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Eight former executives of the well-known dealer group were punished.

2024-07-18 Update From: AutoBeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)12/27 Report--

The giant group, once hailed as "China's largest car dealer", faces heavy fines. On December 22, R Giant 1 issued an announcement saying that Giant Automobile Trade Group Co., Ltd. (hereinafter referred to as "Giant Group") received the "advance notice of Administrative punishment" issued by Hebei Regulatory Administration of China Securities Regulatory Commission (hereinafter referred to as Hebei Securities Regulatory Bureau). The content shows that Hebei Securities Supervision Bureau served advance notice of administrative punishment to eight former chairman, former general manager, former chief financial officer, former secretary of the board of directors, and principal members of the former audit committee.

According to the Securities Times, the Hebei Securities Regulatory Bureau imposed a large fine of up to 22.2 million yuan on the financial fraud case of a large group of delisted enterprises, and banned two key responsible persons from the securities market for life and ten years respectively.

In May this year, the giant group was put on file for investigation by the Securities Regulatory Commission because the company was suspected of violating the laws and regulations in information disclosure. at that time, the giant group said that during the investigation, the company would actively cooperate with the relevant investigation work of the Securities Regulatory Commission, and strictly comply with the regulatory requirements for timely implementation of information disclosure obligations. In June, the giant group and related responsible persons received a written decision on disciplinary action issued by the Shanghai Stock Exchange. Due to the irregularities such as the untimely disclosure of a number of litigation matters and the inaccurate disclosure of performance forecasts, Huang Jihong, the timely chairman of Giant Automobile Trade Group Co., Ltd., Zhao Tieliu, the then general manager, and Liu Xianghua, the then secretary of the board of directors, were notified and criticized.

According to the latest announcement, the investigation into the case of the giant group suspected of violating the law and regulations on information disclosure has been completed, and it has been found out that the facts of the large group suspected of violating the law during the listing period are as follows:

First, major litigation and arbitration matters have not been disclosed in accordance with the regulations, and three major litigation and arbitration cases involving companies have not been disclosed in a timely manner, and the amount of money involved is 1.573 billion yuan, 546 million yuan and 747 million yuan respectively, with a total amount of 2.866 billion yuan. Second, there are major omissions in the 2022 semi-annual report disclosed by the company. On April 14, 2022, the company received the "notice of response of the Beijing Financial Court", involving 1.573 billion yuan. The company's 2022 semi-annual report disclosed on August 26, 2022 did not disclose this material lawsuit. Third, there are false records in the annual reports of 2019, 2020, 2021 and 2022 disclosed by the company. During the period from 2019 to 2022, the huge group improperly recognized investment income and estimated liabilities in the process of debt restructuring and equity transfer, affecting the total profit of 2.264 billion yuan.

In view of the illegal acts of the large group, the Hebei Securities Regulatory Bureau ordered the huge group to correct, gave a warning and imposed a fine of 6.7 million yuan.

In addition, according to the Securities Times, the Hebei Securities Regulatory Bureau imposed a "top" punishment on the main responsible personnel of the huge group, among which Huang Mouhong, the former chairman of the company, was given a warning, a fine of 5 million yuan and a lifetime ban on the securities market. Ma, the former chairman of the company, was given a warning, a fine of 4 million yuan and a ten-year ban on the securities market. With the exception of the company and the principal responsible personnel, six responsible persons, including the general manager, the chief financial officer, the secretary of the board of directors and members of the audit committee, were given a warning and fined from 500000 yuan to 2 million yuan respectively.

After the "notice of Administrative punishment in advance" is made, the large group and relevant responsible personnel can state, defend, and request a hearing in accordance with the law, and the Hebei Securities Supervision Bureau will make a formal decision on administrative punishment after strictly carrying out the legal procedures. In accordance with the law, the clues of suspected crimes committed by large groups and related responsible personnel will be transferred to the public security organs for criminal responsibility.

Giant Group was once the largest car dealer group in China, founded by Pang Qinghua in March 2003. it is an enterprise mainly engaged in the rental industry. mainly engaged in Mercedes-Benz, FAW Audi, FAW-Volkswagen, FAW Toyota, Subaru and other passenger car brands, was once known as the "king of 4S stores" in the industry, early had more than 1000 car 4S stores, the initial market capitalization once reached 36 billion yuan Become "the first share of China's auto trade". However, from the point of view, the huge groups with excellent "qualifications" in the early days are now not only missing the title of "king of 4S stores" because of poor management, but also facing financial crisis.

As the largest car dealer group in China, the giant group also had a period of highlight. The giant group was listed on the Shanghai Stock Exchange in April 2011. at the beginning of its listing, the market capitalization reached 36 billion yuan, making it the "first share of China's auto trade". Since then, it has launched a large-scale expansion.

In 2014, the giant group began to sell new energy vehicles and became the earliest new energy vehicle dealer in China, but it suffered from a shortage of liquidity since 2017 and directly fell into huge losses in 2019 because of insolvent debts. finally declared bankruptcy reorganization in May 2019, and completed the bankruptcy reorganization in December of that year. Although it has been nearly four years since the completion of the bankruptcy restructuring, the giant group has been unable to reverse the deteriorating situation. According to the financial report data, the revenue of the company from 2020 to 2022 is 27.386 billion yuan, 28.633 billion yuan and 26.02 billion yuan respectively, the net profit is 580 million yuan, 898 million yuan and-144 million yuan respectively, and the net profit of returning mother is 187 million yuan,-389 million yuan and-155 million yuan respectively.

In June, * ST announced that the Shanghai Stock Exchange had delisted the company's shares, in other words, the giant group had been delisted. However, delisting does not mean that large groups will go bankrupt or go bankrupt. At present, the road of huge bankruptcy reorganization has not been successful, and reorganization may become the key point to determine the survival of huge groups.

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