It is not calm in the middle of the night!

Yesterday night, A shares of a number of listed companies suddenly exploded, including pharmaceutical giant Hengrui Pharmaceutical, 10 times the cattle stock Baan Water, Wesheng new materials, ST Zhongchang and so on.

　　320 billion pharmaceutical giants are regulated

Yesterday evening (November 29), Hengrui Pharmaceutical issued a notice saying that it had received a regulatory work letter to clarify regulatory requirements on related matters.

On why it was regulated, Hengrui Pharmaceutical said that the regulatory work letter is about the regulatory requirements for the treatment of "capitalization of R & D expenses". It is clear that the conditions for capitalization should be carefully assessed and the collection of R & D expenditure should be accurate and complete. it belongs to the day-to-day performance of the exchange, and does not involve administrative penalties, and so on.

As we all know, the research and development of innovative drugs has the characteristics of high investment, high risk and long cycle. Because the investment cost of innovative drugs in the early research and development period is relatively high, it will have a greater impact on profits.

For a long time, Hengrui Pharmaceutical has been capitalized, and the assets formed will be amortized in the future product life cycle, so that the early pressure will be relatively reduced and its current profits will be thickened at the same time. This is also an important point that the outside world is optimistic about Hengrui Pharmaceutical.

In fact, Hengrui Medicine has been in a state of adjustment since the beginning of this year. At the industry level, there is a continuous crackdown on the collection of medicine, and there is also constant bad news at the company level. Recently, however, the company's situation seems to have improved.

At this time, Hengrui Pharmaceutical is regulated because of issues related to R & D expenses, which means that Hengrui Pharmaceuticals, which has been spending R & D expenditure, may begin to capitalize.

　　Ten times the bull stock suddenly exploded.

On the evening of November 29th, the Baan Water Company, once a ten-fold stock, was suddenly bearish.

According to the BA'an Water Affairs announcement, the company provided guarantee for Zhang Chunlin (former controller and former chairman) to borrow money from Ren Yuan, but failed to comply with the decision-making procedures of the company's board of directors and shareholders' meeting, and the company violated the rules to provide guarantee to the outside world. the company's shares may be subject to other risk warnings.

In addition, according to the relevant regulations, if the company fails to resolve the illegal guarantee by December 29, the company's stock trading will be subject to other risk warnings.

In fact, the company has done something to defuse the crisis. As early as October this year, China Galaxy assets and listed company 300262.SZ signed a "debt restructuring contract" and "bond delisting contract" to resolve the risk of default bonds and help listed companies to carry out substantial restructuring.

On the evening of November 28th, Baan Water also announced that it intends to issue about 201 million shares to specific targets and that it intends to raise no more than 629 million yuan. After deducting the issuance expenses, it is used to repay the interest-bearing debt and replenish the working capital.

　　Hesheng Xincai was sentenced to life on charges of involvement in criminal activities.

The key events of another company may be in the final stages. On the evening of November 29, he Sheng Xincai disclosed the criminal ruling of Zhang Wei, the actual controller of the company.

The verdict showed that Zhang Wei, the actual accuser, committed as many as 11 projects, including the crime of organizing and leading underworld organizations, the crime of illegally absorbing public deposits, and the crime of forced trading, and decided to impose life imprisonment and deprivation of political rights for life. He was also sentenced to confiscation of all personal property and a fine of 12.17 million yuan.

Data show that in the first half of 2021, Hesheng Xincai achieved a business income of 1.126 billion yuan, an increase of 57.10% over the same period last year, and a net profit of 65.5409 million yuan, an increase of 137.25% over the same period last year.

However, when talking about the impact of this judgment on the company, Hesheng Xincai said that at present, Zhong Kechuang controlled by Zhang Wei holds 31.34% of the shares of Hesheng Xincai, accounting for 100% of the shares in the company and 31.34% of the total shares of the company. and have been judicially frozen.

Hesheng Xincai also announced that there is a risk of changes in actual control of the company in the future.

　　Li Qunnan, director of ST Zhongchang, was criminally filed.

In addition, a listed company suddenly exploded. ST Zhongchang issued a notice saying that the new management of the company recently carried out verification work on subordinate companies in order to standardize corporate governance. In the process of verification, the company found that Li Qunnan, director and former head of subsidiary Shanghai Yunke Network Technology Co., Ltd., was suspected of misappropriating funds and embezzling the company's interests during his tenure.

In addition, there are demon stocks Sony Financial announcement that because of possible insider trading, the two sides of the restructuring may not be able to reach an agreement on the valuation, the proposed asset pledge, the freeze can not be lifted, and so on, resulting in the restructuring of the risk of being suspended, suspended or cancelled.

　　What is the impact of the "thunder explosion" of the real controller?

In fact, in recent years, there have been many cases of "thunder explosions" by real controllers of listed companies, of which more than 10 shares of actual controllers were taken compulsory measures or filed for investigation during the year, including Zangge Holdings, Sansheng shares, HTC shares, Shennan shares and other actual controllers were taken compulsory measures.

A number of actual controllers have been taken compulsory measures for different reasons, including suspected of manipulating the securities market, suspected of treacherous use of fiduciary property, suspected of illegal mining, and some individual stock controllers have been put on file for investigation by the Securities Regulatory Commission.

The impact on listed companies mainly depends on the decision-making position of the actual controller in the listed company. If it is the decision maker of the listed company, it may lead to the lack of business decision-making of the listed company in the short term. However, if the board of directors and management are stable, it should not affect the day-to-day business decisions of the company.

It should be pointed out that the chairman is, after all, an extremely important member of the listed company. Although some criminal cases seem to have nothing to do with the operation of the company, it will certainly cause some blow to the reputation of the listed company and the expected operation of the company in the future.

The "thunder explosion" of the real controller also directly affects the stock price of listed companies in the secondary market. Take Sansheng shares and Shennan shares as examples, the two companies disclosed the announcement that the actual controller was taken compulsory measures on June 6 and July 22 respectively. On June 7 and July 23, Sansheng shares and Shennan shares closed by the daily limit.

In response, shareholders complained: "Chairman of the board of directors against fire and theft". Some investors said that "the actual controller has unexpectedly become a stock price killer of listed companies."

As far as the market is concerned, the board of directors of listed companies "explode" one after another, reflecting that the corporate governance mechanism needs to be improved urgently. The capital market should improve the rule of law and strengthen supervision, effectively check and restrain the actual controllers and Dong Jiangao of listed companies, and urge them to adhere to the "bottom line" of abiding by the law and not harming the interests of listed companies.

On the other hand, the chairman of a listed company "explodes" one after another, which may cause market panic and drive funds to avoid risks. Similar to the frequent breaking of new shares, investors will have a "wave of abandonment".

In a word, the actual controller is very important to the listed company. The capital market should improve the rule of law and strengthen supervision to urge it to adhere to the "bottom line" of abiding by the law and not harming the interests of listed companies.