On September 29th evening, Anhui Sierte Fertilizer Industry Co.,Ltd. (002538.SZ) released an announcement that shocked the securities industry. The company disclosed that Xuancheng Public Security Bureau has transferred a case involving the company's former executives and intermediary personnel for embezzlement to Xuancheng People's Procuratorate for review and prosecution.
The "relevant securities service intermediary personnel" mentioned in the announcement has been identified as Sun Bin, a sponsor representative from Guoyuan Securities Co.,Ltd., based on comparison with the company's past financing projects.
Anhui Sierte Fertilizer Industry stated in the announcement that this transfer for review and prosecution involves ten criminal suspects, including former chairman Jin Guoqing, former general manager Jin Zhenghui, and multiple executives. The charges cover embezzlement, bribery by non-state personnel, fraud, and issuing false value-added tax invoices. More notably, Sun Bin, as securities service intermediary personnel, has also been listed among the suspected individuals, potentially becoming the first sponsor representative transferred to prosecutors for review and prosecution in 2025.
According to Anhui Sierte Fertilizer Industry's historical financing project information, since the company's listing in 2011, it conducted four refinancing rounds between 2014 and 2019 through corporate bonds, private placements, and convertible bonds, all with Guoyuan Securities Co.,Ltd. serving as the sponsor.
Regarding sponsor representative Sun Bin's specific involvement, he appeared on the sponsor list for two key financing projects of Anhui Sierte Fertilizer Industry: first, a private placement raising 1.07 billion yuan in September 2015; second, an 800 million yuan convertible bond issuance project in 2019.
The catalyst for the Anhui Sierte Fertilizer Industry case stemmed from internal audits conducted after new and old shareholder changes at the end of 2023, which revealed abnormal accounts at subsidiary Guizhou Lufa, with large capital expenditures lacking genuine business support. After former executives including Jin Zhenghui successively resigned, the company filed a report on January 17, 2024. The case was jointly investigated by Ningguo Public Security Bureau and Xuancheng Public Security Bureau, ultimately confirming that multiple funds were transferred through fabricated transactions, with relevant responsible parties suspected of embezzling company assets through false procurement and invoice fraud.
Notably, Sun Bin has intensively withdrawn from multiple listed company continuous supervision projects since June 2025, including Anhui Golden Seed Winery Co.,Ltd. (withdrew on July 15, 2025), Chacha Food Company,Limited (withdrew on July 2, 2025), and Zhangjiagang Guangda Special Material Co.,Ltd. (withdrew on June 27, 2025). The market had already speculated about his status at that time. Now, with the progression of the Anhui Sierte Fertilizer Industry case, his involvement has been confirmed.
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