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source: e company

the case under investigation against haiyin wealth involves an a-share company.

on the evening of september 11, yanshi shares (600696) issued an announcement that after verification, due to haiyin wealth's suspected illegal fund-raising crimes, a case was filed for investigation and criminal compulsory measures have been taken against han xiao, the actual controller of the company. yanshi shares stated that the company has not received any notice from the relevant authorities requesting assistance in the investigation, and the matter will not have a significant impact on normal production and operations.

it is worth mentioning that han xiao currently serves as chairman, general manager and secretary of the board of directors of yanshi co., ltd. as criminal compulsory measures have been taken against him, he is no longer able to perform his duties normally. the company stated that vice chairman chen qi will temporarily perform the duties of chairman and secretary of the board of directors in the future.

at present, the company is actively communicating with relevant government departments to form a new governance structure. during the transition period, an operating committee will be formed to perform the duties of the general manager and jointly make decisions on business development.

in addition to the personnel and corporate governance levels, the equity level of rock shares may also be affected by the incident.

the announcement shows that the 217 million shares held by shanghai guijiu enterprise development co., ltd. (hereinafter referred to as guijiu development) controlled by han xiao and its persons acting in concert have all been frozen by the court, accounting for 64.8% of the company's total share capital. it is reported that the judicial freezing of the above-mentioned shares is related to the case of haiyin wealth being investigated for suspected illegal fundraising. the applicants for the freezing are all fengxian branch of shanghai public security bureau, and the freezing expires on june 9, 2026.

on the morning of september 11, the fengxian branch of the shanghai public security bureau issued a police report, filing an investigation into haiyin wealth management co., ltd. for suspected illegal fund-raising crimes, and taking criminal compulsory measures against han, han, wang and other suspects. prior to this, securities times reporters spent more than two months conducting on-site investigations in eight provinces and cities, including zhejiang, shanghai, shandong and hubei, uncovering illegal financial activities of haiyin wealth with a total scale of over 70 billion yuan.

according to public information, the "han xx" and "han xx" in the police report are han hongwei and his son han xiao. at the peak of their career, han hongwei and his son controlled nearly a thousand companies through the "haiyin group", among which yanshi shares were an important asset.

looking back from october to november 2015, han xiao intensively bought shares of yanshi co., ltd. (then named "pitoupi") through several companies under his control, including wuniu fund, wuniu haizun, and wuniu yumian, and replaced xian yan as the new actual controller of the listed company that year.

after taking over, han xiao vigorously promoted the business transformation of the listed company, first divesting the p2p financial business, introducing commodity trading, commercial factoring, and financial leasing businesses, and establishing a strategic plan for gradual transformation to the liquor industry in 2019. at the end of 2020, yanshi co., ltd. bought 25% of the equity of zhanggong liquor industry and 25% of the equity of cheung kong industrial from guijiu development, a company under han xiao, for 86 million yuan; in 2021, guijiu development donated its 52% equity of gaojiang liquor industry to the listed company free of charge.

in december 2023, due to redemption issues with some products distributed by its affiliated company haiyin wealth, yanshi shares simultaneously experienced a "trust crisis". most dealers were on the sidelines regarding replenishment and stocking, and the company's performance began to take a sharp turn for the worse. in the fourth quarter of 2023, yanshi shares' revenue was 276 million yuan, a month-on-month decrease of 46%; in the first half of this year, the company's revenue was only 191 million yuan, a year-on-year decrease of 77.32%, and a net profit loss of 77.3776 million yuan, a year-on-year change from profit to loss.

the pressure of declining performance has been transmitted to the capital level. since the fourth quarter of 2023, yanshi shares have returned about 350 million yuan in shareholder loans, and the total investment in the liquor technical transformation and expansion project has reached 837 million yuan. the reduction in sales proceeds has further aggravated the financial tension. as of the end of the first half of this year, yanshi shares' asset-liability ratio was 62.85%, which has further increased from the end of 2023. in the first half of this year, the company's operating net cash flow was -59.7095 million yuan, turning from positive to negative year-on-year.

in order to revitalize its assets, rock co., ltd. recently announced that it plans to dispose of two office properties of its subsidiary located at no. 1500 century avenue, pudong new district, shanghai, with a total assessed value of over 75 million yuan.

on february 20 this year, yanshi co., ltd. received a regulatory work letter from the exchange, which showed that there were complaints that the company had used undisclosed affiliated companies to improve its liquor business performance and used affiliated party liquor products for financing. in response to the above matters, based on the audit evidence obtained, the annual review accountant could not rule out the possibility that yanshi co., ltd. may have similar situations in 2023 and previous years, and issued a qualified audit report on the company's 2023 financial statements.

editor: wan jianyi

proofreading: yang shuxin

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