In April of this year, Cai Shen, former Secretary of the Board of Directors, Cai Shen was criminally detained on suspicion of a crime. Now the company has been investigated by the Securities and Futures Commission for violation of laws and regulations.
At the same time as the announcement of the investigation, there is also a “Announcement on the Funds for the Transfer of Company Projectsâ€. In this announcement, Luxiao Technology stated that the company had used 30 million yuan of IPO to raise funds in 2012, and this After some funds experienced a tortuous path, they finally entered the pocket of the major shareholder Luxiao Group.
Illegal use of 30 million IPO Prospectus <br> <br> exposed laugh Technology today (10) announcement, the company received the 9th Commission to initiate an investigation notice, because the company suspected of violating securities laws and regulations, the Commission decided to companies File investigation. The company will actively cooperate with the investigation work of the CSRC and strictly fulfill its information disclosure obligations. Lu Xiao Technology also revealed that the company's production and operation status is normal, the company's 2012 annual audit work is underway.
Another announcement released by Luxiao Technology today showed that in September 2012, the company's board of directors passed a resolution to decide to invest 103 million yuan to build an industrial new technology research and development base project. To this end, on December 25 of the same year, the company bid for the corresponding land for the construction of supporting projects. Since then, Luxiao Technology Infrastructure and the responsible leaders have decided to transfer the supporting projects to the controlling shareholder Luxiao Group.
On November 27th and December 12th, 2012, Luxiao Technology's wholly-owned subsidiary Luxiao Electronic Wire Raising Fund Supervision Specialist will exchange 25.5 million yuan and 9.5 million yuan in acceptance bills, and indirectly through the construction unit endorsement to Luxiao Group, etc. The account is used directly or indirectly for the implementation of supporting projects for research and development projects. According to the relevant regulations of the China Securities Regulatory Commission and the Shenzhen Stock Exchange, the funds raised must be deposited in a special account and earmarked for special purposes. Therefore, Lu Xiao Technology's behavior of using fundraising as a non-financing project is contrary to this rule. After the incident, Luxiao Group took the initiative to return the above 30 million yuan of funds and interest to Luxiao Technology on July 21 this year.
For violations, Lu Xiao Technology explained that this stems from the fact that the company’s management has weak legal and regulatory awareness, and there is a serious misunderstanding of the use of funds for fundraising projects and financial management. The finance and infrastructure departments raise funds and project construction for listed companies. There is a serious shortage of regulatory awareness; and the company's internal financial management system is not standardized, and it violates relevant regulations. The company has written the self-inspection report to the regulatory authorities, and will accept the investigation and punishment of the regulatory authorities with humility and apologize to investors.
The sponsor is not found violations <br> <br> according to the exposed laugh science and technology, the company with 30 million yuan fund-raising regarding the shift occurred in November 2012 and December. The special report on the deposit and use of raised funds in 2012 disclosed by the company on April 24, 2013 stated that “the company did not use the surplus funds for other fund-raising investment projects or non-raised funds investment projects in 2012, as of the end of 2012. The raised funds used are deposited in the fundraising account."
In addition, the sponsor institution Dongxing Securities believes that: After verification, the storage and use of the raised funds of Luxiao Technology in 2012 complied with the relevant regulations and documents, and the fundraising was carried out for special account storage and special use. There was no disguised change in the use and damage of raised funds. In the case of shareholders' interests, there is no illegal use of raised funds.
Until the announcement issued on April 28 this year, Lu Xiao Technology and Dongxing Securities still used similar expressions on the use of raised funds.
The reporter noted that Lu Xiao Technology's investment in the industry's new technology research and development base project of 103 million yuan is not the company's IPO fundraising investment project, and the supporting project construction of the project naturally does not belong to the IPO fundraising project. However, the listed company has invested 30 million yuan of IPO funds, which is inconsistent with the above statement of the company itself and the sponsor institution Dongxing Securities.
"Since the management's legal and regulatory awareness is not strong, there is a misunderstanding of the use of funds for fundraising projects and financial management. Why has Luxiao Technology successfully concealed the use of fundraising in the past two years?" Questioned.
What is the truth? Still need to wait for the results of the SFC investigation to be released.
At the same time as the announcement of the investigation, there is also a “Announcement on the Funds for the Transfer of Company Projectsâ€. In this announcement, Luxiao Technology stated that the company had used 30 million yuan of IPO to raise funds in 2012, and this After some funds experienced a tortuous path, they finally entered the pocket of the major shareholder Luxiao Group.
Illegal use of 30 million IPO Prospectus <br> <br> exposed laugh Technology today (10) announcement, the company received the 9th Commission to initiate an investigation notice, because the company suspected of violating securities laws and regulations, the Commission decided to companies File investigation. The company will actively cooperate with the investigation work of the CSRC and strictly fulfill its information disclosure obligations. Lu Xiao Technology also revealed that the company's production and operation status is normal, the company's 2012 annual audit work is underway.
Another announcement released by Luxiao Technology today showed that in September 2012, the company's board of directors passed a resolution to decide to invest 103 million yuan to build an industrial new technology research and development base project. To this end, on December 25 of the same year, the company bid for the corresponding land for the construction of supporting projects. Since then, Luxiao Technology Infrastructure and the responsible leaders have decided to transfer the supporting projects to the controlling shareholder Luxiao Group.
On November 27th and December 12th, 2012, Luxiao Technology's wholly-owned subsidiary Luxiao Electronic Wire Raising Fund Supervision Specialist will exchange 25.5 million yuan and 9.5 million yuan in acceptance bills, and indirectly through the construction unit endorsement to Luxiao Group, etc. The account is used directly or indirectly for the implementation of supporting projects for research and development projects. According to the relevant regulations of the China Securities Regulatory Commission and the Shenzhen Stock Exchange, the funds raised must be deposited in a special account and earmarked for special purposes. Therefore, Lu Xiao Technology's behavior of using fundraising as a non-financing project is contrary to this rule. After the incident, Luxiao Group took the initiative to return the above 30 million yuan of funds and interest to Luxiao Technology on July 21 this year.
For violations, Lu Xiao Technology explained that this stems from the fact that the company’s management has weak legal and regulatory awareness, and there is a serious misunderstanding of the use of funds for fundraising projects and financial management. The finance and infrastructure departments raise funds and project construction for listed companies. There is a serious shortage of regulatory awareness; and the company's internal financial management system is not standardized, and it violates relevant regulations. The company has written the self-inspection report to the regulatory authorities, and will accept the investigation and punishment of the regulatory authorities with humility and apologize to investors.
The sponsor is not found violations <br> <br> according to the exposed laugh science and technology, the company with 30 million yuan fund-raising regarding the shift occurred in November 2012 and December. The special report on the deposit and use of raised funds in 2012 disclosed by the company on April 24, 2013 stated that “the company did not use the surplus funds for other fund-raising investment projects or non-raised funds investment projects in 2012, as of the end of 2012. The raised funds used are deposited in the fundraising account."
In addition, the sponsor institution Dongxing Securities believes that: After verification, the storage and use of the raised funds of Luxiao Technology in 2012 complied with the relevant regulations and documents, and the fundraising was carried out for special account storage and special use. There was no disguised change in the use and damage of raised funds. In the case of shareholders' interests, there is no illegal use of raised funds.
Until the announcement issued on April 28 this year, Lu Xiao Technology and Dongxing Securities still used similar expressions on the use of raised funds.
The reporter noted that Lu Xiao Technology's investment in the industry's new technology research and development base project of 103 million yuan is not the company's IPO fundraising investment project, and the supporting project construction of the project naturally does not belong to the IPO fundraising project. However, the listed company has invested 30 million yuan of IPO funds, which is inconsistent with the above statement of the company itself and the sponsor institution Dongxing Securities.
"Since the management's legal and regulatory awareness is not strong, there is a misunderstanding of the use of funds for fundraising projects and financial management. Why has Luxiao Technology successfully concealed the use of fundraising in the past two years?" Questioned.
What is the truth? Still need to wait for the results of the SFC investigation to be released.
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Wuxi Juxingyao Trading Co., Ltd , https://www.juxingyao.com