YKA(SZ:300999) 21世纪经济报道·2025-11-21 15:15Core Viewpoint - The company, Jinlongyu, publicly responded for the first time after its subsidiary was convicted of contract fraud, emphasizing that it was misled and did not participate in any fraudulent activities [3][4]. Group 1: Company Response - Jinlongyu held an investor communication meeting attended by key executives to clarify the situation regarding its subsidiary, Guangzhou Yihai, which was implicated in a contract fraud case [3]. - The company stated that the losses incurred by Anhui Huawen were due to collusion between Anhui Huawen and Yunnan Huijia, asserting that Guangzhou Yihai was the deceived party [3][7]. - Following the court's ruling, Jinlongyu's stock price fell for two consecutive days, resulting in a market value loss of over 10 billion yuan [3]. Group 2: Legal Proceedings - The case is currently in the appeal stage, and the company plans to apply for a retrial if the appeal is unsuccessful [4]. - The court found Guangzhou Yihai guilty as an accomplice in the contract fraud, with a financial liability of 1.881 billion yuan alongside Yunnan Huijia [3][4]. Group 3: Defense Arguments - The company presented six reasons to defend itself against the fraud allegations, including the assertion that the fraudulent actions were orchestrated by Anhui Huawen and Yunnan Huijia [7][9]. - It was highlighted that the fraudulent activities occurred between 2008 and 2014, and that Anhui Huawen had not raised any issues with Guangzhou Yihai until 2021, nearly a decade later [7][9]. - The company emphasized that it had strict internal control processes in place during the relevant period and denied any compliance issues [11]. Group 4: Operational Insights - Jinlongyu's total oil tank capacity is only 160,000 tons, making it implausible for it to store over 1 million tons of palm oil as claimed by Anhui Huawen [9]. - The company has established an AI technology application team to enhance operational efficiency and market competitiveness through data analysis and AI applications [11].