Hua Rui Wind power accounting error two big guy left Han Junliang was condemned

21st Century network due to sinovel wind power (601558) 2011 Sales Revenue related data there are false, false and other circumstances, and the former chairman and president of the company Han Junliang during his term of office failed to be diligent and responsible, the Shanghai 16th to Han Junliang put forward public condemnation, credited to the listed company integrity files. and other listed companies are most of the fraud incidents by external forces to explore different, sinovel wind power this financial fraud originated March 6 from the explosion of the skeleton. Sinovel in the bulletin said the company found that the company's 2011 annual financial statements of the accounting treatment of the accounts of errors, the company's net profit of 2011 to 775.72 million yuan, accounting errors resulted in a reduction of 168.35 million yuan, the difference ratio of 21.7%. In the aftermath of the scandal, Sinovel management has changed continuously, with two chairmen leaving the office. Among them, Han Junliang in Sinovel from the fourth day of the explosion of the scandal, and the replacement of the Korean post Shing also in Sinovel received China Securities Regulatory Commission, the first half of the month before the decision to leave. On the recent disciplinary action of the exchange, an investment banker said to the 21st century network that public condemnation of Han Junliang personal integrity, reputation and future development in the capital market has a certain impact. In the case of sinovel, the regulatory authorities may be more stringent than the average company in terms of daily disclosures and regulatory inspections. In addition, Sinovel will also be affected by the refinancing in the coming period. After the explosion of the Han Junliang left the night after the March 6, Sinovel suddenly blew up a skeleton in the closet. Sinovel issued a notice that: in accordance with the "Enterprise Accounting Standards", "on the public offering of securities Company Information Disclosure rules" and other relevant provisions, the 2011 financial statements will be corrected accounting errors. 2011 reported that the data show that Sinovel's owner equity of 13,861,440,000 Yuan, accounting errors caused by the difference is-168.35 million yuan, the difference is-1.21%, operating income 2011 Annual report published Data of 10,435,520,000 yuan, accounting errors caused by the difference is-929.03 million yuan , the difference ratio is-8.9%, the operating cost 2011 Annual report is 9,918,540,000 yuan, the accounting error causes the difference is 661.71 million yuan, the difference proportion is 6.67%, the company net profit 2011 is 775.72 million yuan, the accounting error causes reduces 168.35 million yuan, The difference ratio is 21.7%. For such a huge error, Sinovel explained that there was an accounting error in the financial processing. Sinovel Wind Power said, according to the rules of the company's financial management system, the company's specific basis for revenue recognition is to meet the following three conditions: (1) The company has signed a sales contract with the customer, (2) the goods to the scene after the two sides have signed equipment acceptance procedures, (3) to complete the lifting and obtain both According to the self-examination, Sinovel found that 2011 annual recognition of revenue projects in some project equipment not to the project site to complete the lifting, resulting in 2011 sales revenue and cost carry-over errors. Company Dongwill require correction and retroactive adjustment of accounting errors in the company's 2011 financial statements. On the fourth day after his own skeleton, Han Junliang announced his departure. March 11 Night, Sinovel issued a notice, the company's board of directors on March 10 received a written resignation of Han Junliang, Han Junliang for personal reasons to resign the company chairman, and resigned in addition to the company director of the company and the company's subsidiaries of other positions. On March 10, at the second session of the Board of Directors Provisional meeting, Sinovel election vice chairman Shing as chairman of the company. In fact, as early as August 2012, Shing on the job as Sinovel president, Han Junliang after leaving, it becomes Sinovel's actual leader in wind power. Accounting errors in the fraud in Sinovel when the explosion of the dirty linen, the matter is characterized as accounting errors to be corrected. In this announcement, Sinovel continued to use this statement. April 13, Sinovel issued a notice said: The company received the Beijing office on April 11, "about Sinovel wind power Technology (Group) Co., Ltd. to take orders to correct the measures." Said the Beijing Securities and Regulatory Bureau after investigation, some of the company's business documents, related data, financial records are inaccurate, resulting in 2011 profit false increase in violation of the "Listed Companies information disclosure management measures," the provisions of article Ii. April 20, Sinovel issued the "Accounting error Correction Special statement", the 2011 financial statements to correct. Among them, the operating income of the previous 10.4 billion yuan adjustment to 9.5 billion yuan, net profit from the previous 775 million yuan adjusted to 598 million yuan, before and after the difference of about 22%. May 14, Sinovel board received the written resignation of Shing, resigned from the company's directors, chairman, Deputy president and other positions. For resignation reason, have the media interview Shing after write down such text: May 13 night, Zhongguancun Sinovel headquarters, a legal level of the meeting tense, until the early morning did not reach a resolution. The difference is obvious, chairman Shing insist on his ideas, but the majority of the board members of the opposition. Voting link, 9 of the directors of the 7 abstained, only Shing and concerted action, Sinovel Vice chairman Liu will vote in favour of the vote. In the 8-month Sinovel management, Shing is often challenged, but this is the first time the board has seen it. "The determination is the moment." I used to think, some questions to see again, forget, don't wordy, I handwritten resignation on the spot. Then Wang Yuan as chairman of the company, Liu Zhenghi as president, the two are Shing's predecessor, founder Han Junliang's old subordinate. Analysts judged that it was the capital of the venture capitalists to step down and the founder team to head the company again. After half a month after leaving the Shing, Sinovel has received the China Securities Regulatory Commission's notice of investigation. Because of alleged violation of securities laws and regulations, Sinovel was filed for investigation by the SFC. Then, the accounting error of the statement into a hoax, false behavior. Recently, the SSE issued a notice, April 20, 2013, Sinovel issued "Sinovel Wind Power Technology (Group) Co., Ltd. aboutEarly accounting error Correction notice, the disclosure of the 2011 Annual report of the retrospective adjustment, including the total assets of the reduction of 690 million yuan, the decline of 2%; Net profit was reduced by 177 million yuan to 22.8%. According to the SSE, the main reason for the above retrospective adjustment is that the company's 2011 sales revenue related to false and false cases. According to the Shanghai stock Show, because some of the production staff of the false out of the library, warehousing operations, some customer service personnel to provide a false lifting report, some financial personnel based on false reports paying business treatment, Results in some projects after the goods arrived at the scene after the two sides have signed the equipment acceptance procedures and the completion of hoisting and obtain both sides recognized the situation confirmed the revenue. SSE said that the above facts show that Sinovel is suspected of manufacturing and disclosure of false information, the annual report is not based on objective facts, failed to truthfully reflect the financial data and operating conditions. Han Junliang was condemned because in the disclosure of information, standardized operation and other aspects of irregularities, sinovel former chairman and president of Han Junliang was publicly condemned by SSE, and the disciplinary reported Beijing Municipal People's government, credited to the listed company integrity files. The SSE said that Han Junliang, as the company's main head, failure to be diligent and responsible, to the production, sale, bookkeeping process in the existence of false, fraudulent acts have an unshirkable responsibility, its behavior is a serious violation of the "Shanghai Stock Exchange Stock Listing rules" of the relevant provisions and in the "Directors (supervisors, senior Management) statement and commitment to the book" Commitment. In view of the above irregularities and circumstances, the Shanghai Stock Exchange Disciplinary Committee approved the review, according to the stock listing rules and the "Regulations and measures for the implementation of supervision and regulation," the relevant provisions, the SSE decided to Han Junliang publicly condemned. The SSE also reminded that the directors, supervisors and senior management of the company should take a warning, strictly abide by the provisions of the laws, regulations and the stock listing rules, fulfill the obligation of faithful diligence and the commitments made in the statement and commitment of directors (supervisors, senior managers). For this disciplinary measure, a person familiar with Sinovel said to the 21st century network that this should be expected. 21st Century Web Access "Shanghai Stock Exchange Stock Listing rules", directors, supervisors and senior managers should ensure that the Director (Supervisors, senior Management) Declaration and commitment to the Declaration of the true, accurate and complete, there is no false records, misleading statements or major omissions. Directors and supervisors of listed companies, in violation of these rules or commitments made by the senior management, the authority may, depending on the seriousness of the circumstances, give the following disciplinary action: (i) to inform the criticism; (b) to denounce publicly; (c) publicly determine that more than three years is not suitable for the directors, supervisors and senior managers of listed companies In response to the disciplinary measure, an investment banker told the 21st century network that the exchange was an industry-self-regulatory body that openly denounced a higher level of discipline. To Han Junliang itsPersonally, its integrity, reputation and development in the capital market will have a certain impact. In the case of sinovel, the regulatory authorities may be more stringent than the average company in terms of daily disclosures and regulatory inspections. But for Sinovel, the bigger impact may be refinancing. Under the administrative measures for the issuance of securities issued by listed companies, the incumbent directors, supervisors and senior managers are qualified to perform their duties faithfully and diligently. If the listed company or current directors, supervisors and senior managers have not been subject to the CSRC's administrative sanction in the last 36 months, the public condemnation of the exchanges in the last year will not be allowed to make public offerings (including equities and convertible bonds), and if the directors, supervisors and High Commissioner of listed companies have been publicly denounced in the past year, A listed company shall not make a private offering. At present, although Han Junliang has resigned the position of President and Chairman of the company, but still retains the position of director, and according to the above stipulation, also means that sinovel will be affected for some time refinancing in the future. Data show that Sinovel has signed a large number of supply contracts with suppliers, which led to inventory problems, resulting in 2011 negative cash flow of up to 5.9 billion yuan. 2012, Sinovel had to issue 5.5 billion yuan of corporate debt to solve the thirst for funds. At the end of 2012, Sinovel 370 employees were "on holiday", with layoffs to ease financial embarrassment. Sinovel said in a semi-annual report that in the context of China's economic growth slowdown, some of the company's customers cash tight, and due to some regional power grid problem caused by the loss of wind farm revenue and profit, affecting the ability of some customers to pay, increase the company's accounts receivable and bad debts risk; In addition, due to industry adjustment and investigation, It is more difficult for the company to obtain customers ' money and obtain bank loans. And the company needs a reasonable cash flow to pay for suppliers and ensure day-to-day operations, capital risk is increasing. (21st century Net Chen)