China Times reporter Wang Jing and Ge Aifeng reported in Shenzhen
In just half a year, Xiangxue Pharmaceutical (300147.SZ), which has suffered huge losses, was once again caught in a wave of false propaganda.
On the evening of May 22, Xiangxue Pharmaceutical issued two announcements at the same time. One was that the subsidiary Jiuji Bio was fined 250,000 yuan for publishing false advertisements, and the other was that the controlling shareholder Guangzhou Kunlun Investment Co., Ltd. (hereinafter referred to as "Kunlun") 4,152 shares of the company held by “Investment”) were judicially frozen.
It is worth noting that this is not the first time Xiangxue Pharma has fallen victim to false propaganda.According to a previous report by the "China Times", in November 2021, Xiangxue Pharmaceutical, the sun company of Xiangxue Pharmaceutical, was ordered to stop publishing advertisements and fined for being suspected of false propaganda because it could not provide materials to prove that the "Yuekang No. 1" bottled herbal tea had the effect of preventing the epidemic at home. 300,000 yuan.
Xiangxue Pharmaceutical, which has been repeatedly punished for false propaganda, is also in the quagmire of losses.The company will turn from a profit to a huge loss of 700 million in 2021, a sharp drop of nearly 800% year-on-year, and its current liabilities will reach billions.And its controlling shareholder, Kunlun Investment, has had a tough time as well.At present, Kunlun Investment has not only pledged nearly 90% of its equity for financing, but also has continued to have its shares frozen by the judiciary.
In this regard, a reporter from "China Times" sent a letter to the securities affairs department of Xiangxue Pharmaceutical, and the other party replied that the company and Jiuji Biotechnology apologized for the negative impact of this incident. After the company discovered the above situation, it immediately took rectification. Measures, the relevant rectification has been completed.
As of the close on May 24, the share price of Xiangxue Pharmaceutical closed at 5.36 yuan per share, a decrease of 8.22%.
Penalty for false advertising
Xiangxue Pharmaceutical announced that its wholly-owned subsidiary Guangdong Jiuji Biotechnology Co., Ltd. (hereinafter referred to as "Jiuji Bio") received the "Administrative Penalty Decision" issued by the Guangzhou Huangpu District Market Supervision and Administration Bureau on May 19.
According to the "Decision on Administrative Punishment", from October 16, 2021 to November 29, 2021, Jiuji Bio has put on the shelves "Tianziyun Collagen Fruity Drink" in the online mall of the "Jiujitong" applet. And published a graphic advertisement on the product detail page for publicity.
The advertisement stated that the drink "selected collagen from German cod", "the content of type I collagen in German deep-sea cod is 70%-80%, and the molecular weight is suitable for 1000-2500 Daltons. It has strong penetration and high purity. It can be absorbed by the human body in a short time and directly enter the skin and dermis tissue", "gamma-aminobutyric acid strengthens the brain and intellect, promotes sleep, beauty and moisturizing, and delays brain aging", can "beautify skin care, moisturize hair, plump breasts, Prevent disease, prevent osteoporosis, build muscle function, maintain blood vessel elasticity” and so on.However, after investigation, Jiuji Bio was unable to provide the source, authenticity and scientific basis of the above propaganda.
The Market Supervision Bureau stated that the above-mentioned behavior of Jiuji Bio has violated the relevant provisions of the Advertising Law. In view of the company’s initiative to remove illegal advertisements and re-examine other published advertisements, remove and delete other problematic advertisements, product sales Low, actively cooperated in the investigation process and provided evidence materials.After comprehensive consideration, it was decided to order Jiuji Bio to stop publishing illegal advertisements, to eliminate the impact within the corresponding scope, and to impose a fine of 250,000 yuan.
The reporter of "China Times" found that the mini-programs involved have been disabled at present, and the two mini-programs "Jiujikang" and "Jiuji Microservice" whose main accounts are "Guangdong Jiuji Biotechnology Co., Ltd." are still in use. This fruity drink is available for purchase.The purchase page shows that the current price of the drink is 313 yuan / box, a box of 10 sticks (50ml / stick), and the details page no longer has the above exaggerated slogans.
In response to the punishment for false propaganda, Xiangxue Pharmaceutical told the reporter of China Times that it had asked Jiuji Bio to adjust its production plan, change the relevant advertisements, punish the relevant responsible personnel, and organize and strengthen the study of relevant laws.In the follow-up, Jiuji Bio will carry out special actions to rectify the WeChat accounts of distributors and direct sellers and other self-media to curb the spread of illegal propaganda. And the management of dealers and direct sellers.
In this regard, Qi Yanbing, a lawyer from Guangdong Jintang Law Firm, pointed out in an interview with a reporter from China Times: "As an important revenue segment and a wholly-owned subsidiary of Xiangxue Pharmaceutical, Jiuji Biopharmaceutical Co., Ltd. should respond to its related operational activities. Legitimacy assumes the responsibility of disclosure and supervision as stipulated by the Securities Law, but it fails to disclose truthfully, accurately and completely, and allows Jiuji Bio to make false records and misleading statements about its product efficacy, the most important market guidance information. , and in turn allowed the false information to significantly mislead the company's stock price, stock trading and investor confidence, and has been suspected of disrupting the securities market."
Qi Yanbing further stated that although the punishment of false advertisements by the municipal supervision department did not involve the forced delisting of major violations of law, if the securities supervision department initiated an investigation into its suspected illegal disclosure and manipulation of the securities market and verified it to be true, such administrative The punishment is undoubtedly much heavier than the punishment for false propaganda, and its securities trading may be suspended, and if the facts, nature, circumstances and social impact of the illegal act have reached a situation that seriously damages the order of the securities market, it does not even rule out being enforced. Delisting risk warning or forced delisting.
Trapped in the quagmire of losses
On April 23, Xiangxue Pharmaceutical released its 2021 annual report, showing that in 2021, the company's performance will turn from profit to loss, and the net profit attributable to shareholders of the listed company will lose 688 million yuan, a sharp drop of 799.51% year-on-year; the net profit after deducting non-returning to the parent's net profit is 7.31%. 100 million yuan, a year-on-year decrease of 599.12%.
In the first quarterly report of 2022 disclosed by Xiangxue Pharmaceutical on April 29, the total operating income was 610 million yuan, a year-on-year decrease of 22.4%, and the net profit attributable to the parent was -54.38 million yuan, showing a continued loss.
It is worth noting that the 2021 annual report data shows that the company's monetary funds on the account are only 12 million yuan, but the short-term borrowings are as high as 1.816 billion yuan, and there are 360 million "non-current liabilities due within one year", current liabilities. A total of 4.781 billion yuan, which shows that the debt repayment pressure is relatively high.
Regarding such high liabilities, Shen Meng, executive director of Chanson Capital, pointed out in an interview with a reporter from China Times that current assets are not enough to cover short-term liabilities, which means that the foundation of the company's operations is very fragile, and there are people who fall into the dilemma of breaking the capital chain. risk.
In addition, the company has a "17 Pharmaceutical 02" bond with a balance of 220 million yuan, which will expire on November 23, 2022. If Xiangxue Pharmaceutical's finances cannot be improved, there will be overdue and redemption risks.
In the face of the risk of debt repayment pressure and the market environment with intensified competition, Xiangxue Pharmaceutical told the reporter of "China Times" that the company will continue to increase cash flow through various means to ensure that it will be paid on time in accordance with the relevant provisions of the bond prospectus.
Also on the evening of May 22, another announcement issued by Xiangxue Pharmaceutical pointed to the judicial freezing of 4,152 shares of the company held by the controlling shareholder Kunlun Investment.It is reported that nearly 90% of Kunlun Investment's equity is currently pledged for financing, and shares have continued to be frozen.In December last year, due to the violation of the letter disclosure, Kunlun Investment and others took over the funds of the listed company, and the actual controller Wang Yonghui and others were taken by the Guangdong Securities Regulatory Bureau to issue a warning letter.
"According to the proportion of shares pledged by Kunlun Investment and the degree of judicial freezing, it is likely that it has reached the level that must be disclosed in accordance with the law. If Xiangxue Pharmaceutical fails to fulfill this legal obligation, it will not only face heavy penalties from the securities regulatory department, but also The Shenzhen Stock Exchange will also issue a delisting risk warning." In this regard, Qi Yanbing pointed out to this reporter, "In addition, if the investigation shows that the controlling shareholder of the listed company provides funds or provides guarantees in violation of regulations, it involves occupying the funds of the listed company, or in a disguised form. If a listed company provides external guarantees or joint liability in violation of regulations, it may also lead to penalties and other risk warnings, and in serious cases, it may even face forced delisting, and it will be liable for damages to investors."
