How long will it last if the chairman withdraws from Yihua?
He was delisted by the Shanghai Stock Exchange, the chairman of the board of directors withdrew, and nearly 40 million regulatory tickets were taken...... How long can Yihua last?
Recently, Yihua's life once again stood in the public opinion outlet: the CSRC intends to fine nearly 40 million yuan for financial fraud. It didn't take long for the "chairman of the board of directors and other 12 executives to withdraw" to brush the screen home circle. The frequent turbulent life in Yihua seemed to be ill-fated, but it was early omen. What will happen in the future was unknown.
The turbulence of Yihua
in recent years, for Yihua's life, it is not calm:
on April 24, 2020, the CSRC filed an investigation on suspicion of illegal information disclosure;
in May 2020, because the financial report of 2019 was issued an audit report of "unable to express opinions", the company's stock was issued a risk warning of delisting, stock abbreviation has also changed from "Yihua Life" to "* ST Yisheng";
on January 29, 2021, the CSRC reported that it had preliminarily verified that there were serious false records in the regular reports of Yihua's life in 2016-2019, including inflated profits, forged bank documents and forged capital transactions;
on February 5, 2021, ST Yisheng once again fell to a limit of 0.7 yuan per share;
until March 15, ST Yisheng announced to withdraw from the market. On March 22, ST Yisheng was delisted by the Shanghai Stock Exchange, which meant officially withdrawing from the-share market and also the first "1 yuan to withdraw from the market" under the new rules ".
Before being investigated, Yihua's life had been questioned all the time. In addition to years of "double deposit and loan", there were also a sharp drop in performance and a decline in stock prices since 2016, the Yihua Group behind it is also in the whirlpool of public opinion such as "tight capital chain" and "borrowing money to Jia Yueting.
The Domino Effect began. On July 22, 12 senior executives, including chairman Liu zhuangchao, general manager Wan shunwu, deputy general manager Huang Guoan and Liu Weihong, withdrew. Just the day before, the company was listed as the executor five times, and the total amount of the execution target exceeded 1.42 million yuan.
(Image Source: Manager Network, invasion and deletion)
on July 23, the official website of China Securities Regulatory Commission issued a notice "the first batch of penalties for applying the new <securities law> financial fraud cases", referring to Yihua's continuous implementation of major financial fraud for many years, and the case has entered the notification procedure, the total fine of 39.8 million yuan to be imposed on the illegal subject of this case is currently the case with the highest amount of illegal fines to be imposed on listed companies.
Once the scenery
yihua Life was founded on May 31, 2001. Its predecessor was Yihua wood industry and its controlling shareholder was Yihua Group. The actual controller was Liu Shaoxi, a well-known capital boss in Chaoshan area. Looking at the past of Yihua's life, it is not too much to describe it with "infinite scenery.
In 2004, when many furniture enterprises just opened their eyes, Yihua Life, which had been established for 3 years, landed on Shanghai Stock Exchange at one stroke, breaking through 8 billion market values and becoming the first private enterprise in Shantou to be listed successfully, it is also one of the few in the field of home furnishing, mainly engaged in the research and development, design, production and sales of home furnishing products such as furniture and wood flooring. The products are positioned at the middle and high end, and the leading products include wood furniture and wood flooring, soft furniture and other product series.
(Image Source: Manager Network, invasion and deletion)
as the first enterprise in China to export and sell wood products under its own brand, yihua Life also has many national honors such as "**** trademark", "National Inspection-free products", "China Famous Brand Products", "China export famous brand", "National Export Inspection-free products" and "China's most valuable brand, it is also certified as a high-tech enterprise.
After that, the harvest mode was started, and Huajia Wood Industry and Africa Gabonese were acquired in 2012. From 2014 to 2016, yihuahao invested 3.4 billion yuan to acquire 9 companies, it claims to build a "Y ecosystem" in the mode of "Internet pan-Home". The so-called "ecosystem" mainly includes meilele, Aifu nest, Living Network, Haier home, multidimensional Shangshu, at most, it owns more than 40 subsidiaries on internet platforms such as wowai home design and finance store 1, as well as Singapore huadali and healthy home.
How long can it last
crisis always needs a brewing process. From 2016 to 2019, when the seemingly relatively calm life of Yihua encountered problems with supervision and financial reports at the same time, Xiamen was already inclined.
Since the sharp decline began in 2019, due to the strategic adjustment of Yihua Group, 203 stores under Yihua Life have been closed, and the "capital dilemma" has emerged; hualida, which cost 1.8 billion yuan, fell into a contract dispute because Singapore's judicial escrow agency sold all the shares of hualida to Jinshan Capital for US $0.1 billion. As a result of the uncontrolled expansion, it was difficult to take into account when being recapitalized by capital, leave the debt behind......
The first private enterprise with an annual output value of more than 10 billion in Shantou once soared to a maximum of 34 billion yuan in 2015, but by March 2021, the last market value before being delisted was only about 0.77 billion yuan, the stock price has also declined since 2016; Then it has been investigated and fined by the CSRC due to financial report.
Today's life in Yihua seems to be farther and farther away from the vision of "striving to become the world's leading integrated service provider of living and living". We have not yet known how long the future will last, but for home furnishing enterprises, the process of prosperity and decline is also a warning, which is worth pondering.
(Article Source: Manager Network, invasion and deletion)
