Shunhao Shares Placed Under Investigation for Suspected Corporate Bribery
On the evening of June 1, Shunhao Shares (SZ002565, stock price 3.45 yuan, market value 3.657 billion yuan) announced that the company received a "Notice of Case Filing" from the Chuzhou Municipal Supervisory Committee on the same day. According to Article 39 of the "Supervisory Law of the People's Republic of China" and other provisions, the Chuzhou Municipal Supervisory Committee decided to file an investigation into the company's suspected corporate bribery.
Shunhao Shares stated that as of now, the company's control has not changed, and the members of the board of directors, supervisory board, and senior management team are performing their duties normally. The company's financial and operational management is also normal. The company will actively cooperate with the investigation and closely monitor subsequent developments.
Since last year, several listed companies in the tobacco industry and their actual controllers have been investigated, and the anti-corruption storm in the tobacco system is still ongoing.
Company Under Investigation
In the announcement, Shunhao Shares did not elaborate on the specific content of the investigation, only stating that "the Chuzhou Municipal Supervisory Committee has decided to file an investigation into the company's suspected corporate bribery."
In 2022, Shunhao Shares achieved an operating income of 1.411 billion yuan, a year-on-year decrease of 8.98%; the net profit attributable to the parent company was -59.7518 million yuan, a year-on-year decrease of 111.22%. As of December 31, 2022, the company's total assets were 2.907 billion yuan, with a net asset attributable to the parent company of 1.866 billion yuan and a debt-to-asset ratio of 29.85%.
Specifically, in 2022, Shunhao Shares saw a decline in operating income across several business segments. The company's trading business, paper packaging enterprises, and provincial tobacco industrial company achieved operating incomes of 134 million yuan, 807.474 million yuan, and 483 million yuan, respectively, with year-on-year decreases of 47.24%, 27.01%, and 0.05%; however, the professional packaging printing company achieved an operating income of 416 million yuan, a year-on-year increase of 19.26%.
In the analysis of its main business, Shunhao Shares introduced that although the company focused on its main special environmental protection paper and printing business in 2022, the special anti-counterfeiting environmental protection packaging paper business faced operational pressure due to fluctuations in production raw material exchange rates. During the reporting period, the operating income of this business decreased by 12.91% compared to the same period last year, and sales volume decreased by 19.82%, while the gross profit margin of this business increased by about 3.72%. The printing business also faced rising production raw material prices, with the operating income of this business increasing by 3.61% year-on-year, and overall sales increased by 7.26%.
Additionally, industrial hemp is an important strategic business layout for Shunhao Shares. The company will explore applications in downstream fields such as food, health products, biopharmaceuticals, new tobacco, and daily chemicals in legally permitted areas. Furthermore, the company will also promote development in the new tobacco industry.
Multiple Listed Companies and Actual Controllers Under Investigation
According to reports, Shunhao Shares' main business involves the research, production, processing, and sales of vacuum aluminum-coated paper, white cardboard, composite film paper, and tobacco polypropylene fiber bundles. The main downstream customers of the company's printed products are specific terminal enterprises (i.e., state-owned tobacco companies and foreign tobacco companies). Additionally, Shunhao Shares established a company in 2013 to develop e-cigarette projects, and the company conducts investment business in the field of new tobacco products through its own investments and holding subsidiaries, forming an industrial system.
Since last year, the "anti-corruption wind" in the tobacco industry has been blowing for a long time.
Huabao Shares (SZ300741, stock price 21.91 yuan, market value 13.49 billion yuan) disclosed multiple announcements on January 24, January 27, and July 26, 2022, stating that the company's actual controller, Ms. Zhu Linyao, was placed under investigation due to suspected illegal issues and was subjected to residential surveillance. On January 20, 2023, the company learned from Ms. Zhu Linyao's family that the Anyuan County Public Security Bureau had lifted her residential surveillance and implemented bail pending trial. Meanwhile, the Chongqing Yongchuan District Public Security Bureau legally implemented residential surveillance on Ms. Zhu Linyao. This was nearly a year after the listed company announced that Ms. Zhu Linyao was under investigation.
On January 29, Jiyou Shares (SH603429, stock price 8.78 yuan, market value 4.605 billion yuan) announced that it received a notice from the Chongqing Banan District Supervisory Committee on January 20, 2023, regarding the personal detention and investigation of the company's actual controller, chairman, and president, Mr. Xu Shanshui, due to suspected bribery. Jiyou Shares mainly engages in the research, production, and sales of cigarette rolling paper, cigarette labels, cigarette sealing paper, and aluminum foil.
On the morning of June 1, Jinjia Shares (SZ002191, stock price 6.28 yuan, market value 9.237 billion yuan) disclosed an announcement stating that it received a notice from the Jiangxi Yudu County Supervisory Committee on May 31, 2023, regarding the investigation and detention of the company's actual controller and chairman, Qiao Luyu.
