Disclosure by the Shanghai Stock Exchange: Supply chain finance listed companies falsified, causing Yijian Shares to falsely increase revenue by over 50 billion yuan within 6 years, falsely invest 53.4 billion yuan in commercial factoring principal within 5 years, and falsely pay 21 billion yuan on behalf of others within 4 years

Recently, the Shanghai Stock Exchange disclosed a decision to issue regulatory warnings to the responsible persons of Yijian Supply Chain Management Co., Ltd. This company, once known as the "first share in blockchain", also disclosed details of billions of counterfeit products in the announcement.

From 2015 to 2020, the total unrealized income of various types of false business of Yijian Shares in each year was 4.44 billion yuan, 11.9 billion yuan, 12 billion yuan, 10.47 billion yuan, 10.99 billion yuan, and 6.43 billion yuan, respectively, accounting for 84.26%, 73.68%, 75.20%, 72.18%, 71.59%, and 66.16% of the total operating income disclosed in each year; The inflated profits for each year amounted to 43.318 million yuan, 680 million yuan, 1.15 billion yuan, 1.12 billion yuan, 1.24 billion yuan, and -3.975 billion yuan (taking into account the provision for bad debts made by Yijian Shares in 2020), accounting for 9.49%, 69.33%, 96.46%, 110.06%, 142.94%, and 33.07% of the total disclosed profits for each year, respectively; After deducting inflated profits, there were three consecutive years of losses from 2018 to 2020.

Specifically, according to the Administrative Penalty Decision of the China Securities Regulatory Commission (Yijian Shares and Related Responsible Persons) ([2023] No. 11) (hereinafter referred to as the "Administrative Penalty Decision") and the Market Prohibition Decision of the China Securities Regulatory Commission (Cold Sky Clear) ([2023] No. 4) (hereinafter referred to as the "Market Prohibition Decision"), Yijian Supply Chain Management Co., Ltd. (hereinafter referred to as the company) in terms of information disclosure, The responsible person has committed the following violations in fulfilling their duties:

1、 The company's annual reports from 2015 to 2018 did not truthfully disclose the actual controller

According to the company's annual reports and related announcements from 2015 to 2018, the controlling shareholder of the company from 2015 to October 2018 was Jiutian Group; In October 2018, Jiutian Group entrusted Yunnan Youdian Fertilizer Agricultural Technology Co., Ltd. (hereinafter referred to as Youdian Fertilizer Technology) with the voting rights of 19.00% of its shares in the company. Yunnan Dianzhong Industrial Development Group Co., Ltd. (hereinafter referred to as Dianzhong Development) held 29.4% of the shares and became the controlling shareholder of the company. The actual controller of the company was changed to the Yunnan Dianzhong New Area Management Committee; On December 14, 2018, Jiutian Group and Youdianfei Technology terminated the voting power delegation agreement and issued a commitment letter to waive 19.00% of the voting rights of the shares, retaining only 19.11% of the voting rights. The controlling shareholder disclosed by the company is still Dianzhong Development, and the actual controller is still the Dianzhong New Area Management Committee of Yunnan Province.

After investigation, in June 2012, Jiutian Group acquired the company and became the controlling shareholder of the company. On June 26, 2015, the company non-public issued 800000000 RMB ordinary shares to 7 specific targets, including Jiutian Group, Dianzhong Development, and Yunnan Industrial Investment Holding Group Co., Ltd. (hereinafter referred to as Industrial Investment Group). After the completion of the targeted issuance, the proportion of companies directly held by Jiutian Group is 36.57%. Youdian Fertilizer Technology is actually controlled by Jiutian Group. From October to December 2018, Jiutian Group still held more voting shares than Dianzhong Development. Although Jiutian Group and Youdian Fertilizer Technology claim to fully recognize Dianzhong Development's controlling shareholder status and do not seek control of the listed company, the controlling shareholder of the company is still Jiutian Group. Leng Tianqing holds 36.83% of the shares of Jiutian Group and serves as the general manager, who is actually responsible for the management of Jiutian Group and is the actual controller of Jiutian Group.

In summary, from 2015 to September 2018 and from October 2018 to December 2018, the controlling shareholder of the company was Jiutian Group, and the actual controller was Leng Tianqing. The company did not truthfully disclose the actual controller.

2、 The company's annual reports from 2015 to 2020 contain false records

（1） Company inflated bank deposits and notes receivable

In 2015, the company falsely increased bills receivable by 2979150000.00 yuan and bank deposits by forging bank receipts, fabricating Banker's acceptance endorsement transfer records, and issuing commercial acceptance bills without real transaction background

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The article is sourced from the Internet of Things

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