The identity of "state-owned enterprises" is questionable. These two companies, Jixin | MCC | Enterprise

Release time:Apr 14, 2024 07:30 AM

Recently, the intensive crackdown on counterfeiting by central enterprises has attracted widespread attention. China News Finance has received a report stating that MCC Jixin Health Industry Co., Ltd. and its major shareholder Kanghexin Health Medical Management Co., Ltd. are suspected to be "fake state-owned enterprises". In response, China News Finance reporters have conducted investigations based on the reporting clues.

According to numerous public information verifications, the registered capital source of Kanghexin is unknown, and the number of social security participants is zero. There are also doubts about the equity change. The controlling shareholder in Kanghexin's industrial and commercial registration information is Jilin Province Trust Co., Ltd., but Kanghexin's official information cannot be found. Jilin Trust staff stated that they have not heard of this subsidiary. Legal experts say that based on existing information, the identity of Kanghexin and its 99.58% stake in MCC Jixin as state-owned enterprises is indeed questionable.

The enterprise query platform displays as "state-owned enterprise"

According to the website of the State owned Assets Supervision and Administration Commission of the State Council, state-owned enterprises refer to the ownership or control of their capital by the state.

The identity of "state-owned enterprises" is questionable. These two companies, Jixin | MCC | Enterprise

Zhongxin Finance has noticed that on information query platforms such as Qichacha and Aiqicha, the enterprise type identification of Kanghexin and its subsidiary MCC Jixin includes "state-owned holding enterprise" or "state-owned enterprise". For the determination of such identification, platform staff stated that the platform will conduct equity penetration, and state-owned assets holding more than 50% will generally be identified as "state-owned enterprises".

Take a screenshot for self inspection by the company.

Take a screenshot of your favorite company for investigation.

The penetration chart of Kanghexin's equity on Tianyancha shows that Jilin Trust holds 100% of Kanghexin's shares, and the actual controller of Jilin Trust is the Jilin Provincial Department of Finance. The shareholder and contribution information of the National Enterprise Credit Information Publicity System also shows that Kanghexin's shareholder is Jilin Trust. In addition, the official website of Jilin Trust shows that it is represented by the Jilin Provincial Department of Finance to hold 97.496% of the shares.

Kang Hexin Equity Penetration Chart. From Tianyancha

Screenshot from the website of the National Enterprise Credit Information Publicity System

Kanghexin is the major shareholder of MCC Jixin, with a capital injection of 477 million yuan and a shareholding of 99.58%. The other shareholder of MCC Jixin is MCC International, a wholly-owned subsidiary of state-owned enterprise MCC, but holds only 0.42% of the shares and does not hold a controlling stake. Therefore, from the surface of industrial and commercial information, Kanghexin and MCC Jixin belong to the subsidiaries and grandchildren of state-owned enterprise Jilin Trust.

Official information of Jilin Trust,

We can't find any "Kang and Xin" under our banner

However, according to the organizational structure disclosed on the official website of Jilin Trust, a journalist from Zhongxin Finance did not find Kanghexin as a subsidiary. In the 2022 annual report released by Jilin Trust, the name Kang Hexin was not found either.

Zhongxin Finance called Jilin Trust to inquire whether Kanghexin belongs to its subsidiary. The operator of the line said that they had not heard of Kanghexin as a subsidiary. Recently, reporters have made several public phone calls to Kanghexin and MCC Jixin to verify, but none of them have been answered.

The screenshot is from the official website of Jilin Trust.

According to Article 20 of the Management Measures for Trust Companies, trust companies may engage in interbank deposits, interbank lending, loans, leasing, investment and other businesses under their inherent business scope. The investment business is limited to equity investment, financial product investment and self use fixed assets investment of financial companies. Trust companies shall not use their inherent assets for industrial investment, except as otherwise provided by the China Banking Regulatory Commission.

Kanghexin is not a financial company, and its business scope is shown as general projects: sales of medical devices, instruments and meters, disinfectants, hygiene products and disposable medical supplies, wholesale of computer software and hardware and auxiliary equipment, retail of computer software and hardware and auxiliary equipment, medical equipment leasing, investment activities with its own funds, asset management services invested with its own funds, and bidding agency services.

Screenshot from the website of the National Enterprise Credit Information Publicity System

Yue Shenshan, Senior Partner of Beijing Yuecheng Law Firm, told China New Finance that if a trust company uses its own assets to invest in establishing a subsidiary, it is generally limited to financial companies, and non-financial subsidiaries are currently being cleared. If Jilin Trust uses its own funds to establish Kanghexin, it is considered a violation, but the trust company can make equity investments and invest through trust plans.

From Jilin Trust's 2022 Annual Report

Zhongxin Finance has noticed that Jilin Trust's 2022 annual report shows that its long-term equity investment in self operated assets is only 195 million yuan. This amount does not match the actual paid up capital of nearly 370 million yuan from Jilin Trust to Kanghexin shown on the enterprise inspection.

The interviewed lawyer stated that from the subsidiary information disclosed on Jilin Trust's official website and the related party information in the annual report, it cannot be seen from the existing materials that Kanghexin is a company invested by Jilin Trust with its own assets.

Yan Bing, Senior Partner of Beijing Times Jiuhe Law Firm, believes that if Kanghexin's parent company is a trust company, then it is highly likely that the trust company should only be a channel for executing trust affairs, rather than investing with its own assets. "Therefore, calling it a state-owned enterprise should not be appropriate."

Kanghexin has zero insured persons,

Using an intermediary company to complete the equity acquisition of MCC Jixin

According to the National Enterprise Credit Information Publicity System, Tianyancha and other platforms, the annual reports of Kanghexin 2020, 2021, and 2022 showed that there were no social security participants for three consecutive years.

The interviewed lawyer told Zhongxin Finance that Kanghexin's annual report is a bit strange. If the data is true, a "state-owned enterprise" with a registered capital of 480 million yuan does not have any social security participants, which is indeed a bit unusual.

In addition, Zhongxin Finance and Economics noticed that Fu Liewu, the legal representative, chairman and general manager of MCC Jixin, also served as the legal representative, chairman and general manager of Kanghexin since its establishment on November 9, 2020. He resigned from Kanghexin's position in August 2021.

One week after Fu Liewu became the head of two companies, MCC Jixin and Kanghexin, Kanghexin fully acquired a sole proprietorship, Beijing Kangyang Architectural Design Consulting Co., Ltd. The supervisor of the acquired Beijing Kangyang Company was Fu Liewu himself, and the legal representative was Fu Hongying. Fu Hongying holds 100% of the shares in Beijing Kangyang Architectural Design Consulting Co., Ltd.

According to Qichacha, on November 24, 2020, MCC Jixin underwent two changes in its absolute controlling shareholder. Firstly, Beijing Kangyang Company invested 298 million yuan to acquire all the shares of MCC Jixin held by Jilin Trust, accounting for 99.33% of the equity share of MCC Jixin. On the same day, Kanghexin invested 298 million yuan to acquire all the shares of MCC Jixin held by Beijing Kangyang Company. Subsequently, Beijing Health Care Company was deregistered in July 2022.

"Real state-owned enterprises and acquiring companies all have a strict process." Lawyers believe that the transfer of equity in state-owned enterprises is relatively complex. If it involves the external transfer of state-owned assets, it is generally necessary to enter the transaction process, and it is impossible to see whether the corresponding procedures have been completed from the industrial and commercial change information alone.

Legal experts: Based on existing information,

Kang Hexin's state-owned enterprise identity is indeed questionable

Wu Jingming, a director of the China Consumer Association and vice president of the Beijing Consumer Law Society, who is proficient in company law, told China News Finance that based on existing information, Kang Hexin's state-owned enterprise identity is indeed questionable. As the only shareholder of Jilin Trust, a financial company actually controlled by the government, there are three reasons for doubt: firstly, the existing information cannot support the existence of the parent subsidiary relationship between them, especially the unclear funding source of Jilin Trust for its 100% shareholding; Secondly, Jilin Trust's investment direction should be in the financial sector according to law, while Kanghexin is a non-financial company that mainly engages in medical equipment business; Thirdly, the company's social security participation is zero, which goes against the common sense of state-owned enterprises.

In Wu Jingming's view, the true identity of MCC Jixin as a state-owned enterprise is also questionable. Firstly, the state-owned enterprise identity of its largest shareholder, Kang Hexin, no longer has sufficient necessary conditions to support its establishment, so the identity of Kang Hexin's subsidiary, a state-owned enterprise, is certainly more questionable. Secondly, its legal representative, Chairman and General Manager, Fu Liewu, was once also the legal representative of Kanghexin. It should not be difficult to determine whether his position was truly designated or appointed by the government or its departments, and through what procedures he was appointed or appointed. Finally, the simple and rapid transfer of equity violates the legal procedures for state-owned equity transfer. The existence of these key issues has sufficient reasons to question its state-owned enterprise identity.

As for the concept of "counterfeiting", Yan Bing added that it depends on what the company has done. If a company explicitly declares itself as a central or state-owned enterprise and enters into contracts with others, it will involve some legal issues. For example, if it conceals the true situation and causes misunderstandings to the other party of the contract, it may lead to significant misunderstandings in civil law and constitute a revocable contract. If it involves obtaining funds and ultimately fails to cause significant losses to the counterparty due to performance, it may also constitute contract fraud, which constitutes concealment of significant background related to the signing of the contract. If the enterprise, through indirect or covert means, does not deny that it is a state-owned or central enterprise, and gives the outside world this illusion, it remains to be debated whether it involves false advertising or illegal activities.

The act of counterfeiting state-owned enterprises and state-owned enterprises has damaged the market environment and even touched the legal red line. The State owned Assets Supervision and Administration Commission of the State Council has successively released three batches of counterfeit state-owned enterprise lists.

The first batch consists of 353 companies

http://www.sasac.gov.cn/n2588030/n2588944/c21339086/content.html

The second batch of 175 companies in total

http://www.sasac.gov.cn/n2588030/c26047852/content.html

The third batch of 295 companies in total

http://www.sasac.gov.cn/n2588020/n2588072/n2591020/n2591022/c27769048/content.html

Zhongxin Finance will continue to pay attention to the phenomenon of fake central enterprises and fake state-owned enterprises. For relevant reporting clues, please send them to email: finance@chinanews.com.cn Contact number: 010-87826688.

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