Delisting crisis forced 30000 shareholders, the company has only eight days left: need five limits

category:Finance
 Delisting crisis forced 30000 shareholders, the company has only eight days left: need five limits


Data shows that the companys main business is the development and operation of online game products, mainly including the development of interactive entertainment game software and the operation of game products.

As a matter of fact, the company was listed on the Shanghai Stock Exchange as early as 1993, and was once named seabird electronics, seabird development and St Chenghai. From 2008 to 2010, St Chenghai, the predecessor of * ST wealth control, was suspended from listing once because of three consecutive years of losses. At the end of 2013, Yan Jinggang, the leader of the China Technology Department, became the controlling shareholder of the listed company with the backdoor of St Chenghai, and then renamed it as Zhongji holding (later renamed as fukong interactive). Through continuous mergers and acquisitions, the companys main business eventually turned to the game development and application company.

In August 2014, China Tech Holdings disclosed the fixed increase plan and planned to raise 8.672 billion yuan, of which 6.021 billion yuan was used to acquire diandianinteractive holding and Diandian interactive 100% equity; 1.5 billion yuan was used to acquire Ruyi film. It is reported that Diandian interactive is an Internet game company, Ruyi film is a film and television company, and its main business is the R & D, production and sales of precast concrete pile products. At that time, the total assets of ZTE holdings was 6.539 billion yuan, and the net assets of parent company were 2.24 billion yuan. In the end, the fixed increase failed, but the companys share price rose nearly 4.5 times in a year and a half.

In 2016 and 2017, the interactive net profit of wealth control was 172 million yuan and 32 million yuan respectively, while the non net profit after deduction was - 34 million yuan and - 26 million yuan respectively. The accounting firm of annual audit issued the audit report of unable to express opinions, and the interaction between wealth control and wealth control was wearing a hat.

In 2018, * ST wealth control said that due to the related matters of contingent loans and guarantees for China Technology piling industry and its subsidiaries, it made an estimated liability of RMB 3.669 billion according to the principle of prudence. The companys net profit loss soared to 5.509 billion yuan this year, and the net assets at the end of the period turned negative. In the subsequent reply to the Shanghai Stock Exchanges inquiry on the external guarantee of listed companies, * ST fukong said that after April 2019, it successively received several reminders from Shanghai Yicai factoring and Beijing zegu investment, involving an amount of 3.68 billion yuan, because it was not disclosed, and it also involved the issue of credit.

In 2019, due to the continuous deterioration of business and debt situation, the company continued to lose money, and * ST wealth control faced the delisting crisis. On April 29, 2019, the company announced that the audited ending net assets of the latest accounting year are negative or negative after retroactive restatement, and the companys stock trading will continue to implement the delisting risk warning; if the audited ending net assets of the company in 2019 are negative, the companys shares will face the risk of suspending listing and trading.

At present, Yan Jinggang is still the actual controller of the company. According to the data from the enterprise investigation, he holds about 20% of the companys equity.

Maliciously evades delisting, the Shanghai stock exchange gives the top grid punishment

In January 2020, the company disclosed the performance forecast for 2019, with a net profit loss of about 868 million yuan, with a year-on-year decrease of 84.24%.

On August 24, the companys annual report for 2019 was unexpected. The annual report shows that in 2019, the companys operating revenue was 960 million yuan, with a year-on-year growth of 16.71%; the net profit attributable to the parent company was 4.313 billion yuan, with a year-on-year increase of 178.29%, of which, the non net profit deducted was - 176 million yuan, with a year-on-year growth of 90.52%; the net assets changed from negative to positive, from - 3538 million yuan in the previous year to 751 million yuan.

In this regard, the company said that in 2019, the estimated liabilities will be written back by 1.886 billion yuan, the interest payable will be 1.106 billion yuan, and the investment income will be 2.992 billion yuan. Among them, 1.285 billion yuan of estimated liabilities confirmed by the guarantee of China Technology piling industry were reversed, and the estimated liabilities confirmed as joint debtors of wealth control interaction were reversed by 601 million yuan, and the loan interest and default interest of financial institutions on the balance sheet were written back by 1.106 billion yuan.

However, China Audit Asia Pacific Certified Public Accountants (special general partnership), which is responsible for the audit, gave a negative opinion that * ST wealth control did not prepare in accordance with the provisions of accounting standards for business enterprises in all major aspects, and failed to fairly reflect the financial situation of the merger and the company as of December 31, 2019, as well as the merger and the companys operating results and cash flow of the merger and the company in 2019 u201du3002

On November 13, * ST wealth control disclosed that it received the decision on ordering Shanghai fukong Interactive Entertainment Co., Ltd. to take corrective measures (hereinafter referred to as the order to correct decision) issued by Shanghai regulatory bureau of CSRC. It is clearly pointed out that * ST wealth controls relevant accounting treatment is not appropriate. After the accounting treatment items are corrected according to the relevant provisions of the accounting standards for business enterprises, the net assets of the company will change from positive to negative at the end of 2019; the company has inaccurate information disclosure in regular reports, which violates the relevant provisions of Article 2 of the management measures for information disclosure of listed companies. Order the company to amend and disclose the 2019 annual report and submit a written rectification report within 30 days from the date of receiving the decision.

On November 18, the Shanghai Stock Exchange gave top punishment for the malicious evasion and delisting behavior of * ST rich control.

It has been found that * ST wealth control has the following violations in terms of information disclosure and relevant responsible persons performance of duties: the companys financial report in 2019 has been given negative opinions by the companys annual audit accounting firm, and the company has not corrected it so far; the companys important financial data such as net assets and net profit in 2019 in the companys performance forecast, annual operating performance, 2019 annual report and other announcements The disclosure is inconsistent.

The Shanghai Stock Exchange decided to publicly denounce * ST fukong and then Chairman Yang Ying, then directors Ding Chuandong, then independent directors Li Jidong and Zhang Ning, then supervisors Tu Linfeng, Ma Fangjian, he Ming, then general manager Li Xin, and then board secretary Tao Tingting ting; publicly recognized that Yang Ying and Li Xin were not suitable to be directors, supervisors and senior managers of listed companies for life Ding Chuandong is not suitable to be a director, supervisor and senior manager of a listed company within 10 years. He publicly believes that Li Jidong, Zhang Ning, Tu Linfeng, Ma Fangjian, he Ming and Tao Tingting are not suitable to serve as directors, supervisors and senior managers of listed companies within three years; fan Fuyao, then the convener of the audit committee, ye Jianhua, then general manager and Secretary of the board of directors, and Shi Rencai are not suitable for him Chief executive Lin Xuefeng gave a notice of criticism.

The effect of accelerated market clearing is more obvious, and the delisting of face value will become normal

Since 2019, A-share delisted shares have continued to expand. According to the reporters statistics, since 2020, a total of 16 listed companies have been forced to delist, and another 13 companies have been delisted through M & A channels, with a total of 29 delisted companies during the year.

At the same time, there are still many stocks facing delisting risk. Among them, more than 80 listed companies have suffered losses for two consecutive years in 2018 and 2019, while the first three quarters of this year are still in a loss state. In addition, there are more than 200 stocks with a share price lower than 3 yuan, and nearly 100 stocks are less than 2 yuan.