30000 investors want to cry without tears! Just now, Chunghsin Technology Group Co.Ltd(603996) , Xinjiang La Chapelle Fashion Co.Ltd(603157) have been decided by the Shanghai Stock Exchange to terminate the listing of the company’s shares.
It is worth noting that, in addition to these “brothers and sisters”, more than a dozen listed companies have recently suggested that the company may be delisted due to financial delisting indicators.
Chunghsin Technology Group Co.Ltd(603996) termination of the company’s stock listing
On April 14, Chunghsin Technology Group Co.Ltd(603996) announced that the listing of the company’s shares was terminated by Shanghai Stock Exchange. According to the relevant provisions of the Listing Rules of Shanghai Stock Exchange (revised in January 2022), the company’s shares will enter the delisting and consolidation period on April 22, 2022.
Chunghsin Technology Group Co.Ltd(603996) said that the company’s shares entered the delisting consolidation period, the starting date of the transaction was April 22, 2022, and the delisting consolidation period was 15 trading days. If the whole day suspension is not considered, the final trading date is expected to be May 17, 2022. If the securities trading date is adjusted, the final trading date of the company’s delisting consolidation period will be postponed accordingly.
During the delisting consolidation period, the company’s shares will be traded on the risk warning board of Shanghai Stock Exchange. There is no price limit on the first trading day, and the daily price limit thereafter is 10%. Within five trading days after the expiration of the delisting consolidation period, the Shanghai Stock Exchange will delist the company’s shares and terminate the listing of the company’s shares.
Chunghsin Technology Group Co.Ltd(603996) fined over 18 million by Taizhou customs
In addition, Chunghsin Technology Group Co.Ltd(603996) also announced that the company received the notice of administrative punishment from Taizhou customs of the people’s Republic of China [Hang Tai Guan Ji Gao Zi (2022) No. 0013] on April 13, and Taizhou customs decided to impose a total fine of 18.741 million yuan on the company.
After investigation, on August 15, 2013, Chunghsin Technology Group Co.Ltd(603996) applied to Taizhou customs for approval of online supervision of processing trade. On August 16, Taizhou Customs approved and implemented online supervision of processing trade for your company. The electronic account book number is e290530 Ping An Bank Co.Ltd(000001) . The account book adopts rolling write off method, and the write off cycle is one year. The fifth write off cycle is from September 12, 2017 to September 9, 2018, which has been written off and closed on December 29, 2018. The remaining bonded materials and parts are carried forward to the next cycle, and the carried forward quantity is 2231365 pieces; September 10, 2018 to September 4, 2019 is the sixth write off cycle, and the legal write off period is March 1, 2020. Up to now, this cycle has not been written off.
Taizhou customs pointed out that Chunghsin Technology Group Co.Ltd(603996) in the process of implementing e290530 Ping An Bank Co.Ltd(000001) electronic account book, there were cases of unauthorized transfer, pledge, mortgage, shortage of bonded materials and parts, and failure to go through customs procedures in accordance with regulations from June 2018 to March 2020.
Taizhou customs pointed out that according to the provisions of paragraph 1, Article 18 of the regulations of the people’s Republic of China on the implementation of customs administrative penalties (hereinafter referred to as the regulations), Chunghsin Technology Group Co.Ltd(603996) the act of unauthorized domestic sales of bonded materials and parts and their finished products without declaration to the Customs at the time of verification and cancellation of the accounts of the fifth cycle constitutes an illegal act of unauthorized transfer of bonded goods. In view of the fact that your company has paid back taxes after the account books are written off and mitigated the harmful consequences, Chunghsin Technology Group Co.Ltd(603996) will be fined RMB 8.8 million in accordance with the provisions of paragraph 1, Article 18 of the regulations.
In addition, Chunghsin Technology Group Co.Ltd(603996) was fined for pledging bonded materials disposed of by creditors without authorization, failing to return bonded materials for repair, failing to go through customs procedures in accordance with regulations, insufficient quantity of bonded materials, and being sold off by logistics and storage companies due to economic disputes.
For the above violations, Taizhou customs decided to impose a fine of RMB 18.741 million on Chunghsin Technology Group Co.Ltd(603996) Chunghsin Technology Group Co.Ltd(603996) .
controlling shareholders illegally occupy huge amounts of funds
Chunghsin Technology Group Co.Ltd(603996) actual controller publicly condemned
On March 18, a notice disclosed on the website of the Shanghai Stock Exchange showed that Jiang Zhenhui, the actual controller and then general manager of Chunghsin Technology Group Co.Ltd(603996) was publicly condemned.
Specifically, first, there are accounting errors in Chunghsin Technology Group Co.Ltd(603996) periodic reports, and the disclosure of relevant financial information is inaccurate. Upon investigation, on April 30, 2021, Chunghsin Technology Group Co.Ltd(603996) disclosed the 2020 annual report, corrected the accounting errors in the early stage, retroactively adjusted the 2019 annual report, and reduced the net profit by about 720 million yuan, accounting for 36.89% of the 2019 net profit; The net assets decreased by about 720 million yuan, accounting for 131.29% of the net assets in 2019.
Second, the company provides guarantees for the actual controllers, controlling shareholders and their related parties in violation of regulations. According to the facts found out in the prior notice of administrative punishment and market Prohibition (zjz [2021] No. 11) issued by Zhejiang regulatory bureau of China Securities Regulatory Commission, the company provided guarantee for the external loans of the actual controllers Chen Desong, Jiang Zhenhui and related parties from 2018 to 2019, with a total guarantee amount of 175 million yuan.
Third, Chunghsin Technology Group Co.Ltd(603996) controlling shareholders and related parties illegally occupy huge amounts of funds of the company. According to the facts found out by Zhejiang regulatory bureau of China Securities Regulatory Commission and the information disclosed by the company, from January 2018 to June 2019, the occupation of non operating funds by related parties of the company totaled 1.057 billion yuan, with a balance of 806 million yuan.
The Shanghai Stock Exchange believes that there are accounting errors in Chunghsin Technology Group Co.Ltd(603996) periodic reports, inaccurate disclosure of relevant financial information, the company provides guarantees for the actual controller, controlling shareholders and their related parties in violation of regulations, and the controlling shareholders and related parties occupy huge amounts of funds of the company in violation of regulations, which seriously damages the interests of listed companies and investors and seriously violates relevant regulations.
Jiang Zhenhui, as the controlling shareholder and the controlling shareholder of the company, is responsible for the major decisions of the company and the actual management of the company in violation of the law, His behavior violates relevant laws and regulations and the commitments made in the statement and commitment of directors (supervisors and senior managers).
According to Article 16.3 of the stock listing rules, the Shanghai Stock Exchange publicly condemned Jiang Zhenhui, the actual controller and then general manager of Chunghsin Technology Group Co.Ltd(603996) on March 18, 2022. Disciplinary actions will be notified to the CSRC and the people’s Government of Zhejiang Province and recorded in the integrity archives of listed companies.
Chunghsin Technology Group Co.Ltd(603996) shares have fallen 97%
It is understood that Chunghsin Technology Group Co.Ltd(603996) was listed on the Shanghai Stock Exchange in December 2015. Its main business is the R & D, manufacturing and sales of smart electronic products such as smart TV, commercial display, notebook computer and tablet computer.
However, Chunghsin Technology Group Co.Ltd(603996) fell into a quagmire due to the occupation of funds by related parties and illegal guarantee. Since 2018, the operating data has declined rapidly and the risk has erupted in an all-round way. Since the beginning of 2020, the company has been in the state of shutdown, the main business has stagnated and the ability of sustainable operation has been lost.
What followed was the “continuous decline” of the share price. So far, Chunghsin Technology Group Co.Ltd(603996) share price has been reported at 0.96 yuan, with a total market value of only 288 million yuan. The current high point of the stock price has fallen 97%.
By the end of last year, Chunghsin Technology Group Co.Ltd(603996) still had 17000 shareholders.
delisting of Xinjiang La Chapelle Fashion Co.Ltd(603157) A-Shares
“Brothers and sisters” Xinjiang La Chapelle Fashion Co.Ltd(603157) also just announced that the Shanghai Stock Exchange decided to terminate the listing of the company’s A-share shares, and the company’s A-share shares entered the delisting and consolidation period from April 22, 2022.
Xinjiang La Chapelle Fashion Co.Ltd(603157) said that due to the negative net assets attributable to the shareholders of the listed company at the end of 2020, the delisting risk warning of the company’s shares will continue to be implemented since April 30, 2021. On March 31, 2022, the company disclosed its annual report for 2021. At the end of 2021, the net assets attributable to the shareholders of the listed company were -1.431 billion yuan. Dahua Certified Public Accountants (special general partnership) issued a qualified audit report on the company’s financial and accounting report for 2021.
The above circumstances belong to the circumstances of stock delisting stipulated in article 9.3.11 of the stock listing rules of Shanghai Stock Exchange. According to article 9.3.14 of the stock listing rules, the Shanghai Stock Exchange decided to terminate the listing of the company’s shares after being reviewed by the Listing Committee of the Shanghai Stock Exchange.
From the next trading day after the expiration of five trading days after the date of announcement of the decision by the Shanghai Stock Exchange, the company’s shares will enter the delisting and consolidation period. The delisting consolidation period is 15 trading days. There is no limit on the rise and fall of the first trading day, and the rise and fall of other trading days is limited to 10%. Within 5 trading days after the expiration of the delisting period, the Shanghai Stock Exchange shall delist the company’s shares and terminate the listing of the company’s shares.
According to article 9.1.15 of the stock listing rules, the company shall immediately arrange the transfer of shares to securities trading places such as the National SME share transfer system for share transfer related matters, so as to ensure that the company’s shares can be transferred within 45 trading days from the date of delisting.
Chinese version of “Zara” lost 800 million yuan a year
shoulder huge debts
On March 30, Xinjiang La Chapelle Fashion Co.Ltd(603157) released the financial report for 2021, saying that during the reporting period, the company achieved a revenue of 430 million yuan, a year-on-year decrease of 76.36% and a loss of 821 million yuan. The net assets attributable to shareholders of listed companies were -1431 million yuan.
For the loss, Xinjiang La Chapelle Fashion Co.Ltd(603157) disclosed in the announcement that the company continued to close the offline loss making stores due to the epidemic and the tight cash flow of the company. Due to the operating losses of the closed stores and the one-time confirmation of decoration amortization and withdrawal expenses, the operating loss of the company was about 60 million yuan. At the same time, the loss caused by debt interest, overdue penalty interest and litigation costs was about 290 million yuan. With the increase of inventory age, the corresponding provision for inventory falling price loss is about 150 million yuan and the provision for credit impairment loss of accounts receivable is about 190 million yuan.
Earlier, Xinjiang La Chapelle Fashion Co.Ltd(603157) said frankly in the annual report, “due to the failure to make a correct judgment on the external industry environment, improper internal strategy, excessive expansion and unbalanced cost structure, the company faces a heavy debt burden due to the impact of covid-19 pneumonia in 2020.”
For the debt problem, Xinjiang La Chapelle Fashion Co.Ltd(603157) will continue to plan solutions to the debt problem and reduce the burden of business development. The company will continue to negotiate with the court, creditors and financial institutions to strive for a certain proportion of debt allowance or installment payment conditions, so as to avoid the uncertainty brought to the company by new litigation cases. At the same time, actively plan bankruptcy reorganization and introduce external investors, and strive to achieve the maximization of enterprise value and high repayment rate of creditors through a package of debt solutions.
In fact, as a former women’s clothing giant, Xinjiang La Chapelle Fashion Co.Ltd(603157) ‘s performance has failed continuously and suffered huge losses for many years. The share price also fell from a historical high of 29.75 yuan / share to 1.05 yuan / share today.
As of February 28, Xinjiang La Chapelle Fashion Co.Ltd(603157) still had 13000 shareholders.
3 million investors suffered
other listed companies have delisting risks
After Chunghsin Technology Group Co.Ltd(603996) , Xinjiang La Chapelle Fashion Co.Ltd(603157) announced that they had been decided by the Shanghai Stock Exchange to terminate the listing of the company’s shares, 30000 shareholders blew up the pot, and some people lamented that “they have finally retired!” Others said they would normalize or withdraw from the market.
It is worth noting that, as of now, there are still some notable things to note that there are still Tsingtao Brewery Company Limited(600600) 91 anumber of listed companies, including , Zhengzhou Sino-Crystal Diamond Co.Ltd(300064) , Northeast Electric Development Company Limited(000585) , Egls Co.Ltd(002619) and others, suggested in their recent announcements that the company may be terminated due to financial delisting indicators.
