China Fund News reporter Nan Shenzhen
html On the morning of April 15, a letter of concern was received from the soft-handed Meishang Ecology (*st Meishang). Another letter of concern was received. What is more special this time is that the Shenzhen Stock Exchange delayed its reply to the company. Pay attention to the previous letter of concern incident itself.
The Shenzhen Stock Exchange expressed great concern about this and required the company to submit and disclose a reply to the "Letter of Concern" within three working days, and also sent a copy to the Listed Company Supervision Office of the Shenzhen Securities Regulatory Bureau.
refused to submit the confirmation letter and other materials
*st Meishang was merciless when receiving the letter, and delayed reply was common. According to incomplete statistics from a reporter from China Fund News, in 2023, the company issued 24 announcements on delayed responses to exchange letters of concern or inquiries. In less than four months since 2024, the company has issued 11 additional announcements on delayed replies.
This time, the Shenzhen Stock Exchange GEM Company Management Department issued the "Letter of Concern about Meishang Ecological Landscape Co., Ltd." (GEM Concern Letter [2024] No. 63) to the company on April 8, 2024, urging the company to Respond to the [2024] No. 57 Letter of Concern issued in the previous period, and further explain the discrepancies in the confirmation reply, requiring the company to submit relevant explanatory materials and disclose them to the public before April 12.
The above matters have a significant impact on whether the company's operating income after deductions in 2023 is less than 100 million yuan, the type of audit opinions, and the decision-making and judgment of users of financial statements.
However, on April 12, the company disclosed the "Announcement on Delaying the Reply to the Shenzhen Stock Exchange's Letter of Concern" stating that because some issues are still being verified, the company's reply to the "Letter of Concern" will be postponed until April 19, 2024. and disclosed. As of now, the company has not responded to the letter and refused to submit the confirmation letter and other materials.
The Shenzhen Stock Exchange expressed great concern about this and required the company to submit and disclose a reply to the "Letter of Concern" within three working days, and also sent a copy to the Listed Company Supervision Office of the Shenzhen Securities Regulatory Bureau. If there is no reply within the expiration date, supervision will require the company to determine and explain whether it has violated any major deficiencies in information disclosure and other aspects of Articles 10.4.1 and 10.4.2 of the Shenzhen Stock Exchange’s GEM Stock Listing Rules (revised in August 2023). delisting risk warning situation.
If the company does not respond in time, the Shenzhen Stock Exchange will deal with the company in accordance with the relevant provisions of Chapter 10, Section 4, Standardized Compulsory Delisting of the GEM Stock Listing Rules. At the same time, the company's behavior has a bad impact on the market. According to the relevant provisions of the GEM Stock Listing Rules, the Shenzhen Stock Exchange will initiate disciplinary proceedings against the company and relevant parties.
has the risk of face value delisting
According to the aforementioned "GEM Stock Listing Rules" 10.4.1, there are "major deficiencies in information disclosure or standardized operations, etc., which were requested by the Exchange to be corrected but were not corrected within the required period, and were not corrected within the required period." If the company's stock trading suspension has not been corrected within two months, the Shenzhen Stock Exchange will issue a delisting risk warning for its stock trading. This situation includes "refusing to disclose material information that should be disclosed."
At present, in addition to the mandatory delisting in the regulatory category, *st Meishang has already been exposed to a number of delisting risks. The company's 2020 financial report was issued an audit report with no opinion expressed by Zhongxinghua Accounting Firm (Special General Partnership). The company's stock trading has been subject to a delisting risk warning since May 7, 2021.
In addition, because the company has nearly 1 billion yuan of funds occupied by the controlling shareholder and related parties, as of March 28, 2024, the controlling shareholder has returned a total principal of 685 million yuan of occupied funds, and the remaining outstanding principal balance is 306 million yuan. In addition, the company had a total of 4 cases of violation of guarantee contracts. The company's stocks have been superimposed on other risk warnings since May 7, 2021.
Company also has a situation where the net profit before and after deducting non-recurring gains and losses in the last three fiscal years is negative, whichever is lower, and the audit report of the most recent year shows that there is uncertainty in the company's ability to continue operating.According to relevant rules, the company's stocks will be superimposed on other risk warnings from April 27, 2023.
However, the most troublesome thing for the company at present may be triggering the face value delisting clause. Since April 8, 2024, the company's stock price has been lower than the par value of 1 yuan for 6 consecutive trading days. According to relevant rules, if the stock price is lower than the par value for 20 consecutive trading days, it will be delisted directly. Currently, it is left to the company Time is clearly running out.
As of press time, the latest stock price of Meishang Ecology was 0.81 yuan, and the latest market value was 546 million yuan. As of the end of the third quarter of last year, the company had 21,300 shareholders.
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