Here's update crime
$iFresh(IFMK.US$
iFresh Group listed on NASDAQ in February 2017. In order to raise the stock price, Xiaotai Technology Co., Ltd. was introduced through an intermediary in January 2019 and discussediFresh and Xiaotai's mergers and acquisitions。 The two parties signed an acquisition contract. Xiaotai Technology takes the name of Hong Kong's Xuding Company.Purchased 8.29 million shares from the founder of iFresh, held by Ms. Wang Lin (Wang Lin herself was later controlled by the domestic public security authorities).The total price of this transaction was about US$7.05 million, but Hong Kong Xuding still owed US$2.05 million after the transaction was completed。
As determined by the New York State Supreme Court,iFresh won the case and recovered the stock。 It was later seized by a Delaware court and approved for auction (these shares are considered non-voting) November 2019Xiaotai Technology is suspected of illegal capital absorptionInvestigated by the Zhejiang Binjiang Economic Investigation and Investigation,iFresh stock fell as a resultIt has caused huge economic losses to the company and investors. As a result, iFresh was requested to be delisted by Nasdaq and later resumed after a hearing. Nasdaq asked iFresh to increase the company's assets.
On March 25, 2020, according to intermediaries, Zhou Dengrong and co-investor Ou Qiang signed a purchase contract with iFresh Inc. According to the contract, Zhou and Europe purchased 1,783,167 shares of IFMK shares at a price of $1.402 per share, with a total investment of $2,500,000 accounting for 5.9% of IFresh's shares. Zhou concealed his status as a Chinese citizen in this investment and used his Costa Rican passport to evade due diligence by iFresh's lawyers.
And on March 3,Chow Teng-wing then privately contacted iFresh's shareholder Hong Kong Xuding Company, using falsified Xuding equity transaction documents to transfer Xuding's shares to her daughter Zhou Ping's name. The next week, iFresh asked iFresh to reissue its impounded Xuding shares. After being rejected, iFresh falsely claimed that iFresh was “two sales in one shell,” defrauding the trust of Hangzhou public security and getting Wang Lin to vote for it. Wang Lin holds 22.87% of the shares.
After Ifresh's former CFO left office, newly hired CFO Amy Xue was an undercover agent appointed by Zhou. 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, respectively, and issued a total of 3.85 million and 5.03 million common shares to Tong Kairui, Huang Hao, Liu Meng, and Zhang Fei, the former shareholders of the two companies. After investigation, Zhou Dengrong was the actual controller of the two companies. So far, Zhou Deng Rongfang has held more than 52% of iFresh's shares.
In the process of acquiring Jiuxiang Blue Sky and Rong Entang, Tong Kairui and Huang Hao, the original subsidiaries of Hubei Rongentang, submitted seriously untrue valuation reports and 18-year audit reports to the company's board of directors through CFOAmy Xue, which exaggerated the value of Rongentang. With this report, Amy Xue explained and persuaded the three independent directors of iFresh to agree to the merger. Similarly, Liu Meng, the head of Beijing's Jiuxiang Blue Sky, only provided a false valuation report through Amy Xue during the merger and acquisition process after the merger and acquisition was completed. The company has repeatedly requested an official third party valuation report, and Liu Meng and Amy Xue only used a draft of the third party valuation report to preempt it.
After the company paid for a stock merger of two companies worth about 10 million US dollars each, the other party opened financial portals, paid fees, and profits in accordance with the contract requirements. As a result, the other party refused. When the company conducted the 2019 financial year audit, the two companies were requested to provide relevant financial reports, and the relevant personnel of the two companies also refused to cooperate with the audit work. Also, both companies denied entry to personnel appointed by the company. Since Chow Teng-wing and the original legal entities of the two companies never submitted audit reports, iFresh was unable to complete its quarterly statements on time. On November 23, 2021, it was forcibly delisted by Nasadaq and entered the OTC pink sheet market, seriously harming shareholders' rights and interests.
iFresh appointed a new management team to take over Rongentang Company in March 2022. At the same time, Tong Kairui and others were removed from all positions, and corporate procedures were changed at the Bureau of Industry and Commerce. Children and others, on the other hand, ignored the company's request and refused to go through the handover procedure. At the end of May 2022, when the new management team entered the financial office of Rongentang Company, it was discovered that the company's accounting documents and accounting books from 2020 to now had been stolen, the computer hard drive had been damaged, and Tong Ruikai and the former accountant had lost contact. iFresh personnel immediately reported the case to the investigation brigade of the Xianning Public Security Bureau in Hubei Province. Overcoming heavy resistance, the Xian'an Branch finally prompted the Xian'an Branch to file a case on August 22, 2022, on suspicion of “concealing and intentionally destroying accounting documents” in accordance with the law.
On January 24, 2021, Zhou Huo, along with the legal entities of Jiuxiang Blue Sky and Rong Entang Company under his control, as well as the Hangzhou Binjiang Economic Investigation Wang Deputy Brigade (who cooperated with Zhou Deng Rong and asked Wang Lin, who had lost his freedom to vote on behalf of Hong Kong's Xuding Company), initiated a lawsuit to remove iFresh's director in Delaware and seized control of iFresh in the initial trial.
The case is still on appeal. Although we lost the case in court, we discovered a large amount of criminal evidence from Chow Teng-wing's gang in the process.Zhou Dengrong is a fugitive in ChinaIt was once criminally punished for organizing and leading pyramid scheme activities. In 2019, the Xiangtian Group controlled by Zhou Dengrong was also punished by the Hunan Changde Market Supervision Department for pyramid scheme activities, and also transferred a large amount of illegal fund-raising proceeds overseas. Later, during the trial, Wang Lin also testified that she had no idea what had happened; she simply complied with the demands of the public security and voted. Therefore,We will also continue to file civil lawsuits against Chow Teng-wing and others, while seeking criminal investigation。
2022/9/30，Zhou Dengrong and others tried to hold a shareholders' meeting, I want to forcibly pass it before the shareholders' meetingIllegal issuance of 60 million additional shares to Chow Teng-rong。 The total number of shares previously issued by iFresh was only over 36 million shares, and the additional 60 million shares will greatly dilute the shares of existing shareholders, causing the equity of existing shareholders to evaporate by 62.32% overnight.It seriously harms shareholders' rights and interests。
In addition, another purpose of this shareholders' meeting isIssuance of additional shares to 1 billion sharesHowever, it did not specify the amount of additional capital to be issued. The new management has no experience in international operations at all. How exactly will the Canadian and Central and South American business as described in the announcement develop? The flow of capital is completely impossible to track and monitor. How can I make a profit after financing? The new management has no specific development plans for this, and Chow Teng-wing is also a repeat offender of fraud and illegal fund-raising. WeIt is reasonable to suspect that the issuance of additional stocks is another illegal money suction scam。
According to information, after iFresh was delisted and entered the fan list market, Zhou Deng Rongfang still fooled small shareholders to “protect the market” in an attempt to conceal what he wantedThe purpose of using iFresh shares to commit illegal fund-raising fraud in China。
Zhou Deng Rongfang's malicious lawsuit also caused iFresh creditor banks to take over all operating entities. According to the rules, it is difficult for listed companies entering the pink paper market to resume the market. They can only re-apply for an IPO after all legal disputes and other internal issues have been resolved.
In this case
How do Zhou Dengrong and others want to resume the market?
As a result, hundreds of people, including iFresh minority shareholders and victims of the Xiangtian Group fraud, willSeptember 30, 2022 9-12 a.m., in34-48 Linden Pl, Flushing, NY 11354A demonstration was held to oppose iFresh's holding of a shareholders' meeting.
The purpose of this rally and paradeStop Zhou Deng Rongfang from illegally absorbing money through the issuance of 60 million additional shares and the subsequent 1 billion sharesto prevent them from continuing to harm the vast majority of our Chinese compatriots and overseas Chinese.
iFresh Group listed on NASDAQ in February 2017. In order to raise the stock price, Xiaotai Technology Co., Ltd. was introduced through an intermediary in January 2019 and discussediFresh and Xiaotai's mergers and acquisitions。 The two parties signed an acquisition contract. Xiaotai Technology takes the name of Hong Kong's Xuding Company.Purchased 8.29 million shares from the founder of iFresh, held by Ms. Wang Lin (Wang Lin herself was later controlled by the domestic public security authorities).The total price of this transaction was about US$7.05 million, but Hong Kong Xuding still owed US$2.05 million after the transaction was completed。
As determined by the New York State Supreme Court,iFresh won the case and recovered the stock。 It was later seized by a Delaware court and approved for auction (these shares are considered non-voting) November 2019Xiaotai Technology is suspected of illegal capital absorptionInvestigated by the Zhejiang Binjiang Economic Investigation and Investigation,iFresh stock fell as a resultIt has caused huge economic losses to the company and investors. As a result, iFresh was requested to be delisted by Nasdaq and later resumed after a hearing. Nasdaq asked iFresh to increase the company's assets.
On March 25, 2020, according to intermediaries, Zhou Dengrong and co-investor Ou Qiang signed a purchase contract with iFresh Inc. According to the contract, Zhou and Europe purchased 1,783,167 shares of IFMK shares at a price of $1.402 per share, with a total investment of $2,500,000 accounting for 5.9% of IFresh's shares. Zhou concealed his status as a Chinese citizen in this investment and used his Costa Rican passport to evade due diligence by iFresh's lawyers.
And on March 3,Chow Teng-wing then privately contacted iFresh's shareholder Hong Kong Xuding Company, using falsified Xuding equity transaction documents to transfer Xuding's shares to her daughter Zhou Ping's name. The next week, iFresh asked iFresh to reissue its impounded Xuding shares. After being rejected, iFresh falsely claimed that iFresh was “two sales in one shell,” defrauding the trust of Hangzhou public security and getting Wang Lin to vote for it. Wang Lin holds 22.87% of the shares.
After Ifresh's former CFO left office, newly hired CFO Amy Xue was an undercover agent appointed by Zhou. 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, respectively, and issued a total of 3.85 million and 5.03 million common shares to Tong Kairui, Huang Hao, Liu Meng, and Zhang Fei, the former shareholders of the two companies. After investigation, Zhou Dengrong was the actual controller of the two companies. So far, Zhou Deng Rongfang has held more than 52% of iFresh's shares.
In the process of acquiring Jiuxiang Blue Sky and Rong Entang, Tong Kairui and Huang Hao, the original subsidiaries of Hubei Rongentang, submitted seriously untrue valuation reports and 18-year audit reports to the company's board of directors through CFOAmy Xue, which exaggerated the value of Rongentang. With this report, Amy Xue explained and persuaded the three independent directors of iFresh to agree to the merger. Similarly, Liu Meng, the head of Beijing's Jiuxiang Blue Sky, only provided a false valuation report through Amy Xue during the merger and acquisition process after the merger and acquisition was completed. The company has repeatedly requested an official third party valuation report, and Liu Meng and Amy Xue only used a draft of the third party valuation report to preempt it.
After the company paid for a stock merger of two companies worth about 10 million US dollars each, the other party opened financial portals, paid fees, and profits in accordance with the contract requirements. As a result, the other party refused. When the company conducted the 2019 financial year audit, the two companies were requested to provide relevant financial reports, and the relevant personnel of the two companies also refused to cooperate with the audit work. Also, both companies denied entry to personnel appointed by the company. Since Chow Teng-wing and the original legal entities of the two companies never submitted audit reports, iFresh was unable to complete its quarterly statements on time. On November 23, 2021, it was forcibly delisted by Nasadaq and entered the OTC pink sheet market, seriously harming shareholders' rights and interests.
iFresh appointed a new management team to take over Rongentang Company in March 2022. At the same time, Tong Kairui and others were removed from all positions, and corporate procedures were changed at the Bureau of Industry and Commerce. Children and others, on the other hand, ignored the company's request and refused to go through the handover procedure. At the end of May 2022, when the new management team entered the financial office of Rongentang Company, it was discovered that the company's accounting documents and accounting books from 2020 to now had been stolen, the computer hard drive had been damaged, and Tong Ruikai and the former accountant had lost contact. iFresh personnel immediately reported the case to the investigation brigade of the Xianning Public Security Bureau in Hubei Province. Overcoming heavy resistance, the Xian'an Branch finally prompted the Xian'an Branch to file a case on August 22, 2022, on suspicion of “concealing and intentionally destroying accounting documents” in accordance with the law.
On January 24, 2021, Zhou Huo, along with the legal entities of Jiuxiang Blue Sky and Rong Entang Company under his control, as well as the Hangzhou Binjiang Economic Investigation Wang Deputy Brigade (who cooperated with Zhou Deng Rong and asked Wang Lin, who had lost his freedom to vote on behalf of Hong Kong's Xuding Company), initiated a lawsuit to remove iFresh's director in Delaware and seized control of iFresh in the initial trial.
The case is still on appeal. Although we lost the case in court, we discovered a large amount of criminal evidence from Chow Teng-wing's gang in the process.Zhou Dengrong is a fugitive in ChinaIt was once criminally punished for organizing and leading pyramid scheme activities. In 2019, the Xiangtian Group controlled by Zhou Dengrong was also punished by the Hunan Changde Market Supervision Department for pyramid scheme activities, and also transferred a large amount of illegal fund-raising proceeds overseas. Later, during the trial, Wang Lin also testified that she had no idea what had happened; she simply complied with the demands of the public security and voted. Therefore,We will also continue to file civil lawsuits against Chow Teng-wing and others, while seeking criminal investigation。
2022/9/30，Zhou Dengrong and others tried to hold a shareholders' meeting, I want to forcibly pass it before the shareholders' meetingIllegal issuance of 60 million additional shares to Chow Teng-rong。 The total number of shares previously issued by iFresh was only over 36 million shares, and the additional 60 million shares will greatly dilute the shares of existing shareholders, causing the equity of existing shareholders to evaporate by 62.32% overnight.It seriously harms shareholders' rights and interests。
In addition, another purpose of this shareholders' meeting isIssuance of additional shares to 1 billion sharesHowever, it did not specify the amount of additional capital to be issued. The new management has no experience in international operations at all. How exactly will the Canadian and Central and South American business as described in the announcement develop? The flow of capital is completely impossible to track and monitor. How can I make a profit after financing? The new management has no specific development plans for this, and Chow Teng-wing is also a repeat offender of fraud and illegal fund-raising. WeIt is reasonable to suspect that the issuance of additional stocks is another illegal money suction scam。
According to information, after iFresh was delisted and entered the fan list market, Zhou Deng Rongfang still fooled small shareholders to “protect the market” in an attempt to conceal what he wantedThe purpose of using iFresh shares to commit illegal fund-raising fraud in China。
Zhou Deng Rongfang's malicious lawsuit also caused iFresh creditor banks to take over all operating entities. According to the rules, it is difficult for listed companies entering the pink paper market to resume the market. They can only re-apply for an IPO after all legal disputes and other internal issues have been resolved.
In this case
How do Zhou Dengrong and others want to resume the market?
As a result, hundreds of people, including iFresh minority shareholders and victims of the Xiangtian Group fraud, willSeptember 30, 2022 9-12 a.m., in34-48 Linden Pl, Flushing, NY 11354A demonstration was held to oppose iFresh's holding of a shareholders' meeting.
The purpose of this rally and paradeStop Zhou Deng Rongfang from illegally absorbing money through the issuance of 60 million additional shares and the subsequent 1 billion sharesto prevent them from continuing to harm the vast majority of our Chinese compatriots and overseas Chinese.
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