Xingxing Technology was warned of delisting risk due to accounting errors and its performance was reduced from profit to loss of nearly 2.5 billion

Original title: Due to accounting errors, performance was reduced from profit to nearly 2.5 billion in lossStar TechnologyWill be implemented delisting risk warning

Every time reporter Sun Jiaxia, intern reporter Cheng Ya Every time editor Zhang Haini

Xingxing Technology (300256, SZ; yesterday’s closing price of 3.51 yuan) announced on August 21 that when the listed company prepared the 2021 semi-annual financial statement, it found that there were errors in the 2020 financial statements. Due to accounting errors, it was attributable to the listing in 2020 The net assets of the company’s shareholders are negative after retrospective restatement (unaudited), and the stock transactions of listed companies will be subject to delisting risk warnings. Previously, Xingxing Technology’s 2020 financial report was issued by Daxin Certified Public Accountants (Special General Partnership) with a standard unqualified opinion.

It is worth mentioning that just a few days ago (August 18), another announcement of Xingxing Technology stated that the company was unable to pay off its due debts by the creditor Pingxiang HSBC Investment Co., Ltd. (hereinafter referred to as HSBC Investment) as a listed company And because of the obvious lack of solvency, it applied to the Intermediate People’s Court of Pingxiang City, Jiangxi Province (hereinafter referred to as Pingxiang Intermediate Court) for reorganization.

Accounting error?

The accounting error correction announcement issued by Xingxing Technology stated that the 2020 operating income will be reduced by 3.167 billion yuan, the 2020 operating cost will be reduced by 1.46 billion yuan, the 2020 inventory will be reduced by 433 million yuan, and the 2020 accounts receivable will be adjusted. A reduction of 2.045 billion yuan, a reduction of 390 million yuan in accounts payable in 2020, a reduction of 181 million yuan in bills receivable in 2020, and a reduction of 44.8 million yuan in bills payable in 2020.

In addition, for 2020, other payables will be increased by 1.048 billion yuan, of which other payables by related parties will be increased by 220 million yuan, and goodwill impairment reserves for 2020 will be increased by 876 million yuan. After the above adjustments, Xingxing Technology‘s net profit in 2020 has changed from a profit of 52.03 million yuan to a loss of nearly 2.5 billion yuan.

Xingxing Technology stated that due to the above accounting errors, the net assets of the listed company attributable to shareholders of the listed company in 2020 will be negative after retrospective restatement. Therefore, in accordance with the second item of Article 10.3.1 of the Shenzhen Stock Exchange’s Growth Enterprise Market Stock Listing Rules, the audited net assets at the end of the most recent fiscal year are negative, or the net assets at the end of the most recent fiscal year after retrospective restatement If the assets are negative, the company’s stock transactions will be subject to delisting risk warnings.

The opinion of the independent director of Xingxing Technology stated: “We believe that since 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 should be subject to the audit opinion of the professional auditing agency. This accounting error shall prevail. The review and voting procedures for the corrections are in compliance with laws, regulations, and the “Articles of Association”. In terms of procedures, we agree to the company’s act of correcting the accounting errors this time.”

The Supervisory Board of Xingxing Technology stated that the review and voting procedures for the correction of accounting errors are in compliance with laws, regulations and the “Articles of Association”. The corrected financial data and financial statements can accurately reflect the company’s financial status and operating results. This correction of accounting errors did not harm the interests of the company and all shareholders. Therefore, the Board of Supervisors agreed to the correction of accounting errors.

Previously, Xingxing Technology’s 2020 financial report was issued by Daxin Certified Public Accountants (Special General Partnership) with a standard unqualified opinion. Therefore, Xingxing Technology also stated that it is actively promoting the employment of accounting firms and is expected to complete the disclosure of audited financial statements and audit reports after accounting errors have been corrected within two months from the date of the announcement.

Filed for bankruptcy reorganization by creditors

On August 18, the announcement of Xingxing Technology also stated that on August 17, 2021, the listed company received the “Notice” served by the Pingxiang Intermediate Court, and the applicant HSBC Investment applied to the Pingxiang Intermediate Court for restructuring the listed company Whole.

After the announcement, the stock price of Xingxing Technology has plummeted continuously. According to Qixinbao data, Pingxiang Innovation Development Investment Group Co., Ltd. (hereinafter referred to as Pingxiang Venture Capital) holds 96.28% of HSBC Investment, while Pingxiang Venture Capital is 51% owned by Pingxiang State-owned Assets Supervision and Administration Commission. The Management Committee of Pingxiang Economic and Technological Development Zone holds 49% of the shares.

On December 6, 2019, HSBC Investment and Xingxing Technology signed a “Loan Contract” to lend 50 million yuan to a listed company with a loan period of 2 months. The purpose of the loan is the production and operation of the enterprise. A one-off repayment of principal and interest at the end of the loan period.

Why does HSBC Investment lend money to Xingxing Technology? This may be related to the largest shareholder of Xingxing Technology.

On January 28, 2019, the actual controller Ye Xianyu and shareholders Wang Xianyu, Mao Xiaolin and others of Xingxing Technology signed the “Share Purchase Agreement” with Pingxiang Fantek Network Technology Co., Ltd. (hereinafter referred to as Pingxiang Fantek), and Pingxiang Fantai The customer intends to transfer 144 million shares of Xingxing Technology, accounting for 14.90% of the company’s total share capital. After the transfer is completed, Pingxiang Fantek will become Xingxing Technology‘s largest shareholder. Pingxiang Fantek is indirectly held by the Pingxiang Technology Development Zone Management Committee with 99.89% of the shares.

Therefore, after the signing of the contract, HSBC Investment remitted the loan principal of 50 million yuan into the designated collection account of Xingxing Technology in 11 transactions. Accordingly, the actual loan period is from January 23, 2020 to March 22, 2020. So far, Xingxing Technology has not paid off the loan and its interest from HSBC Investment.

Xingxing Technology said that the company currently calculates that its current liabilities have exceeded total assets, and the short-term debt repayment pressure is relatively high. It is temporarily unable to repay the loans and interest of HSBC investment.

However, on August 22, Xingxing Technology also stated on the interactive Yi platform that the company “currently everything in production and operation is normal.”

Editor in charge: Li Tong