Kedi dairy (securities referred to as ” Henan Kedi Dairy Co.Ltd(002770) “) released its financial report for 2021 on the evening of April 30, showing that its revenue was 591 million yuan, a year-on-year increase of 24.22%; The net profit was 69.048 million yuan, a year-on-year increase of 105.69%. Despite turning losses into profits, Kedi dairy may terminate its listing due to the audit report of “unable to express opinions” issued by the accounting firm on the annual report.
“What a pity. Everyone has a heavy heart.” On May 1, the lawyer of the reorganization manager of Kedi group, the controlling shareholder of Kedi dairy, told the Beijing news that because the core asset of Kedi group is the stock of Kedi dairy held by Kedi group, if Kedi dairy delisted, it will have a great impact on the reorganization investors of Kedi group, and the reorganization plan is facing adjustment. If it cannot be adjusted, Cody group and 9 affiliated companies will enter the liquidation procedure.
Kedi dairy may be delisted
Previously, because the 2020 financial report was issued with an audit report that could not express an opinion, Kedi dairy stock was warned of delisting risk from May 6, 2021, and the stock abbreviation was changed to ” Henan Kedi Dairy Co.Ltd(002770) “. In order to avoid being delisted, Kedi dairy needs to meet the requirements that the annual net assets in 2021 are positive and the annual report in 2021 is the standard opinion report.
Although Kedi dairy turned losses into profits in 2021, Zhejiang Tianping Certified Public Accountants issued an audit report of “unable to express opinions” on its 2021 financial report, which is mainly based on the fact that there are still major uncertainties in the restructuring of the controlling shareholder Kedi group, and the accountant is unable to obtain sufficient evidence to express opinions on the recoverability and end of period impairment of Kedi dairy funds occupied by Kedi group; The accumulated inflated profit of Kedi dairy from 2016 to 2018 was about 300 million yuan to offset the fund occupation of Kedi group. The accountant was unable to obtain sufficient evidence to express opinions on the impact of the matter on the beginning of the financial report and whether it needs to be adjusted; Due to overdue debts and external guarantees, Cody dairy involved in many lawsuits, some accounts were frozen, and suffered claims from damaged investors. The accountant was unable to fully judge whether the financial report prepared by Cody dairy on the basis of going concern assumption was appropriate.
For this non-standard opinion audit report, Kedi dairy explained in its announcement on April 30 that the behavior of Tianping certified public accountants did not leave communication time for the company, and the company will reserve the right to investigate its responsibility and report it to relevant departments to safeguard the rights and interests of the company and all shareholders. “The company has taken or will take more effective measures to improve its financial situation, reduce the pressure of working capital and corporate governance, and eliminate the impact of financial risks and internal control risks on the company’s sustainable operation as soon as possible.”
According to the Listing Rules of Shenzhen Stock Exchange, the trading of Kedi dairy shares will be suspended from May 5, 2022. If the Shenzhen stock exchange makes a decision to terminate the listing, the trading will be resumed on the next trading day after five trading days from the date of the decision and enter the delisting and consolidation period. During delisting consolidation, its shares enter the risk warning board trading. The trading period of delisting consolidation period is 15 trading days. The listing of its shares shall be terminated on the trading day following the expiration of the delisting and consolidation period.
there are variables in the reorganization plan of Cody group
If Kedi dairy delisting, it will affect the implementation of the restructuring plan of Kedi group.
The lawyer of the reorganization manager of Kedi group responded to the reporter of the Beijing News on May 1 that if Kedi dairy delisting, it will have a great impact on the reorganization investors of Kedi group and little impact on the creditors. “Kedi group’s factories and land in rural areas are worthless, and its core assets are the shares of listed companies held by Kedi dairy. If Kedi dairy delisted, investors may have to send a letter in recent days, and the reorganization plan may be adjusted. If it cannot be adjusted, it will enter liquidation.”
According to the reorganization plan released on April 22, the core assets of Kedi group and nine affiliated companies (excluding Kedi dairy) are 44.27% of the shares of Kedi dairy held by Kedi dairy. “In order to smoothly promote the merger and reorganization of Kedi group and avoid bankruptcy liquidation, it is necessary to avoid the delisting of Kedi dairy and maintain the core asset value of Kedi group.”
Based on this, the reorganization investor Shangqiu Development Investment Group Co., Ltd. plans to invest in the acquisition of bad financial claims of Kedi dairy, and then pay off the occupation of Kedi dairy on behalf of the controlling shareholder Kedi group by means of debt for debt, and solve the problem of illegal guarantee; Under the condition of maintaining the normal listing status of Kedi dairy, all the creditor’s rights of Kedi group and nine affiliated companies were paid off in the reorganization process by using about 128 million shares and the cash invested by the reorganization investors.
According to the restructuring plan, the total principal and interest of financing liabilities of Kedi dairy industry is about 1.57 billion yuan, which will be acquired by restructuring investors, and then pay off the Occupied Funds on behalf of Kedi group by debt repayment. In order to solve the problem of illegal guarantee of 235 million yuan of Kedi dairy, investors will also acquire the corresponding creditor’s rights. After the occupation of funds is solved, all financial liabilities of Kedi dairy will be eliminated, the asset liability ratio will be greatly reduced, the account closure caused by debt default will also be lifted, and the company’s sustainable operation ability will return to normal.
“All the plans were approved by them (Zhejiang Tianping certified public accountants). Finally, such a result caught everyone by surprise.” It’s a pity that Cody didn’t communicate with the government on the main business guarantee in the early stage of last year, and Cody didn’t solve the above-mentioned problems. It’s a pity that Cody didn’t have the main business guarantee in the early stage of this year. Cody didn’t communicate with the government on the main business guarantee
