At the end of the year and the beginning of the year, another listed company broke out a big thunder of performance. Shanghai Industrial Development Co.Ltd(600748) recently announced that there may be an unrecoverable risk in the accounts receivable of about RMB 2.615 billion of Shangshi longchuang, a subsidiary of the company.
According to Shanghai Industrial Development Co.Ltd(600748) announcement, recently, the company received the supervision letter on the relevant situation of the company from Shanghai Stock Exchange, requiring the company to conduct self-examination and verification on the business nature and risk of the receivables of the holding subsidiary shangshilongchuang, and fulfill the corresponding information disclosure obligations.
Accordingly, the risk of Shanghai Industrial Development Co.Ltd(600748) thunderstorm has been concerned by the regulatory authorities for some time. Previously, the company did not disclose relevant information.
Shanghai Industrial Development Co.Ltd(600748) also disclosed that according to the company’s preliminary self inspection, as of December 31, 2021, the unaudited receivables of Shangshi longchuang totaled about RMB 2.615 billion, of which some businesses may involve financing trade, and the receivables involved in such businesses may have unrecoverable risk, and the company is stepping up further verification on the specific amount involved.
The announcement said that the company will continue to make every effort to find out the above matters as soon as possible, carefully evaluate the impact of the above matters on the company’s operating performance in 2021, timely fulfill the obligation of information disclosure, and please pay attention to the investment risks of the majority of investors.
Shanghai Industrial Development Co.Ltd(600748) it is mainly engaged in real estate business, and the actual controller is Shanghai SASAC. In the first three quarters of 2021, the company achieved an operating revenue of 5.1 billion yuan and a net profit of 408 million yuan. Shangshi longchuang is a holding subsidiary acquired by Shanghai Industrial Development Co.Ltd(600748) a few years ago. The financial report of the first half of 2021 shows that Shangshi longchuang lost 152 million yuan from January to June 2021 and fell into a number of litigation disputes.
