**: China Securities News.
Recently, ST Huatie's share price has staged a crazy roller coaster**. On February 20, ST Huatie once again had a one-word limit, as of ** reported 102 yuan shares.
***wind
On the evening of the 19th, ST Huatie received a letter of concern from the Shenzhen Stock Exchange. It is worth noting that on the eve of the Spring Festival, the Guangdong Securities Regulatory Bureau just issued a huge fine of 26.3 million yuan to the company and its executives due to violations of laws and regulations such as inflating revenue and profits and failing to disclose related party transactions as required.
Company Announcements.
Received a letter of concern from the Shenzhen Stock Exchange.
According to the Shenzhen Stock Exchange's concern letter, recently, the Shenzhen Stock Exchange has paid attention to the long-term non-return of large amounts of funds occupied by ST Huatie by controlling shareholders and other related parties, and large losses in the 2023 annual performance forecast.
Due to the occupation of non-operating funds by the controlling shareholder and other related parties, in 2022, ST Huatie was issued with an internal control audit report with a negative opinion, and other risk warnings were implemented for the company's ** transactions. According to the company's announcement on February 1, the controlling shareholder and related parties still have not returned the total amount of principal and interest occupied by the funds is about 129 billion yuan.
In this regard, the Shenzhen Stock Exchange requires the company to urge the controlling shareholders and related parties to be honest and trustworthy, return the funds occupied as soon as possible in a legal and compliant manner, and safeguard the common interests of the listed company and small and medium-sized shareholders. Subsequently, the Shenzhen Stock Exchange will initiate disciplinary procedures against the company and relevant responsible persons in accordance with the relevant provisions according to the results of the administrative punishment of the CSRC.
Regarding the performance forecast, on January 31, 2024, ST Huatie disclosed the performance forecast, and the net profit attributable to shareholders of the listed company in 2023 is expected to be -5$2.7 billion to -62.7 billion yuan. The company intends to make an impairment provision for the goodwill formed by the subsidiaries Hong Kong Tongda and Shandong Jiatai Transportation Equipment acquired in the early stage5400 million to 6400 million yuan. The impact of the controlling shareholder's capital occupation on the company has not yet been included in this performance forecast.
In this regard, the Shenzhen Stock Exchange requires the company to do a good job in various impairment preparation tests and accruals, verify whether the content of the performance forecast is accurate, and do a good job in the preparation, review and disclosure of the annual report in accordance with relevant regulations, so as to ensure that the information disclosure is true, accurate and complete.
The company and its executives were fined more than 26 million yuan.
On February 8, ST Huatie received the "Prior Notice of Administrative Punishment and Market Prohibition" issued by the Guangdong Securities Regulatory Bureau. Due to suspected violations of information disclosure laws and regulations, in July 2023, the China Securities Regulatory Commission decided to file a case for investigation against the company and the actual controller Xuan Ruiguo.
Company Announcements.
According to the "Notice", ST Huatie mainly has two illegal facts: first, there are false records in the annual reports of 2020 and 2021; Second, it failed to disclose related party transactions as required, and there were material omissions in the annual reports for four consecutive years from 2019 to 2022.
It has been found that in 2020 and 2021, Yatongda Manufacturing, a subsidiary of ST Huatie, carried out false sales and inflated revenue and profits by signing solar cell module procurement contracts and sales contracts with Yili Yuanyin New Energy Technology Co., Ltd. Zhongke Hengtong (Ningxia) New Energy Energy Storage Co., Ltd. In the past two years, ST Huatie has inflated its operating income by 1700 million yuan, 1200 million yuan, inflated total profits of 19.11 million yuan and 19.51 million yuan.
In addition, from 2019 to 2022, ST Huatie accounted for % of the net assets of the current period through capital transactions with 5 related parties including Yili Yuanyin. However, ST Huatie failed to fulfill its disclosure obligations, which constituted a material omission.
In this regard, the Guangdong Securities Regulatory Bureau intends to decide to give a warning to ST Huatie and impose a fine of 8 million yuan; Xuan Ruiguo was given a warning and fined 8 million yuan, and Xuan Ruiguo was banned from the market for life. In addition, warnings were given to other relevant responsible persons and fines ranging from 500,000 yuan to 3 million yuan, totaling 26.3 million yuan.
Company Announcements.
Exposed to multiple risks.
Previously, ST Huatie's share price fell for 7 consecutive trading days, and fell below 1 yuan for many consecutive days. Although it has been continuously in recent days, the current stock price is just above 1 yuan, and the latest market value is only 16300 million yuan.
As for the occupation of funds, ST Huatie said at the end of last month that it would continue to require relevant responsible persons to actively take effective measures to solve the problem of capital occupation as soon as possible. However, it will take time for the controlling shareholder and other related parties to dispose of their assets and raise funds, and there is still uncertainty about the complete return of the funds occupied by the listed company.
In addition, the company's controlling shareholders and their persons acting in concert have a high concentration of pledges of the company's shares, and some of the shares have been frozen by the judiciary. According to Flush data, as of the end of 2023, the number of ST Huatie shareholders is 3720,000 households.