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▶ Video account attention cross-border navigation It is the eighth day of the twelfth lunar month. As the saying goes: After Laba, it is the New Year, and the family reunites every year. The arrival of Laba Festival also indicates that the Spring Festival is approaching. I believe that many cross-border people are eagerly looking forward to returning home and reuniting with their families as soon as possible.
However, as the end of the lunar year approaches, the epidemic situation in various places has become increasingly severe. Last Friday, an epidemic broke out in Longgang District, Shenzhen's cross-border base, and many sellers were forced to stop work and quarantine overnight. The negative effects of the epidemic are still gradually expanding. At present, many ships have announced temporary suspension of operations. The tight stocking situation before the New Year may further lead to a new round of freight price increases... Matsun suddenly suspended its flights, and freight rates may rise sharply! Looking at the epidemic prevention and control situation in other countries, it seems that they have completely entered a lying-down and playing badly mode. The United States basically maintains an average of hundreds of thousands of new cases per day. The large number of confirmed cases has caused all walks of life to face the dilemma of labor shortage. Under the impact of the epidemic at home and abroad, Matsun Shipping recently announced that some voyages originally scheduled to go to China will be temporarily suspended. ▲ The picture comes from the seller communication group It is understood that the specific sailing schedule change information is as follows: ▲ The picture comes from the seller communication group Some sellers received a notice from the freight forwarder that since all the Matson voyages on January 19 and 20 were cancelled, the next voyage would not be able to depart until the 26th at the earliest, which also means that sellers' preparations for the New Year will be even more tight. ▲ The picture comes from the seller communication group It is understood that in previous years, Matson would stop sailing around the first day of the Lunar New Year. The reason why it was suddenly advanced this year was mainly because a crew member of the regular ship on the 19th was infected with the new coronavirus when it docked in Hawaii, and the entire ship is currently in quarantine. The overtime ship on the 20th was unable to return to China in time because the LB ship had difficulty berthing. ▲ The picture comes from the seller communication group Matson said in the announcement that due to the worsening epidemic, there has been an increasing shortage of workers at the Port of Long Beach in Los Angeles in recent times, and the labor shortage at the port is expected to be very serious in the next few weeks. Due to the suspension of the Matsushima-Senkom sailings, the space on the US route will continue to be tight in the near term, and the imbalance between supply and demand in the container shipping market is likely to worsen. Especially during the peak period of stocking up before the New Year, some sellers bluntly stated that freight rates are likely to rise sharply in the future, and a new wave of price increases is expected. ▲ The picture comes from the seller communication group According to sellers, the suspension of operations began to show signs as early as last week. Since last Friday, freight rates have risen sharply, breaking through the 30 mark, and it is difficult to find a cabin. Now that the Spring Festival is approaching, small and medium-sized sellers are worried about shipping issues, and big sellers don’t seem to be doing well either. After violations were discovered, big sellers received warning letters one after another! It is learned that recently, Global Easy Shopping's parent company, Cross-Border Link, received an administrative supervision measure decision letter from the Shanxi Regulatory Bureau, and was accused of having major problems in the company's internal governance and subsidiary management. ▲ The picture comes from ST Cross-border Announcement After investigation, Cross-border Communication has the following violations: (I) Corporate governance and internal control 1. There are major deficiencies in corporate governance and internal control. The subsidiary Global Easy Buy falsely disposed of 4.424 billion yuan of inventory without original documents and with incomplete approval procedures. 2. Failure to effectively control Global Easy Shopping. From October to December 2020, Global Easy Shopping's "ERS Expense Reimbursement System-PRODUCT" system had multiple applications and approval processes for the disposal of scrapped inventory, with a total amount of 1.779 billion yuan. These applications were not reviewed in accordance with the prescribed procedures, there were no original documents, and the approval procedures were incomplete. 3. Inadequate control over the former subsidiary Paton. In 2020, Paton issued high pre-tax bonuses to the company's chairman and general manager in the form of a "Management Service Contract". Cross-border Communication did not effectively control the salary incentive plan and the issuance of bonuses. ▲ The picture comes from ST Cross-border Announcement (II) Financial management 1. Failure to collect accounting information in a timely manner. The finance department failed to collect the original documents or vouchers for Global Easybuy's 2020 purchases of 630 million yuan of goods and 1.779 billion yuan of inventory scrapping. 2. Global Easy Shopping included 1.779 billion yuan of scrapped inventory into operating costs. The accounting errors related to inventory disposal led to errors in the company's consolidated financial statements. The announcement shows that there are many problems in the control of its subsidiaries Paton and Global Easy Shopping. Whether it is Global Easy Shopping's false purchase of goods or Paton's illegal payment of high pre-tax bonuses, no timely and effective supervision has been played. Now that Global Easybuy has gone bankrupt and Paton has suffered heavy losses, it further reflects that Cross-Border Link has certain shortcomings in the overall standardized operation of the company. In addition to Cross-Border Link, another major cross-border retailer, Jihong Shares, also recently underwent an illegal review and received a warning letter from the Xiamen Securities Regulatory Bureau. ▲ The picture comes from Jihong Shares Announcement It is understood that in 2020, Jihong Co., Ltd. purchased a total of 19.6875 million yuan of advertising services from Majike, and the total amount of related purchases in 2021 was 11.934 million yuan. However, it failed to perform the review procedures and information disclosure obligations in a timely manner as required. In August 2021, Jihong Co., Ltd. provided financial assistance to some equity incentive plan targets to obtain relevant restricted shares in the name of paying for commodity purchases and advertising fees, with a total amount of 14.2118 million yuan, which is inconsistent with the reward mechanism disclosed in the previous announcement. It can be seen from the comprehensive announcement information that both big sellers had problems with opaque financial management and some transactions did not comply with the corresponding approval procedures. They were ordered to rectify and submit written reports. Investigations into tax and other violations by cross-border companies have become increasingly frequent in recent times. We would like to remind all sellers to operate in compliance, follow relevant procedures, ensure openness and transparency of transactions, and never cross the legal bottom line. What do you think about this? Feel free to leave a message in the comment area~
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