On February 8, Dea General Aviation Holding Co.Ltd(002260) announced that it had received the notification letter from the company’s sponsor, the Federal Reserve securities, which believed that the company did not meet the conditions for resumption of listing and would no longer provide recommendation services for the company’s resumption of listing. It has been 1000 days since the Shenzhen Stock Exchange asked the company to suspend listing on May 15, 2019.
Dea General Aviation Holding Co.Ltd(002260) is a household appliances and commercial equipment enterprise. Its main performance depends on the electrical equipment business, including household appliances and commercial electrical equipment. Since the audited net assets in 2017 and 2018 were negative for two consecutive years, the Shenzhen Stock Exchange decided to suspend the listing of shares from May 10, 2019.
Dea General Aviation Holding Co.Ltd(002260) has been trying to resume listing and has made a lot of efforts. On July 6, 2020, as the financial data of 2019 annual report met the relevant requirements for resumption of listing, the company submitted a written application for resumption of listing of shares to Shenzhen Stock Exchange and hired Federal Reserve securities as the sponsor of resumption of listing of the company. Since submitting the application for resumption of listing, Dea General Aviation Holding Co.Ltd(002260) has issued 22 announcements on the progress of the company’s work during the suspension of listing.
However, all efforts eventually came to naught. On February 7, 2022, the attention letter sent by Shenzhen Stock Exchange to Dea General Aviation Holding Co.Ltd(002260) said that the lower of the company’s net profits before and after deducting non recurring profits and losses in 2020 and January September 2021, the net profits attributable to the owners of the parent company were -26.9945 million yuan and -24.6929 million yuan respectively. It is expected that the company will continue to suffer losses in 2021. There is great uncertainty in the ability of sustainable operation, which does not meet the conditions for resumption of listing.
In addition, the judicial dispute involving Dea General Aviation Holding Co.Ltd(002260) is still under trial. Cao Sheng, an investor introduced in the reorganization, has a disagreement with xuntu education, a major shareholder, which also has a great adverse impact on the subsequent operation of the company. Therefore, the Shenzhen stock exchange requires the company to withdraw the application materials for resumption of listing.
Since the suspension of listing, Dea General Aviation Holding Co.Ltd(002260) has been deeply involved in the endless infighting of shareholders. First, the shareholder Cao Sheng said that the official seal of xuntu education, the major shareholder, was under joint management, and the authenticity of the documents issued by xuntu education was in doubt. Although the “dispute over official seal” ended with the re engraving of the company’s seal and the acquisition of control right by xuntu education, a farce was staged immediately after: as the voting objects entrusted by the concerted actors Zhang Yu, Cao Sheng, Chen Yichao, Yang Weijian, Yang Yaomei and Yang Mingyu failed to meet the epidemic prevention and control requirements, Yang Mingyu was unable to enter the plant to participate in the voting at the general meeting of shareholders, Relevant parties criticized each other again, exposing the contradictions between shareholders.
” Dea General Aviation Holding Co.Ltd(002260) the control of internal management is very weak, there is a gap between shareholders, and it is inevitable to cause incidents due to shareholder disharmony. In addition, the company also faces judicial disputes and operating difficulties, which undoubtedly worsens the daily operation and management of Dea General Aviation Holding Co.Ltd(002260) .” Jiang Han, a senior researcher at Pangu think tank, told the Securities Daily, “For listed companies, a strong and powerful management can promote the sound development of enterprises. Listed companies need to have a stable corporate governance system. The three meetings and one layer belong to a mutually restrictive and balanced organizational structure. The case of Dea General Aviation Holding Co.Ltd(002260) reflects the consequences of breaking the mutual balance and can serve as a warning for other listed companies.”
