Remote Optoelectronics accused of financial fraud

Recently, the long-term optoelectronics market, which has the name of “high reporting, high transfer, first transfer,” has not yet reached the full year, and the performance has changed dramatically. Executives frequently leave the company and receive attention from the entire market.

According to the reporter's access to public information, it was not the first time that the remote optoelectronics performance on the GEM board on March 29 last year had declined. On February 8 this year, Far-Sun Opto's 2012 annual report showed that the company's total operating revenue, net profit attributable to shareholders of listed companies were 182 million yuan and 724.77.7 million yuan, respectively, down 11.45% and 25.07% year-on-year. What is even more puzzling is that for the poor performance of the first fiscal year of listing, Yuanfang Optoelectronics explained in the annual report that “according to the overall macroeconomic situation and changes in the industry, the domestic and international market demand was not as expected in 2012, and the company’s operating performance was Falling." The debut of the performance was already bad, and many mistakes in the annual report were even more embarrassing. Optoelectronics disclosed its annual report on February 8 and published the “2012 Annual Report Corrigendum Announcement” on the following day. It had hit seven “patches” at a time. Until recently, Yuanfang Optoelectronics once again issued a revised announcement of its first-quarter performance forecast, saying that it was up to or down 60% year-on-year.

It is worth noting that financial analysts pointed out that in the absence of a significant difference in the performance of Everlight's quarterly performance in 2011, the sudden and dramatic growth in the fourth quarter of that year was questionable. The person thinks that its essence is to incorporate customer prepayments into operating income in advance and become profitable after accounting treatment. Since it is impossible to make prepayments for fraud in the current year, the annual performance should be around 0.5 yuan, a year-on-year decrease of more than 35%, of which the performance in the fourth quarter will fall by more than 75%.

With regard to the way to the market for remote optoelectronics, the voice of doubt has already existed. When Yuanfang Optoelectronics has not yet been listed, the inventory data in the prospectus is considered to be flawed. The prospectus shows that from the end of 2009 to the end of 2010, the growth rate of the remote photoelectricity inventory increased significantly, reaching 513.63%. Obviously, during the sudden increase of inventory, the production and sales rate of remote photoelectricity has not changed much. The main product spectrometers, integrating spheres, and distribution photometers in 2010 and 2011 were between 81.6% and 101.6%.

In addition to publishing a lot of doubts in the performance, the frequent departure of senior executives of Optoelectronics has also become one of the problems. Less than three months after the listing, the company’s board secretary and deputy general manager Lou Qiong resigned and was subsequently replaced by Wang Jinrong, the chief financial officer of the company. After three months, Pan Jiangen, chairman of the board of directors, took the responsibility of board secretary again. The position of secretary of the board that had been vacant until mid-November was taken over by Zhang Jie. And on February 26 this year, the company’s chief financial officer Wang Jinrong also submitted a resignation report to Yuanfang Optoelectronics.

A legal source pointed out that the performance of the listed company has fallen sharply in less than one year. The stocks in the prospectus have skyrocketed and the announcements by the company are extremely questionable. The China Securities Regulatory Commission requires that listed companies must be disclosed truthfully. This is one of them; in addition, when the publicly-traded securities company’s operating profit for the year listed falls by more than 50% from the previous year, and the issuer has problems during continuous supervision, the CSRC may, depending on the circumstances, It imposes corresponding penalties.