Guanyuyuan (Weiquan) (Stock Code 600771) is a well-known enterprise mainly engaged in the production and sale of high-quality traditional Chinese medicine, traditional Chinese medicine and health wine, mainly producing OTC products, prescription drugs and health products. The majority of shareholders did not expect that such a time-honored pharmaceutical company was found to have made financial fraud for eight consecutive years.
On April 11, 2024, Guangyuyuan announced that the company and related parties had received the Administrative penalty decision ([2024] No. 1, No. 2, No. 3, No. 4, No. 5, No. 6, No. 7, No. 8) of the Shanxi Regulatory Administration of the China Securities Regulatory Commission ([2024] No. 1).
The Shanxi Regulatory Bureau of the China Securities Regulatory Commission found out that the disclosure of the "buyout sales" model of Guangyuyuan shares in the annual report from 2016 to 2021 is not true. Under the condition that the subsidiary Shanxi Guangyuyuan National Pharmaceutical Co., Ltd. and some downstream commercial companies have agreed that the products are unsalable and can be returned unconditionally, they carry out pressure on goods to some downstream commercial companies and abuse the accounting policy of "revenue is recognized as soon as they are released from the warehouse". Confirm the sales revenue in advance and handle the sales expenses incorrectly1depositcasinobonusSome of the sales expenses are inaccurate during the attribution period or the accounting treatment is not in line with the provisions of the accounting standards of enterprises. The above situation led to false records in Guanyuyuan's annual report from 2016 to 2022 and semi-annual report in 2023. Accordingly, Shanxi Securities Regulatory Bureau decided to give Guangyuyuan a warning and impose a fine of 8 million yuan1depositcasinobonusThe relevant responsible persons shall be given a warning and fined separately.
Due to false records in the annual report from 2016 to 2022 and the semi-annual report in 2023, on April 16, 2024, the Shanghai Stock Exchange also decided to publicly condemn Guangyuyuan's timely appointment as chairman, general manager, director, chief financial officer, deputy general manager, supervisor, independent director, convener of the audit committee of the board of directors.
The investors who are currently eligible for the Guangyu Yuan stock claim are those who bought from March 21, 2017 to December 28, 2023 and sold or held the stock on or after December 29, 2023 and suffered losses. The above is the lawyer's pre-judgment, the court has not yet made a decision, and finally the effective judgment of the court shall prevail. (widely known as the entrance to the protection of rights)
(this article is contributed by Li Hongjie, a lawyer from Guangdong Julong Law firm, and does not represent the views of Sina Finance. Lawyer Li Hongjie has represented a dispute over the responsibility of investors claiming misrepresentation of listed companies: Guangdong Pearl (rights protection), Suoling shares (rights protection), Changyuan Group, Tongzhou Electronics, King Kong Glass, Beijing Culture (rights protection), Huayu Software (rights protection), Zhonggong Education (rights protection), Zhongtian Science and Technology (rights protection), Hi-Tech, Aurede, Xinjiang Haoyuan, Aerospace Communications, Tianrun entertainment, Tianma shares, Hermei Group. Baobaolong, Huaxun Ark, Xilong Science (rights protection), Hongxiang shares, Poly Union (rights protection), Shenzhen Chase and other cases. ) (Li Hongjie lawyer column)