① Half of 2024 has passed, but there are still 7 listed companies that have not disclosed their 2023 annual report and Q1 2024 report; ② Among the 7 listed companies with difficult annual reports, Sansheng Intellectual Education Technology and Nanjing Yueboo Power System have been issued with a delisting decision by the exchange; ③ There is not much time left for the other 5 companies to disclose their annual reports, but currently these 5 listed companies have not mentioned the specific time for annual report disclosure.
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 28th, Vtron Group Co., Ltd. (002308.SZ), Tunghsu Optoelectronic Technology Co., Ltd. (000413.SZ), Tunghsu Azure Renewable Energy Co., Ltd. (000040.SZ), Hainan Poly Pharm Co., Ltd. (300630.SZ), and Guangdong Huatie Tongda High-speed Railway Equipment Corporation (000976.SZ), which have not yet disclosed their 2023 annual reports, announced the progress of their reports. All of them said that they will strive to disclose the 2023 annual report and the first quarterly report of 2024 as soon as possible.
The above five companies, including Vtron Group Co., Ltd., Tunghsu Optoelectronic Technology Co., Ltd., Tunghsu Azure Renewable Energy Co., Ltd., Hainan Poly Pharm Co., Ltd., and Guangdong Huatie Tongda High-speed Railway Equipment Corporation, still have not mentioned the specific expected time of the annual report disclosure in the announcement, which is the fourth regular report progress announcement made by these five listed companies since they were suspended on May 6. So far, seven listed companies have not yet disclosed their annual reports for last year and their first-quarter reports for this year. The other two, Sansheng Intellectual Education Technology and Nanjing Yueboo Power System, have already been issued termination of listing notices by the exchange.
According to the announcement, if the five above-mentioned companies fail to disclose their annual reports for 2023 within two months of the stock suspension (by July 5, 2024), they will be subject to delisting risk warnings. If the company fails to disclose its annual report within two months from the date of the delisting risk warning, it will be delisted directly. It can be seen that these five companies have little time left to disclose their annual reports.
Vtron Group Co., Ltd., whose annual report was difficult to produce due to the illegal misappropriation of the company's funds, stated in its announcement that the company is actively communicating with the audit committee, auditors and other relevant parties, coordinating and cooperating with various departments and external units of the company, promoting rectification, and has reported the 1.33 billion yuan misappropriation to the public security organs and it has been accepted.
Tunghsu Optoelectronic Technology Co., Ltd. and Tunghsu Azure Renewable Energy Co., Ltd. stated that as of now, the verification of the company's financial information related to the annual report and other relevant important matters is still ongoing, and the preparation of the periodic reports is not yet completed. Hainan Poly Pharm Co., Ltd. also stated that the self-examination and rectification work is still in progress as of June 28.
Guangdong Huatie Tongda High-speed Railway Equipment Corporation, whose annual report was hindered by the misappropriation of the company's funds by its controlling shareholders, stated in its announcement that as of the date of the announcement, the company's controlling shareholders and other related parties have cumulatively returned 111 million yuan of misappropriated funds, but there is still 1.28 billion yuan that has not been returned. The company is taking active measures to recover the misappropriated funds as required by the Guangdong Regulatory Bureau of the China Securities Regulatory Commission, in order to complete the rectification as soon as possible and safeguard the interests of the listed company and small and medium-sized shareholders.
The annual reports have been repeatedly postponed, with Tunghsu Optoelectronic Technology Co., Ltd. and Tunghsu Azure Renewable Energy Co., Ltd. citing unfinished work related to periodic report preparation, Vtron Group Co., Ltd. and Guangdong Huatie Tongda High-speed Railway Equipment Corporation citing unverified financial information, Sansheng Intellectual Education Technology and Nanjing Yueboo Power System citing resignation of their accounting firms, and Hainan Poly Pharm Co., Ltd. stating that the financial information was "distorted" and they were ordered to conduct self-examination, resulting in the failure to disclose the annual report in a timely manner.
In terms of performance, the performance of these companies in recent years has been mostly unsatisfactory. Among them, Vtron Group Co., Ltd. has been losing money frequently. The performance of several listed companies with poor performance in recent years has been even more disastrous, such as Nanjing Yueboo Power System, which was subject to financial delisting risk warning due to negative net assets at the end of 2022 and was even unable to pay the audit fees that year. According to the announcement, Nanjing Yueboo Power System is expected to have a net asset of -238 million yuan to 0 yuan by the end of 2023.
In terms of information disclosure rating, almost half of the seven companies have poor information disclosure. Among them, Sansheng Intellectual Education Technology, Nanjing Yueboo Power System, and Guangdong Huatie Tongda High-speed Railway Equipment Corporation all received a D rating for the 2022 assessment. Since their listing, Tunghsu Azure Renewable Energy Co., Ltd. and Tunghsu Optoelectronic Technology Co., Ltd. have received three and five D-level assessments, respectively. According to the "Evaluation Guide" published by the exchange, D is regarded as unqualified.
It is worth noting that Vtron Group Co., Ltd., Tunghsu Optoelectronic Technology Co., Ltd., Tunghsu Azure Renewable Energy Co., Ltd., Hainan Poly Pharm Co., Ltd., Guangdong Huatie Tongda High-speed Railway Equipment Corporation, and other companies that have not disclosed their 2023 annual reports by the deadline were filed by the China Securities Regulatory Commission in May.