Foshan Lighting Annual Report suspected of fraud tracking
"Thank you for your concern, it is not convenient to reply to you now."
Zhong Xincai low-key response to outside suspicions
The two companies have very small OEMs, which can be said to be minimal, and they are configured in a uniform price system with other dealers. There is no unique and "special" place. Foshan Lighting, a former sales person in charge
Foshan Lighting has once again been swayed by the suspicion of the annual report for three consecutive years.
On the evening of July 5, the Guangdong Securities Regulatory Bureau issued the “Decision on Administrative Supervision Measures†to Foshan Lighting, stating that Foshan Lighting’s three-year interim report and annual report for 2009-2011 were not disclosed with Foshan Schnoqi California Electric Co., Ltd. The relationship between Nooch) and Foshan Slangbo Enterprise Co., Ltd. (hereinafter referred to as Slangbo) and related transactions. At the same time, it has not disclosed the relationship and related transactions with (Hong Kong) Qinghai Skyline Rare Element Technology Development Co., Ltd. (hereinafter referred to as Hong Kong Sky). The China Securities Regulatory Commission criticized the chairman of Foshan Lighting, Zhong Xincai, and urged him to urge the company to disclose relevant related party transactions within 10 days and give the shareholders a confession.
The day before, economic media further exposed that Snooker and Slangbo were opened by Zhong Yongliang, the eldest son of Foshan Lighting Chairman Zhong Xincai, and Zhong Yonghui, the second son of Foshan Lighting. Zhong Xincai’s two related transactions are limited and the price is reasonable.
Zhong Xincai two sons are OEM dealers
Two days after the Guangdong Securities Regulatory Bureau issued the "Decision on Administrative Supervision Measures" to Foshan Lighting, economic media further exposed the details of the two companies, Snooker and Slamba. The addresses of the two companies are located on the right side of the Foshan Lighting Building, and Schnoch is located on the first floor of No. 66, Minjiang North Road, Chancheng District, Foshan City, while Slangbo is located on the first floor of No. 68, Minjiang North Road, Chancheng District. No. Shop. The registered legal persons are Zhong Yongliang and Zhong Yonghui (the eldest son and second son of Zhong Xincai).
Yesterday, the reporter found the stores of the two companies, all closed the door "thankors." In particular, Snooker's store saw only a piece of blue-gray paint, and the gate was locked. The name of the company was not hung up in the store's forehead. Using the mobile navigation system and according to the company's registered address, it is said that the closed store is Snooker.
After the door of Schnoch, and then walked more than ten meters, it was at the door of another closed company, but the name of the company was marked above the door and the glass door was closed. The area along the Minjiang North Road is mostly a wholesaler of hardware and electrical appliances. Slangbo is particularly quiet in the middle of the two hardware stores.
"Only two or three days a week, someone came to work, two female employees, Zhong Yonghui's son Zhong Yonghui once or twice a month, seems very busy. I have rarely seen it in the last half of the year." Near a Sri Lankan mechanical and electrical wholesaler "sea The owner of the Thai company told the Southern Reporter that in 2004 his store was doing business with Slamba at the same time. It took a long time to know that the boss of this company was Zhong Xinhui, the youngest son of Zhong Xincai, who sold energy-saving light bulbs. It’s no surprise that the company’s three-day closed three-day business is no surprise.
Feng Bo, a nearby wholesaler engaged in energy-saving lamps, told reporters that Snooker and Slangbo are customers of Foshan Lighting. The company takes the goods of Foshan Lighting, but the brand is sold by its own brand. And the two companies have their own business across the country. “Many people in the industry know that the boss of the company is the son of Zhong Xincai and the second son.†Feng Bo said.
According to the reporter's inquiry on the website of the Provincial Industry and Commerce Bureau, Snowy was established on December 28, 2007 with a registered capital of 140,000 US dollars, controlled by Zhong Yongliang. Slangbo was established on July 19, 1999 with a registered capital of 500,000 yuan. In the shareholding structure of Slangbo, Zhong Yonghui invested 475,000 yuan, accounting for 95%. A person in charge of sales at Foshan Lighting Company told reporters that "the two companies are indeed OEM dealers of Foshan Lighting, and the company also knows their father-son relationship with Zhong Zong."
The former sales person in charge said that the amount of related transactions was “very smallâ€
Why do you know that the relatives of the executives are still related to the transaction, but they have not disclosed the information in the annual report? “Foshan Lighting has dozens of dealers, and certainly not every dealer will be disclosed in the annual report. The two companies’ OEMs are very small, which can be said to be minimal.†A former sales executive who asked not to be named Tell the reporter that he said that the two related companies and other dealers are all configured according to a unified price system, and there is no unique and "special" place. Snooker and Slangbo combined to account for up to 10% of the total amount of OEM sales, while the proportion of domestic sales of Foshan Lighting Company was only 1% or 2%.
"I don't believe that Zhong Zhong is so unselfish, there will be interest transfer, because the ex-factory price of the company is unified throughout the country. This is a place where Foshan Lighting is different from many companies. The supervision is particularly strict." Assistant Chairman of Foshan Lighting Xueqin responded to Nandu reporters saying that the prices of products supplied to Schnoch and Slambo are not lower than those of other dealers.
link
Senior relatives
Related party transactions must be disclosed in the annual report
The so-called connected transaction refers to the act of directly transferring resources, labor or obligations by related parties, regardless of whether the price is charged. According to the "Accounting Standards for Business Enterprises No. 36 Related Party Disclosure (2006)", the related parties refer not only to the holding company and subsidiary subsidiaries of the listed company, but also the relatives of the company's chairman and other senior executives are also related parties. Related party transactions of these related parties must be disclosed in the annual report. The supervision of connected transactions is the most basic legal requirement to ensure that directors will not violate laws and regulations.
The reporter reviewed the annual report of Foshan Lighting from 2008 to 2011, and did not disclose the related party transactions of the two companies. And Prosperity Lighting Equipment Co., Ltd., Youchang Electric (China) Co., Ltd., Youchang (Nanjing) Lighting Equipment Co., Ltd., Youchang (Hangzhou) Lighting Appliance Co., Ltd., Osram (China) The related transaction information of Lighting Co., Ltd. and Youchang (Xinxiang) Electro-optical Machinery Co., Ltd. have detailed transaction data disclosure.
extend
Linked transaction exposure
Citing "infighting" suspicion
Although the dealer's transaction information is not listed in the mandatory disclosure of the regulations, it is precisely because of the “father-son†relationship between the dealers Zhong Yonghui, Zhong Yongliang and Zhong Xincai that they are included in the related parties. Naturally, the related transaction information should also be Disclosure in the annual report. It is precisely because of this that the Guangdong Securities Regulatory Bureau believes that Foshan Lighting’s behavior of concealing related relationships and related party transactions violates the relevant laws and regulations on information disclosure of listed companies, requiring the company and the chairman of the company, Zhong Xincai, to be within 10 days from the date of receipt of the decision. The CSRC designated the information disclosure media to supplement the disclosure of related party transactions.
According to the reporter's investigation, Snooker and Slangbo are located near Foshan Lighting Headquarters and opened as early as 2004. The industry and even Foshan lighting workers are also very familiar. A staff member working in Foshan Lighting also revealed to reporters: "When the New Year is over, many Foshan Lighting staff who know the boss's son will also go to the door of these two companies to discuss the benefits. We believe that Zhong Zong is a man, he is not necessary. Going through a company with two sons for their own benefit."
However, since the workers are familiar with this related transaction from the top to the top, why have they been in peace for nearly 8 years and have only recently been kicked? This has led to speculation in many industry insiders. A person who has had contacts with Foshan Lighting executives revealed that "Zhong Xincai and Osram and some of the current executives have internal interests, and Foshan Lighting's efficiency has dropped significantly this year, which has also aggravated internal contradictions."
In April of this year, Zhong Xincai removed the general manager of Foshan Lighting and was only the chairman. The position of general manager of the company was held by the former deputy general manager and 50-year-old Liu Xingming. Some employees disclosed their suspicions to reporters. "The general manager and the chairman of the company have differences in their business ideas, which may be the fuse."
All kinds of suspicions, Zhong Xincai has always kept a low profile. The reporter recently dialed the phone number of the clock and got the reply: "Thank you for your concern, it is not convenient to reply to you now."
However, Chen Xueqin, who is on a business trip, mostly defended Zhong Xincai. "For the company for a lifetime, well-known inside and outside the industry, if someone took the opportunity to play the clock, this is really great damage to Foshan lighting." Chen Xueqin said indignantly.
"Thank you for your concern, it is not convenient to reply to you now."
Zhong Xincai low-key response to outside suspicions
The two companies have very small OEMs, which can be said to be minimal, and they are configured in a uniform price system with other dealers. There is no unique and "special" place. Foshan Lighting, a former sales person in charge
Foshan Lighting has once again been swayed by the suspicion of the annual report for three consecutive years.
On the evening of July 5, the Guangdong Securities Regulatory Bureau issued the “Decision on Administrative Supervision Measures†to Foshan Lighting, stating that Foshan Lighting’s three-year interim report and annual report for 2009-2011 were not disclosed with Foshan Schnoqi California Electric Co., Ltd. The relationship between Nooch) and Foshan Slangbo Enterprise Co., Ltd. (hereinafter referred to as Slangbo) and related transactions. At the same time, it has not disclosed the relationship and related transactions with (Hong Kong) Qinghai Skyline Rare Element Technology Development Co., Ltd. (hereinafter referred to as Hong Kong Sky). The China Securities Regulatory Commission criticized the chairman of Foshan Lighting, Zhong Xincai, and urged him to urge the company to disclose relevant related party transactions within 10 days and give the shareholders a confession.
The day before, economic media further exposed that Snooker and Slangbo were opened by Zhong Yongliang, the eldest son of Foshan Lighting Chairman Zhong Xincai, and Zhong Yonghui, the second son of Foshan Lighting. Zhong Xincai’s two related transactions are limited and the price is reasonable.
Zhong Xincai two sons are OEM dealers
Two days after the Guangdong Securities Regulatory Bureau issued the "Decision on Administrative Supervision Measures" to Foshan Lighting, economic media further exposed the details of the two companies, Snooker and Slamba. The addresses of the two companies are located on the right side of the Foshan Lighting Building, and Schnoch is located on the first floor of No. 66, Minjiang North Road, Chancheng District, Foshan City, while Slangbo is located on the first floor of No. 68, Minjiang North Road, Chancheng District. No. Shop. The registered legal persons are Zhong Yongliang and Zhong Yonghui (the eldest son and second son of Zhong Xincai).
Yesterday, the reporter found the stores of the two companies, all closed the door "thankors." In particular, Snooker's store saw only a piece of blue-gray paint, and the gate was locked. The name of the company was not hung up in the store's forehead. Using the mobile navigation system and according to the company's registered address, it is said that the closed store is Snooker.
After the door of Schnoch, and then walked more than ten meters, it was at the door of another closed company, but the name of the company was marked above the door and the glass door was closed. The area along the Minjiang North Road is mostly a wholesaler of hardware and electrical appliances. Slangbo is particularly quiet in the middle of the two hardware stores.
"Only two or three days a week, someone came to work, two female employees, Zhong Yonghui's son Zhong Yonghui once or twice a month, seems very busy. I have rarely seen it in the last half of the year." Near a Sri Lankan mechanical and electrical wholesaler "sea The owner of the Thai company told the Southern Reporter that in 2004 his store was doing business with Slamba at the same time. It took a long time to know that the boss of this company was Zhong Xinhui, the youngest son of Zhong Xincai, who sold energy-saving light bulbs. It’s no surprise that the company’s three-day closed three-day business is no surprise.
Feng Bo, a nearby wholesaler engaged in energy-saving lamps, told reporters that Snooker and Slangbo are customers of Foshan Lighting. The company takes the goods of Foshan Lighting, but the brand is sold by its own brand. And the two companies have their own business across the country. “Many people in the industry know that the boss of the company is the son of Zhong Xincai and the second son.†Feng Bo said.
According to the reporter's inquiry on the website of the Provincial Industry and Commerce Bureau, Snowy was established on December 28, 2007 with a registered capital of 140,000 US dollars, controlled by Zhong Yongliang. Slangbo was established on July 19, 1999 with a registered capital of 500,000 yuan. In the shareholding structure of Slangbo, Zhong Yonghui invested 475,000 yuan, accounting for 95%. A person in charge of sales at Foshan Lighting Company told reporters that "the two companies are indeed OEM dealers of Foshan Lighting, and the company also knows their father-son relationship with Zhong Zong."
The former sales person in charge said that the amount of related transactions was “very smallâ€
Why do you know that the relatives of the executives are still related to the transaction, but they have not disclosed the information in the annual report? “Foshan Lighting has dozens of dealers, and certainly not every dealer will be disclosed in the annual report. The two companies’ OEMs are very small, which can be said to be minimal.†A former sales executive who asked not to be named Tell the reporter that he said that the two related companies and other dealers are all configured according to a unified price system, and there is no unique and "special" place. Snooker and Slangbo combined to account for up to 10% of the total amount of OEM sales, while the proportion of domestic sales of Foshan Lighting Company was only 1% or 2%.
"I don't believe that Zhong Zhong is so unselfish, there will be interest transfer, because the ex-factory price of the company is unified throughout the country. This is a place where Foshan Lighting is different from many companies. The supervision is particularly strict." Assistant Chairman of Foshan Lighting Xueqin responded to Nandu reporters saying that the prices of products supplied to Schnoch and Slambo are not lower than those of other dealers.
link
Senior relatives
Related party transactions must be disclosed in the annual report
The so-called connected transaction refers to the act of directly transferring resources, labor or obligations by related parties, regardless of whether the price is charged. According to the "Accounting Standards for Business Enterprises No. 36 Related Party Disclosure (2006)", the related parties refer not only to the holding company and subsidiary subsidiaries of the listed company, but also the relatives of the company's chairman and other senior executives are also related parties. Related party transactions of these related parties must be disclosed in the annual report. The supervision of connected transactions is the most basic legal requirement to ensure that directors will not violate laws and regulations.
The reporter reviewed the annual report of Foshan Lighting from 2008 to 2011, and did not disclose the related party transactions of the two companies. And Prosperity Lighting Equipment Co., Ltd., Youchang Electric (China) Co., Ltd., Youchang (Nanjing) Lighting Equipment Co., Ltd., Youchang (Hangzhou) Lighting Appliance Co., Ltd., Osram (China) The related transaction information of Lighting Co., Ltd. and Youchang (Xinxiang) Electro-optical Machinery Co., Ltd. have detailed transaction data disclosure.
extend
Linked transaction exposure
Citing "infighting" suspicion
Although the dealer's transaction information is not listed in the mandatory disclosure of the regulations, it is precisely because of the “father-son†relationship between the dealers Zhong Yonghui, Zhong Yongliang and Zhong Xincai that they are included in the related parties. Naturally, the related transaction information should also be Disclosure in the annual report. It is precisely because of this that the Guangdong Securities Regulatory Bureau believes that Foshan Lighting’s behavior of concealing related relationships and related party transactions violates the relevant laws and regulations on information disclosure of listed companies, requiring the company and the chairman of the company, Zhong Xincai, to be within 10 days from the date of receipt of the decision. The CSRC designated the information disclosure media to supplement the disclosure of related party transactions.
According to the reporter's investigation, Snooker and Slangbo are located near Foshan Lighting Headquarters and opened as early as 2004. The industry and even Foshan lighting workers are also very familiar. A staff member working in Foshan Lighting also revealed to reporters: "When the New Year is over, many Foshan Lighting staff who know the boss's son will also go to the door of these two companies to discuss the benefits. We believe that Zhong Zong is a man, he is not necessary. Going through a company with two sons for their own benefit."
However, since the workers are familiar with this related transaction from the top to the top, why have they been in peace for nearly 8 years and have only recently been kicked? This has led to speculation in many industry insiders. A person who has had contacts with Foshan Lighting executives revealed that "Zhong Xincai and Osram and some of the current executives have internal interests, and Foshan Lighting's efficiency has dropped significantly this year, which has also aggravated internal contradictions."
In April of this year, Zhong Xincai removed the general manager of Foshan Lighting and was only the chairman. The position of general manager of the company was held by the former deputy general manager and 50-year-old Liu Xingming. Some employees disclosed their suspicions to reporters. "The general manager and the chairman of the company have differences in their business ideas, which may be the fuse."
All kinds of suspicions, Zhong Xincai has always kept a low profile. The reporter recently dialed the phone number of the clock and got the reply: "Thank you for your concern, it is not convenient to reply to you now."
However, Chen Xueqin, who is on a business trip, mostly defended Zhong Xincai. "For the company for a lifetime, well-known inside and outside the industry, if someone took the opportunity to play the clock, this is really great damage to Foshan lighting." Chen Xueqin said indignantly.
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