One on the edge of delisting, companyExecutiveThe listed company, which lost its collective interest, had a daily limit of 6 times in 7 consecutive trading days, and its share price soared 41%. This stock is the *ST Yida that was staged today.
The regulatory work letter disclosed by the Shanghai Stock Exchange listed company on the evening of January 10 stated that the regulatory authorities have been unable to contact the new chairman, independent director or responsible for information disclosure of *ST Yida Company since January 7, 2019. The personnel establish contact, and the company's top management is in a state of “collective loss of association”. As the regulatory letter was sent, Chairman Zhang Pei still lost contact.
Even so, after the opening of the morning of January 11, *ST Yida once again reached the daily limit, which is the 7th daily limit of the stock within 8 trading days - however, after the opening of the afternoon, the daily limit was quickly opened and eventually fell near 5% close. According to industry insiders, the highest increase of *ST Yida has exceeded 40% this year, and the current cumulative increase is still more than 33%. The investment risk is already very large.
The latest regulatory notice issued by the Shanghai Stock Exchange invites investors to pay attention to the company's information disclosure disorder, pay attention to investment risks, and invest prudently.
Executives collectively lost contact, information disclosure disorder
On December 27, 2018, Cinda Securities imposed a mandatory ruling through judicial rulingConversionIn accordance with the regulations, the company shall promptly disclose the corresponding report on changes in equity, and the Shanghai Stock Exchange issued the “Regulatory Circular on Supervising and Promoting *ST Yida to Resume Effective Sources of Information Disclosure as soon as possible” (hereinafter referred to as “ The "Notice" shows that *ST Yida has not cooperated with Cinda Securities to handle information disclosure. The SSE has not been able to contact the company's responsible person for information disclosure, nor has it obtained the contact information of Zhang Pei, the new chairman of the company.
Since then, through various efforts, the Shanghai Stock Exchange has contacted the company as an independent director, requiring him to urge the chairman as soon as possible to ensure the smooth disclosure of information. However, as of 17:00 on January 10, 2019, the relevant independent directors still did not contact the company's chairman. So far, the Shanghai Stock Exchange has not been able to obtain effective information disclosure with the company.
It is such a company that has lost its collective management and disordered information disclosure. At the opening of the stock market today, it has reached a daily limit. This is the stock's daily limit for 8 consecutive trading days. The Shanghai Stock Exchange invites investors to pay attention to the company's information disclosure disorder, pay attention to investment risks, and invest prudently.
The Shanghai Stock Exchange requires that Zhang Pei, the chairman of the company, as the first person responsible for information disclosure, should establish an effective relationship with the Shanghai Stock Exchange as soon as possible, assume responsibility for the company's information disclosure management, and accept the supervision of the Shanghai Stock Exchange before January 17. The board of directors of the company shall appoint a director or senior management to act as the secretary of the board of directors as soon as possible, and within three months shall appoint a board secretary and a securities affairs representative with qualifications. All independent directors of the company should perform their duties conscientiously, pay attention to the problems existing in the company's information disclosure work, verify and notify relevant issues to all directors, supervisors and senior management personnel of the company, and urge the company's chairman to establish effective information disclosure links with the Shanghai Stock Exchange as soon as possible. Accept the supervisory talks of the Shanghai Stock Exchange before January 17. The board of directors of the company should carefully verify the actual situation of failing to establish effective information disclosure with the Shanghai Stock Exchange, verify the responsible person to be seriously accountable, and formulate specific measures to ensure the establishment of stable information disclosure links with the Shanghai Stock Exchange.
At the same time, *ST Yida should seriously verify the internal governance of the company, explain whether the board of directors, the board of supervisors, and the management are operating normally, and verify the actual status of all directors, supervisors and senior management. Verify that current production operations are normal and disclose to investors the significant risks that may exist.
According to the regulations, *ST Yida needs to fully disclose the risk that the stock may be suspended, and it will be carried out in time before January 31.PerformanceAdvance notice and complete the disclosure of the annual report by April 30 to ensure the truthfulness, accuracy and completeness of the information disclosure.
You need to contact the Shanghai Stock Exchange within 10 trading days, otherwiseSuspension
The information disclosure of listed companies is an important basis for the stable operation of the securities market, and is the main basis for investors to make investment decisions. *ST Yida has not established a valid information disclosure link with the Shanghai Stock Exchange, and cannot disclose information that may have a significant impact on the company's share price in a timely manner.
The supervision department of listed companies on the Shanghai Stock Exchange believes that this situation is serious and may have a material adverse impact on investor decision-making. Based on this, Cinda Securities has been informed that it can disclose its equity change report through the relevant designated media. At the same time, on January 10, the company issued a supervision letter to the company, requiring the company and all its directors, supervisors and senior management to perform their duties seriously, establish a valid information disclosure link with the Shanghai Stock Exchange as soon as possible within 10 trading days, and urge the company to truthfully explain its Internal governance and production operations.
At present, the company has issued an audit report that cannot express opinions due to the 2017 financial accounting report, and its stock has been warned by the implementation of delisting risk. If the 2018 financial accounting report continues to be issued an audit report that cannot express opinions or negative opinions, its shares will be suspended after the disclosure of the 2018 annual report. According to the supervision department of the listed company on the Shanghai Stock Exchange, under this circumstance, the company should actively maintain the normal production and operation order, conscientiously do a good job in preparing the annual report, and promptly disclose significant risks to investors. However, *ST Yida did not establish effective information disclosure links with the Shanghai Stock Exchange, reflecting the significant flaws in the company's management and internal control. All directors, supervisors and senior management of the company failed to perform their duties diligently, ignoring the fundamental interests of the company and investors. Infringe on the investor's right to know and damage the normal order of the securities market.
The Shanghai Stock Exchange listed company supervised a company,shareholderThe relevant parties will resume the normal information disclosure order of the company as soon as possible and earnestly safeguard the interests of investors. According to Article 12.12 of the Stock Listing Rules, if the company fails to restore the source of effective information disclosure within the time specified in the aforementioned regulatory work letter, the Shanghai Stock Exchange may suspend the company's stock until the above situation is eliminated.Resumption of trading. For the company and related responsible persons suspected of major violations, the Shanghai Stock Exchange will initiate disciplinary procedures, serious handling, and will be submitted to the SFC for verification. At the same time, investors are also advised to pay attention to the company's information disclosure disorder, pay attention to investment risks, and invest prudently.
DisasterEquity pledgeAnd inflated profits
This former bull stock, why it has become the current business situation, has to start from the beginning of last year.
On January 6, 2018, *ST Yida received an administrative penalty from the CSRC. From July to September 2015, Xiamen Zhongyida Environmental Art Engineering Co., Ltd., a wholly-owned subsidiary of the company, did not implement any project. Under the circumstance, the project completion income of the Jinggangshan International Mountain Bike Track Landscape Support Project was confirmed to be 72.67 million yuan, the cost was 59,958,400 yuan and the business tax was 2,441,700 yuan, which led to the company's third quarterly report.Operating income72.67 million yuan, accounting for 50.24% of the operating income disclosed in the current period, allegedly inflated the total profit of 10.638 million yuan, accounting for 81.35% of the total profit disclosed in the current period.
On February 2, 2018, the company stated that the 2017 annual results were pre-loss and the amount could not be determined. Pre-loss for performance.announcementTwo reasons are given: First, the company's liquidity cannot be supplemented due to the loss of trust. The credit of listed companies has shrunk, which has led to a tight capital chain. This caused the company's main business income to decline in the second half of the year and could not reach the expected profit target. Second, the participation of foreign-invested companies is not optimistic and is in a state of stagnation. After the impairment test, a large amount will be accruedLong-term equityInvestment impairment provision.
Subsequently, *ST Yida suspended for three months, after the resumption of trading, experienced 18 down-limits, the stock price was low, and it also made it difficult for Dashen Group, the controlling shareholder of *ST Yida, to repay the equity signed with Cinda Securities.Pledge991 million yuan in disputes and corresponding debt interest.
*ST Yida announced on the evening of December 28, 2018 that the Shanghai No. 1 Intermediate People's Court ruled that it would hold 260 million shares of the controlling shareholder Dashen Group.Restricted sharesThe ticket price was 505 million yuan, and the delivery of Cinda Securities' debts was 505 million yuan. The ruling will directly result in the change of the controlling shareholder of *ST Yida from Dashen Group Co., Ltd. to Cinda Securities.
Previously, Dashen Group was the controlling shareholder of *ST Yida. According to the disclosure of *ST Yida in the third quarter of 2018, Dashen Group held 2.6 billion shares of *ST Yida, accounting for 24.84% of the company's total share capital.
On April 28, 2015, Dashen Group pledged 100% of the above 260 million shares to Cinda Securities and subsequently fell into default. Pledge of Dashen Group and Cinda SecuritiesRepoIn the dispute, the court ordered Dashen Group to pay Cinda Securities 991 million yuan and the corresponding interest on the debt, but it has not been fulfilled.
On July 14, 2017, Shanghai No. 1 Intermediate People's Court ruled that this part of the stock was frozen. After the evaluation, it was publicly auctioned on Taobao.com's online judicial auction platform on November 17 and December 22 this year. And the flow of shooting.
*ST Yida said in the announcement on December 20 that there is a risk of change in the company's control, but it is currently unable to contact Dashen Group. After the auction, Cinda Securities applied to the court to dispose of the above 260 million restricted shares at the starting price of the second auction, and Shanghai First Intermediate People's Court granted it. Shanghai No. 1 Intermediate People's Court ruled to lift the freeze on the restricted shares held by Dashen Group, and at the same time, the above stocks were valued at 505 million yuan and delivered to Cinda Securities to pay off the debts.
And *ST Yida has not been able to cooperate with Cinda Securities to handle information disclosure, and the scene begins. In this regard, industry insiders reminded that such companies with disorderly management and management, investors should be careful to participate in investment.