Securities code: Lawton Development Co.Ltd(600209) securities abbreviation: ST roton No.: Lin 2022020 Lawton Development Co.Ltd(600209)
Received the notice of Shanghai Stock Exchange on the company’s performance
Announcement of the second inquiry letter
On March 11, 2022, the company received the second inquiry letter on ST roton performance forecast (szgh [2022] No. 0181) (hereinafter referred to as the “inquiry letter”) from Shanghai Stock Exchange. The full text of the inquiry letter is as follows: ” Lawton Development Co.Ltd(600209) :
On March 11, 2022, the company replied to some questions in the previous inquiry letter of our department, and the annual audit accountant has not yet issued a clear opinion. In view of the significant impact of operating income and other related matters on the company’s performance, which needs to be further verified, in accordance with article 13.1.1 and other relevant provisions of the stock listing rules of the exchange, your company is hereby requested to further disclose the following matters.
1、 According to the reply announcement of the company, the company has focused on providing promotion services for Tencent E-sports products in the fourth quarter of 2021, and officially obtained the official strategic partner status of OCA for Tencent in December 2021. The company is requested to make supplementary disclosure: (1) the specific contents of the promotion services provided by the company; (2) Whether the cooperation service fee paid by Tencent and the specific amount have been received in the current period, and the specific amount of revenue recognized in the current period; (3) The specific payment arrangements between the company, OCA and Tencent, whether the company is the main responsible person or agent in the business, what method is adopted for revenue recognition, and whether it complies with the provisions of the accounting standards for business enterprises; (4) Whether the division and rationality of various performance obligations, as well as the specific time point and basis for the recognition of revenue from various performance obligations comply with the provisions of the accounting standards for business enterprises.
2、 According to the company’s reply announcement, the company’s digital sports business has three main business models, and the company believes that the income of digital sports business does not belong to the “income generated by businesses that have not formed or are difficult to form a stable business model” stipulated in the operating income deduction. The company is requested to make supplementary disclosure: (1) what kind of business model does the cooperation with Tencent belong to; (2) What are the input and output of the company under this mode, whether it has complete input, processing process and output capacity, and whether it can calculate the cost and income independently; (3) Under this mode, whether the company can provide processing or conversion activities for products or services, so as to enhance the value of products or services; (4) Under this mode, which customers and suppliers the company currently has, whether there is significant dependence on customers and suppliers, and whether it is sustainable; (5) Whether the model has commercial essence and commercial rationality; (6) In combination with the reply to the above questions, explain whether Tencent’s relevant business income and other digital sports business income should be deducted according to the operating income deduction.
3、 According to the reply announcement of the company, the company obtained the engineering project of the related party Beijing luodun Shahe construction and Development Co., Ltd. (hereinafter referred to as Beijing luodun) through bidding in the fourth quarter, with a contract amount of about 83 million yuan. In the fourth quarter, part of the revenue was recognized according to the construction progress. This transaction constituted a related party transaction and significantly increased the engineering business revenue of the company. According to the 2020 annual report, the amount of engineering business between the company and Beijing luodun was 1.872 million yuan in 2020 and 135531 million yuan in 2019. The company is requested to make supplementary disclosure: (1) the specific amount of revenue recognized in the current period under the contract, the actual construction progress of the project, and whether the revenue recognition complies with the provisions of the accounting standards for business enterprises; (2) The specific reasons and rationality of the substantial increase in the amount of engineering business between the company and Beijing luodun in this year, whether the transaction price is fair, whether there is commercial substance and whether there is sustainability; (3) In combination with the reply to the above questions, explain whether the recognition of the related party transaction related income is in compliance and whether it should be deducted according to the operating income deduction.
4、 Please attach great importance to the reply to the inquiry letter, reply to the inquiry letter on time, fulfill the obligation of information disclosure, clarify the market expectation, and avoid misleading investors by “long delay”. The company’s operating income in 2021 directly determines whether the shares are delisted, which has a significant impact. The company shall ensure the authenticity of its performance, carry out accounting treatment and deduction of operating income in accordance with laws and regulations, and shall not avoid delisting by failing to recognize and deduct operating income in accordance with regulations. In case of any error, the performance forecast shall be corrected in time to fully prompt the delisting risk and avoid misleading investors.
5、 The annual audit accountant is requested to give verification opinions on the problems in the previous inquiry letter and this inquiry letter. The annual audit accountant shall strictly abide by the requirements of audit standards and other relevant rules, maintain reasonable professional doubt, implement sufficient, appropriate and targeted audit procedures, and express opinions prudently.
Please disclose to the public immediately after receiving this letter and reply within 5 trading days. The board of directors of the company shall be diligent and conscientious, earnestly implement the requirements of this letter, timely perform relevant information disclosure obligations and protect the rights and interests of investors. ” The company will actively organize relevant parties to arrange the reply to the inquiry letter in accordance with the requirements of the inquiry letter, and will timely fulfill the obligation of information disclosure. The information disclosure media designated by the company is the website of Shanghai Stock Exchange (www.sse. Com. CN.) Shanghai Securities News and China Securities News, please pay attention to and pay attention to investment risks.
It is hereby announced.
Lawton Development Co.Ltd(600209) March 12, 2022
