f2pp2enftgames| Jiuzhitang's eight-year profit of 3.09 billion yuan. Short-out dividends of 3.04 billion yuan have been awarded by ST Li Zhenguo illegally occupied 110 million yuan in capital and lost 760 million yuan in dividends
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Source: Changjiang Business Daily
Reporter Huang Cong
After Li Zhenguo became the actual controller of Jiuzhitang in 2015.F2pp2enftgamesThere seems to be a special "lack of money".
On May 20, the Shenzhen Stock Exchange reported to Jiuzhitang (000989)F2pp2enftgames.SZ, the securities referred to as "St Jiuzhi (rights protection)") issued an inquiry letter. In view of the problem of capital occupation, the regulatory authorities required listed companies to explain the details of non-company accounts, including, but not limited to, the opening time, the holder, the actual controller, whether there is a related relationship, and so on.
According to the 2023 annual report of Jiuzhitang, Li Zhenguo has occupied a total of 1. 5% of non-operating funds in the past two years.F2pp2enftgames.12 billion yuan.
It should be noted that since Li Zhenguo became chairman of Jiuzhitang in 2016, the company has been paying dividends, totaling 3.038 billion yuan over the past eight years.
In the same period, the company made a cumulative net profit of 3.09 billion yuan, almost all of which was used for dividends, while Li Zhenguo monopolized about 760 million yuan.
But at the same time, the number of Li Zhenguo's pledged shares continued to rise. Jiuzhitang issued a pledge announcement on May 16, showing that Li Zhenguo's cumulative number of pledged shares reached 207 million shares, with a pledge ratio of 95.94%.
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52.78% of pledged shares expire within half a year
The predecessor of Jiuzhitang, "Lao Jiuzhi Tang Pharmacy", originated in the seventh year of Shunzhi of the Qing Dynasty, that is, AD 1650. Hyundai Jiuzhitang Co., Ltd. was established in 1999 and listed on the Shenzhen Stock Exchange in 2000.
At present, Jiuzhitang has two major brands of "Jiuzhitang" and "Youbao". The former includes traditional Chinese medicine products, such as Liuwei Dihuang pills, Xiaoyao pills, Angong Niuhuang pills, Lujiao Buxue granules, etc., while the latter is mainly engaged in modern traditional Chinese medicine. mainly for Shuxuetong injection mentioned above.
In 2015, Jiuzhitang acquired a 100% stake in YouBo Pharmaceutical for about 6.5 billion yuan, and transferred 83.5 million shares to Li Zhenguo, the controller of YouPak Pharmaceutical Co., Ltd.
As a result, YouBo Pharmaceutical listed backdoor, Jiuzhitang obtained Shuxuetong injection, and the actual controller of the company was also changed to Li Zhenguo.
In January 2016, Jiuzhitang announced that the company elected Li Zhenguo as chairman of the company.
After Li Zhenguo took office, Jiuzhitang can be described as "atmospheric" in terms of dividends.
According to the 2015 annual report, Jiuzhitang paid a dividend of 302 million yuan, after the company had not paid a dividend for two years in a row.
On the evening of May 20, 2024, Jiuzhitang issued an announcement on the implementation of the 2023 annual dividend, which shows that the company intends to pay 4 yuan (including tax) for 10 years, with a total dividend of 342 million yuan.
From 2020 to 2023, the net profit of Jiuzhitang was 272 million yuan, 271 million yuan, 358 million yuan and 297 million yuan respectively.F2pp2enftgamesHis three-year dividend rate is over 100%.
Overall, in the eight years since Li Zhenguo took office, Jiuzhitang has accumulated 3.038 billion yuan in dividends. In the same period, the company made a cumulative net profit of 3.09 billion yuan, almost all of which was used for dividends, while Li Zhenguo monopolized about 760 million yuan.
It is worth mentioning that a reporter from the Yangtze River Business Daily found that in December 2015, Li Zhenguo pledged Jiuzhitang shares for the first time, accounting for 52.48% of his shares.
Subsequently, the number of shares pledged by Li Zhenguo increased and decreased, but continued to rise as a whole.
On May 16, 2024, Jiuzhitang issued a pledge announcement showing that Li Zhenguo, the company's controlling shareholder, held 215 million shares of listed companies, accounting for 25.17% of the shares, and the cumulative number of shares pledged reached 207 million shares, with a pledge ratio of 95.94%.
According to the announcement, the cumulative number of pledged shares due by Li Zhenguo in the next six months is 114 million shares, accounting for 52.78% of his shares and 13.28% of the company's total share capital, with a corresponding financing balance of 535 million yuan. The cumulative number of pledged shares due in the next year (excluding half a year) is 12.96 million shares, accounting for 6.02% of its shares, accounting for 1.51% of the company's total share capital, and the corresponding financing balance is 50 million yuan.
Jiuzhitang said that Li Zhenguo repaid funds from their own funds or self-raised funds, with the ability to repay funds.
In the pledge announcement, Jiuzhitang particularly stressed that Li Zhenguo does not have non-operating funds, illegal guarantees and other situations that infringe upon the interests of the company.
ST because of major defects in internal control.
However, Li Zhenguo has many cases of occupation of non-operating funds and illegal guarantee.
Recently, Jiuzhitang issued the 2023 annual report at the same time, also issued the early accounting error correction announcement and other documents.
The announcement pointed out that after self-examination, Jiuzhitang found that Bobo Pharmaceutical, a second-class wholly-owned subsidiary of the company, used non-company bank accounts to collect deposit for the agency right to sell Shuxuetong injection in 2022, resulting in the company's failure to carry out accounting treatment of the aforementioned funds in 2022, resulting in financial misstatement.
The incident also involved two violations by Jiuzhitang, namely, the inaccurate disclosure of information in the 2022 annual report and the non-operating occupation of funds of listed companies by controlling shareholders.
Specifically, in 2022 and 2024, Bobo Pharmaceuticals used non-company bank accounts to collect 49.2 million yuan and 6.7 million yuan respectively for Shuxuetong injection sales agency deposit.
After retroactive adjustment, Jiuzhitang correspondingly increased 43.415 million yuan in other receivables, 571250 yuan in deferred income tax assets and 45.7 million yuan in other payables on December 31, 2022, increased the credit impairment loss in 2022 by 2.285 million yuan, and reduced income tax expenses in 2022 by 571250 yuan. it has no effect on the retained earnings at the beginning of 2022 and affects the net profit in 2022-1.713.75 million yuan.
In addition, in the above-mentioned non-corporate bank accounts that collect deposits, some funds are indirectly lent to Li Zhenguo, the controlling shareholder, actual controller and chairman of the company through a third party, which constitutes the occupation of non-operating funds by related parties. Among them, from March to September 2022, from September to October 2022, and from October 2022 to March 2024, they occupied 30 million yuan, 45 million yuan and 37 million yuan respectively.
Taken together, Li Zhenguo occupied 112 million yuan in non-operating funds in the past two years.
As a result, the Hunan Regulatory Administration of the CSRC has taken administrative supervision measures to issue warning letters to Jiuzhitang, Li Zhenguo, Xu Xiangping, Han Chenyi, and Zhang Liangbin, which are recorded in the integrity files of the securities and futures market, and intend to carry out special verification of the company.
Due to the aforementioned major internal control defects, from April 26, the abbreviation of Jiuzhitang stock has been changed from "Jiuzhitang" to "St Jiuzhi".
The 2023 annual report shows that Rongcheng Certified Public Accountants (Special General Partnership) issued a negative opinion on Jiuzhitang's 2023 internal control. The company uses non-company accounts to collect deposits, and part of the funds in this account indirectly flow to Li Zhenguo, the controlling shareholder, actual controller, and chairman of the company through loans.
As of the end of 2023, Jiuzhitang had collected a margin balance of 42.7 million yuan through non-company accounts, and Li Zhenguo's non-operating funds had a balance of 37 million yuan. As of the disclosure date of the 2023 annual report, all deposits collected from non-company accounts have been refunded, and the non-operating occupied funds and interest during the occupation period have been fully repaid by related parties.
In response, on May 20, the Shenzhen Stock Exchange issued an inquiry letter requesting Jiuzhitang to explain the specific circumstances of the non-corporate account, including but not limited to the opening time, the holder, the actual controller, whether there is a related relationship, etc.; List issues such as the amount of margin collected and the amount of margin returned in each year for the non-corporate account.
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