The receipt letter of Jinlun shares of 36.13 million creditor’s rights of joint-stock companies: reasonable?

On the 16th, the Shenzhen Stock Exchange issued a letter of concern to Jinlun Co., Ltd., asking for the rationality of the company’s full provision for impairment of the creditor’s rights of Guangdong Yufeng of RMB 36132500, based on the recent operation of the joint-stock company Guangdong Yufeng Chuangzhan Metal Technology Co., Ltd. (hereinafter referred to as “Guangdong Yufeng”) and the loss of contact of the actual controller And so on. In the evening of October 14, Jinlun shares disclosed the performance forecast for the first three quarters of 2020. It is estimated that the net profit attributable to shareholders of listed companies during the reporting period will be 18.2147 million yuan to 23.2147 million yuan, down 79.62% to 74.03% year on year. In the third quarter alone, the net profit loss attributable to shareholders of listed companies is expected to be 10.7614 million yuan to 15.7614 million yuan. < p > < p > Jinlun shares said that it was mainly due to Xiao Yuanyu, the actual controller of Guangdong Yufeng, who lost contact recently. The company’s operation was greatly affected. The company made full provision for the impairment of its creditor’s rights of RMB 36.1325 million, and made an impairment provision of RMB 10.303 million for its long-term equity investment. < p > < p > first, combined with the recent operation of Guangdong Yufeng and the loss of the actual controller, this paper explains the calculation basis and rationality of the full provision for impairment of the creditor’s rights of Guangdong Yufeng of 36.1325 million yuan and the corresponding long-term equity investment of 10.03 million yuan, and explains the main measures taken to recover the corresponding funds and safeguard the interests of listed companies. < / P > < p > secondly, in 2019, the company has made an impairment of 37.7442 million yuan for the corresponding equity investment of Guangdong Yufeng, and made a 10% provision for the accounts receivable of Guangdong Yufeng. According to the company’s announcement on reply to the inquiry letter on the annual report of Shenzhen Stock Exchange in 2019, the company has filed a lawsuit against the corresponding creditor’s rights and applied for property preservation. It is estimated that the value of the property to be preserved can cover the accounts receivable of Guangdong Yufeng (RMB 45847200), and the bad debt provision is made at 10% based on the principle of prudence. < p > < p > combined with the above litigation and property preservation progress, this paper explains the reasons and basis of significant changes in bad debt provision of related accounts receivable at the end of 2019 and the end of the third quarter of 2020, and whether the bad debt provision in 2019 is sufficient and prudent. < / P > < p > Third, explain the amount and gross profit rate of business transactions with Guangdong Yufeng in recent two years, explain the reasons and rationality of business transactions, whether the pricing of related transactions is fair, and whether the gross profit margin is significantly different from similar businesses. < p > < p > Shenzhen stock exchange requires Jinlun company to make a written explanation on the above issues, submit the relevant explanatory materials to the management department of small and medium board companies of Shenzhen stock exchange for disclosure before October 23, and copy to the supervision department of listed companies of Jiangsu securities regulatory bureau. < p > < p > according to public information, Jinlun Co., Ltd. is a Sino foreign joint venture of textile carding equipment integrating R & D, sales and manufacturing. It was established in December 2004. The company is a private enterprise. Its business scope includes a full range of carding components, such as metal card clothing, elastic flat plate clothing, elastic wool spinning card clothing, fixed cover plate, integral cylinder, top carding and carding roller. < p > < p > according to Tianyan app data, Guangdong Yufeng was established in July 2017, funded by Jinlun Co., Ltd. and Guangdong Yufeng Chuangzhan decoration design Engineering Co., Ltd., with shareholding ratios of 26.31% and 73.69%, respectively. The business scope includes: R & D, manufacturing, processing and sales of metal profiles and stainless steel decorative products; design and construction of decoration engineering; wholesale and retail: stainless steel Steel materials, ferrous metal materials, building materials, hardware accessories; domestic commerce, material supply and marketing industry. < p > < p > on September 18, Guangdong Yufeng was listed as the person to be executed. The execution object was 1729826, and the enforcement court was Shunde District People’s Court of Foshan City. < / P > < p > Disclaimer: the purpose of this article reprinted by china.com finance and economics is to convey more information and does not represent the views and positions of the website. The content of this paper is for reference only and does not constitute investment advice. Investors operate accordingly and bear their own risks. < p > < p > Chinanet is a national key news website under the leadership of the Information Office of the State Council and managed by China foreign language publishing and Distribution Bureau. Through 11 versions in 10 languages, the website releases information 24 hours a day, which is an important window for China to carry out international communication and information exchange.