JIAODA ONLLY(SH:600530) IPO日报·2025-07-09 15:45Core Viewpoint - The company is facing legal issues related to former executives who allegedly misappropriated company funds for personal insurance policies, leading to significant financial implications and potential criminal charges against those involved [2][5][12]. Group 1: Legal Issues and Developments - The company reported that the police decided not to file a case against the former executives involved in the alleged misconduct, prompting the company to apply for administrative review [2]. - The company has submitted new evidence, including a legal opinion from a law firm, indicating that the actions of the former executives may constitute embezzlement and violate laws regarding the misappropriation of company assets [2][12]. - The company filed a criminal report with the police on June 24, 2023, against five former executives for damaging company interests, which was accepted by the authorities [2][5]. Group 2: Background of the Company - Founded in December 1997, the company is a well-known player in China's health food industry and went public in 2021, focusing on health products and elderly care services [4]. - The company has undergone multiple changes in its controlling shareholders, with the latest change occurring in August 2022, when the controlling shareholder shifted to Shanghai Yunjian Industrial Development Co., Ltd. [4]. Group 3: Details of the Alleged Misconduct - Between 2016 and 2019, the former executives purchased group insurance policies using company funds and subsequently received refunds to their personal accounts, totaling approximately 16.93 million yuan [6][8]. - The first insurance contract was initiated in October 2016, with a payment of 3.8 million yuan made to Tianan Life Insurance, covering six individuals, including the former chairman and other key executives [6][8]. - The company discovered that there were no formal approval processes or documentation supporting the insurance purchases, raising significant compliance concerns [7][12]. Group 4: Evidence and Findings - The company conducted an internal review following a request from the tax bureau, which led to the discovery of irregularities in the insurance payments made in 2018 [10][11]. - Independent third-party reports have indicated that the actions of the former executives violated company regulations and relevant laws, further supporting the company's claims against them [11][12].