“Wave of resignations” of Yunnan Urban Investment executives: three executives resigned on the same day, and a total of six “Dong Gao” this year

Following the departure of three executives or directors in previous months, Yunnan Chengtou (600239, Guba) reappeared its resignation. Recently, the announcement of Yunnan Urban Investment revealed that three senior executives submitted their resignation applications on the same day. < / P > < p > according to the announcement on resignation of directors and general manager of the company, on December 11, 2020, the board of directors of yunnancheng Investment Co., Ltd. (hereinafter referred to as “the company”) received a written resignation application from Mr. Du Sheng, director and general manager of the company. Due to work adjustment, Mr. Du Sheng applied to resign as a director of the company, a member of each special committee under the board of directors and the general manager. < / P > < p > the announcement also shows that according to the relevant provisions of the articles of association, Mr. Du Sheng’s resignation will not cause the number of the board of directors of the company to be less than the quorum, and the resignation report will take effect since it is delivered to the board of directors of the company. Mr. Du Sheng’s resignation will not affect the normal work of the company. After his resignation, Mr. Du Sheng will not hold any position in the company (including its subsidiaries). In addition, according to the announcement on the resignation of the deputy general manager of the company, on December 11, 2020, the board of directors of yunnancheng Investment Co., Ltd. (hereinafter referred to as “the company”) received the resignation applications from Mr. Tan Zhengliang and Mr. Wu Tao, the deputy general managers of the company. Mr. Tan Zhengliang and Mr. Wu Tao applied to resign from the position of deputy general manager of the company due to job adjustment. At the same time, the announcement shows that Mr. Tan Zhengliang and Mr. Wu Tao will not hold any positions in the company (including its subsidiaries) after their resignation. The resignations of Mr. Tan Zhengliang and Mr. Wu Tao will not affect the normal production and operation of the company. < / P > < p > it is worth noting that the “wave of resignations” of Yunnan Urban Investment executives is the highest number of resignations since the resignations of executives in October, July and February this year. < p > < p > according to CNKI, in October, July and February this year, Yunnan Urban Investment Company disclosed that senior management Mr. Zheng Yongqiang applied to resign as deputy general manager of the company, senior management Mr. Tong Yisong applied to resign as deputy general manager of the company, and company director Ms. Xu Ling applied to resign as director of the company and special committees under the board of directors The position of a member. In the first three quarters of this year, the net profit attributable to shareholders of listed companies of Yunnan Urban Investment Group was -1.039 billion yuan, an increase of 2.28% over the same period of the previous year, and the revenue was 3.705 billion yuan, a decrease of 23.64% over the same period of the previous year. < / P > < p > similarly, the annual performance of Yunnan Urban Investment Group showed a huge loss last year. According to the “2019 annual report” of Yunnan Urban Investment, in 2019, Yunnan Urban Investment achieved revenue of 6.248 billion yuan, a year-on-year decrease of 34.52%; realized net profit attributable to shareholders of listed companies was -2.778 billion yuan, a year-on-year decrease of 665.35%; realized net profit attributable to shareholders of listed companies after deducting non recurring profit and loss was -2.190 billion yuan, a year-on-year decrease of 34.52% 65% lower than that of the previous year. Second, the company’s holding subsidiary Yunnan art home real estate development and Operation Co., Ltd. (hereinafter referred to as “art home”) is involved in many lawsuits. In order to avoid huge losses of state-owned assets and safeguard its legitimate rights and interests, the company applies to the people’s court for bankruptcy liquidation of Art home as a creditor. Third, affected by the protection and management of Erhai Lake in Dali Prefecture and the transformation and development of the river basin, the company plans to adjust the overall planning of haidongfang project, and the company has withdrawn about 220 million yuan of inventory impairment provision for haidongfang sports and leisure park project < p > < p > in addition, in the above-mentioned annual report, Yunnan Chengtou mentioned that from the third quarter of 2019, the real estate market regulation increased, the market cooling was obvious, and the sales growth continued to fall. With the overall tightening of financial regulatory policies, the narrowing of real estate financing channels and the continuous rise of financing costs, affected by the tightening of financial regulatory policies and the incident of the former chairman of the company, the amount of financing of the company has decreased significantly, and the company is facing the situation of tight funds. The new amount of financing and sales proceeds are mainly used to guarantee the repayment of financial institutions, and the follow-up development funds are insufficient, which leads to some problems of the company in 2019 The project was not completed and carried forward as scheduled, and the sales revenue of real estate development fell to 3.847 billion yuan, 48.81% lower than that of the same period last year. < p > < p > recently, Xu Lei, former Secretary of the Party committee and chairman of Yunnan Urban Investment Group, described the causes and consequences of bribery in the anti-corruption warning feature film “hunting: bribers” shot by the Publicity Department of Yunnan discipline inspection and Supervision Commission and Yunnan Radio and television station. < p > < p > according to the “Dali intermediate people’s court hearing the case of Xu Lei suspected of duty crime” issued by the Yunnan Provincial Commission for Discipline Inspection and supervision on April 23 this year, the public prosecution charged that during the period from 1999 to 2019, the defendant Xu Lei repeatedly accepted a huge amount of property bribed by others, amounting to more than 65.29 million yuan. During the period from 2000 to 2009, Xu Lei submitted a total of 20 bribes to the Yunnan provincial Party committee Qin Guangrong, Secretary of the CPC Central Committee, bribed 600000 yuan to seek illegitimate interests. From 2010 to 2018, Xu Lei went beyond his authority and arbitrarily decided to purchase and restructure a real estate project in violation of regulations, and started to promote a golf course project in violation of regulations, resulting in a total loss of state-owned assets of 163.47 million yuan. < / P > < p > in addition, On January 14 this year, the official website of Yunnan Provincial People’s Procuratorate disclosed that the Yunnan Provincial People’s Procuratorate decided to arrest Liu Meng according to law. The former president of Yunnan Urban Construction Investment Group Co., Ltd., the former general manager and chairman of Yunnan Urban Investment Co., Ltd., and the former chairman of Yunnan Logistics Industry Group Co., Ltd. Liu Meng was suspected of bribery, which was investigated by Yunnan Provincial Supervision Commission The case shall be terminated and transferred to the procuratorial organ for examination and prosecution. Recently, the Yunnan Provincial People’s Procuratorate made a decision to arrest Liu Meng for suspected bribery. The case is under further processing. < / P > < p > in addition, the official website of Yunnan Provincial Commission for Discipline Inspection and supervision has repeatedly disclosed in the articles of Yunnan Urban Construction and Investment Group Co., Ltd. that it has violated the eight provisions of the central government on exposing family scandals in view of the relevant violations and disciplinary issues of Yunnan urban construction and investment group and the relevant treatment. < p > < p > among them, the handling of the group leaders’ illegal first-class flight is as follows: Xu Lei, former Secretary of the Party committee and chairman of the board of directors of the urban investment group, refunded 222 times of illegal first-class flight from 2015 to 2019, with the amount exceeding 286300 yuan. Xu Lei was also expelled from the party and public office in November 2019 for suspected serious violations of discipline and law, and transferred to the procuratorial organ for examination and prosecution. In addition, Yang Tao, deputy secretary of the Party committee, vice chairman and President of the urban investment group, refunded 6380 yuan for 16 illegal first-class flights from 2015 to 2019. On January 3, 2020, Yang Tao was put on file for disciplinary responsibility for his mental problems in violation of the eight Central regulations. < / P > < p > Disclaimer: the purpose of this article reprinted by CNFC is to convey more information, and it does not represent the opinions and positions of CNFC. The content of this article is for reference only, and does not constitute an investment proposal. 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