The dispute over whether the “A-share suspension nail households” Dea General Aviation Holding Co.Ltd(002260) that have been suspended for more than 1000 days have the conditions to resume listing has finally come to a conclusion.
The Shenzhen Stock Exchange announced on February 16 that Shenzhen Stock Exchange decided not to agree to the application for the resumption of listing of Dea General Aviation Holding Co.Ltd(002260) shares.
Shenzhen Stock Exchange disagrees with Dea General Aviation Holding Co.Ltd(002260) resumption of listing
On February 16, the Shenzhen Stock Exchange pointed out in the decision on disapproving the application for resumption of listing of Dea General Aviation Holding Co.Ltd(002260) shares that the listing of the company’s shares will be suspended from May 15, 2019 because the audited net assets of Dea General Aviation Holding Co.Ltd(002260) in 2017 and 2018 are negative. In July 2020, Dea General Aviation Holding Co.Ltd(002260) submitted an application for resumption of listing of shares to Shenzhen Stock Exchange and was accepted.
On February 8, 2022, Dea General Aviation Holding Co.Ltd(002260) disclosed the announcement on receiving the recommendation letter from the recommendation institution on terminating and resuming the listing. The announcement said that the company’s resumption of listing sponsor, Federal Reserve securities, said that there are good reasons to believe that Dea General Aviation Holding Co.Ltd(002260) does not meet the conditions for resumption of listing and will no longer provide recommendation services for Dea General Aviation Holding Co.Ltd(002260) resumption of listing.
On February 14, 2022, the 10th listing committee of Shenzhen stock exchange held the 383rd working meeting to consider the application for resumption of listing of Dea General Aviation Holding Co.Ltd(002260) shares. The meeting held that Article 4.1 of the stock listing rules (revised in November 2018) of Shenzhen Stock Exchange stipulates that after the company’s shares are suspended from listing, the application for resumption of listing of its shares shall be sponsored by the sponsor; Article 14.2.6 stipulates that the sponsor shall check the authenticity, accuracy and completeness of the application materials for the resumption of listing of the company’s shares, and issue a recommendation letter for the resumption of listing on whether the company meets the conditions for the resumption of listing; According to the announcement of Dea General Aviation Holding Co.Ltd(002260) on February 8, 2022, the Federal Reserve securities will no longer provide recommendation services for the resumption of listing of Dea General Aviation Holding Co.Ltd(002260) . Therefore, Dea General Aviation Holding Co.Ltd(002260) does not comply with the provisions of Articles 4.1, 14.2.1 and 14.2.6 of the stock listing rules (revised in November 2018) of Shenzhen Stock Exchange on the suspension and resumption of listing of listed companies. The listing committee failed to pass the Dea General Aviation Holding Co.Ltd(002260) application for resumption of listing.
According to article 14.2.15 of the stock listing rules (revised in November 2018) of Shenzhen Stock Exchange and the review opinions of the listing committee, Shenzhen Stock Exchange decided not to agree to the application for resumption of listing of Dea General Aviation Holding Co.Ltd(002260) shares.
(source: Official Website of Shenzhen Stock Exchange)
securities companies and listed companies hold their own words
On June 14, 2020, Dea General Aviation Holding Co.Ltd(002260) signed the agreement on recommending resumption of listing and entrusting continuous supervision of stock transfer with the Federal Reserve securities. The Federal Reserve securities assisted Dea General Aviation Holding Co.Ltd(002260) in submitting the application documents for resumption of listing to the Shenzhen Stock Exchange in early July 2020.
Recently, on whether Dea General Aviation Holding Co.Ltd(002260) meets the conditions for resumption of listing, listed companies and the sponsor Federal Reserve securities have their own words.
On February 8, Dea General Aviation Holding Co.Ltd(002260) announced that on February 7, the company received the notice on terminating the recommendation of Dea General Aviation Holding Co.Ltd(002260) resumption of listing sent by the Federal Reserve securities, the company’s sponsor for resumption of listing. The Federal Reserve securities believed that the lower net profit attributable to the parent before and after deducting non recurring profits and losses from January to September in 2020 and 2021 was -26.9945 million yuan and -24.6929 million yuan respectively, The company expects the net profit attributable to the parent company in 2021 to be – 90 million yuan to – 60 million yuan. Dea General Aviation Holding Co.Ltd(002260) there is great uncertainty in the ability of sustainable operation, which has not met the conditions for resumption of listing; In November 2020, Guangzhou rural commercial bank filed a lawsuit to require the company to undertake the obligation of making up the difference with respect to the loan principal, interest, penalty interest and other funds totaling about 2.5 billion yuan. Up to now, the case is still under trial, and the company’s obligations in the case have not been determined, so there is a significant risk of uncertainty; Cao Sheng, the investor introduced in the company’s reorganization, showed signs of discord with xuntu education, which had a great adverse impact on the subsequent operation of the company. Therefore, the Federal Reserve securities has sufficient reasons to believe that the company does not meet the conditions for resumption of listing and will no longer provide recommendation services for your resumption of listing.
Subsequently, Dea General Aviation Holding Co.Ltd(002260) replied to the attention letter of the Shenzhen Stock Exchange on February 12, saying that the capital of the company’s bankruptcy reorganization investors to subscribe for the converted shares can still ensure that the company’s operating capital is relatively abundant. The company’s main business complies with national policies and regulations, and its business model adapts to market demand. Since the reorganization, the company has gradually optimized and adjusted its product structure and improved its business structure; At the same time, after the new management is selected, the management level will be improved, the operation efficiency will be enhanced, and the profitability of the company will be improved. There is no objective basis for the Fed securities to say that the company’s “going concern ability is uncertain and does not meet the conditions for resumption of listing”. at present, the accounting firm hired by the company is normally promoting the annual audit in 2021, and the final data shall be subject to the audit data publicly disclosed. The company believes that it has the conditions to resume listing.
