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on september 19, *st meishang (300495, share price 0.13 yuan, market value 87.656 million yuan), a former garden industry listed company with a market value of tens of billions, issued an announcement that the company's shares have been decided to be delisted by the shenzhen stock exchange and will be delisted on september 20, 2024.

it is worth noting that *st meishang started to commit financial fraud three years before its listing, which lasted until the semi-annual report in 2020, a period of eight and a half years. after the fraud ended, its performance plummeted, with a net loss of more than 2 billion yuan in the past four years. the actual controller wang yingyan was fined 15.1 million yuan and banned from the market for life.

in addition, wang yingyan was fined 5 million yuan by the china securities regulatory commission for colluding with private equity institutions to manipulate the stocks of her own company. it is reported that she used hundreds of accounts in total, manipulated the stocks for two years, and the transaction volume exceeded 80 billion yuan, but in the end she suffered a huge loss of more than 200 million yuan.

*st meishang "delisted at par value" and delisted today

the announcement stated that the company has hired pacific securities co., ltd. as the company's lead underwriter and signed a "stock transfer entrustment agreement" with it, entrusting it to provide share transfer services for the company and handle stock exchange market registration; settlement system share withdrawal registration, stock reconfirmation, and delisting segment registration and settlement and other related matters.

according to the "implementation measures for the listing and transfer of delisted companies on the delisting board", during the delisting registration period, the lead underwriter will be responsible for registering the shares of the delisted company, and handling share ownership confirmation, assisting in law enforcement and other businesses.

for cash dividends distributed by the company before the delisting of its shares, if they have not been distributed to investors due to reasons such as the pledge of investors’ shares, judicial freezing or the non-custody of shares (if any), the company will continue to entrust china securities depository and clearing co., ltd. (hereinafter referred to as “china securities depository and clearing”) to keep and distribute them after the delisting of its shares. for cash dividends that have not been distributed to investors due to pledge or judicial freezing, from the delisting of the shares to the initial registration of the lead underwriter in the delisting sector, the pledgee, the competent authority, etc. can apply through the lead underwriter for the unpledging and law enforcement assistance of such cash dividends, or through the counter of the shenzhen branch of china securities depository and clearing co., ltd., the supreme court’s investigation and control network and the channels of securities companies. for cash dividends that have not been distributed due to reasons such as the non-custody of shares, investors can apply through the beijing branch or shenzhen branch of china securities depository and clearing co., ltd.

from the time the company's shares are delisted to the completion of the initial registration for the delisting segment, investors are requested not to cancel their securities accounts intended to be used for the delisting segment. otherwise, the shares may not be registered on the delisting segment on time and affect subsequent share transfers.

investors are requested to continue to pay attention to the notifications of the custodial securities firm and the share confirmation announcements issued by the lead securities firm, and contact the custodial securities firm or the lead securities firm as soon as possible according to the time requirements of the above notifications and announcements to complete the share confirmation procedures and handle transaction settlement procedures such as adding funds accounts.

according to the shenzhen stock exchange's "decision on the termination of listing of meishang ecological landscape co., ltd.'s shares" received on september 13, the company's shares were delisted because the closing price of the stock was lower than 1 yuan for twenty consecutive trading days, triggering the termination of listing of stocks stipulated in article 10.2.1, paragraph 1, item 2 of the shenzhen stock exchange's "gem stock listing rules (revised in 2024)".

lost more than 2 billion yuan in 4 years

continuous fraud for more than 8 years since before the listing

according to the official website, *st meishang was founded in 2001, headquartered in shenzhen, and listed on the shenzhen stock exchange in 2015. *st meishang has 21 subsidiaries and more than 800 employees nationwide.

*st meishang's main business covers three major areas: ecological restoration, ecological landscape, and ecological tourism, as well as resource recycling, agricultural product development and other fields. it is one of the few companies in china that has "double a" qualifications in landscape design and construction. it has undertaken many demonstration projects such as the shangxian river wetland project and the taihu lake wetland ecological restoration and protection.

it is worth noting that *st meishang had previously caused adverse effects due to financial fraud for eight and a half consecutive years.

in the early days of its listing, *st meishang was in a period of rapid development, its stock price doubled, and its market value once reached 10 billion yuan. it was regarded as a "big bull stock" by many investors.

however, since the stock price of *st meishang reached its highest point of 24.92 yuan per share in 2016, the company's stock price has been falling. as of september 19, meishang ecology closed at 0.13 yuan per share, a drop of nearly 99.5% compared to its historical high, with a total market value of only 87.656 million yuan. as of the end of the first quarter of this year, *st meishang still had about 21,000 shareholders.

judging from the surface financial data, *st meishang remained profitable for many years after its listing, until 2020, when its net loss was approximately 94.56 million yuan, and it has been in a loss-making state since then.

the 2023 annual report shows that *st meishang's revenue in that year was about 87.5 million yuan and its net loss was about 545 million yuan. from 2020 to 2023,*st meishang's total net loss in four years was approximately rmb 2.372 billion。

data source: tonghuashun ifind

in fact, the four-year loss is just the tip of the iceberg of *st meishang. the investigation by the china securities regulatory commission has revealed the true face of *st meishang. a disciplinary decision issued by the shenzhen stock exchange on april 26 revealed the inside story of *st meishang and its actual controllers’ financial fraud, concealment of related transactions and misappropriation of funds for many years.

*st meishang had inflated net profits from 2012 to 2019 and the first half of 2020, with the net profits inflated by rmb 11.7127 million (the inflated net profits accounted for 16.56% of the net profits disclosed in the current period, the same below) in each reporting period, respectively. the inflated net profits were rmb 16.5233 million (16.31%), rmb 7.6715 million (7.12%), rmb 66.7274 million (60.52%), rmb 64.0111 million (30.64%), rmb 78.3524 million (27.58%), rmb 148 million (38.34%), rmb 58.4356 million (27.20%), and rmb 5.3370 million (13.85%).

this also means:from the financial reports of *st meishang three years before its listing to those after its listing (2016-2020), *st meishang has been falsifying its financial reports.in 2015, the year of its listing, *st meishang falsely increased its net profit by 66.7274 million yuan, with 60.52% of its net profit coming from financial fraud. after tasting the sweetness, *st meishang's financial fraud was not curbed. from 2016 to the first half of 2020, *st meishang's false net profit totaled 354 million yuan.

the above-mentioned inflated profits resulted in false statements in *st meishang's prospectus (the reporting period of the 2015 prospectus was from 2012 to 2014 and january to june 2015), periodic reports and issuance documents.

in addition, *st meishang was also involved in matters such as failure to disclose related transactions and capital occupation in accordance with regulations, and private placement of stocks constituting fraudulent issuance.

the female boss's net worth once reached 5 billion yuan

punished many times for stock price manipulation, fraud, etc.

*st meishang's actual controller is wang yingyan. public information shows that wang yingyan is a female, born in 1967, of chinese nationality, without permanent residency abroad, with a bachelor's degree in weaving and an emba from fudan university. in 2016, she made her debut on the hurun rich list with a net worth of 5 billion, becoming a well-known female billionaire.

image source: jiangnan university news network

on january 16, 2024, wang yingyan, the actual controller and then chairman of *st meishang, was fined 5 million yuan by the china securities regulatory commission for manipulating the securities market. the china securities regulatory commission found that for as long as two years, the stock price of *st meishang was manipulated by wang yingyan and ji yun.

according to the disclosure of the china securities regulatory commission, from june 12, 2018 to july 3, 2020, wang yingyan and ji yun (35 years old), the legal representative of shanghai yongshu asset management co., ltd., a private equity institution, actually controlled 113 securities accounts including "wu mou", concentrated their capital advantages and shareholding advantages, and continuously traded "meishang ecology" (i.e. *st meishang) to manipulate "meishang ecology". during the period of stock price manipulation, the account group bought a total of 3.14 billion shares, bought 39.984 billion yuan; sold 3.138 billion shares, sold 39.798 billion yuan, and the cumulative transaction volume was nearly 80 billion yuan. however, after deducting commissions and related taxes and fees, the account group actually lost 238 million yuan.

the csrc stated that the above-mentioned illegal facts were proved by evidence such as account opening materials, bank statements, position information tables, interrogation records, chat records, transaction records, mac addresses, etc. the csrc imposed a fine of 8 million yuan on wang yingyan and ji yun, of which wang yingyan was fined 5 million yuan and ji yun was fined 3 million yuan.

in the above-mentioned financial fraud case, wang yingyan, as the then chairman, general manager and actual controller of meishang ecology, instructed meishang ecology to engage in illegal and irregular information disclosure and fraudulent issuance. the circumstances of the violations were particularly serious and he was fined 15.1 million yuan and banned from the market for life.

previously, there were market rumors that wang yingyan had "fled" and immigrated to singapore. in may this year, *st meishang announced that it had noticed that some media had published and reprinted false reports about the company. the company carefully verified the content of the reports and clarified them. *st meishang stated that the actual controller of the company, ms. wang yingyan, is still in china. she is a chinese citizen and does not have permanent residency abroad.

(this article does not constitute investment advice, and you are responsible for your own operations)