ST锦港称，目前曹成能够正常履职，公司已对刘辉、李挺负责的相关工作进行了安排。1. ST Jin Gang's vice chairman and president, vice president and CFO, vice president, former director, former chairman and 5 others were taken compulsory criminal measures by the public security organs; 2. The company's trade business has generated a total of approximately 2.171 billion yuan in accounts receivable and prepayments, all of which are overdue; 3. The company falsified its financial statements from 2018 to 2021, falsely inflating revenue by 8.62 billion yuan over four years, and has not disclosed its interim report for this year so far.
Financial Association News on October 28 (Reporter Chen Kang) ST Jin Gang (600190.SH) announced this evening that due to suspected illegal disclosure of important information, the company's vice chairman and president Liu Hui and others were taken compulsory criminal measures by the Jinzhou Public Security Bureau.
The announcement shows that in addition to the compulsory criminal measures, the company's vice president and CFO Li Ting, former director Bao Chenqin, vice president Cao Cheng, and former chairman Xu Jian were also involved. Among them, Bao Chenqin, Cao Cheng, and Xu Jian are on bail pending trial. The specific details of the case are still under further investigation by the public security authorities.
ST Jin Gang stated that Cao Cheng is currently able to perform his duties normally, and the company has made arrangements for the work responsibilities previously held by Liu Hui and Li Ting.
Currently, the company is in a precarious situation. On the evening of October 14th, ST Jin Gang disclosed an announcement of a huge amount of debts due, with the company's total accounts receivable and prepayment balance of approximately 2.171 billion yuan from its trade business all overdue as of October 11th this year. Among them, the amount of unpaid debts due is about 0.68 billion yuan, accounting for approximately 30% of the accounts receivable, while the remaining over 1.4 billion yuan is prepayments, accounting for approximately 70%.
On the evening of October 22nd, the company also issued a delisting risk warning. As of that day, the company had not disclosed its 2024 interim report. According to the relevant provisions of the Shanghai Stock Exchange Listing Rules, because the company failed to disclose its 2024 interim report within the statutory deadline, the company's stock has been suspended from trading since September 2, 2024. If the company still cannot disclose its interim report within two months of the stock suspension, the company's stock will be subject to a delisting risk warning.
Regarding the suspected illegal disclosure of important information by the aforementioned individuals, it can be traced back to the company's announcement on the evening of May 31st, when it received a pre-notice of administrative penalties and market entry bans issued by the China Securities Regulatory Commission. The company falsified its financial statements for four consecutive years from 2018 to 2021, fraudulently inflating revenue by a total of 8.62 billion yuan. In 2018, revenue was inflated by 2.12 billion yuan, accounting for 35% of that year's revenue; in 2019, revenue was inflated by 3.947 billion yuan, accounting for 56.13% of that year's revenue; in 2020, revenue was inflated by 2.48 billion yuan, accounting for 36.47% of that year's revenue; in 2021, revenue was inflated by 75.11 million yuan, accounting for 2.56% of that year's revenue.
The China Securities Regulatory Commission believes that the then chairman Xu Jian and then vice chairman and general manager Liu Hui were the main leaders in Jinzhou Port's trade business false records, and the then CFO Li Ting, the former vice general manager Ning Hongpeng, and the former vice general manager Cao Cheng are other direct responsible persons for the illegal information disclosure at Jinzhou Port. Xu Jian and Liu Hui, due to their serious violations and grave circumstances, have been subject to market bans of more than 10 years.
It is worth noting that on October 27, Liu Hui applied to resign from the vice chairman, director, and president of the eleventh board of directors of the company, and also resigned from the position of member of the board of directors' strategic committee in the company. After resigning, Liu Hui also stepped down as the legal representative of the company and will not hold any position in the company.
The main business of Jinzhou Port is comprehensive port transportation services, including loading and unloading, transportation, warehousing of goods such as petroleum products, grain, containers, coal, etc. The company has no controlling shareholder and no actual controller.
The largest shareholder of the company is Dalian Port Investment Holdings Group Co., Ltd., with a shareholding ratio of 19.08%. The second and third largest shareholders are Tibet Haihan Transportation Development Co., Ltd. and Tibet Tiansheng Transportation Development Investment Co., Ltd., with shareholding ratios of 14.27% and 6% respectively, all currently pledged.
