(Original title: The stock price of Pengxin Resources was investigated after Waterloo was investigated, giving investors the opportunity to claim compensation)
Pengxin Resources (600490) issued an announcement on the evening of September 27, stating that the company received the “Case Initiation Notice” and “Investigation Notice” issued by the Shanghai Securities Regulatory Bureau to the company on September 26. The company was suspected of violating laws and regulations in information disclosure, and the Shanghai Securities Regulatory Bureau decided to file a case with the company and investigate the relevant circumstances.
Affected by this news, Pengxin Resources opened its stock price on the 28th, which fell by one word. As of press time, the company’s stock price is 6.02 yuan per share, and before being investigated, Pengxin Resources’ stock price has fallen for three consecutive days, with a cumulative deviation of more than 20%.
On the same day that the announcement was filed for investigation, Pengxin Resources also issued a reply to the “Consultation Letter on Abnormal Fluctuations in Stock Trading of Pengxin Global Sources Co., Ltd.”. It clarified that, after self-examination by the company and its actual controller, Mr. Jiang Zhaobai, except for the related matters that have been disclosed, there is no other material information that should be disclosed but not disclosed and that has a greater impact on the company’s stock and derivative trading prices, including but not Limited to major issues such as the issuance of shares, the acquisition of listed companies, debt restructuring, business restructuring, asset divestiture and asset injection.
Although Pengxin Resources did not disclose the specific reasons for the investigation, in view of the fact that the regulatory authorities have filed a case against the company, lawyer Wang Zhibin of Shanghai Minglun Law Firm believes that investors who still hold Pengxin Resources stocks as of the evening of September 27, 2021 have Preliminary claim qualifications. Eligible investors can register through the WeChat public account “Public Securities News” (feature code: 16016) to participate in the pre-collection of claims.
Before the case was filed for investigation, Pengxin Resources can be said to have been turbulent. As early as June this year, Pengxin Resources was criticized by the Shanghai Stock Exchange for not disclosing that the shares held by the company’s shareholder Pengxin Group had been judicially frozen and recorded it in the integrity file of the listed company. On August 11, Pengxin Resources just announced that it plans to participate in a 23% stake in Litai Lithium Energy for 75 million yuan to improve the industrial layout, and then received an inquiry letter from the Shanghai Stock Exchange.
Pengxin Resources disclosed on August 11 that it had invested 75 million yuan to acquire 23% of Jiangsu Litai Lithium Energy Technology Co., Ltd. The announcement showed that Litai Lithium’s current main product, lithium iron manganese phosphate, is used to manufacture lithium battery cathodes. After the announcement was disclosed, the Shanghai Stock Exchange quickly issued an inquiry letter requesting Pengxin Resources to supplement the disclosure of the underlying company’s basic information and the reasons for the target company’s continuous losses, and fully reveal the risk of fluctuations in the target company’s future operating capabilities, and explain the company’s acquisition of loss-making companies. And necessity and so on.
Public information shows that the main business of Pengxin Resources is the mining, processing, smelting and sales of copper, gold, and cobalt. In addition, the company’s business scope also includes trade, finance, and ecological restoration. In addition, due to the concept of lithium battery and antimony metal in Pengxin Resources, the company’s stock price has risen rapidly since July 23. In two months, the company’s stock price has doubled.
Reporter Xu Liting
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