As of April 30 this year, 480 companies including Dadi Co., Yatai Metropolis, Yindu Media, Fengshengyang, Shikongke, Jiuxian.com did not disclose the 2016 annual report on time, which constituted a violation of information disclosure. The chairman of the above-mentioned listed company, the secretary-general/person in charge of information disclosure failed to perform his duties faithfully and diligently, in violation of the relevant provisions of the â€œNational Small and Medium Enterprises Share Transfer System Business Rules (Trial)â€ (hereinafter referred to as â€œBusiness Rulesâ€). The national share transfer system adopts the self-regulatory measures for issuing warning letters to the listed companies; the current chairman of the listed company, the secretary of the board of directors/the person in charge of information disclosure shall adopt self-regulatory measures to issue warning signs.
The national share transfer system issued a notice saying that listed companies should fulfill their information disclosure obligations in accordance with the "Business Rules" and other regulations, improve the governance of the company, be honest and trustworthy, and standardize operations. Remind the listed companies to further improve their internal control, improve their compliance awareness and risk awareness, and comply with relevant laws and regulations and market rules in information disclosure and corporate governance.
According to the reporter's understanding, the national share transfer system can take self-regulatory measures such as interviewing opinions, requesting written commitments, issuing warning letters, ordering corrections, and restricting securities account transactions. At present, issuing warning letters to listed companies is a relatively serious self-regulatory measure, second only to reporting to the China Securities Regulatory Commission on violations of laws and regulations.
Zhu Weizhen, chairman of Zhongkewotu Fund, said that the warning letter is a serious one in self-regulatory measures. If it is serious, it will become a disciplinary action. Once disciplinary action is taken, the penalty level will be similar to the administrative penalty of the SFC.
In mid-June this year, due to the unsatisfactory disclosure of major information disclosures due to IPO progress, Gong Xingxin, Chairman and General Manager Liang Xiaobin was criticized by the national share transfer system. The national share transfer system was given to directors, chief financial officers, secretary secretaries and deputy directors. General Manager Liang was not suitable for the disciplinary action of directors, supervisors and senior management personnel of the listed company within three years. At the same time, he gave Hualin Securities a three-month disciplinary action to suspend part of the recommended business and recorded it in the securities and futures market integrity file database.
In late June, the national share transfer system issued more than 20 self-regulatory measures for relevant entities and responsible persons, including the listing of enterprises for illegal use of funds raised, the increase in the use of raised funds in advance, the national share transfer system issued A decision on self-regulatory measures and requires individual listed companies to submit written commitments.
According to the "National Small and Medium Enterprises Share Transfer System Self-regulatory Measures and Disciplinary Measures Implementation (Trial)", the NEEQ listed company has been repeatedly implemented self-regulatory measures or disciplinary action within one year due to violation of the rules. The national share transfer system can limit its Change the handling of transfer methods, issuance financing, mergers and acquisitions, etc. Moreover, the national share transfer system regularly publishes self-regulatory measures and disciplinary actions against self-regulatory targets on the official website, and files with the China Securities Regulatory Commission.
The "Securities Daily" reporter learned that the capital market integrity file includes the information of the issuer, listed company, the New Third Board listed company and its directors, major shareholders and actual controllers. In accordance with the "Interim Measures for the Supervision and Administration of Integrity in the Securities and Futures Markets", the disciplinary measures implemented by the securities and futures market industry organizations and other illegal and dishonest information have a validity period of 3 years in the integrity file, but they are subject to administrative penalties and market bans due to illegal securities and futures. Information on the infringement and civil liability for breach of contract, including criminal penalties and judgments, has a validity period of 5 years.
Zhu Weizhen expects that "the above-mentioned undisclosed annual report enterprises will be delisted, and to apply for an IPO, the self-regulatory measures of the New Third Board listed company and its director Dong Gao with a warning letter should also be affected."
Related reading: 35 IPO applications have been reviewed and inquired more than this year.
Since the beginning of this year, there have been 35 companies whose IPO applications have been rejected. After reviewing the "Securities Daily" reporters, the audit committee mainly focused on the validity of the internal control system and the normative doubts of the accounting basis, whether the operating status or financial status is abnormal, the doubtful profitability and the application documents are true, complete and accurate. And doubtfulness in timeliness. For pharmaceutical companies, commercial bribery issues are frequently asked, and food companies are asked how to protect â€œsecurity on the tip of the tongueâ€.
Among the pharmaceutical companies whose IPO applications were rejected, three companies were asked about commercial bribery issues: Henan Runhong Pharmaceutical Co., Ltd., Chongqing Shenghua Pharmaceutical Co., Ltd. and Nanjing Shenghe Pharmaceutical Co., Ltd. . Among the many pharmaceutical companies that have already met, the issue of commercial bribery has also been repeatedly asked.
According to Guangzheng Hengsheng analysts, due to the particularity of its industry, the pharmaceutical industry has many dealers in the circulation of drugs and complicated rules. Under this system, manufacturers and drug distributors may operate in violation of regulations. Therefore, the CSRC not only pays attention to the internal control defects of the company's finance, but also focuses on the potential problems in the circulation of drugs.
In addition, Henan Runhong Pharmaceutical Co., Ltd. was also asked about the problem of â€œdrug abuseâ€. According to industry insiders, as medical insurance costs account for a higher proportion of people's medical expenses, many of the country's health care reform policies will be centered around medical insurance control fees, hoping to reduce this to a reasonable level. The medical industry has over-examined and over-treated, but the most obvious is over-medication. Therefore, under the medical insurance control policy, the pharmaceutical companies are the first to bear the brunt.
Food safety has always been the "Sword of Damocles" hanging on the head of food companies. It is a high-voltage line that cannot be touched. This is not the case, the audit committee also noticed the problem of â€œsafety on the tongueâ€ of the food enterprises to be listed. For example, Zhongjingda Kitchen Co., Ltd., which was rejected on June 21, issued a case in which the issuer produced the spicy food ingredients without obtaining a food additive production license. The audit committee asked the sponsor to explain whether the issuer violated the Food Safety Law".
According to industry insiders, in the fast-moving consumer goods industry, brand awareness and channel advantage are the core competitiveness that enterprises stand out in the industry. In the sub-sector of food, food safety issues are also important. If the company's brand that has been used for many years is cast a shadow of food safety, then the company's follow-up development will certainly cause concern.
In fact, the â€œsafety on the tip of the tongueâ€ has always been one of the issues that the audit committee has paid more attention to by the food manufacturing enterprises that have passed the IPO application. The "Securities Daily" reporter noted that the questions raised by the audit committee included "whether the internal control system for food safety is sound and effective", "the issuer and its franchisees were found to have food safety problems by the regulatory authorities or the media during the reporting period." "Specific circumstances", "Is there any quality problems or safety incidents in the issuer's products, whether there are disputes or litigations caused by product quality problems" and so on.
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