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A股异动丨12年虚增营收超百亿 ST舜天复牌跌停 封单逾50万手

Stock market anomaly: overstated revenue of over 10 billion yuan in 12 years; special treat Shun Tian fell by the limit on its resumption with over 5 million shares blocked.

Gelonghui Finance ·  Jul 9, 2024 08:13

On July 9th, GeLongHui reported that ST ShunTian (600287.SH) resumed trading today with a one character limit down and closed at 3.42 yuan, with a market cap of 1.5 billion yuan. As of the close, there were still 0.517 million sealed orders, with only 166 hands traded for the day (trading volume of 0.0568 million yuan). Last Friday (July 5th), Jiangsu Shuntian announced that the stock would receive other risk warnings due to receiving administrative penalty decisions issued by China Securities Regulatory Commission, and the stock would be suspended for one day on July 8th, followed by the implementation of other risk warnings upon resume of trading on July 9th, with the stock's abbreviation changed to "ST ShunTian." The company's official website described Jiangsu Shuntian as a state-owned listed company with business covering many areas such as import and export trade, domestic trade, garment production, chemical warehousing, and private equity investments. The announcement revealed that Jiangsu Shuntian falsely increased revenue by 10.333 billion yuan, cost of goods sold by 9.399 billion yuan, and total profit by 0.934 billion yuan in financial reports from 2009 to 2021 by participating in false self-cycling business of communication equipment in the domestic market. Given the fact of 12 consecutive years of financial fraud, CSRC decided to order Jiangsu Shuntian to make corrections, issue a warning, and impose a fine of 10 million yuan; issue a warning and impose a fine of 1.5 million yuan on former chairman Gao Song; and give different degrees of punishment to other relevant personnel. Jiangsu Shuntian also stated that after its self-examination, it determined that the violation of information disclosure did not trigger the mandatory delisting situation stipulated in the Shanghai Stock Exchange listing rules. Some analysts pointed out that the new "Stock Listing Rules (Revised in April 2024)" were issued by the Shanghai and Shenzhen Stock Exchanges on April 30th of this year to further improve the delisting standards. For example, in the delisting issue of a fraudulent company, the situation of serious fraud for one year and continuous fraud for three years was added. However, for Jiangsu Shuntian, which committed financial fraud for 12 consecutive years and received the "Administrative Penalties and Advance Market Exclusion Notices" issued by CSRC on June 30th, 2023, the original listing rules were applicable at that time, and there was no provision for delisting due to three years of fraud.

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