① Jinzhou Port A and B shares will be “ST” due to false records in the 2018 to 2021 annual report. ② As the chairman and general manager of Jinzhou Port at the time, Xu Jian and Liu Hui committed heinous offenses, and the circumstances of the violation were serious. The Securities Regulatory Commission plans to ban them from entering the market for at least 10 years. ③ Jinzhou Port's A share price is still above 2 yuan, while B shares are approaching the 1 yuan delisting red line.
Finance Association, May 31 (Reporter Huang Lu) Jinzhou Port (600190.SH) will be “ST” due to false records in the 2018 to 2021 annual report. Jinzhou Port and those responsible will be fined a total of 23 million yuan. In addition, two responsible persons have also been banned from the market for more than 10 years.
This evening, Jinzhou Port announced that it received the “Advance Notice of Administrative Penalties and Market Ban” issued by the China Securities Regulatory Commission. Jinzhou Port is engaged in large-scale trading business with seven companies including Dalian Hejing Trading Co., Ltd. in order to increase revenue and profits and meet bank loan requirements, but the trade business carried out by Jinzhou Port with these seven companies has no commercial substance.
From 2018 to 2021, seven companies including Jinzhou Port and Dalian Hejing Trading Co., Ltd. carried out trade operations to inflate operating income, operating costs, and total profits. Among them, 2018, 2019, 2020 and 2021 inflated revenue by about 2.12 billion yuan, 3,947 billion yuan, 2.48 billion yuan, and 75 billion yuan respectively, with a total inflated revenue of more than 8.6 billion yuan over four years.
In response, the China Securities Regulatory Commission plans to decide to order the Jinzhou Port to make corrections, give a warning, and impose a fine of 8 million yuan. Xu Jian, then chairman of the company, Liu Hui, vice chairman and general manager, Bao Chenqin, director, Li Ting, financial director, Ning Hongpeng, deputy general manager, and Cao Cheng, deputy general manager, were given separate warnings and fined 4 million yuan, 4 million yuan, 2 million yuan, 2 million yuan, and 1 million yuan respectively.
Among them, Xu Jian and Liu Hui are the current chairman and general manager of Jinzhou Port. Due to their heinous illegal acts, the circumstances of the violation were serious. According to the relevant provisions of the Securities Law, the Securities Regulatory Commission plans to decide to ban them from entering the market for at least 10 years.
Trading of the company's shares was suspended for 1 day from the opening of the market on June 3, and trading resumed on ****e abbreviation for A-shares will be changed to “ST Kumgang”, and the abbreviation for B-shares will be changed to “ST Kumgang B”.
Jinzhou Port said that the board of directors of the company attaches great importance to the matters set out in the “Notice” and will actively implement the regulatory requirements, take corresponding measures to eliminate the impact of related matters on the company as soon as possible, and strive to withdraw the risk warning as soon as possible.
It is worth mentioning that Dahua Certified Public Accountants issued an unqualified audit report on the 2023 financial report of Jinzhou Port with important points. The reason at the time was that Jinzhou Port received a notice of filing of the case from the Securities Regulatory Commission on November 10, 2023. The company was filed by the China Securities Regulatory Commission due to suspected illegal disclosure of information in the previous year. As of the 2023 financial statements approval and reporting date, the case has not yet been settled, and there is still uncertainty about the impact of the filing matters on the company's financial statements.
In terms of stock prices, Jinzhou Port's A shares closed today at 2.28 yuan/share, and B shares closed at 0.169 US dollars/share. At the exchange rate (1:7.2418), it is about 1.22 yuan/share, which is close to the 1 yuan delisting red line. However, check the listing rules of the Shanghai Stock Exchange, which stipulate that for listed companies that issue both A shares and B shares on the Stock Exchange, the closing prices of A and B shares must meet the standards stipulated in the relevant regulations at the same time before delisting conditions are triggered.