The Shanghai stock exchange sent an inquiry letter to Shandong Jintai Group Co.Ltd(600385) ( Shandong Jintai Group Co.Ltd(600385) ) on the employment performance forecast on January 28. So far, Shandong Jintai Group Co.Ltd(600385) ( Shandong Jintai Group Co.Ltd(600385) ) has not replied and has been postponed for 4 times. Therefore, Shandong Jintai Group Co.Ltd(600385) on March 4 received the supervision letter issued by the second Department of management of listed companies of Shanghai Stock Exchange.
critical 2021 operating results
Looking back on the previous information, Shandong Jintai Group Co.Ltd(600385) 1 on the evening of January 28, the company disclosed the announcement of annual earnings forecast for 2021, which is expected to achieve an operating revenue of about 60 million yuan in 2021; It is estimated that the operating income after deducting the business income irrelevant to the main business and the income without commercial substance is about 58 million yuan. It is estimated that the annual net profit in 2021 will be about 6.5 million yuan, which will turn losses into profits compared with the same period of last year (legally disclosed data); Deduct non net profit of about 6 million yuan.
Shandong Jintai Group Co.Ltd(600385) said in the announcement that during the reporting period, the company actively expanded the sales business of API, with a large increase compared with the same period of last year; No large amount of credit impairment loss and exchange loss were accrued during the reporting period.
It is worth noting that Shandong Jintai Group Co.Ltd(600385) since the audited net profit in 2020 is negative and the operating income is less than 100 million yuan, the Shanghai Stock Exchange has implemented delisting risk warning for the company’s shares since April 27, 2021. According to relevant regulations of Shanghai Stock Exchange, if the audited net profit before or after deduction in 2021 is negative, and the audited operating income of the company in 2021 is less than 100 million yuan, or the company has any other circumstances listed in article 9.3.11 of the stock listing rules of Shanghai Stock Exchange (revised in 2022), Shanghai Stock Exchange will decide to terminate the listing of the company’s shares.
For this reason, the business performance in 2021 is very important for Shandong Jintai Group Co.Ltd(600385) . If the company’s disclosure of the 2021 annual report indicates that the company meets the conditions listed in article 9.3.6 of the stock listing rules of Shanghai Stock Exchange (revised in 2022), Shandong Jintai Group Co.Ltd(600385) may apply to the Shanghai stock exchange for cancellation of the delisting risk warning.
It should be noted that, In the annual performance forecast and the special audit report issued by the general accounting firm: “As our audit work has not been completed, this special note is not the final audit opinion. With the progress of the audit work, we may obtain new or further audit evidence, which may lead to significant differences between the audited financial statements of Shandong Jintai in 2021 and the pre earnings announcement.”
Shandong Jintai Group Co.Ltd(600385) also pointed out the risk in the performance pre profit announcement, saying that in September 2021, the company transferred the creditor’s rights of Chen Zhiyu of 20 million yuan to zhongweihong company, and received the creditor’s rights transfer payment in December 2021. Affected by the epidemic, zhongweihong company is temporarily unable to cooperate with accountants to perform audit procedures. If subsequent accountants believe that the above transactions are not commercially reasonable after performing audit procedures, it may have a great impact on the company’s net profit before and after deduction in 2021, and there is a risk that the company’s net profit is negative and the company’s shares will be terminated from listing.
4 degree extension reply inquiry letter
On January 28, the Shanghai Stock Exchange issued an inquiry letter to Shandong Jintai Group Co.Ltd(600385) requesting Shandong Jintai Group Co.Ltd(600385) to explain the reasons and rationality of the substantial increase in operating revenue and net profit in 2021 in combination with industry factors and the operation of subsidiaries, and whether it complies with industry laws; Supplement and disclose the details of income, cost and profit of various products, and the specific information of the top five customers and suppliers; Explain the recognition policies and basis of various types of income, whether there are cases where income is recognized without meeting the conditions for income recognition, and whether it complies with the provisions of the accounting standards for business enterprises; Whether the reasons and specific conditions for not withdrawing large credit impairment losses and exchange losses are reasonable.
In addition, as Shandong Jintai Group Co.Ltd(600385) mentioned in the performance pre profit announcement, in September 2021, the company transferred Chen Zhiyu’s creditor’s rights of 20 million yuan to zhongweihong company, and received the creditor’s rights transfer payment in December 2021. Shanghai stock exchange requests Shandong Jintai Group Co.Ltd(600385) supplementary disclosure of the specific reasons for the formation of the creditor’s rights, financial treatment and presentation of previous years; State whether the transferee of the creditor’s rights is the company, the controlling shareholder or the related party of the directors, supervisors and senior management, and clearly state whether the transfer of the creditor’s rights is true and reasonable; Explain the specific financial impact of debt transfer on the company, and whether relevant profits and losses are included in non recurring profits and losses.
The Shanghai Stock Exchange said in the inquiry letter that if Shandong Jintai Group Co.Ltd(600385) is suspected of false performance, realizing positive net profit and avoiding termination of listing, the Shanghai Stock Exchange will timely request to start on-site inspection and other regulatory measures as appropriate after the disclosure of the company’s 2021 annual report. If Shandong Jintai Group Co.Ltd(600385) after deducting the relevant influence according to the final on-site inspection results, the Shanghai Stock Exchange will make a decision to terminate the listing of the company in accordance with the law and regulations, and impose disciplinary sanctions on Shandong Jintai Group Co.Ltd(600385) and relevant responsible persons.
The Shanghai stock exchange requires Shandong Jintai Group Co.Ltd(600385) to disclose the inquiry letter immediately after receiving it and reply within 5 trading days. However, Shandong Jintai Group Co.Ltd(600385) made four announcements on the evening of February 11, February 18, February 25 and March 4 respectively, delaying the reply to the inquiry letter of Shanghai Stock Exchange.
In the supervision work letter on March 4, the Shanghai stock exchange required Shandong Jintai Group Co.Ltd(600385) and the board of directors of the company to carefully verify relevant matters, complete the reply as soon as possible and fulfill the obligation of information disclosure in accordance with the requirements of the inquiry letter. If it fails to reply as scheduled and fulfill its obligation of information disclosure, the Shanghai Stock Exchange will take corresponding regulatory measures or disciplinary sanctions as the case may be.
At the same time, the Shanghai Stock Exchange Requested Shandong Jintai Group Co.Ltd(600385) and the board of directors of the company to fully verify the relevant data of the performance forecast, ensure the authenticity, accuracy and integrity of the information disclosure, earnestly do a good job in the preparation and disclosure of the 2021 annual report, actively cooperate with the audit work of the annual auditor, disclose the annual report on time, fully remind the delisting risk and avoid misleading investors.
