On April 28, Shandong Jintai Group Co.Ltd(600385) disclosed in the annual report of 2021 that the company suffered another loss in 2021, with an annual loss of more than 1.27 million yuan. As the audited net profit of the company in 2021 is still negative, the operating income is less than 100 million yuan, and the company’s 2021 annual financial report is issued with a qualified audit report, the Shanghai Stock Exchange will suspend the trading of the company’s shares from April 29, and within 15 trading days after the start date of the suspension of the company’s shares, Make a decision on whether to terminate the listing of the company’s shares.
Shandong Jintai Group Co.Ltd(600385) , once known as the “immortal bird” of the stock market, faces the risk of delisting.
Source: Announcement
has created 42 consecutive trading boards
In 2001, Shandong Jintai was listed. At the beginning of listing, the company belongs to the pharmaceutical industry, with bioengineering, chemical agents, traditional Chinese medicine preparations, veterinary drugs and other categories. Due to the adjustment of business, Shandong Jintai fell into loss in the second year of listing and continued to lose money in 2003. In 2003, Beijing xinhengji Investment Management Group Co., Ltd., an enterprise under the name of Huang Junqin, Huang Guangyu’s brother, obtained the control of Shandong Jintai. Since then, it has helped Shandong Jintai “protect the shell” successfully for many times.
According to the data, the actual controllers of Shandong Jintai Group Co.Ltd(600385) are Huang Yu and Huang Junqin. Since 1987, Huang Junqin has successively served as the general manager of Beijing Gome Electric Appliance Co., Ltd., the chairman of Beijing Jing’an Property Development Co., Ltd., the chairman of Beijing xinhengji Real Estate Development Corporation, the chairman of Hong Kong Jiecheng International Investment Co., Ltd., the chairman of Zhongshu Guangtong Network Investment Co., Ltd. Shandong Jintai Group Co.Ltd(600385) chairman and other positions. Huang Yu, the son of Huang Junqin, currently holds 80% of the shares of Beijing xinhengji Investment Management Group Co., Ltd., the controlling shareholder of the company, and is the legal representative of Beijing xinhengji.
In fact, after Huang Junqin’s family took over, the operation of listed companies has not improved and continued to “protect the shell” for many years. In 2007, the company’s shares set a record of 42 consecutive A-share trading limits. In the same year, the company could not rely on production and operation to reverse the loss situation. Shandong Jintai achieved a turnaround in 2007 through debt restructuring.
In 2008, Shandong Jintai lost money again. In 2009, with the support of the major shareholder xinhengji, Shandong Jintai successfully turned losses into profits. From 2010 to 2012, Shandong Jintai suffered losses for three consecutive years. The Shanghai Stock Exchange decided to suspend the listing of Shandong Jintai’s shares from May 14, 2013. Due to the new gold jewelry business, the company’s performance returned to positive in 2013, and the company also resumed listing in August 2014.
capital operation failed repeatedly
On April 2, 2021, St Jintai held the first extraordinary general meeting of shareholders in 2021 and voted on the fixed increase plan previously launched, but it was rejected by minority shareholders. According to the fixed increase plan, St Jintai plans to issue shares to the controlling shareholder Beijing new Henderson Investment Management Group Co., Ltd. (hereinafter referred to as new Henderson investment) at the price of 3.51 yuan / share. The number of shares issued is no more than 444321 million shares (including the principal), and the raised funds are no more than 156 million yuan (including the principal). The net fund-raising will be used to supplement the working capital.
Previously, the company’s capital operation for many times also failed frequently. In March 2013, the company announced that it plans to issue 317 million additional shares to Beijing Baorun Lijie Investment Management Center (limited partnership) controlled by Huang Junqin, the actual controller, and raise 1.5 billion yuan. Of the net fund-raising, 270 million yuan will be used to repay the company’s related party loans and other major debts, and the rest will be used to supplement the working capital of the company and its subsidiaries. However, eight months later, the company announced that it would withdraw the application document for fixed increase.
In August 2014, St Jintai plans to issue shares to five specific investors, including Beijing Gumao Investment Management Center (limited partnership), Huang Yu, Huang Shumin, Gao Yi and Tao Lei, to raise no more than 1.6 billion yuan. The net amount raised is intended to supplement working capital and repay the company’s debts. As of September 2016, due to the expiration of the authorization of the general meeting of shareholders, the capital operation was declared to have failed again.
Due to the failure of the “blood transfusion” of fixed increase, the company faces the risk of being unable to repay large debts by the end of the reporting period in 2021. By the end of 2021, the company’s salary arrears, social security fees, taxes and overdue fines totaled 926254 million yuan Shandong Jintai Group Co.Ltd(600385) paid the social security fee and overdue fine of RMB 131947 million in April 2022, and exempted the social security overdue fine of RMB 1.539 million from January 2004 to June 2011 with the consent of the competent department; The principal of the tax in arrears was 149952 million yuan. After deducting the above paid taxes, social security and late fees, Shandong Jintai Group Co.Ltd(600385) owed 222713 million yuan of employee salaries and social insurance premiums advanced by employees, and 406252 million yuan of late fees for tax arrears, totaling 628925 million yuan.
pre profit to pre loss
market value has evaporated by more than 90%
According to the annual report of 2021, during the reporting period, Shandong Jintai Group Co.Ltd(600385) achieved an operating revenue of 609445 million yuan, an increase of 24.12% over the previous year; The net profit attributable to the owners of the parent company was -1278000 yuan. In the performance forecast released on January 28 this year, the company expects that the net profit in 2021 will turn from loss to profit year-on-year, with a profit of about 6.5 million yuan; It is estimated that the net profit after non deduction in 2021 will be about 6 million yuan.
However, on April 18, Shandong Jintai Group Co.Ltd(600385) issued a performance forecast correction announcement. The company expects the net profit of 2021 to be about – 1.2 million yuan, and the net profit after deduction is expected to be about 1.5 million yuan; At the same time, the company expects 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.
On the day after the announcement of performance forecast correction (April 19), the company’s shares fell by the limit. As of the closing on April 28, the company’s shares had fallen by the limit for eight consecutive trading days, with a market value of only 493 million yuan, an evaporation of more than 90% from the share price peak in 2015. By the end of the first quarter of 2022, the number of shareholders of the company was 6883, with an average household shareholding of 123200 yuan.
