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Home Sea Food

Four Chinese seafood companies being investigated by financial government

Manuel D. Walker by Manuel D. Walker
January 2, 2022
in Sea Food
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Four of China’s pinnacle-ten market-indexed seafood groups are currently below research by Chinese authorities for an uncommon financial activity or huge, unexplained losses. Zone Group, Dalian Tianbao Green Foods, Dahu Aquaculture, and Shandong Ocean Oriental Sci-Tech are being investigated via the Chinese inventory change government, bringing about delisting, in step with respective company files filed.  A supply at one of the companies informed Undercurrent News his company had been visited through Chinese authorities asking for alternate ocuments and evidence

Four Chinese seafood companies being investigated by financial government 1

According to David Mahon, executive chairman at Beijing-based totally Mahon China Investment Management, China is looking to curtail investor fraud and profligate capital expenditure, which will be connected to graft (bribery). “The driving force right here is that the authorities go for extra transparency, and in doing so, they’ve placed a strain on indexed businesses to report greater truly,” Mahon, who advises several international food and beverage businesses working in China, informed Undercurrent.

In March of closing yr, China Securities Regulatory Commission (CSRC) slapped a logistics organization with fines totaling CNY five. Five billion ($870 million) for manipulating the inventory market, the biggest ever punishment for such an infringement. A source at one of the above four groups defined officials traveling his company as part of their investigation. “They asked our branch to offer them some information about our customers and their contact [details],” the supply, who did no longer desire to be quoted by way of call, informed Undercurrent. “So, I gave them some statistics and statistics of our clients or providers a good way to contact them and get proof of our trade.”

According to the website of Shandong Ocean Oriental Group, besides hatcheries, farming, seafood processing, and bonded warehouse agencies, the firm has subsidiaries operating inns and catering services, as well as actual estate improvement (see function photo and above). One of the proposed real property trends is Longqi City, a CNY 40bn ($5.8bn) task reminiscent of Dubai’s fake islands in Yantai, Shandong province. As part of the “Two Cities, Seven Districts” plan for Shandong’s Peninsula Blue Economic Region, Ocean Oriental Group claims involvement thru subsidiary Yantai Oriental Ocean Property.

Shandong Ocean Oriental Sci-Tech — the listed arm of the group — suffered losses of CNY 743m ($108m) on overall revenues of CNY 725m in 2018, in step with the firm’s full-yr record. It said subsidiary Avioq, a US-primarily based scientific gadget manufacturer, which Ocean Oriental acquired in 2016, “didn’t meet performance goals”, consistent with an organization filing from April. The Shenzhen inventory trade has on the grounds that issued a public rebuke of the company’s executive chairman, Che Shi, and leader monetary officer, Yu Yanbing.
Its plight has been compounded with local media ebook Yantai Financial reporting on Friday (June 21) the enterprise has now been located on a central authority listing of “folks of credit score unworthiness Another firm, Dalian Tianbao, one of Chia’s biggest processors of uncooked material for re-export, is also being investigated as it faces multiple proceedings introduced by way of lenders.

As of overdue April, the firm had defaulted on debts simply shy of CNY 1bn, or $150m. According to enterprise files, Dalian Tianbao took out huge loans from lenders such as nation-owned coverage bank, China Development Bank, several of which have been denominated in US greenbacks, to build, amongst different matters, an ice cream manufacturing unit. The other two businesses — Zoneco and Dahu Aquaculture — are being investigated for a huge write-down in assets after a die-off of farmed scallops in the Bohai Sea and an M&A deal really worth $160m for one in all China’s most famous condom manufacturers, respectively (see inset).

A zone beneath the microscope?

Given multiple-in-three of China’s top-10 listed seafood corporations are currently being investigated Chinese government may be paying closer attention to the united states of America’s seafood sector, Mahon said.
“If there’s a cause occasion or a few scandals at an organization, they [regulators] are obliged to step in and take a look. They will then focus on the others within the zone,” he said; evidence of unstable investments using one employer in a quarter often is observed at others, he stated.

He introduced the seafood groups in query appear to have invested in regions outdoor their predominant sectors, consisting of assets. “The not unusual denominator is they declare a sure commercial enterprise scope that draws buyers. They will indulge themselves in all varieties of the high yielding market hobby, then, in the procedure, get themselves into trouble,” said Mahon.

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Manuel D. Walker

Manuel D. Walker

Hardcore food advocate. Beer evangelist. Problem solver. Social media guru. Creator. A real dynamo when it comes to promoting spit-takes in Ohio. Uniquely-equipped for getting to know deodorant worldwide. Practiced in the art of short selling fried chicken for the underprivileged. My current pet project is managing tattoos in West Palm Beach, FL. Spent 2002-2007 exporting Roombas for farmers. In 2009 I was analyzing jigsaw puzzles in Minneapolis, MN.

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