Kangmei Pharmaceutical was filed for bankruptcy reorganization, what was the reason for its bankru

Just in the last few days, there has been a sudden news on the Internet".Kangmei Pharmaceutical"I was appliedBankruptcy reorganizationAfter this news came out, it also attracted the attention of a lot of netizens, and there was a lot of discussion for a while, and everyone was speculating about what the reason for "Kangmei Pharmaceutical" to apply for bankruptcy and reorganization was.

In fact, before the "Kangmei Pharmaceutical" filed for bankruptcy, there was already relevant news coming out, and it was rumored a long time ago that there was a big problem with Kangmei Pharmaceutical's revenue, but the specific reason is unknown, according to relevant information, Kangmei Pharmaceutical, a company was established in June 1997, during which it was also enforced by the court.

Three times, in the following years, Kangmei Pharmaceutical's shares have been **, according to the 2021 survey, Kangmei Pharmaceutical's net loss in the first quarter was about 100 million yuan.

This is not a small amount, especially in this is only a loss in the first quarter, and it is unknown how many losses there will be in a year, because the ** has lasted for a long time, which has led to Kangmei Pharmaceutical Co., Ltd. has been losing money for one or two years, and during this period, it is necessary to maintain the company's operation, pay the wages of the company's employees and other expenses, it is in this situation that the situation of Kangmei Pharmaceutical is getting worse and worse, and Kangmei Pharmaceutical has also replied to this matter later. The company's cash flow is caused by the impact of some reasons.

In view of the poor management of assets such as inventory, major deficiencies in the company's internal management, and some special reasons that have led to the company's operation getting worse and worse, there is no way but to apply for bankruptcy reorganization.

After all, Kangmei Pharmaceutical's reputation in the market is still very good, so I very much hope that they can persevere, continue to make good medicines for the people, serve the people, and look forward to them meeting us again.

Kangmei Pharmaceutical's "main reason for bankruptcy is that it will face bankruptcy because of improper management, sales and output cannot keep up, resulting in a loss-making state."

It was because the company had a situation where the funds were not working, and the management method of the management was also problematic, so it went bankrupt.

It is because the company's capital chain is broken, and the sales volume is not very good, so it will go bankrupt.

In terms of financial data, Kangmei's annual performance report said that the net loss attributable to shareholders of listed companies in 2020 expanded to about 100 million yuan, and the net loss in the same period in 2019 was about 100 million yuan. Kangmei's first-quarter performance announcement said that the revenue in the first quarter of 2021 was about 100 million yuan, a year-on-year decline, a net loss of about 100 million yuan, and the basic earnings per share were in yuan, which eventually led to the bankruptcy of the company.

It is because their revenue situation is very miserable and they have a very large loss, so they filed for bankruptcy and readjustment.

In view of the poor management of inventory and other assets, there are major deficiencies in the company's internal control, and with the further deepening of asset inventory, appraisal and audit procedures, the historical recording cost of some assets such as inventory is higher than the fair value, and market transactions are not active.

In fact, it has been bankrupt for a long time, and it has been deliberately delayed until now.

Kangmei Pharmaceutical was filed for bankruptcy reorganization, and the lawyer's analysis that if the reorganization is successful, it will lead to a delay in the payment of compensation to shareholders, which will also have a bit of an impact on the shareholder claim case. Kangmei Pharmaceutical Co., Ltd. was founded in 1997 and listed on the Shanghai ** Stock Exchange in 2001. The company is engaged in the cultivation of medicinal materials, the trading of medicinal materials, down to the production and development, terminal sales, basically has penetrated into the upstream, middle and downstream industries of the traditional Chinese medicine industry chain, and the business has penetrated into all the key links of the entire traditional Chinese medicine industry chain.

As a listed company, Kangmei Pharmaceutical actually committed financial fraud and fraud, and in the face of sky-high compensation, Kangmei Pharmaceutical had to go bankrupt and reorganize. According to ** reports, Kangmei Pharmaceutical recently filed for bankruptcy reorganization in Guangdong, although the company has not been delisted, but has been marked as ST, Kangmei Pharmaceutical shares have been destined to bankruptcy since the outbreak of financial fraud, although the CSRC only fined the company hundreds of thousands. However, Kangmei Pharmaceutical is about to face a class action lawsuit, and Kangmei Pharmaceutical cannot afford the compensation of many minority shareholders.

On April 23, Kangmei Pharmaceutical Nai Jianye Co., Ltd. issued the third risk warning announcement on the possible delisting risk of the company, and on April 20 and April 22, the first two announcements were intensively released. According to the announcement, Kangmei Pharmaceutical's audited net assets at the end of 2019 were about 100 million yuan, and the company's annual net profit loss in 2020 was expected to be about 100 million yuan. The company's 2020 annual report is expected to be disclosed on April 28, 2021, and if the court formally accepts the company's restructuring application, Lingsen Company will face a lifetime ban from the ** market due to the failure of the restructuring.

In June, Kangmei Pharmaceutical changed its legal person from Ma Xingtian and declared bankruptcy. If the company is declared bankrupt, it will be liquidated and its shares will be at risk of being terminated.

In addition to Kangmei Pharmaceutical, the shareholder's creditor's rights should also include other relevant responsible persons, such as Ma Xingtian, the actual controller of Kangmei Pharmaceutical, and his wife, as well as the relevant liabilities of Guangdong Zhongzheng Zhujiang Certified Public Accountants, an audit institution that needs to bear joint and several liability. Not long ago, the investor added Zhong Zhengzhujiang as a defendant and demanded that he be ordered to bear joint and several liability for compensation.

According to the administrative penalty decision of the China Securities Regulatory Commission, Zhong Zhengzhujiang was fined 57 million yuan. According to the lawyer's analysis, according to the "** Law" and relevant judicial interpretations, listed companies, relevant executives and responsible intermediaries should bear the liability for compensation. Kangmei Pharmaceutical is currently facing a restructuring, and if the restructuring is successful, it will be good news for the injured shareholders, but the compensation for shareholders will also be delayed.

Kangmei Pharmaceutical Co., Ltd., which was involved in financial fraud and fell into debt difficulties, announced that it had received a notice from the Intermediate Court of Jieyang City, Guangdong ProvinceGuangdong Jiedong Rural Commercial Bank filed for bankruptcy reorganization with the court on the grounds that the company could not pay off its due debts.

<> impact on claim-related litigation

First of all, during the bankruptcy reorganization period, the Intermediate People's Court of the provincial capital where Kangmei Pharmaceutical is located (that is, the Guangzhou Intermediate Court) will no longer accept the case of false statement liability disputes.

Secondly,During the bankruptcy reorganization period, all cases of disputes over liability for misrepresentation that have been accepted by the court will be suspended.

Thirdly, the court will require the investor to declare its claims to the bankruptcy administrator and participate in the bankruptcy creditors' meeting of Kangmei. After the declaration of creditor's rights is completed, the general administrator will suspend the confirmation or non-confirmation of such claims arising from misrepresentation that have not been confirmed by the effective judgment of the court, and investors only have the right to participate in the creditors' meeting but not the right to vote.

If the bankruptcy administrator does not confirm the creditor's right, the investor may directly file a claim confirmation with the courtlawsuitsto request confirmation of the existence of the claim. If the bankruptcy administrator withholds the confirmation of the creditor's right, the investor needs to wait for the effective judgment of the Kangmei Pharmaceutical ** Misrepresentation Case Model Case selected by the court before the administrator confirms the creditor's right. For investors who do not declare their claims during the declaration periodAfter the bankruptcy reorganization of Kangmei Pharmaceutical Co., Ltd. is completed, a lawsuit for the dispute over liability for misrepresentation will be filed, and compensation will be paid in accordance with the content of the reorganization plan.

Kangmei Pharmaceutical should not compensate investors<>

Judging from the current actual situation, China has been moving forward step by step in terms of how to punish listed companies, major shareholders and other violators who violate regulations, and has done a better and better job. Although the relevant regulations need to be improved, the penalties for violators are relatively lightHowever, in practice, the regulators can impose severe penalties, many of which are maximum penalties, indicating that the management has zero tolerance for violations.

The key point is that since the investor compensation mechanism has not been fully activated for violators, violators only need to bear relatively light penalties under the current conditions after committing violations. Therefore,From the perspective of economic interests, the "gains" are far greater than the "losses". If the compensation mechanism can be activated, the violators will be bankrupt because of the compensation.

Then, there will be greater constraints and warnings on other listed companies and major shareholders.

If it is really necessary to liquidate and compensate, not only will the rights and interests of investors not be fully compensated, but also a huge amount of tax will be lostIt will also have an adverse impact on the domestic traditional Chinese medicine industry under the heavy pressure of Western medicine.

Let the accounting firm bear this black pot of misremembering, not only the losses of all parties will be the smallest, but also they can <>justify themselves

The whole body retreats, the China Securities Regulatory Commission maintains and protects the face of investors, and will not lose huge financial revenues, and these investments led by securities are long-term investments, as long as the company's operation is reversed, the stock price can go back sooner or later, and the temporary floating loss has little impact. However, it remains to be seen whether there will be a change in the company's equity as compensation for other injured parties.

There will be an impact, because after Kangmei Pharmaceutical filed for bankruptcy reorganization, many banks did not dare to lend money to bankrupt companies, so the money of the shareholders Tinghui would not be able to answer the source.

This will also have a certain impact on the shareholder claim case, after all, the company has filed for bankruptcy and reorganization, and there may be some shareholders whose money will also be compensated to them.

There will be an impact on the slim resistance. Because the company has filed for bankruptcy and has suffered a large loss in funds, the case cannot be determined in time.

There is an impact, and this will also lead to a blow to the positive sentiment of shareholders, which will also affect the verdict later.

Kangmei Pharmaceutical has been filed for bankruptcy reorganization, which will still have an impact on shareholder claims, such as the failure of bankruptcy reorganization of listed companies and the entry into bankruptcy liquidation, and those who invest in Zheng Li Hui may not be able to receive compensation; Or investors who participate in the bankruptcy reorganization related procedures need to prepare the creditor's rights declaration materials, the original litigation is suspended, and the time for the final compensation payment is delayed, and there are also investors who do not want to participate in the bankruptcy reorganization related procedures, they can wait for the results of Kangmei's bankruptcy reorganization to be issued and then sue separately, and the time for the final compensation will be postponed accordingly.

It has been two years since the "thunderstorm" incident of Kangmei Pharmaceutical on April 30, 2019, and the court and the China Securities Regulatory Commission have successively made penalty decisions and follow-up treatment against the auditors and Kangmei Pharmaceutical. On March 26, 2021, the Guangzhou Intermediate People's Court issued the Notice of Registration of Litigation Rights of Ordinary Representatives, clarifying the scope and registration period of rights holders. As early as February 10, 2021, the Guangzhou Intermediate People's Court made a ruling in accordance with the law, deciding to apply the ordinary representative litigation procedure to hear the case of Kangmei Pharmaceutical's ** false statement liability dispute.

Subsequently, the Investment Service Center issued an announcement to formally accept the entrustment of the investor and fight the lawsuit for the investor.

Since its implementation, the class action system has only been in the trial phase and has not yet been implemented. Kangmei Pharmaceutical's class action lawsuit is expected to be the first class action lawsuit in China, which will be a valuable experience. If it proves to be effective, it will be widely promoted.

In addition, the judicial interpretation of the Supreme Court emphasizes the public interest nature of special representative litigation, that is, to minimize the relevant costs incurred by investors in participating in representative litigation, and to encourage eligible investors to actively participate in representative litigation.

Because Kangmei Pharmaceutical, as a listed company, actually committed financial fraud, and in the face of sky-high compensation, Kangmei Pharmaceutical had to go bankrupt and reorganize. According to ** reports, Kangmei Pharmaceutical recently filed for bankruptcy reorganization in Guangdong. At present, although the company has not been delisted, it has been marked as ST, in fact, Kangmei Pharmaceutical shares **** since the outbreak of financial fraud has been doomed to bankruptcy, although the CSRC only fined the company hundreds of thousands.

However, Kangmei Pharmaceutical is about to face a class action lawsuit, and Kangmei Pharmaceutical cannot afford the compensation of many minority shareholders. And it's not doing well, it's hard to continue. It can be said that Kangmei Pharmaceutical is by far the most serious A-share fraud company, and its financial data has swelled by tens of billions, which obviously surprised many investors.

At present, the company's legal person has been arrested, and other executives have resigned, and it is not far from delisting.

It is because the company has been suffering economic losses for a long time, and the value of economic gains is not high.

On April 22, 2021, Kangmei Pharmaceutical received the "Notice" from the Intermediate People's Court of Jieyang City, Guangdong Province, and because the loan of 49 million yuan was not repaid when it was due, the shares of Guangdong Jiedong Rural Commercial Bank **** applied to the court for bankruptcy reorganization of "Kangmei Pharmaceutical" because it could not pay off the due debts.

Kangmei Pharmaceutical applied for bankruptcy reorganization due to the impact of the new crown pneumonia epidemic and the repayment of the company's debt principal and interest, poor asset management such as inventory, and major deficiencies in the company's internal control.

There are some large enterprises that can indeed solve a lot of difficulties at the beginning of development, and they can also have better development prospects, and many large enterprises can be recognized by us, and we are also very optimistic about these large enterprises.

However, some companies may not be able to have better development, and they may also be abandoned by the times, such as Kangmei Pharmaceutical. Kangmei Pharmaceutical

Filed for bankruptcy reorganization.

How did it get to where it is now? I think this business has come to this point for three reasons:

1. Improper operation.

This enterprise can not adjust its business direction, and can not have a clearer goal, so it will lead to more difficulties in the process of operation, and can not solve such difficulties, which will make the enterprise can not have a better development, so that it will gradually decline. <>

Second, complacent.

Of course, I think the reason why this company is like this is also because this company is complacent and cannot insist on innovation, which can not be more innovative, and it cannot invest more money in research and development, and it cannot enhance its competitiveness. The company will not be able to have more R&D results, and it will not be able to continue to expand its market share.

Therefore, it will make the enterprise unable to have a better future. <>

3. Shirk responsibility.

I think there is another important reason for the partner is that the company can not be responsible for the society, nor can it be responsible for consumers, this company can not have a better responsibility, and in the process of operation, it has been shirking responsibility, can not recognize their own mistakes, and can not make certain corrections to their mistakes, which will make the company more and more backward, and will eventually be eliminated. <>

That's my opinion.