On January 9, the Shanghai Stock Exchange issued an announcement criticizing ST Kao (603007) and relevant responsible persons.
According to the facts ascertained in the "Decision on Issuing Warning Letters to Kao Ecological Engineering Co., Ltd. and Related Personnel" issued by the Jiangsu Supervision Bureau of the China Supervision and Administration Commission, in 2017, Kao Ecological Engineering Co., Ltd. *** hereinafter referred to as ST Kao or the company) acquired 60% of Zhengzhou Water Construction Engineering Co., Ltd. *** hereinafter referred to as Zhengzhou Water equity, and signed an agreement with the original shareholders of Zhengzhou Water to stipulate that the total net profit of Zhengzhou Water during the performance commitment period from 2017 to 2019 shall not be less than 14.2 billion yuan. In April 2018 and March 2020, the company signed two supplementary agreements with the original shareholders of Zhengzhou Water, some of which involved the company's commitment to provide follow-up support for Zhengzhou Water's financing guarantee and project undertaking, and reduced the amount of net profit from the original performance commitment by 15 million yuan to 12.7 billion yuan. The above-mentioned supplementary agreement has not been reviewed by the board of directors and the general meeting of shareholders, and the signing of the two supplementary agreements is an important progress in the previous acquisition, and the company has not made a temporary announcement.
The SSE believes that ST Kao violated the relevant regulations by failing to perform the review process and failing to disclose the important progress of the previous acquisition. According to the Warning Letter, Xiao Guoqiang, the actual controller and then chairman of the board, as the main person in charge of the company and the first person responsible for information disclosure, and Li Hongbin, the then secretary of the board of directors, and Xiao Jiejun, the then secretary of the board of directors, as the specific persons in charge of the company's information disclosure affairs, failed to perform their duties faithfully and diligently, and were responsible for the company's above-mentioned acts.
In view of the facts and circumstances of the aforesaid violation, and after the review and approval of the Disciplinary Committee of the SSE, the SSE has made the following disciplinary decisions in accordance with the relevant regulations:Xiao Guoqiang, the actual controller and then chairman of Kao Ecological Engineering Co., Ltd., Li Hongbin, the then secretary of the board of directors, and Xiao Jiejun, the then secretary of the board of directors, were notified and criticized. For the above-mentioned disciplinary sanctions, the SSE will notify the China Securities Regulatory Commission and record them in the integrity file of the listed company.
In the secondary market, as of today**, ST Kao is up 428% to 5$85 shares.
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Editor: Xin Jiayi, Editor-in-charge: Li Gengguang, Reviewer: Sun Shijian.
Executive Producer: Yuan Changqiao.
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