Juli Culture expects to compensate investors 31.11 million
2024-08-20
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China Youth Network News(Reporter Zhang Yayun, intern Li Shiyu) On August 20, Juli Culture released an announcement stating that recently, the company has collected relevant evidence materials from 304 investors who intend to claim compensation, and it is expected to compensate the 304 investors for a total loss of 31.112 million yuan.
Juli Culture stated that the company will treat the above-mentioned estimated losses as subsequent adjustments to the balance sheet in accordance with relevant accounting standards and other regulations, and has included them in the 2024 semi-annual financial statements.
Zhejiang Juli Culture Development Co., Ltd. was established in 2000 and listed on the Shenzhen Stock Exchange in 2008. Its main business is the research and development, design, production and sales of mid-to-high-end architectural decorative veneer materials.
Public information shows that the 30 million yuan compensation is related to the false records in the annual report of Meishengyuan, a former subsidiary of Juli Culture. In May 2016, Juli Culture purchased 100% of the shares of the company for 3.4 billion yuan.
According to the investigation by the Zhejiang Regulatory Bureau, Meshengyuan inflated its revenue and profits from 2016 to 2018, resulting in false records in Juli Culture's financial data and related disclosure information during 2016, 2017 and 2018.
In February 2023, Feng Zhifang sued Juli Culture and Yu Haifeng, Jiang Feixiong, Yu Biqiong, Bo Bin and Hu Hao in the Hangzhou Intermediate People's Court on the grounds of liability for false statements of securities, requesting compensation for the total investment difference loss of 790,900 yuan and stamp duty, commission, interest losses totaling 800,900 yuan.
On November 4, 2023, the Hangzhou Intermediate People's Court ruled in the first instance that Juli Culture should pay Feng Zhifang 128,100 yuan in compensation. Although some parties were dissatisfied with the first-instance judgment, the Hangzhou Intermediate People's Court issued a final judgment in April 2024, rejecting the appeal and upholding the original judgment.
In August 2021, the Zhejiang Regulatory Bureau issued a market ban decision, disclosing that Yu Haifeng, then chairman and general manager of Meshengyuan, organized Meshengyuan to carry out continuous fraud. After serving as a director of Juli Culture, especially as chairman, he continued to conceal the fraud and approved and signed the annual report despite knowing that it contained false records. Bo Bin, then general manager of Juli Culture and deputy general manager of Meshengyuan, and Hu Hao, then deputy general manager of Juli Culture and deputy general manager of Meshengyuan, were aware of their participation in Meshengyuan's fraud and signed Juli Culture's 2017 and 2018 annual reports.
The Zhejiang Regulatory Bureau found that in 2016, Mesunyuan falsely increased its operating income by a total of 211 million yuan and its total profit by 123 million yuan; in 2017, Mesunyuan falsely increased its operating income by a total of 497 million yuan and its total profit by 262 million yuan; in 2018, Mesunyuan falsely increased its operating income by a total of 187 million yuan and its total profit by 121 million yuan.
The Zhejiang Regulatory Bureau decided to order Juli Culture to correct its mistakes, give it a warning, and impose a fine of 600,000 yuan; to give Yu Haifeng a warning, impose a fine of 300,000 yuan, and ban him from the securities market for 10 years; to give Bo Bin, Hu Hao, and Jiang Feixiong a warning and impose a fine of 200,000 yuan each, and to ban Bo Bin and Hu Hao from the securities market for 5 years.
On August 19, Juli Culture announced its first half annual report. Juli Culture achieved operating income of 415 million yuan, a year-on-year decrease of 4.66%. Total assets were 1.049 billion yuan. Net profit attributable to the parent company was 221 million yuan, a year-on-year increase of 162.78%.
In the secondary market, as of the close of August 20, Juli Culture fell 4.61% to 1.45 yuan per share, with a total market value of 234 million yuan.
(Source: China Youth Network)
