Is the 50 billion carbon valley project also "yellow"? Kangdexin's major shareholder withdrew its capital contribution.

Kangdexin 122 billion book funds "suddenly disappeared", and the incident continued to ferment, and listed companies and Bank of Beijing even went to court. As a result, after another wave of turmoil, the carbon valley project gambled by the major shareholder Kant Group was completely ruined.

On the evening of July 3 1, *ST Kant exposed his dirty linen again, and the actual controllers Yu Zhong, Kant Group and Kangdexin withdrew all the investment in the investment project through Kant Group and its related parties. Provoked Kant Carbon Valley, a shareholding company, to issue a motion: demanding the cancellation of the shareholders' qualifications of Kangdexin and Kant Group.

Unfortunately, Shandong Rongcheng State-owned Assets, which also participated in the investment in Kant Carbon Valley, was delayed by other shareholders, resulting in 2 billion investment in Shui Piao. It is reported that this project, once regarded as a world-class "carbon valley", plans to invest as much as 50 billion yuan.

Previously, the market once questioned that Kangdexin's major shareholder misappropriated funds to invest in carbon fiber business. Now it seems that the funds of Kangde New Carbon Valley and other projects have already been cut off, and the whereabouts of tens of billions of "missing" deposits are still a mystery.

The project company angrily withdrew its shareholder qualification.

Kang Dexin, a listed company that has not solved the mystery of 10 billion deposits, settled the matter again.

On the evening of July 3 1, *ST Kant disclosed that Yu Zhong, Kant Group and Kangdexin, after receiving the notice of the extraordinary shareholders' meeting of Kant Carbon Valley, a shareholding company, withdrew all their capital contributions through Kant Group and its related parties. Therefore, Kant Carbon Valley held an extraordinary shareholders' meeting on July 19, 2009, demanding that Kangdexin and its major shareholder, Kant Investment Group, be disqualified.

Simply put, Kant Carbon Valley, the major shareholder of Kant Group, couldn't bear to withdraw its capital contribution and demanded that the shareholder qualification of "Qian Lai" be cancelled.

20 17 10 13, *ST Kant, Kant Group and Shandong Rongcheng State-owned Capital Operation Co., Ltd. invested in Kant Carbon Valley, and signed the Capital Increase Agreement of Kant Carbon Valley Technology Co., Ltd. According to the agreement, the listed company *ST Kant plans to increase its capital by 2 billion yuan to Kant Carbon Valley, 9 billion yuan to Kant Group and Rongcheng. After the capital increase, the three parties respectively account for 14.29%, 7 1.42% and 14.29% of the total registered capital. The total registered capital of Kant Carbon Valley is as high as 654.38+0.4 billion yuan.

On June 20 17, the above three shareholders signed a supplementary agreement to adjust the mode of contribution of Kant Group to cash and its equity in Zhong Anxin Technology Co., Ltd., which was completed before February 20 18, 3 1 year.

According to the survey data, as of February 20, 20 17, 17, the paid-in capital of Kant Carbon Valley was 4.2 billion, including *ST Kant and Rongcheng State-owned assets, while the major shareholder Kant Group only contributed 200 million.

Subsequently, the Kant Group's capital contribution that was not in place once again "changed its mind halfway". On February 20 18, Kangdexin announced that due to the influence of domestic financing environment, and the adjustment and audit evaluation of Zhong Anxin's equity structure have not been completed, the registered capital of Kangdexin Carbon Valley and the equity placement time of Zhong Anxin were extended to June 30, 20 19.

Now, according to the project company Kant Carbon Valley, the funds of *ST Kant and Kangdexin Group have all been withdrawn, with a total capital of 2.2 billion yuan.

According to the above announcement, *ST Kant voted against the relevant proposal in order to protect the legitimate rights and interests of the company and all shareholders of the company, in view of the controversy over whether to withdraw capital contribution, the specific way and the specific amount of withdrawal. However, judging from the final voting results, the proposal to revoke the shareholder qualification was passed.

The 50 billion carbon valley project is not completed.

Rongcheng State-owned Assets Stepping on Kang Lei Incident

However, before the incident of Kant Group was exposed, the unfinished project of Kant's carbon valley had already appeared.

Two years ago, the groundbreaking ceremony was officially held in Kant Carbon Valley, Rongcheng, Shandong. Yu Zhong, Chairman of Kant Group, and several company executives attended the event with high profile. At that time, more than 600 industrial and commercial banks at home and abroad and other heavyweights from all walks of life were all present to congratulate. At that time, Yu Zhong shouted to build Kant Carbon Valley into a "global carbon fiber leader".

According to the plan officially disclosed at that time, Kant's Carbon Valley Project was constructed in five phases, with a total investment of 50 billion yuan and 6,600 mu respectively, which was jointly funded by Kant Group, Kangdexin Group and Rongcheng Municipal Government. After the completion of Kant Carbon Valley Project, the annual output of high-performance carbon fiber is 66,000 tons, high-performance carbon fiber precursor is 6,543,8+0,680 tons, and high-performance carbon fiber composite material is 30,000 tons. It is estimated that the annual sales revenue will reach 654.38+000 billion yuan.

According to Weihai News Network, in order to strive for the landing of Kant's Carbon Valley Project, Rongcheng held a 13 special meeting to study and solve related problems, and relevant departments went to the province to dock 24 batches. It originally took 15 to 20 working days to approve the company name, and it was completed within 5 days; Bank account opening, tax registration and project establishment, which originally took 12 working days, were completed within 1 day.

It is understood that the relocation of the project area will be completed in just over two months, and more than 6,600 mu of land will be rectified, so that enterprises have no worries. "The workload that originally took several months to complete was suddenly completed within one month". Local people involved in the construction project said in an interview with the media.

From 2065438 to February 2008, Kant's Carbon Valley Project was fully launched. However, last year alone, the Carbon Valley project was shut down due to financial problems, and the 9 billion yuan capital increase promised by Dongfang Group was delayed. Subsequently, the listed company *ST Kant broke out that the major shareholder Kant Group illegally misappropriated funds, and 654.38+022 billion funds were missing. Today, the fact that Kant Group withdrew its capital is completely conclusive.

Unfortunately, Rongcheng State-owned Assets Management and Supply Company, which jointly invested in the construction of Kant Carbon Valley with Kant Department, invested 2 billion yuan to "beat Shui Piao". According to the report of 2 1 Century Business Daily, relevant persons in Rongcheng Development Zone have confirmed as early as 1 this year that the Kant Carbon Valley project has been suspended for a long time.

In March this year, market sources revealed that Rongcheng Kant Carbon Valley had already stopped production, and the team composed of Rongcheng state-owned assets and government officials who had organized and promoted the project had been dissolved. The local government plans to set up an industrial fund to support the continuous construction of Kant's carbon valley, but it still needs to raise funds. In the short term, it is difficult for Kant Carbon Valley to return to work.

Whether the above-mentioned industrial funds take over the carbon valley project has not been officially confirmed. However, Rongcheng State-owned Assets seems to have been disheartened by the project of Kant Carbon Valley, and some of its assets in Kant Carbon Valley have been pledged and registered.

According to the national market supervision chattel mortgage registration business system, in March and June this year, Kant Carbon Valley Technology Co., Ltd. mortgaged carbon fiber assets to Rongcheng Urban Construction Investment and Development Co., Ltd., and the two mortgaged assets totaled about 2.8 billion yuan.

2065438+April 2009, Rongcheng Municipal People's Government replied that Kant Carbon Valley was in arrears with internship salary, saying that all employees' salaries were not paid on time due to financial problems, and the government had been coordinating Kant Group to raise funds. At present, the funds are basically in place, and the company will arrange to distribute them one after another in the near future.

Kant's carbon valley crisis was implicated by Kant's new incident and has not been solved yet.

The carbon fiber project basically failed.

Where did the major shareholder's funds go?

It is worth noting that up to now, the listed companies, shareholders and depository banks involved in the bizarre disappearance of 654.38+022 billion deposit funds concerned by the market have all given the exact answers.

*ST Kant said in reply to the inquiry letter of Shenzhen Stock Exchange that the company does not rule out the possibility of depositing the company's funds into the account controlled by Kant Investment Group and its affiliates through the cash management cooperation agreement.

So where are all the diverted funds used?

According to Caixin, Yu Zhong, the actual controller and former chairman of Kangdexin, said at the bondholders' meeting that the misappropriation of shareholders' funds was below 654.38 billion yuan, and the money of listed companies and major shareholders was mixed in the fund pool. Kant Investment Group misappropriates funds for two purposes, one is to invest in carbon fiber projects, and the other is to use equity pledge loans to cover positions, and the loan money is also mainly used for carbon fiber projects.

For the carbon fiber project, Yu Zhong seems to bet on the future ideals and ambitions of Kant Group. On many public occasions, Yu Zhong said that the carbon fiber business will be invested in listed companies in the future. On the one hand, carbon fiber business is a chain of the company's business development. On the other hand, after being put into a listed company, it will be more convenient to raise funds in the future, which is also conducive to expanding the scale.

However, judging from the available data, it seems untenable to invest heavily in carbon fiber projects.

In addition to Kant's 9 billion capital increase in Carbon Valley, there are also financial problems in carbon fiber projects such as Zhongyu invested by Kant Group. It is understood that the Zhangjiagang Aviation Composite Industrial Park invested by Kant Group has not officially entered the construction stage. According to the field investigation, except for some local houses, only farmland is left.

According to public information, from 20 18 to 10, Kant Group and Leonardo of Italy jointly established Zhangjiagang Aviation Composite Industrial Base. Kant Aviation Composite Industrial Park has a total investment of 30 billion yuan and is scheduled to be completed in four phases in 2025. The first phase of the project has an investment of 5 billion yuan, covering an area of 400 mu and a construction period of 2 years. It is reported that the industrial base mainly cooperates with the national "big plane" strategy. At that time, Yu Zhong was still full of ambitions for carbon fiber materials projects.

At the same time, in Zhongyu's capital layout, Kangdexin's Zhong Anxin Technology Company, Kangdexin Composite Materials Co., Ltd. and Changzhou Kangdexin Composite Materials Co., Ltd. are all important executors of the Group's carbon fiber blueprint. Among them, Changzhou Kangdexin Conforming Materials Company laid the foundation stone on 20 17 1 1, with a planned investment of12 billion yuan. However, the Changzhou project also reported that the project was shut down this year.

In addition, some investors are worried that the Zhong Anxin carbon fiber industrial park and intelligent carbon fiber composite parts manufacturing factory invested by Kangdexin will cost billions of dollars, and now they will be stopped or stranded like other carbon fiber projects.

On may 12, Weibo, the official of zhangjiagang public security bureau, announced that on may 19, Yu zhong, the majority shareholder and actual controller of kangdexin composite materials group co., ltd., was taken criminal compulsory measures by the police for suspected crimes.

With the arrest of Yu Zhong, the whereabouts of tens of billions of funds of Kangdexin remain a mystery.

Financial fraud for four consecutive years

Listed companies are facing delisting crisis.

In fact, the listed company *ST Kant implicated by the major shareholder Kant Group is not innocent. The amazing history of counterfeiting for four consecutive years has undoubtedly shocked the market and caused heavy losses to investors.

Since June 5438+ 10 this year, *ST Kant has been unable to pay1500 million short-term principal and interest on schedule, and the authenticity of its performance has been questioned by the market. Subsequently, listed companies continued to explode, and 122 billion book funds were "missing". The major shareholder, Grand Kant Group, may misappropriate funds, and the actual controller, Yu Zhong, was taken compulsory measures by the public security.

On July 5th, *ST Kant received the "Notice in advance" issued by China Securities Regulatory Commission, and filed an investigation on the company's alleged illegal information disclosure.

According to the identification of the CSRC, during the period from June 20 15 to June 20 18, Kangdexin inflated its operating income through fictitious sales business, and inflated its operating costs, R&D expenses and sales expenses through fictitious procurement, production, R&D expenses and product transportation expenses. In the annual reports from 20 15 to 20 18, the inflated profits were 238 10/00000, 3.089 billion, 3.974 billion and 2.477 billion respectively, and the total inflated profits reached119/kloc-.

In addition, *ST Kant is also suspected of failing to disclose related transactions of non-operating occupation of funds by controlling shareholders, providing guarantees for controlling shareholders and failing to truthfully disclose the use of raised funds in relevant annual reports, resulting in false records and major omissions in relevant annual reports disclosed by *ST Kant.

At present, the CSRC has served the "Notice of Administrative Punishment and Market Prohibition in advance" to the parties involved, and plans to impose a fine of 600,000 yuan on *ST Kant and take measures to ban the main responsible personnel from the securities market for life. On August 15, the CSRC will hold a hearing on the investigation of Kangdexin Company, requiring the company to make statements and arguments.

The crisis-ridden *ST Kant will undoubtedly face the delisting crisis. Shenzhen Stock Exchange announced that *ST Kant's violations of laws and regulations touched on a major illegal forced delisting situation, and the company's shares may be subject to a major illegal forced delisting.

On July 8th, *ST Kant's stock began to be suspended, and its share price was fixed at 3.52 yuan, and its market value fell to 65.438+02.464 billion yuan. Compared with the high price of 26.67 yuan in 20 17, the stock price dropped by more than 85%.

According to the data, as of the end of March this year, the number of shareholders holding *ST Kant is still as high as 1.5 million.

The "white horse stock" with a market value of 100 billion in the past is now in a quagmire.

This article is from China Fund.

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