The A-share market ushered in the first share to be delisted in 2022.
On the evening of March 22, *ST Xinyi (600145.SH) announced that the company’s stock was terminated from the Shanghai Stock Exchange and will enter the delisting period for trading on March 30. If the all-day suspension factor is not considered, the final trading date is expected. for April 21.
At the beginning of March, *ST Xinyi received a supervisory work letter issued by the Shanghai Stock Exchange on matters related to the suspension and termination of listing of the company’s shares. The reason why *ST Xinyi was terminated from the listing was due to its financial fraud and inflated revenue. After retrospective adjustment, its revenue was less than 10 million yuan for three consecutive years.
The regulatory work letter shows that after retrospective adjustment, the company’s operating income for two consecutive fiscal years in 2018 and 2019 was less than 10 million yuan, and the company’s 2020 operating income was also less than 10 million yuan, and was issued by an accounting firm. opinion on the audit report. The above facts show that the financial indicators of *ST Xinyi from 2018 to 2020 have actually reached the situation of forced delisting by major violations stipulated in the original “Implementation Measures for Major Illegal Mandatory Delisting of Listed Companies” by the Shanghai Stock Exchange.
In fact, *ST Xinyi has been struggling for a long time in the “shell protection” line. The revenue in 2018 and 2019 before the adjustment was just over 10 million yuan, and the main business was “one place chicken feathers”.
*ST Xinyi was listed on the Shanghai Stock Exchange in 1999. Initially, the securities were abbreviated as Siwei Porcelain Industry, which was called “the first listed company of professional sanitary ware in China”. However, in 2010, *ST Xinyi was condemned by the Shanghai Stock Exchange due to the violation of the letter and disclosure, and was also issued a “delisting risk warning” by the Shanghai Stock Exchange because of two consecutive years of losses in 2008 and 2009. In the ten years since then, *ST Xinyi has been issued a delisting risk warning several times.
Source of cover image: Photo Network-400087393
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