仓储造假、“伪国企”嵌套，融资性贸易隐蔽化升级

Core Viewpoint - The recent contract fraud case involving Guangzhou Yihai, a subsidiary of the domestic grain and oil leader Jinlongyu, highlights the risks associated with financing trade, where companies may engage in fraudulent activities under the guise of trade to transfer commercial risks and potentially commit fraud [1][13]. Group 1: Financing Trade Characteristics - Financing trade involves parties leveraging property rights, such as goods and receivables, to obtain short-term financing or enhance credit capabilities [1][13]. - Malicious fraudulent activities often use financing trade as a facade, shifting commercial risks and potentially leading to criminal fraud [1][13]. - The complexity and variability of financing trade have increased in recent years, amplifying operational risks for businesses and alerting various market participants [1][13]. Group 2: Legal and Operational Risks - Financing trade can lead to significant legal risks, as contracts may be deemed invalid if they are found to be based on false representations [19]. - The essence of financing trade often resembles borrowing rather than legitimate sales, which can result in contracts being recognized as invalid by courts [19]. - Companies involved in financing trade without real trade demands or goods flow may face severe consequences, including asset loss and liability for damages [18][19]. Group 3: Regulatory Environment - Financing trade has been banned at the central and local state-owned enterprise levels since 2013, with increasing regulatory scrutiny and zero tolerance for such activities [20]. - Recent guidelines from regulatory bodies emphasize the prohibition of illegal financial activities under the guise of supply chain finance, aiming to prevent financing behaviors without real trade backgrounds [16][20]. - The emergence of "shadow banking" practices, where companies use loans to engage in financing trade, has raised concerns about the sustainability and legality of such business models [20]. Group 4: Case Studies and Examples - The case of Snowball Holdings illustrates a new operational model where companies create false trade chains to issue illegal financial products, resulting in significant investor losses [2][3][16]. - Another case involved companies fabricating receivables of 34.423 billion yuan to secure financing, ultimately leading to judicial actions for the recovery of funds [4][17]. - The Guangzhou Yihai case revealed new risks in the warehousing sector, where fraudulent activities were conducted to cover up the sale of goods [5][17]. Group 5: Recommendations for Compliance - Companies, especially small and medium-sized enterprises, should ensure trade processes are standardized and verify the authenticity of trade contracts and the legitimacy of goods flow [22][23]. - Establishing credit rating mechanisms for upstream and downstream partners can help mitigate risks associated with financing trade [22][23]. - Engaging with financial institutions directly for trade financing, rather than through third parties, can reduce the risk of being involved in fraudulent activities [23].