Suspected violations of the letter disclosure were filed for investigation. Cedar has developed a lower limit, with a total market value of less than 2.5 billion
On the morning of the 13th, Cedar Development’s limit-down opened, and the board opened quickly at the beginning of the market. After that, it oscillated down and closed the limit again. As of press time, Cedar Development’s price is 4.45 yuan, the turnover rate is 0.86%, and the total market value is 2.421 billion yuan.
Cedar Development Early Market Trend Source: Wind
On the news, on the evening of the 12th, Cedar Development announced that it had received the China Securities Regulatory Commission’s “Case Initiation Notice” (No.: Securities Regulatory Commission No. 0382021042) that Xinur Men’s Co., Ltd. was suspected of violating information disclosure laws and regulations, according to the law. Regulations, the China Securities Regulatory Commission decided to file a case against the company.
According to the data, Cedar Development was established in December 2003. The company is a private enterprise. The initial main business is the design, production and sales of suits, shirts and apparel products. “Company” was its former name.
After the market on July 11 this year, at the time the securities abbreviated as “Xinur” Cedar Development announced that the company held the sixth meeting of the fifth board of directors on July 9. After the change, the Chinese name of the company is “Cedar Development Co., Ltd.”, the stock abbreviation is “Cedar Development”, and the stock code 002485 remains unchanged.
At that time, it stated in the announcement that the company’s original main business was the R&D, production and sales of suits, shirts and other apparel products. In recent years, the company’s main business has changed. In 2018, it expanded its cultural tourism business, and in 2020 it added supply chain management and comprehensive service businesses, and adjusted its apparel business development strategy. In 2021, the company will resume its cultural tourism business and promote the development of supply chain management and integrated service business. In addition, the controlling shareholder of the company was changed to Guangzhou Cedar Culture Tourism Investment Co., Ltd. on July 28, 2017, and the actual controller was changed to Zhang Jin.
The announcement stated that the company’s controlling shareholder changes and major changes in its business structure. In order to enable the company’s name to more accurately reflect the company’s business structure and future strategic planning, and to further enhance the corporate brand image and brand value, the company plans to change the company name and securities abbreviation. .
Since August 23, the stock abbreviation “Cedar Development” was officially launched.
It should be noted that before Cedar Development was filed for investigation, the company received a regulatory letter for corrections of major accounting errors and amendments to performance forecasts.
After the market on July 23, Cedar Development announced that it had received a supervisory letter from the Shenzhen Stock Exchange. The Shenzhen Stock Exchange pointed out that after investigation, on April 29, 2021, Cedar Development disclosed the “Announcement on Correction of Earlier Accounting Errors” and stated that it intends to receive the wholly-owned subsidiary Zhucheng Songlv Dinosaur Cultural Tourism Development Co., Ltd. in 2018-2019 The government subsidies of the company are recognized as assets-related, included in deferred income, and retrospectively adjusted 2018-2019 financial statements. The correction of the above accounting errors caused the company’s net profit attributable to shareholders of the parent company to be reduced by RMB 73,045,800 and RMB 48,577,500 in 2018 and 2019, respectively. The adjusted amount accounted for 130.8% and 107.97% of the adjusted net profit, respectively.
In addition, on January 30, 2021, Cedar Development disclosed the “2020 Annual Performance Report”, and the net profit for 2020 is expected to be between 22 million yuan and 33 million yuan. On April 15, 2021, the “Announcement on the Revision of the 2020 Performance Forecast” revised the estimated net profit for 2020 to a loss of 20 million to 30 million yuan. On April 29, 2021, in the “2020 Annual Report”, the company’s audited net profit for 2020 was a loss of 199,099,500 yuan.
The Shenzhen Stock Exchange stated that Cedar Development’s 2020 performance forecast and the audited net profit amount are quite different, and the nature of the profit and loss has changed. The company has not revised the performance forecast in a timely manner as required. The above actions violated Articles 1.4, 2.1, and 11.3.3 of the Shenzhen Stock Exchange’s Stock Listing Rules (Revised in 2020) and Articles 5.3.5 and 5.3 of the Guidelines for the Normative Operation of Listed Companies (Revised in 2020). .6 Provisions.
On the same day, the Shandong Securities Regulatory Bureau issued a warning letter. Due to corrections of major accounting errors, Duan Dongdong, then chairman and general manager, and Hong Ming and Cheng Baoming, then financial directors, were warned for failing to perform their duties faithfully and diligently and were recorded in securities. The integrity archive database of the futures market.
(Editor in charge: Zhang Ziyi)
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