadline for rectification, the indicators have not improved. As of the end of June 2024, the net capital of Maike Resources was -11.1249 million yuan; the net capital was negative, the risk capital reserve was 853,300 yuan, and the risk coverage ratio was -1303.79%. The two risk control indicators did not meet the prescribed standards for 6 consecutive months.

Therefore, in accordance with Article 32 of the "Risk Control Index Management Measures for Futures Risk Management Companies (Trial)", the China Futures Association cancelled the establishment registration of Maike Resources.

Maike Futures stated that the company attaches great importance to this. The cancellation of the risk management company's registration has prevented the subsidiary from continuing to carry out related businesses such as basis trading, warehouse receipt services, and cooperative hedging, which will have an adverse impact on the company's future business development and profitability.

Subsequently, Maike Futures stated that it will take a number of measures to improve the net capital and risk coverage indicators of its subsidiaries as much as possible, strengthen team management and construction, improve risk prevention capabilities, strive to meet regulatory requirements as soon as possible, and apply for registration again and obtain risk management business qualifications.

It is reported that Maike Group directly holds 83.17% of the shares of Maike Futures and is its controlling shareholder. In July 2023, the shares of Maike Futures held by Maike Group were judicially frozen by the Xi'an Intermediate People's Court. In November 2023, Maike Group announced that the company applied to the Xi'an Intermediate People's Court for judicial reorganization. The annual report shows that Maike Futures achieved revenue of 155 million yuan in 2023, a year-on-year decrease of 35.17%; and achieved a net profit of -279.7 million yuan, a year-on-year decrease of 14168.25%.