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Here's an update on the crime.
$iFresh (IFMK.US)$
iFresh, iFresh Group, was listed on NASDAQ in February 2017. In order to increase the stock price, in January 2019, it introduced XTAI Technology Co., Ltd. through an intermediary to discussThe merger between iFresh and XTAI.The two parties signed an acquisition contract, with Little Tai Technology in the name of Xuding Company in Hong Kong.They bought 8.29 million shares from iFresh founder.Mrs. Wang Lin holds the shares (Mrs. Wang Lin was later controlled by the domestic public security organs).The total price of this transaction is about 7.05 million US dollars, but after delivery, Xuding in Hong Kong still owes 2.05 million US dollars unpaid.。
According to the Supreme Court of New York State's judgment,iFresh won the lawsuit and recovered the shares.Later, they were seized by the Delaware court and approved for auction (these shares are considered non-voting shares) in November 2019.Xiaotai technology is suspected of illegal fundraising.The case was investigated and filed by the Zhejiang Binjiang Economic Investigation.The iFresh stock plummeted as a result.Causing huge economic losses to the company and investors. iFresh was also required by Nasdaq to delist, and then relisted after a hearing. Nasdaq required iFresh to increase its corporate assets.
On March 25, 2020, through an intermediary, Zhou Dengrong and co-investor Ou Qiang signed a purchase contract with iFresh Inc. The contract stipulates that Zhou and Ou will purchase 1,783,167 shares of IFMK stock at a price of $1,402 per share, with a total investment of $2,500,000, accounting for 5.9% of iFresh shares. Zhou concealed his Chinese citizenship in this investment, using a Costa Rican passport to evade due diligence by iFresh lawyers.
On March 3rd,Zhou Dengrong privately contacted the iFresh shareholder, Hong Kong Xuding Company.Using forged Xuding equity transaction documents to transfer Xuding's equity to his daughter, Zhou Ping. After being refused a request by iFresh to reissue the detained Xuding shares, Zhou falsely claimed that iFresh had 'one shell and two sales', deceiving the trust of the Hangzhou Public Security Bureau and convincing Wang Lin to vote for him. Wang Lin's shareholding ratio is 22.87%.
After iFresh's original CFO resigned, the new CFO, Amy Xue, was assigned by Zhou as an undercover agent. On April 22 and August 27, 2020, under Amy Xue's arrangement, iFresh merged Zhou's two companies, Jiuxiang Blue Sky and Rongentang, into the listed company, and issued a total of 3.85 million and 5.03 million common shares to the original shareholders of the two companies, Tong Kairui, Huang Hao, Liu Meng, and Zhang Fei, respectively. After investigation, Zhou Dengrong was the actual controller of the two companies. As a result, Zhou Dengrong now holds over 52% of iFresh's stocks.
During the acquisition of Jiuxiang Blue Sky and Rongentang, Tong Kairui and Huang Hao, the original legal representatives of Rongentang in Hubei, submitted valuation reports and 18-year audit reports to the company's board of directors through CFO Amy Xue, which were later found to be seriously false. Amy Xue used these reports to explain and persuade the three independent directors of iFresh to agree to the acquisition. Similarly, Liu Meng, the responsible person of Beijing Jiuxiang Blue Sky, only provided a false valuation report after the acquisition, which was later discovered through investigation. The company repeatedly requested formal third-party valuation reports, but Liu Meng and Amy Xue only provided a draft of a third-party valuation report to deceive the company.
After paying approximately $10 million worth of stocks to acquire the two companies, the company requested the other party to open financial portals, pay fees and profits as required by the contract, but all requests were refused. When conducting the 2019 financial year audit, the company requested the two companies to provide relevant financial reports, but the personnel of the two companies refused to cooperate with the audit work. Furthermore, both companies refused to allow the personnel appointed by the company to enter the companies. Due to the breakdown of the audit reports by Zhou Dengrong and the original legal representatives of the two companies, iFresh was unable to complete the quarterly reports on time and was delisted by Nasdaq on November 23, 2021, entering the OTC market, which severely damaged the rights and interests of the shareholders.
In March 2022, iFresh appointed a new management team to take over Rongentang Company, and relieved Tong Kairui and others of all their positions, and changed the legal procedures at the Industrial and Commercial Bureau. However, Tong and others ignored the company's requirements and refused to handle the handover procedures. At the end of May 2022, when the new management team entered the finance office of Rongentang Company, they discovered that the accounting vouchers and books from 2020 to the present had been stolen, the computer hard drive was damaged, and Tong Kairui and the original accountant lost contact. The personnel of iFresh immediately reported to the Economic Investigation Detachment of the Xianning Public Security Bureau of Hubei Province, and after overcoming numerous obstacles, finally on August 22, 2022, the Xianning Public Security Bureau filed a case against them for suspected crimes of "concealing and intentionally destroying accounting vouchers" in accordance with the law.
On January 24, 2021, Zhou, together with the legal representatives of Jiuxiang Blue Sky and Rongentang, as well as Wang, the deputy commander of the Hangzhou Binjiang Economic Investigation Brigade (who cooperated with Zhou Dengrong's side and demanded that the detained Wang Lin vote on behalf of Hong Kong Xuding Company), initiated a lawsuit to remove iFresh's directors in Delaware and took control of iFresh during the first trial.
This case is currently under appeal. Although we lost the court trial, a large amount of evidence of Zhou Dengrong's criminal activities was discovered during the process.Zhou Dengrong is a fugitive in China who has previously been convicted of organizing and leading pyramid schemes. In 2019, Zhou Dengrong's controlled company, Xiangtian Group, was also punished by the market supervision department of Changde, Hunan Province for engaging in pyramid schemes and transferred a large amount of illegally raised funds overseas. Later, in the court trial, Wang Lin testified that she had no knowledge of what was happening and merely followed the requirements of the police to vote.Therefore,We will also continue to file civil lawsuits against Zhou Dengrong and others, and seek criminal investigation and prosecution.。
September 30, 2022.，Zhou Dengrong and others attempted to hold a shareholders' meeting.and forcibly pass the previously illegally issued 60 million shares to Zhou Dengrong at the shareholders' meeting.iFresh had previously issued a total of only 36 million shares, and the additional 60 million shares will greatly dilute the holdings of existing shareholders, causing their rights to evaporate overnight by 62.32%.iFresh previously issued a total of only over 36 million shares, and the additional 60 million shares will greatly dilute the holdings of existing shareholders, causing their equity to evaporate by 62.32% overnight.Seriously damages the interests of the shareholders.。
In addition, another purpose of this shareholders' meeting isIssuing shares up to one billion shares,however, it did not specify the specific amount of capital for the issuance. The new management team has no international business operation experience at all. How will the Canadian and Central and South American business mentioned in the announcement be developed specifically? The flow of capital cannot be traced and regulated at all, how will it make a profit after financing? The new management team has no specific development plan for this, and Zhou Dengrong is a repeat offender in fraud and illegal fund-raising. WeIt is reasonable to suspect that the issuance of new shares is another illegal fund-raising scam.。
According to the information, after iFresh was delisted and entered the pink sheet market, Zhou Dengrong and others were still trying to deceive small shareholders into "protecting the market," attempting to conceal their intentions.The purpose of using iFresh shares for illegal fund-raising fraud in China.。
Zhou Dengrong's malicious litigation also led to the banks taking over all the operating entities of iFresh. According to the rules, it is difficult for listed companies in the OTC market to resume trading, only after resolving all legal disputes and other internal issues can they reapply for IPO.
In this situation,
How does Zhou Dengrong and others plan to resume trading?
Therefore, including the small shareholders of iFresh, and the victims of fraud of the Xiangtian Group, hundreds of people will gather on September 30th, 2022, from 9am to 12pm.2022, from 9am to 12pm.，在34-48 Linden Pl, Flushing, NY 11354The rally and demonstration were held to oppose the iFresh shareholders' meeting.
The purpose of this gathering and demonstration isto prevent Zhou Dengrong from illegally raising 60 million shares and subsequent 1 billion shares to engage in harmful activities and to prevent them from continuing to harm the large number of Chinese compatriots and overseas Chinese.to prevent them from continuing to harm the large number of Chinese compatriots and overseas Chinese.
iFresh, iFresh Group, was listed on NASDAQ in February 2017. In order to increase the stock price, in January 2019, it introduced XTAI Technology Co., Ltd. through an intermediary to discussThe merger between iFresh and XTAI.The two parties signed an acquisition contract, with Little Tai Technology in the name of Xuding Company in Hong Kong.They bought 8.29 million shares from iFresh founder.Mrs. Wang Lin holds the shares (Mrs. Wang Lin was later controlled by the domestic public security organs).The total price of this transaction is about 7.05 million US dollars, but after delivery, Xuding in Hong Kong still owes 2.05 million US dollars unpaid.。
According to the Supreme Court of New York State's judgment,iFresh won the lawsuit and recovered the shares.Later, they were seized by the Delaware court and approved for auction (these shares are considered non-voting shares) in November 2019.Xiaotai technology is suspected of illegal fundraising.The case was investigated and filed by the Zhejiang Binjiang Economic Investigation.The iFresh stock plummeted as a result.Causing huge economic losses to the company and investors. iFresh was also required by Nasdaq to delist, and then relisted after a hearing. Nasdaq required iFresh to increase its corporate assets.
On March 25, 2020, through an intermediary, Zhou Dengrong and co-investor Ou Qiang signed a purchase contract with iFresh Inc. The contract stipulates that Zhou and Ou will purchase 1,783,167 shares of IFMK stock at a price of $1,402 per share, with a total investment of $2,500,000, accounting for 5.9% of iFresh shares. Zhou concealed his Chinese citizenship in this investment, using a Costa Rican passport to evade due diligence by iFresh lawyers.
On March 3rd,Zhou Dengrong privately contacted the iFresh shareholder, Hong Kong Xuding Company.Using forged Xuding equity transaction documents to transfer Xuding's equity to his daughter, Zhou Ping. After being refused a request by iFresh to reissue the detained Xuding shares, Zhou falsely claimed that iFresh had 'one shell and two sales', deceiving the trust of the Hangzhou Public Security Bureau and convincing Wang Lin to vote for him. Wang Lin's shareholding ratio is 22.87%.
After iFresh's original CFO resigned, the new CFO, Amy Xue, was assigned by Zhou as an undercover agent. On April 22 and August 27, 2020, under Amy Xue's arrangement, iFresh merged Zhou's two companies, Jiuxiang Blue Sky and Rongentang, into the listed company, and issued a total of 3.85 million and 5.03 million common shares to the original shareholders of the two companies, Tong Kairui, Huang Hao, Liu Meng, and Zhang Fei, respectively. After investigation, Zhou Dengrong was the actual controller of the two companies. As a result, Zhou Dengrong now holds over 52% of iFresh's stocks.
During the acquisition of Jiuxiang Blue Sky and Rongentang, Tong Kairui and Huang Hao, the original legal representatives of Rongentang in Hubei, submitted valuation reports and 18-year audit reports to the company's board of directors through CFO Amy Xue, which were later found to be seriously false. Amy Xue used these reports to explain and persuade the three independent directors of iFresh to agree to the acquisition. Similarly, Liu Meng, the responsible person of Beijing Jiuxiang Blue Sky, only provided a false valuation report after the acquisition, which was later discovered through investigation. The company repeatedly requested formal third-party valuation reports, but Liu Meng and Amy Xue only provided a draft of a third-party valuation report to deceive the company.
After paying approximately $10 million worth of stocks to acquire the two companies, the company requested the other party to open financial portals, pay fees and profits as required by the contract, but all requests were refused. When conducting the 2019 financial year audit, the company requested the two companies to provide relevant financial reports, but the personnel of the two companies refused to cooperate with the audit work. Furthermore, both companies refused to allow the personnel appointed by the company to enter the companies. Due to the breakdown of the audit reports by Zhou Dengrong and the original legal representatives of the two companies, iFresh was unable to complete the quarterly reports on time and was delisted by Nasdaq on November 23, 2021, entering the OTC market, which severely damaged the rights and interests of the shareholders.
In March 2022, iFresh appointed a new management team to take over Rongentang Company, and relieved Tong Kairui and others of all their positions, and changed the legal procedures at the Industrial and Commercial Bureau. However, Tong and others ignored the company's requirements and refused to handle the handover procedures. At the end of May 2022, when the new management team entered the finance office of Rongentang Company, they discovered that the accounting vouchers and books from 2020 to the present had been stolen, the computer hard drive was damaged, and Tong Kairui and the original accountant lost contact. The personnel of iFresh immediately reported to the Economic Investigation Detachment of the Xianning Public Security Bureau of Hubei Province, and after overcoming numerous obstacles, finally on August 22, 2022, the Xianning Public Security Bureau filed a case against them for suspected crimes of "concealing and intentionally destroying accounting vouchers" in accordance with the law.
On January 24, 2021, Zhou, together with the legal representatives of Jiuxiang Blue Sky and Rongentang, as well as Wang, the deputy commander of the Hangzhou Binjiang Economic Investigation Brigade (who cooperated with Zhou Dengrong's side and demanded that the detained Wang Lin vote on behalf of Hong Kong Xuding Company), initiated a lawsuit to remove iFresh's directors in Delaware and took control of iFresh during the first trial.
This case is currently under appeal. Although we lost the court trial, a large amount of evidence of Zhou Dengrong's criminal activities was discovered during the process.Zhou Dengrong is a fugitive in China who has previously been convicted of organizing and leading pyramid schemes. In 2019, Zhou Dengrong's controlled company, Xiangtian Group, was also punished by the market supervision department of Changde, Hunan Province for engaging in pyramid schemes and transferred a large amount of illegally raised funds overseas. Later, in the court trial, Wang Lin testified that she had no knowledge of what was happening and merely followed the requirements of the police to vote.Therefore,We will also continue to file civil lawsuits against Zhou Dengrong and others, and seek criminal investigation and prosecution.。
September 30, 2022.，Zhou Dengrong and others attempted to hold a shareholders' meeting.and forcibly pass the previously illegally issued 60 million shares to Zhou Dengrong at the shareholders' meeting.iFresh had previously issued a total of only 36 million shares, and the additional 60 million shares will greatly dilute the holdings of existing shareholders, causing their rights to evaporate overnight by 62.32%.iFresh previously issued a total of only over 36 million shares, and the additional 60 million shares will greatly dilute the holdings of existing shareholders, causing their equity to evaporate by 62.32% overnight.Seriously damages the interests of the shareholders.。
In addition, another purpose of this shareholders' meeting isIssuing shares up to one billion shares,however, it did not specify the specific amount of capital for the issuance. The new management team has no international business operation experience at all. How will the Canadian and Central and South American business mentioned in the announcement be developed specifically? The flow of capital cannot be traced and regulated at all, how will it make a profit after financing? The new management team has no specific development plan for this, and Zhou Dengrong is a repeat offender in fraud and illegal fund-raising. WeIt is reasonable to suspect that the issuance of new shares is another illegal fund-raising scam.。
According to the information, after iFresh was delisted and entered the pink sheet market, Zhou Dengrong and others were still trying to deceive small shareholders into "protecting the market," attempting to conceal their intentions.The purpose of using iFresh shares for illegal fund-raising fraud in China.。
Zhou Dengrong's malicious litigation also led to the banks taking over all the operating entities of iFresh. According to the rules, it is difficult for listed companies in the OTC market to resume trading, only after resolving all legal disputes and other internal issues can they reapply for IPO.
In this situation,
How does Zhou Dengrong and others plan to resume trading?
Therefore, including the small shareholders of iFresh, and the victims of fraud of the Xiangtian Group, hundreds of people will gather on September 30th, 2022, from 9am to 12pm.2022, from 9am to 12pm.，在34-48 Linden Pl, Flushing, NY 11354The rally and demonstration were held to oppose the iFresh shareholders' meeting.
The purpose of this gathering and demonstration isto prevent Zhou Dengrong from illegally raising 60 million shares and subsequent 1 billion shares to engage in harmful activities and to prevent them from continuing to harm the large number of Chinese compatriots and overseas Chinese.to prevent them from continuing to harm the large number of Chinese compatriots and overseas Chinese.
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CFA, FRM, P-Quant。然而自己投资并不量化…个人投资观点，不代表供职的银行或客户（反正我看不到）。不提供投资建议。
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