On February 19, Shinsun Holding Group (HK: 02599, hereinafter referred to as "Shinsun Holdings") issued a clarification announcement, saying that the company's previously released unaudited operating data for January 2024** showed two errors, which should correctly be about 5$8.9 billion instead of $5.89.9 billion yuan.
At the same time, Shinsun Holdings' contracted gross floor area attributable to the Group is approximately 43,431 square meters, rather than 434319 square meters. This means that the company's total sales have shrunk by about 90% compared to the previously disclosed figures. At the same time, the contracted floor area has also shrunk by 90% compared with the original disclosure data.
In particular, Shinsun Holdings has been suspended for a long time. According to Bedo Finance, Shinsun Holdings' ** has been suspended from April 3, 2023. Previously, in March 2023, Shinsun Holdings announced that the company is expected to be unable to publish its 2022 annual results before March 31, 2023 in accordance with the regulations of the Hong Kong Stock Exchange, and its ** will be suspended.
It was not until January 31, 2024 that Shinsun Holdings disclosed its 2022 annual results announcement. According to the announcement, the contracted sales attributable to the group's equity in 2022 will be about RMB 2563 billion yuan, a decrease of 68 from 20211%；The total income is about 1970.1 billion yuan, a year-on-year decrease of 549%。
In 2022, the total gross profit of Shinsun Holdings was approximately 17$3.7 billion, a decrease of about 631%；The annual loss (net loss) was approximately 392.7 billion yuan, about 48.1 billion yuan, from profit to loss; The core net loss was about 213.1 billion yuan, and the core net profit in 2021 was 48 billion yuan.
As of the end of 2022, Shinsun Holdings' interest-bearing liabilities were approximately 2858.4 billion yuan, a decrease of about 16 from the end of 20219%。As at the same period, the Company's cash and bank balances (including restricted cash, pledged deposits, time deposits and cash and cash equivalents) were approximately 464.5 billion yuan, a decrease of about 45 percent from the end of 20210%。
However, Shinsun Holdings' independent auditors said that they would not express an opinion on Shinsun Holdings' consolidated financial statements. The reason is: there is significant uncertainty about the outcome of the measures that the company will take and may give rise to significant doubts about its ability to continue as a going concern. As a result, the independent auditor does not express an audit opinion on the consolidated financial statements.
In addition, on November 24, 2023, Shinsun Holdings issued an announcement on the resumption of trading and continued suspension, stating that it had received a letter from the Hong Kong Stock Exchange, which listed the new resumption guidelines for the resumption of trading of the company's shares, that is, the company needs to re-comply with the listing rules. 25 and 3Rule 27a (together with the Initial Resumption Guidelines, the Resumption Guidelines).
The HKEx stated that Shinsun Holdings was required to remedy the matters that led to the suspension of trading and needed to obtain HKEX's satisfaction that it had fully complied with the Listing Rules before the Company** was allowed to resume trading. In this regard, the Company's primary responsibility is to formulate a resumption action plan, which HKEX may revise or provide further guidance in due course.
On December 11 of the same year, Shinsun Holdings announced that Wang Guozhen had been appointed as an independent non-executive director, the chairman of the remuneration committee of the board of directors, a member of the audit committee of the board of directors and a member of the nomination committee of the board of directors, all effective from December 11, 2023. Following the appointment of Wang Guozhen, the Board has one executive director and three independent non-executive directors.
Accordingly, Shinsun Holdings considers that it has fully complied with Rule 1 of the Listing Rules. 25 and 3Section 27a and the new resumption conditions related thereto.