To understand the inside story, it is necessary to read the relevant information and financial data when Xintai Company applied for listing, which is not a difficult thing for Duan Yu, he immediately rushed to the Liaoyuan Provincial Capital and went straight to the Liaoyuan Provincial Securities Regulatory Bureau.

Wu Haiyuan, director of the Liaoyuan Provincial Securities Regulatory Bureau, was a middle-aged man who looked very capable on the outside, and he didn't act panicked when he saw Duan Yu's sudden arrival, and said with a hearty smile: "Chairman Duan, I know that you have nothing to do but go to the Three Treasures Palace, there must be a big case for us to investigate, you give instructions and ensure that the task is completed ......."

Duan Yu glanced at Wu Haiyuan with appreciation, he liked this kind of subordinate more, seeing that the boss was not cowering like ordinary people, or blindly flattering, speaking neatly and neatly, and not dragging mud and water, such subordinates were very easy to use, so he said the purpose of his trip straight to the point.

Hearing Duan Yu say that he wanted to check Xintai Company, Wu Haiyuan slapped his face excitedly and said: "Chairman Duan, we want to go together, I have also noticed the recent changes in ST Xintai in the stock market, and I am organizing people to check him......!

Saying that, Wu Haiyuan led Duan Yu to a large conference room, where seven or eight staff members were nervously busy, and the conference table was full of relevant materials and financial statements of Xintai Company.

Seeing that Wu Haiyuan really didn't lie, Duan Yu appreciated him more and more, patted him on the shoulder and said: "Good job! Our local securities regulatory bureau must learn to take the initiative to attack and take the initiative to discover problems, and sitting in the office and waiting for the report information will not play the role of the local securities regulatory bureau! Say, what kind of support do you need, I fully support you......."

Wu Haiyuan scratched his head, and said with an honest and unceremonious smile: "This is what you said, I have two requirements, money, people, we have a shortage of experts in financial auditing in our bureau, and the funds for handling cases are also insufficient......."

Duan Yu tapped Wu Haiyuan with his finger, waved his hand happily and laughed: "You kid is quite good at choosing the right time to fight the autumn wind, okay, if you want money to give money, if you want someone to give people, I will ask for a little bit, you must open the breakthrough as soon as possible......

Wu Haiyuan patted his chest confidently and said: "Chairman Duan, you can rest assured, even if we don't eat or sleep, we will find a breakthrough ......in the shortest possible time."

Immediately, Duan Yu transferred several financial audit experts from the headquarters of the Beijing Securities Regulatory Commission with a phone call, and approved a special case handling fund for the Liaoyuan Provincial Securities Regulatory Bureau.

In fact, Xintai company had submitted IPO application materials to the China Securities Regulatory Commission as early as seven years ago, but was rejected due to "insufficient sustained profitability of acquired assets" and other reasons, until more than two years ago, Xintai company changed the sponsor and submitted new application materials, and finally successfully passed the review and successfully listed!

The investigation team specially transferred the financial statements submitted by Xintai Company seven years ago, and after comparing it with the financial statements submitted by Xintai Company through the audit and successful listing two years ago, it was quickly discovered that the suspicious points were soon discovered, and compared with the financial statements of seven years, the proportion of accounts receivable in the financial statements of Xintai Company two years ago was significantly smaller, so that Xintai Company's profits suddenly appeared a big increase, and finally successfully passed the audit to be listed.

And then check the details of the accounts receivable in the financial statements of the year of listing, the investigators found that Xintai Company recovered the accounts receivable of 51 corporate customers in a short period of time before the statement statistics, with an amount of up to 90 million, is this a coincidence?

But to investigate further, it is necessary to investigate and collect evidence one by one on the 51 corporate customers of Xintai Company, the 51 corporate customers of Xintai Company are all over the country, the workload is quite large, and these enterprises may not cooperate, this problem makes Wu Haiyuan, who was full of confidence before, scratch his head.

In the end, Duan Yu made a decision, and since he found a suspicious point, he naturally had to investigate to the end, and immediately sent staff to Xintai Company, the location of 51 corporate customers, to investigate and collect evidence, and Duan Yu personally went out to do the work of those enterprises that refused to cooperate.

Duan Yu, the chairman of the China Securities Regulatory Commission, has personally stepped out, and those companies that refuse to cooperate have to weigh and weigh, and it is not fun to offend the chairman of the Securities Regulatory Commission, so the truth quickly surfaced, Xintai Company did falsify financial data, fictitiously recover accounts receivable, and passed the listing review with a prospectus containing false data!

It should be said that in order to commit fraud, Xintai Company still took great painstaking efforts, and the boss of Xintai Company borrowed 90 million yuan from another enterprise in Dongdan City, and then the company issued bank drafts to 51 customers of Xintai Company in dozens of payments, and then transferred them to Xintai Company. Xintai Company has recovered 90 million yuan of accounts receivable. After the reporting period, Xintai Company issued bank drafts to 51 customers, and then transferred them back to the borrowing enterprises, thus realizing the closed loop of funds.

The whole process of counterfeiting is very cumbersome, all the bank drafts used to endorse the customer's company seal and private seal are privately engraved and forged, and it is also necessary to make self-made bank receipts and payment slips. First, make the format of the bank slip on the computer, fill in the corresponding customer name, amount and other information, and print it out. Fake bills must also have a corresponding bank statement. According to the records of the financial bills, the relevant financial personnel will recreate a false bank statement on the computer, and then ask the cashier to go to the bank to stamp it. These fake documents are mixed with some real data, it is difficult to distinguish between true and false, if it is not for Duan Yu's determination to check, it is really difficult to find, but the cost of fraud is relatively high, because Xintai has to pay interest on every loan.

In order to whitewash the company's performance when it went public, Xintai Company lied, but did not expect that this lie needed another series of lies to cover up. Xintai Company had to continue to falsify for several years in order to fulfill a lie before listing, and finally brought down Xintai Company, and its profit fell instead of rising before listing, and became an ST stock.

After receiving the ironclad evidence of Xintai Company's fraud, Duan Yu took the case and said angrily: "The behavior of Xintai Company by falsifying financial data, fraudulently issuing stocks, and deceiving investors must be severely punished! The stock market does not need such a dishonest and defrauding listed company, so I have decided to impose a penalty of forced delisting on ST Xintai, and the institutions that sponsor them will also be punished......."

"Forced delisting?!" Wu Haiyuan on the side was also stunned, this is the most severe punishment in history! It is conceivable that once Duan Yu's punishment decision is announced, what kind of uproar will it cause, and it will definitely be opposed by many people, so he said with some concern: "Chairman Duan, is the punishment of forced delisting too severe? There have been similar cases of fraudulent issuance of financial data before, but there has never been such a big punishment?!......."

Duan Yu waved his hand vigorously and said: "I just want to kill the chicken and show the monkey, and I want to set a model for the delisting system, so that those unscrupulous companies that dare to take risks and deceive investors know what kind of heavy price they have to pay for cheating investors! Let them know that instead of focusing on cheating and deceiving investors, it is better to focus on their operation and management, and only if they can continue to make profits can they have a way out in the stock market!" We shout every day to protect the interests of small and medium-sized investors, and in my opinion, the most effective way is to let those listed companies that defraud investors get out of ......."

When Wu Haiyuan saw that Duan Yu was rude, he knew that he was indeed extremely angry, so it was not easy to persuade him anymore. Duan Yu also knows that this incident is different from the last time the "rat warehouse" was investigated, and the "rat warehouse" is a criminal act and there is a law to follow, but the compulsory delisting of fraudulent listed companies is unprecedented, and it is impossible for him to make a decision in one word, and it must be decided through the collective discussion of the leading group of the China Securities Regulatory Commission, otherwise he will give people a handle, saying that he is arbitrary and arbitrary.

So Duan Yu thought about it, then turned to Wu Haiyuan and said, "Comrade Haiyuan, you immediately bring the relevant materials and go back to Beijing with me, and it will be better for you to introduce the situation of this case to everyone at ......the leadership group meeting."

Immediately, Duan Yu took Wu Haiyuan back to the capital, and the staff and officials of the Securities Regulatory Commission all knew that as long as Duan Yu returned to the office, there would be new movements, especially when Duan Yu came back this time, his face was solemn, and they all had a premonition that something big was about to happen, so they all quickly cheered up, for fear of being affected by Duan Yu's anger.

As soon as Duan Yu arrived at the office, he immediately asked Xu Haifeng to notify the members of the leadership team to come to the meeting, at this time, the investigation results of Xintai Company had not been announced to the public, Dong Wenhai and they only knew that Duan Yu flew everywhere during this time, and also transferred financial audit experts from the capital to Liaoyuan, which should be investigating some big case, but because Duan Yu gave a gag order to the investigation team, they didn't know what Duan Yu was in such a hurry to convene the meeting.

Duan Yu also knew that it would not be easy to pass his decision to make Xintai Company forcibly delisted at this meeting of the CSRC's leadership group, so he first asked Wu Haiyuan to introduce the investigation results to the team members in detail, and then said quietly: "What do you think of this case?!......?

Everyone was a little strange, they thought that Duan Yu had summoned them so solemnly to discuss something great, but the fraudulent issuance of Xintai Company was not a big deal in their opinion, this kind of thing is actually known to everyone, it is almost a semi-public secret in the stock market, and there are not a few listed companies that do this, just to see who is unlucky to be found, in fact, even if it is found, it is not a big deal, the previous handling of the CSRC is fined, and it is precisely because the risk is not high, so this kind of thing is repeatedly banned and happens from time to time。