On March 3, Xinjiang Yilu Wanyuan Industrial Investment Holding Co.Ltd(600145) announced that it had received the supervision letter on matters related to suspension and termination of listing issued by Shanghai Stock Exchange. Due to the company’s inflated operating income and adjusted financial indicators, it had touched the requirements of major illegal compulsory delisting. This is also the first company in the two cities to be forcibly delisted due to major violations of the law this year.
Lawyer Wang Zhibin of Shanghai Minglun law firm told the reporter of Securities Daily that the current situation of Xinjiang Yilu Wanyuan Industrial Investment Holding Co.Ltd(600145) is in line with the characteristics of Securities Misrepresentation, and the company is facing the risk of termination of listing. The damaged investors have the right to file a lawsuit and require the company and relevant responsible persons to compensate for the losses.
On March 2, Xinjiang Yilu Wanyuan Industrial Investment Holding Co.Ltd(600145) issued two announcements, which showed that according to the verification of the CSRC, Xinjiang Yilu Wanyuan Industrial Investment Holding Co.Ltd(600145) falsely increased the operating revenue and total profit of RMB 1338541 million and RMB 1.2911 million in 2018, accounting for 100% of the disclosed operating revenue and 5.24% of the absolute value of total profit in the current year; Falsely increased the operating revenue, non operating revenue and total profit of 2019 by 5.7236 million yuan, 75.9 million yuan and 792482 million yuan, accounting for 55.13% and 253.78% of the disclosed operating revenue and total profit respectively Xinjiang Yilu Wanyuan Industrial Investment Holding Co.Ltd(600145) 2018 and 2019 annual reports contain false records.
Shanghai Stock Exchange believes that the operating income of the company falsely increased in 2018 and 2019. After retroactive adjustment, the operating income of the company in 2018 and 2019 is less than RMB 10 million for two consecutive fiscal years, and the operating income of the company in 2020 is also less than RMB 10 million, and the accounting firm has issued a qualified audit report. At present, Xinjiang Yilu Wanyuan Industrial Investment Holding Co.Ltd(600145) has not issued an announcement to apply for suspension of trading, and the Shanghai Stock Exchange has suspended the trading of Xinjiang Yilu Wanyuan Industrial Investment Holding Co.Ltd(600145) company’s shares in accordance with the provisions of the stock listing rules. The trading of the company’s shares has been suspended since March 3.
In addition, Xinjiang Yilu Wanyuan Industrial Investment Holding Co.Ltd(600145) also has major risks such as occupation of funds by related parties. Shanghai stock exchange requires the board of directors of the company to fully reveal the existing risks, remind investors to invest rationally, and take practical measures to protect the interests of the company and investors. At the same time, the Shanghai Stock Exchange also requires the company to hire the host broker as soon as possible to make specific arrangements and information disclosure for the company’s shares to enter the National SME share transfer system, so as to ensure that the company’s shares can be listed and transferred within 45 trading days from the date of delisting, so as to protect the investors’ right to share transfer.
At the beginning of this year, the CSRC issued information to punish Shenzhen Tangtang accounting firm (hereinafter referred to as “Tangtang office”). The reason is related to the audit of Xinjiang Yilu Wanyuan Industrial Investment Holding Co.Ltd(600145) previous annual report. Knowing that the audit of Xinjiang Yilu Wanyuan Industrial Investment Holding Co.Ltd(600145) annual report has been “rejected” by other accounting firms, Tangtang Office signed an agreement with Xinjiang Yilu Wanyuan Industrial Investment Holding Co.Ltd(600145) and promised not to issue “unable to express opinions” or “negative opinions” in the audit report, and required Xinjiang Yilu Wanyuan Industrial Investment Holding Co.Ltd(600145) to be compensated in case of punishment by the regulatory authorities. Finally, Tangtang Institute is subject to the administrative punishment of “six penalties for each case”, and the suspected crime of relevant subjects will be transferred to the public security organ.
\u3000\u3000 “According to the latest judicial interpretation issued by the Supreme People’s court this year, in addition to Xinjiang Yilu Wanyuan Industrial Investment Holding Co.Ltd(600145) , investors can also list the then audit institution and other legal persons who assisted Xinjiang Yilu Wanyuan Industrial Investment Holding Co.Ltd(600145) in financial fraud as defendants. For example, Xinjiang Yilu Wanyuan Industrial Investment Holding Co.Ltd(600145) then audit institution’s Hall office, although it has been punished by the regulatory authorities, investors can still list the hall office and its partner, etc The subject of responsibility is listed as the defendant. ” Wang Zhibin told the reporter of Securities Daily.
