Tianyun International Holdings (06836) announced that the company's board of directors has commissioned an internal investigation to determine the status of the group. Preliminary improper situations have been found with the company's major subsidiary Shandong Tiantong Food Co., Ltd. (Shandong Tiantong), including:(i) Shandong Tiantong has at least two sets of books and records, and cannot currently confirm the accuracy and completeness of any set of accounts; (ii) Shandong Tiantong has unpaid payables to banks and has provided guarantees, with unpaid loans to private enterprises, small loan companies and individual lenders of approximately RMB 0.2 billion and to unpaid payables to bank of approximately RMB 0.1 billion. Shandong Tiantong has obtained loans totaling more than RMB 35 million from an entity that seems to be related to the former executive director of the company, Yang Ziyuan, providing mortgages and guarantees. These loans and guarantees are not recorded in Shandong Tiantong's books and records. These are preliminary findings of the internal investigation, and as of the date of this announcement, the company cannot verify whether the above-mentioned financial issues of Shandong Tiantong exist or the severity of such issues. (iii) There are numerous abnormal fund transfers among Shandong Tiantong and (i) two companies that seem to be related to Yang Ziyuan, the former executive director of the company, and (ii) several financial personnel of Shandong Tiantong. Between January 1, 2022 and April 28, 2024, the two companies transferred a total of RMB 0.211 billion to Shandong Tiantong, and Shandong Tiantong transferred a total of RMB 0.163 billion to these two companies. During the same period, these financial personnel transferred a total of RMB 67.7917 million to Shandong Tiantong, and Shandong Tiantong transferred a total of RMB 0.111 billion to these financial personnel; and (iv) there have been suspicions of fraud related to the sale of Shandong Tiantong Food Co., Ltd. (Yichang Tiantong) and its subsidiary Shandong Tiantong Food & Beverage Co., Ltd. before February 2023. The company seems to have not received the sale price of RMB 90 million that was supposedly deposited into Shandong Tiantong's bank account. As the controlling shareholder of Yichang Tiantong, Strong Won Investment Hong Kong Limited (Strong Won HK) was then voluntarily liquidated, and the representative of the co-voluntary liquidators who handled the sale matter was provided with false bank records to prove that Shandong Tiantong had received the sale price.
Zhixun Finance app News, Tianyun International Holdings (06836) announced that the company's board of directors has commissioned an internal investigation to determine the status of the group. Preliminary improper situations have been found with the company's major subsidiary Shandong Tiantong Food Co., Ltd. (Shandong Tiantong), including:
(i) Shandong Tiantong has at least two sets of books and records, and cannot currently confirm the accuracy and completeness of any set of accounts;
(ii) Shandong Tiantong has unpaid payables to banks and has provided guarantees, with unpaid loans to private enterprises, small loan companies and individual lenders of approximately RMB 0.2 billion and to unpaid payables to bank of approximately RMB 0.1 billion. Shandong Tiantong has obtained loans totaling more than RMB 35 million from an entity that seems to be related to the former executive director of the company, Yang Ziyuan, providing mortgages and guarantees. These loans and guarantees are not recorded in Shandong Tiantong's books and records. These are preliminary findings of the internal investigation, and as of the date of this announcement, the company cannot verify whether the above-mentioned financial issues of Shandong Tiantong exist or the severity of such issues;
(iii) There are numerous abnormal fund transfers among Shandong Tiantong and (i) two companies that seem to be related to Yang Ziyuan, the former executive director of the company, and (ii) several financial personnel of Shandong Tiantong. Between January 1, 2022 and April 28, 2024, the two companies transferred a total of RMB 0.211 billion to Shandong Tiantong, and Shandong Tiantong transferred a total of RMB 0.163 billion to these two companies. During the same period, these financial personnel transferred a total of RMB 67.7917 million to Shandong Tiantong, and Shandong Tiantong transferred a total of RMB 0.111 billion to these financial personnel; and
(iv) There have been suspicions of fraud related to the sale of Shandong Tiantong Food Co., Ltd. (Yichang Tiantong) and its subsidiary Shandong Tiantong Food & Beverage Co., Ltd. before February 2023. The company seems to have not received the sale price of RMB 90 million that was supposedly deposited into Shandong Tiantong's bank account. As the controlling shareholder of Yichang Tiantong, Strong Won Investment Hong Kong Limited (Strong Won HK) was then voluntarily liquidated, and the representative of the co-voluntary liquidators who handled the sale matter was provided with false bank records to prove that Shandong Tiantong had received the sale price.
In addition, the trading of the shares remains suspended.