The stock market “immortal bird” Shandong Jintai Group Co.Ltd(600385) sounded the delisting alarm.
On April 28, Shandong Jintai Group Co.Ltd(600385) announced that the company’s shares may be delisted, and the trading of the company’s shares has been suspended since Friday, April 29, 2022.
Shandong Jintai Group Co.Ltd(600385) delisting alarm sounded
On April 28, Shandong Jintai Group Co.Ltd(600385) disclosed that the annual report of 2021 showed that the audited net profit of the company in 2021 was negative and the operating income was less than RMB 100 million. The financial and accounting report was issued with qualified audit report. According to article 9.3.11 of the stock listing rules of Shanghai Stock Exchange, the company’s shares have touched the conditions for termination of listing.
The Shanghai Stock Exchange pointed out that according to relevant regulations, the listing of the company’s shares may be terminated. The trading of the company’s shares will be suspended from the opening of the market on April 29. The Shanghai Stock Exchange will convene the Listing Committee for deliberation within 15 trading days after the starting date of the suspension of the company’s shares, and make the corresponding decision to terminate the listing according to the review opinions of the listing committee.
Previously, Shandong Jintai Group Co.Ltd(600385) has issued seven reminders about the possible delisting of the company’s shares.
Shandong Jintai Group Co.Ltd(600385) last year’s net loss of 1.28 million yuan
On April 28, Shandong Jintai Group Co.Ltd(600385) released the annual report of 2021, which showed that during the reporting period, the company achieved an operating revenue of 609445 million yuan, an increase of 24.12% over the operating revenue of 491012 million yuan in the same period of last year; The operating profit was 6.2469 million yuan, compared with -2.084 million yuan in the same period of last year; The net profit attributable to the owner of the parent company was -1.278 million yuan, and the net profit attributable to the owner of the parent company in the same period of last year was -9.1245 million yuan.
However, Shandong Jintai Group Co.Ltd(600385) turned loss into profit in the first quarter of this year. According to the data, Shandong Jintai Group Co.Ltd(600385) in the first quarter, the net profit attributable to the owner of the parent company was 2.775 million yuan, and the net loss in the same period of last year was 3.9137 million yuan, turning losses into profits; The operating income was 169465 million yuan, a year-on-year increase of 30.82%; The basic earnings per share was 0.0147 yuan, and the basic earnings per share in the same period of last year was -0.0264 yuan.
It is worth noting that Hexin certified public accountants audited Shandong Jintai Group Co.Ltd(600385) ‘s 2021 annual report on April 28 and issued a qualified audit opinion. In addition, the two directors of Shandong Jintai Group Co.Ltd(600385) cannot guarantee the authenticity, accuracy and completeness of the annual report.
Shandong Jintai Group Co.Ltd(600385) inquiry letter
is there any situation to avoid termination of listing
On January 28, Shandong Jintai Group Co.Ltd(600385) once announced the annual earnings forecast for 2021. The company expects the net profit attributable to the shareholders of the listed company to be about 6.5 million yuan in 2021, turning losses into profits year-on-year; The company expects the net profit attributable to the shareholders of the listed company after deducting non recurring profits and losses to be about 6 million yuan in 2021. It is estimated that the operating revenue will be 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.
Due to the receipt of the inquiry letter on whether the listed company has a significant impact on the financial situation of the stock exchange in 2025.
The Shanghai stock exchange requires the company to further verify and explain the reasons and rationality of the substantial increase in operating revenue and net profit of the company in 2021; Whether there are circumstances in which revenue is recognized without meeting the conditions for revenue recognition; Reasons and specific conditions for not withdrawing large amount of credit impairment loss and exchange loss, etc.
At the same time, the Shanghai Stock Exchange stressed that if the company is suspected of false performance, realizing positive net profit and avoiding termination of listing, it 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, according to the final on-site inspection results, the company touches on the situation of delisting after deducting the relevant impact, the bourse will make a decision on the company’s delisting in accordance with the law and regulations, and impose disciplinary sanctions on the company and relevant responsible persons. Please fully remind the company of relevant risks.
For the above situation, Shandong Jintai Group Co.Ltd(600385) delayed reply for four times and received the supervision letter issued by Shanghai Stock Exchange on March 4. On March 11, we received the second inquiry letter from Shanghai Stock Exchange on Shandong Jintai Group Co.Ltd(600385) performance forecast.
performance suddenly “changed face”
profit to loss
On April 18, Shandong Jintai Group Co.Ltd(600385) suddenly “changed face”, and the performance pre profit changed into pre loss. After correction, it is estimated that the net profit attributable to the shareholders of the listed company may be about – 1.2 million yuan in 2021.
Shandong Jintai Group Co.Ltd(600385) explained that the main reason for the correction of the performance forecast is that in September 2021, the company transferred Chen Zhiyu’s creditor’s rights of 20 million yuan to “zhongweihong”, and received the creditor’s rights transfer payment of 20 million yuan in December 2021. The company originally planned to offset the credit impairment loss of 4 million yuan accrued in previous years in 2021, and no longer accrued the credit impairment loss for the transferred creditor’s rights.
After the company learned from zhongweihong about the litigation progress and recoverability of the creditor’s right, without considering the value of Chen Zhiyu’s 1686000 Pledged Shares, it is estimated that the recoverable amount of zhongweihong’s creditor’s right is less than 20 million yuan, but it is expected that it will not be less than 12 million yuan.
After communicating with the auditor, based on the consideration of prudence, the company’s accounting treatment for the creditor’s rights in 2021 is: the credit impairment loss of 4 million yuan accrued in previous years will not be reversed, and the credit impairment loss of 4 million yuan will continue to be accrued for the creditor’s rights in 2021 (40% of the credit impairment loss will be accrued when the account age is 2-3 years). After the credit impairment loss of 8 million yuan is accrued, the book value of the company’s other receivables – Chen Zhiyu is 12 million yuan, The difference between the creditor’s rights transfer amount of 20 million yuan received by the company and the book value of 12 million yuan of creditor’s rights is 8 million yuan, which is subject to accounting treatment according to equity transactions, and the bad debt reserves are transferred into capital reserves.
Based on the above reasons, the net profit attributable to the shareholders of the listed company in 2021 was adjusted from about 6.5 million yuan to about – 1.2 million yuan, and the net profit attributable to the shareholders of the listed company after deducting non recurring profits and losses in 2021 was adjusted from about 6 million yuan to about 1.5 million yuan.
Then on the day after the announcement (April 19), Shandong Jintai Group Co.Ltd(600385) began to fall continuously. As of April 28, the company’s shares had fallen by the limit for eight consecutive trading days.
stock market “immortal bird” Shandong Jintai Group Co.Ltd(600385) twists and turns
share price has fallen by more than 90%
It is understood that Shandong Jintai Group Co.Ltd(600385) company was originally engaged in Internet access service business and house rental business. Its business model is to charge service fees for providing internet access services and rent for renting houses.
In 2019, the company implemented a major asset restructuring to acquire 100% equity of JINDA pharmaceutical chemical in cash. JINDA pharmaceutical chemical completed the industrial and commercial change procedures and became a wholly-owned subsidiary of the company. At present, the company is mainly engaged in the R & D, production and sales of APIs. The company’s main products are furans, topidone hydrochloride and other APIs.
Shandong Jintai Group Co.Ltd(600385) landed on the Shanghai Stock Exchange as early as 2001. However, due to frequent debt problems and poor business conditions, the stock price of Shandong Jintai Group Co.Ltd(600385) has been in a volatile downward trend since its listing.
However, in 2007, Shandong Jintai Group Co.Ltd(600385) set a record of 42 consecutive limit increases. This is because Shandong Jintai Group Co.Ltd(600385) announced on July 9, 2007 that it would issue no more than 8 billion A-Shares to new Hengji holding group and Beijing New Hengji real estate group. Affected by this news, Shandong Jintai Group Co.Ltd(600385) after the resumption of trading, the stock price trend was strong, reaching 42 limits in a row.
The sharp rise followed by a sharp fall. On November 23, 2008, Huang Guangyu, chairman of the board of directors of Gome group, was arrested on suspicion of “manipulating” St Jintai’s share price. Subsequently, Mr. Huang Junqin, chairman of Shandong Jintai Group Co.Ltd(600385) company and actual controller, was under investigation by the police on suspicion of economic crimes. Huang Junqin is Huang Guangyu’s brother.
Since then, the Shandong Jintai Group Co.Ltd(600385) situation has become worse and worse, the performance fluctuates greatly, and the listing has been suspended or suspended for many times. In 2013, Shandong Jintai Group Co.Ltd(600385) was once suspended due to three years of net profit losses. In this case, Huang Junqin repeatedly tried to transfuse Shandong Jintai Group Co.Ltd(600385) by means of fixed increase, trying to save Shandong Jintai Group Co.Ltd(600385) from fire and water, but he was frustrated repeatedly. Due to the new gold jewelry business, the Shandong Jintai Group Co.Ltd(600385) performance of 2013 returned to positive and resumed listing in August 2014. Therefore, it was also given the title of “immortal bird” by the market.
Now, after several twists and turns, Shandong Jintai Group Co.Ltd(600385) current share price has fallen to RMB 333, leaving only RMB 493 million in market value, which is more than 90% evaporated from the historical high of share price in 2015.
Investors also sighed that “Jintai immortal bird is finally going to delist.” “Unable to return to heaven.” So far, Shandong Jintai Group Co.Ltd(600385) only 6883 shareholders remain.
