Another listed company is facing delisting crisis.
On the evening of January 25, Great Wall International Acg Co.Ltd(000835) (Great Wall animation) released the performance forecast for 2021. It is expected that the net profit in 2021 will be negative, the operating revenue will be less than 100 million yuan, and the net assets at the end of 2021 will be negative. If the 2021 annual report is consistent with the performance forecast, Great Wall International Acg Co.Ltd(000835) reminds that the listing of the company’s shares will be terminated after the disclosure of the 2021 annual report.
From the high of 24.95 yuan / share on June 5, 2015 to the closing price of 2.1 yuan / share on January 25, 2022, the company’s share price has fallen by 90%.
advance loss of 235 million yuan to 350 million yuan in 2021
On the evening of January 25, Great Wall International Acg Co.Ltd(000835) released the performance forecast for 2021, which is expected to achieve an operating revenue of 1.8 million yuan to 2.3 million yuan in 2021; It is estimated that the net profit loss attributable to the shareholders of the listed company will be 235-350 million yuan, compared with 203 million yuan in the same period of last year; It is estimated that the net profit loss after deducting non recurring profits and losses will be 120 million yuan to 180 million yuan, compared with 74.53 million yuan in the same period of last year.
Source: Great Wall International Acg Co.Ltd(000835) announcement
On the same day, the company announced that because the audited net profit of the company in 2020 was negative and the operating income was less than 100 million yuan, the audited net assets at the end of the period in 2020 were negative, and the financial report in 2020 was issued by the accountant with no opinion, Shenzhen Stock exchange had implemented the “delisting risk warning” for the company’s stock trading.
The performance forecast for 2021 disclosed by the company predicts that the net profit of the company in 2021 is negative, the operating income is less than 100 million yuan, and the net assets at the end of 2021 are negative. According to the relevant provisions of the stock listing rules (revised in 2022) of Shenzhen Stock Exchange, If the annual report of the company in 2021 shows that “the net profit attributable to the shareholders of the listed company in 2021 is negative and the operating income is less than RMB 100 million”, or “the net assets at the end of 2021 are negative”, or “the audit report with qualified opinions, unable to express opinions or negative opinions is issued in the financial and accounting report of 2021”, The company’s shares will be delisted after the disclosure of the 2021 annual report.
Great Wall International Acg Co.Ltd(000835) originally planned to disclose the 2021 annual report on April 30, 2022. According to the audit progress of the annual report, the company has applied to Shenzhen Stock Exchange to change the disclosure time of the above relevant periodic reports to March 3, 2022.
Great Wall International Acg Co.Ltd(000835) said that no matter whether the company terminates its listing or not, the company will spare no effort to maintain its daily production, operation and management.
At present, the company is authorized by the general meeting of shareholders to apply to Xiamen intermediate people’s court for pre reorganization and obtain registration. Great Wall International Acg Co.Ltd(000835) said that the pre reorganization of the company is still in progress. There is still significant uncertainty about whether the company can enter the reorganization procedure. It is expected that the company’s application to the court for pre reorganization and subsequent progress will not have a significant impact on the company’s annual financial data in 2021.
has been subject to administrative punishment for many times
The predecessor of Great Wall animation is Sichuan Shengda, whose main business is traditional coking industry. In 2014, Great Wall animation was backdoor listed, adjusting the original single traditional coal coking industrial structure to a dual main industry parallel structure with the emerging animation industry as the main body and the original traditional industry as the auxiliary.
At the end of 2014, the company announced that it would purchase the equity of 7 companies including Hangzhou great wall animation game Co., Ltd., Hunan Hongmeng cartoon Communication Co., Ltd. and Hangzhou Dongfang Guolong film and Television Animation Co., Ltd. with cash of 1.016 billion yuan. After the acquisition, the listed company said that it would fully enter the field of original animation and derivatives, and realize the Wuxi Online Offline Communication Information Technology Co.Ltd(300959) interworking operation mode of “virtual animation image + real entertainment experience” through the collaborative optimization of the target enterprises.
Source: company announcement
In 2016, the company stripped off its original coke business and devoted itself to animation games and related businesses, but its performance deteriorated sharply. In the five years from 2016 to 2020, the company only made a profit of 128 million yuan in 2017, and the accumulated loss in the other four fiscal years exceeded 1.1 billion yuan.
Source: choice financial terminal
The main business is sluggish, and various illegal operations of Great Wall animation continue. In May 2020, Sichuan Securities Regulatory Bureau issued 7 administrative punishment decisions to the company and relevant parties within one day. The reasons for punishment are that the company falsely increased its net profit (excluding the impact of income tax, period expenses and taxes) in 2017, failed to disclose as required, failed to pay off major debts due, major litigation, arbitration, etc.
Source: Great Wall International Acg Co.Ltd(000835) announcement
In September 2021, Sichuan Securities Regulatory Bureau again issued the decision on administrative punishment to the company and relevant responsible personnel. The reason for this punishment is that the company failed to disclose relevant guarantee matters in 2017 and related litigation matters in 2019.
Source: Great Wall International Acg Co.Ltd(000835) announcement
