In the past few days, there have been “new works” in the strange stories of A shares. In the evening of August 20,Star Technology16 in a rowAnnouncement, While disclosing large losses, it will be implemented a “delisting risk warning” next week.
Ten million profit turned into a huge loss of 2.5 billion overnight, and fell 40% in 5 days.ExecutivesRun off,shareholderReduction of holdings, creditors “throwing knives”…the ones that are about to “discover the stars”Star TechnologyWhat happened?
There were huge errors in last year’s annual report. Director: This year’s report?I don’t believe it anyway
When doing this year’s semi-annual report, I found that there was a problem with last year’s annual report. This situation really happened.Star TechnologyBody.
According to the announcement issued by Xingxing Technology, the company is preparing for the 2021 semi-annualFinancial statementsAt that time, it was discovered that there were accounting errors in the 2020 financial statements.
According to the announcement, the companyOperating income, Cost, inventory, accounts receivable, accounts payable, notes receivable, notes payable, etc., all have “errors”, and the size of the errors is generally around 1 billion yuan.After a series of adjustments, its 2020Net profitFrom the previously disclosed 52.03 million yuan, it turned into a loss of 2.49 billion yuan overnight.
There were such errors in last year’s annual report. How true is this year’s semi-annual report? It is worth mentioning that there is such a paragraph in the 2021 semi-annual report disclosed by Xingxing Technology on the same day-
“Because the company’s correction of accounting errors has not been audited by a professional auditing agency, we believe that the correction data of this accounting error will affect the accuracy of the 2021 semi-annual report and its summary data.”
At the beginning of this semi-annual report, the three independent directors of Xingxing Technology, Mao Yingli, Yu Yi, and Guan Yunde, filed a statement of objection. They stated that the final data should be subject to the audit opinions of professional auditing institutions, so these three The independent director abstained from voting on this report.
Executives run away, creditors “force the palace”
According to convention, there will be a routine statement at the beginning of an announcement issued by a listed company. That is, all members of the company and the board of directors guarantee that the content of the announcement is true, accurate, and complete, and that there are no false records, misleading or major omissions.
Last year, the annual report of Xingxing Technology, which had been proved to be “mistakes”, also included this statement. However, some of the board members who made the “guarantee” have already resigned.
According to the announcement of Xingxing Technology, at the end of January this year, the then chairman Liu Jianxun resigned and Liu Langwen took over. However, less than 4 months later, Liu Langwen also announced his resignation. Since May this year, the directors of Star Technology Zhu Lin and Zhao Liang have also resigned. On the eve of the announcement, Zhang Shaohuai, chairman of the company’s board of supervisors, also announced his resignation due to personal reasons.
A few months ago, the company’s shareholders also expressed their concerns with practical actions. Zhongzhou Xinan, a shareholder who holds 8% of the shares of Xingxing Technology, previously stated that it will reduce its holdings of the company by no more than 28.7381 million shares, accounting for 3% of the total share capital. In addition, the 8% shareholder Pingxiang Zhongzhou Xin’an Commercial Management Center also stated that it will reduce its holdings of Xingxing Technology.
While executives have left the market and shareholders have reduced their holdings, the creditors of Xingxing Technology who are still on the market can’t sit still.
Not long ago, Xingxing Technology received the “Notice” served by the Pingxiang Intermediate Court. The notice stated that the applicant HSBC Investment applied to the Pingxiang Intermediate Court for the company’s Reorganize. If the reorganization plan cannot be approved by the court, the court will rule to terminate the company’s reorganization process and declare the company bankrupt.
According to the disclosure, on December 6, 2019, HSBC Investment and Xingxing Technology signed a “LoanContract》, HSBC Investment lent a total of 50 million yuan to the company with a loan period of 2 months. According to the contract, the term of this loan is from January 23, 2020 and ends on March 22, 2020. However, since the loan has expired, Xingxing Technology has not paid off the loan and its interest from HSBC Investment.
It plummeted by 40% in 5 days, and 50,000 stockholders “want to cry without tears”
Obviously, Xingxing Technology has reached the “most dangerous time”. For the majority of shareholders, this sudden change has brought great economic losses.
This week, Xingxing Technology had a 20% limit. Within 5 trading days, the company’s stock price has fallen by 40%, becoming the single stock with the highest cumulative decline in A shares that week. At the same time, the stock price of Xingxing Technology has hit a new low during the year, with a market value of only 3.4 billion yuan.
Up to now, Xingxing Technology has 49,498 shareholders, with an average investment of up to 100,000 yuan. In fact, before the “Thunderstorm”, the company had achieved a good market where its stock price doubled in one year. Therefore, before the company’s announcement, many shareholders on the Internet expressed their desire to “buy the bottom”.
Unfortunately, for investors, the “nightmare” of Xingxing Technology may have just begun. The announcement shows that the company’s stock will be tomorrow (August 23)SuspensionOne day, starting on the 24th, a special treatment of “delisting risk warning” will be implemented, the stock abbreviation will be changed from “Xingxing Technology” to “*ST Xingxing”, and the daily limit on stock trading will remain unchanged at 20%.
Public information shows that Xingxing Technology landed on the Growth Enterprise Market on August 19, 2011. The company’s main business is the research and development and manufacturing of various window protection screens, touch display modules, new display devices, and related materials and components. Huawei,ApplesSuch large enterprises were once important customers.
With the immediate debt crisis and the unexplained suspicion of financial fraud, where is the future of Xingxing Technology, which is about to “discover the stars”? How to protect the interests of the majority of shareholders? All this may still need to be seen.
(Source: Zongxiang News)
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