On ****, Cailian News reported (Reporter Liu Mengran) that the ST Aikang (002610.SZ) which is full of claims on the stock forums received two regulatory letters tonight. According to the latest announcement, the company and related personnel received a warning letter from the Zhejiang Securities Regulatory Bureau for inadequate disclosure of production and operation risks and internal control risks. At the same time, the Shenzhen Stock Exchange also issued a inquiry letter to ST Aikang, launching disciplinary action procedures against the company and related parties. As of today's closing, the ST Aikang stock price continued to hit the limit down to 0.58 yuan/share, with the closing price below 1 yuan for 11 consecutive trading days, locked in delisting at 1 yuan.

Tonight on the Cailian News App platform, several readers commented in the message board that claims should be made to the relevant responsible parties, and suggested that compensation system should be established as soon as possible.

Looking back at the announcement, due to three consecutive years of losses, the 2023 financial report of Aikang Technology was audited with a reservation about the uncertainty related to ongoing operations, and the 2023 internal control audit report was issued with a negative opinion. Aikang Technology announced on the evening of April 29th that it would be suspended from trading and subject to other risk warnings (ST). After resumption of trading on May 6th, the company's stock was labeled "帽"， and its stock price has hit the limit down all the way, closing down for 22 consecutive trading days. Cailian News noticed that the company's closing price has been below 1 yuan for 11 consecutive trading days. Calculating from this, even if it increases by the daily limit for the next 9 trading days, its stock price cannot return to above 1 yuan. According to regulations, continuous 20 trading days of closing price below 1 yuan will trigger mandatory delisting.

Cailian News reporters noticed that the company's closing price has been below 1 yuan for 11 consecutive trading days. With this calculation, even if it increases successively to the daily limit for the next 9 trading days, its stock price cannot return to above 1 yuan. According to regulations, continuous 20 trading days of closing price below 1 yuan will trigger mandatory delisting.

Tonight, ST Aikang announced that it received the decision of the Zhejiang Regulatory Bureau of the China Securities Regulatory Commission to issue a "Warning Letter on Zhejiang Aikang New Energy Technology Co., Ltd. and related personnel". It pointed out that on April 15th, the company directly replied "There is currently no ST risk for the company" to answer investors' questions about whether the company has ST risk on the Shenzhen Stock Exchange interactive easy-to-use website, which did not fully disclose the company's production and operation risks and internal control risks to investors, and the relevant replies were inaccurate and incomplete. The company's chairman Zou Chenghui (who is performing the duties of the Board Secretary), as well as director and senior vice president Tian Ye, were also issued warning letters together.

In addition, according to the inquiry letter of the Shenzhen Stock Exchange, disciplinary action procedures will be launched against the company, Zou Chenghui and Tian Ye for the same reason.

In fact, the company had already issued a performance loss forecast on January 30 this year. It is expected that the company's net loss attributable to shareholders of the listed company will be between RMB 740 million and RMB 370 million in 2023. On the evening of April 29th, the company disclosed its financial report, recording a loss of RMB 826 million for 2023, exceeding the lower limit of the performance forecast made earlier. In 2021 and 2022, the company's losses were RMB 406 million and RMB 834 million respectively.

Knowing that net profit losses will occur for three consecutive years, and further triggering possible caps, did the company still insist on denying the existence of ST risk when replying to investors, making it guilty of misleading?

However, irregular information disclosure is not the only straw that breaks the camel's back. In this round of photovoltaic technology iteration, ST Aikang, with its layout of the next generation of photovoltaic battery technology heterojunction battery components, was once a darling of the capital market and had a considerable advantage in heterojunction segments. According to Choice data, its stock price once reached a high point of 6.14 yuan/share in November 2021.

However, due to cost restraints, heterojunction technology has been squeezed out by another mainstream technology, TOPCon, and has not been widely promoted as originally expected. It has not resulted in support for the company's performance in the terminal market.

The bigger risk is hanging debt. As of April 30th this year, ST Aikang and its holding subsidiaries had a cumulative approved external guarantee amount of 9.064 billion yuan, with the maximum amount of external guaranteed contract actually incurred being 6.566 billion yuan, and the financing balance under the external guaranteed contract actually incurred being 3.598 billion yuan. The maximum external guaranteed amount for subsidiaries under the scope of the consolidated financial statements was 5.063 billion yuan, while the maximum external guaranteed amount for other external guarantees was 1.503 billion yuan.

Statistics show that the maximum amount of actual external guarantee contracts incurred above accounts for 323.29% of the company's latest audited net assets, and the financing balance under the cumulative external guarantee contracts accounts for 177.15% of the company's latest audited net assets.

At the same time, overdue guarantees are also occurring. According to the latest notice on external guarantee loan overdue risk released on June 1st, the company still has a number of external guarantee loans overdue.