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Source: scale business
The regulators of the exchange sat in front of the phone in surprise. They had never encountered a listed company in which an auditor did not trust its finance. After withdrawing a corrected announcement, they refused to answer the regulatory call from the exchange. What do they want to do?Telescopicfishingrod? If listed companies confront regulation, can they still be good to investors? joke. In a fit of anger, the exchange sent it to * ST Park City, which refused to answer the phone.TelescopicfishingrodI got a supervision letter. Two days later, the CSRC filed a case against * ST Park City for investigation. Don't pretend to be an uncle in front of supervision!
On April 20, the Shanghai Stock Exchange sent a regulatory letter to * ST Park City after * ST Park City submitted an announcement to the exchange that no longer confirmed the recognition of profits generated by the beverage business that the exchange had previously focused on. This correction notice was not issued and * ST Park City withdrew it. Because this announcement determines the fate of * ST Park City in A shares, the exchange is very concerned. Regulators called * ST Park City to ask why the company did not confirm it and why it did not announce it. * ST Park City refused to answer regulatory calls.
It is normal for the contents of the announcement of listed companies to be questioned by the exchange, especially if it is related to the great changes in the performance of listed companies, confirm and not confirm, the exchange must ask clearly. Besides, the announcement of * ST Park City was sent to the exchange and was withdrawn before it was sent. The exchange must also ask why. The regulatory inquiry of the exchange is responsible to investors, but * ST Park City does not answer regulatory calls, the exchange has no way to know the true situation, and investors are naturally kept in the dark.
Why is the exchange so concerned about this announcement of * ST Park City?
* ST Park City's net profit before and after deducting non-business income in 2022 is at a loss, and after deducting business income that has nothing to do with the main business and does not have real business income, the main business income is less than 100 million yuan and has been * ST. According to the listing rules, if * ST Park City's business cannot be improved in 2023, it will be delisted. On January 30, 2024, * ST Park City issued a pre-increase announcement, saying that the company has implemented trade business and cost control, and is expected to make a net profit of 3.2 million-4.5 million in 2023.Telescopicfishingrod60 million to 200 million.
Seeing that he was about to escape, he did not expect that the audit institution hired by the company did not buy it and jumped out and said that the understanding of the basic situation of the company and the communication with the former accountant had not yet begun the risk assessment and substantive testing procedures. in the communication with the company on operating income and its deductions and net profit after deducting non-recurring profits and losses, we learned the basic situation of the relevant business. Including the relevant documents and accounting methods of the business, the certified public accountant does not provide any guarantee for the company's 2023 performance forecast.
The auditor spoke very rigorously, saying a lot of things, with only one core meaning: I can't believe your financial affairs, so I can't give you a public guarantee.
At a glance, the exchange has to communicate with the auditor of * ST Park City. The auditor said that during the audit of the 2023 financial statements of * ST Garden City, 16 million of the revenue needed to be verified, mainly related to the beverage business, and found that there was a difference between the sales price of Maotai in 2023 and that of some e-commerce platform stores during the 2024 audit period, and there were doubts about the compliance of the relevant business income, which needed to be further verified by audit procedures, and there was significant uncertainty in the verification results.
The problems mentioned by auditors were targeted by the exchange as early as November 2023. October 27th, 2023, * ST Park City announced three quarterly reports, revenue 1Telescopicfishingrod.2.7 billion, up 188.9% from the same period last year, and net profit was 6.6105 million, up 860.73% from the same period last year. Revenue in the third quarter was 48.7136 million, up 182.03% from the same period last year, and net profit was 5.6024 million, up 660.8% from the same period last year. The soaring performance is mainly due to beverage sales, a big increase in profits, and beverage sales income of 8.4401 million yuan.
* ST Park City, which mainly deals in steel, coal and fuel oil, did not add alcohol and beverage trade until the third quarter of 2023. The exchange asked why it made so much money. Although the immature liquor belongs to Maotai Group, it is not the same thing as Maotai. * ST Park City said at that time that it was mainly centralized procurement, sales in batches, direct purchase from the source, reduced intermediate links, and a large quantity of centralized purchase at one time, and obtained suppliers' preferential prices to supply goods. Because the third quarterly report does not need to be audited, the exchange does not ask further questions for the time being.
This time, the auditor's opinion confirmed the exchange's initial fears.
In communication with the exchange, the auditor said that the audit work is currently in progress, and audit procedures have been carried out on the beverage business, including interviews, letters, stocktaking and random checks of vouchers, etc. for the beverage business to be verified after the implementation of further audit procedures, if sufficient and appropriate audit evidence cannot be obtained to allay our doubts about the revenue compliance of the relevant business. The audit institution will issue an audit report with non-unqualified opinions. As a result, * ST Park City will touch on the termination of the listing.
After communicating with the audit institutions, the exchange has a preliminary understanding of the financial situation of * ST Park City, and issued a supervision letter warning to * ST Park City. If the company refuses to comply with the regulatory requirements and refuses to disclose material information that should be disclosed, the exchange will, in accordance with relevant regulations, warn the company of delisting risk and seriously deal with the company and relevant responsible persons. Then, on suspicion of illegal disclosure of information, the CSRC filed a case against * ST Park City for investigation. To make matters worse, the chairman of * ST Park City has also been investigated on suspicion of insider trading.
It's unbelievable.
* the secretary of ST Park City took office in October 2023. Doesn't he know anything about business? But the chairman of the company has been working in * ST Park since August 2000 and has served as the secretary of the listed company twice from June 2020 to October 2023. When he became chairman in August 2023, the company not only refused to answer phone calls from the exchange, but also filed a case for insider trading. If the listed company wants to ruin it, I'm afraid it won't stand a chance. In the face of the strange things of ST Park City, perhaps people will say, wipe snot on your face and make yourself look bad.