When facing thousands of listed company announcements every day, which ones should you read? What are the key points to take away from the dozens or hundreds of pages of material announcements? Are the many professional terms in the announcements bullish or bearish? Check out Caixin's "Quick Read Announcement" column, where our reporters across the country will provide you with accurate, fast and professional interpretations on the night of the announcement.

On the evening of June 24th, Yatai Technology (002540.SZ) released an announcement stating that the company recently received a notice from the company's director, general manager and the general manager of its subsidiary Yatong Technology, Pu Jianying, that the Hai'an Public Security Bureau issued a "decision on detention pending trial" on June 19, 2024. Due to the needs of the safety accident investigation, it was decided to detain and wait for trial of Pu Jianying, the general manager of Yatong Technology, with effect from June 19, 2024.

Public information shows that Pu Jianying, born in 1967, has a college degree and is a senior engineer. He has been a director of the company since August 2007, deputy general manager of the company from August 2007 to February 2021, and general manager of the company since February 2021. He concurrently served as the Minister of the Quality Assurance Department of the company from August 2008 to October 2013 and has been the general manager of Yatong Technology since November 2013.

Looking back on the above-mentioned safety accident, according to the announcement issued by Yatai Technology, on February 18, 2024, an explosion occurred in the casting well area of the aluminum rod production workshop in phase one of Yatong Technology. Due to the safety accident, it entered a temporary shutdown state. Yatong Technology is a wholly-owned subsidiary of Yatai Technology and mainly produces automotive aluminum extrusion materials and other products.

On March 16th of this year, Yatong Technology received the "Opinions on Rectification and Review" issued by the Hai'an Municipal Emergency Management Bureau, agreeing to restore the production and operation activities of the post-casting process of Yatong Technology Phase II casting workshop. On the same day, the post-casting process of Yatong Technology Phase II project, including extrusion casting, resumed production.

On May 11th, Yatong Technology received the "Opinions on Rectification and Review" issued by the Hai'an Municipal Emergency Management Bureau, agreeing to resume production and operation activities of the Yatong Technology Phase I project second workshop; as of May 11th of this year, except the smelting area of the Phase I project, other production areas of Yatong Technology have resumed production.

Yatai Technology's announcement this evening shows that Pu Jianying can perform his duties normally, and the production and operation of the company and its subsidiaries, Yatong Technology, are normal, and all work is proceeding in an orderly manner.

On the same evening, another listed company, Shanghai Xuerong Bio-Technology (300511.SZ), issued an announcement entitled "Announcement on Mr. Lu Yong Representing the Chairman and Mr. Zheng Weidong Representing the General Manager".

The announcement stated that Yang Yongping, the company's chairman and general manager, was unable to perform the relevant duties due to being placed under detention. According to the relevant regulations of the "Company Articles of Association", the board of directors elected and authorized Lu Yong, a director and deputy general manager of the company, to perform the duties of the chairman of the company during the period when Yang Yongping was unable to perform the duties of the chairman and general manager of the company, and decided that Zheng Weidong, a first-tier partner, base director and equipment director of the company, would act as the general manager of the company.

Earlier, on June 11th, Xuerong Bio-Technology announced that it had received a "notice of detention" and a "notice of filing" issued by the Yongdeng County Supervisory Committee. Yang Yongping, the controlling shareholder, legal representative, chairman and general manager of the company, was subject to detention measures. The company stated that as of the date of the announcement disclosure, it had not received any investigation or cooperation investigation documents from the authorities and was not aware of the progress and conclusions of the detention investigation. All other directors, supervisors and senior management personnel of the company except Yang Yongping are currently performing their duties normally.

It is worth mentioning that this evening, Xuerong Bio-Technology also released the company's 2024 tracking rating report. According to the rating opinion given by China Chengxin International, the main credit rating of the company was downgraded from AA- to A+, and the rating outlook was negative; the credit rating of "Xuerong Convertible Bonds" was downgraded from AA- to A+.

The above rating adjustments are mainly based on the depressed market environment that has caused the company to lose money for three consecutive years since 2023, and the continuing deterioration of its profitability since 2023, leading to a year-by-year reduction in its equity scale and a rapid growth in its debt scale. This has led to a high level of financial leverage and facing considerable short-term debt pressure; the company's business type is relatively single, and its risk resistance and resource control capabilities are relatively weak; the actual controller being placed under detention measures may have a negative impact on the company's business operations, etc.