根据《深圳证券交易所股票上市规则》相关规定，若公司未能按照责令改正要求在六个月内清收全部非经营性占用资金，深交所将对公司股票实施停牌，停牌后两个月内仍未完成整改，深交所将对公司股票交易实施退市风险警示，此后两个月内仍未完成整改，深交所将决定终止公司股票上市交易。① ST Tunghsu is likely to become the first listed company in 2025 to be suspended by the Exchange due to difficulties in completing rectifications before the deadline; ② ST Tunghsu's Stocks may be suspended by the Shenzhen Stock Exchange starting January 6, with only one trading day remaining until suspension; ③ At the same time, ST Tunghsu is also facing the risk of being Delisted due to the stock price consistently falling below par value.
On January 3, Financial Associated Press reported (Journalist Wang Bin) that at the beginning of the new year, ST Tunghsu (000040.SZ) continuously sounded the alarm for "Delisting". The company may become the first listed company in 2025 to be suspended by the Shenzhen Stock Exchange for difficulties in completing rectifications before the deadline.
Last night, ST Tunghsu announced that on July 5, 2024, the Shenzhen Securities Regulatory Bureau ordered the company to return non-operating occupied funds of 7.796 billion yuan within six months of receiving the decision. This rectification deadline will expire on January 5, 2025. However, as of now, the company has not repaid the non-operating fund occupation amount of 7.527 billion yuan, nor has it proposed a clear repayment plan, making it difficult to complete all rectifications before the deadline.
According to the relevant regulations of the Shenzhen Stock Exchange's Stock Listing Rules, if the company fails to recover all non-operating occupied funds within six months as mandated, the Exchange will suspend the company's Stocks. If rectifications are not completed within two months after the suspension, the Exchange will issue a Delisting risk warning, and if rectifications are still not completed within two months thereafter, the Exchange will decide to terminate the company's stock listing trading.
In this situation, ST Tunghsu's Stocks may be suspended by the Shenzhen Stock Exchange starting January 6, 2025, for a period not exceeding two months. Currently, there is only one trading day left until the company's Stocks are suspended on January 3.
At the same time, ST Tunghsu is also facing the risk of being Delisted due to a stock price below par value.
Wind data shows that since December 26, 2024, ST Tunghsu's stock price has experienced a continuous decline; on December 31, the company's closing price first dropped below 1 yuan to 0.95 yuan/share. On the first trading day of 2025 (January 2), ST Tunghsu opened at a limit down, and the current stock price has fallen to 0.9 yuan/share, with the company's Market Cap only at 1.3 billion yuan. According to the Shenzhen Stock Exchange's Stock Listing Rules (2024 revised), if the closing price is below 1 yuan for 20 consecutive trading days, it will be Delisted and will not enter the Delisting adjustment period. Currently, the company is on the verge of Delisting due to par value.
The half-year report of 2024 shows that ST Tunghsu's main business is "New energy + Eco-friendly Concept." However, in May 2024, the company was investigated by the Securities Regulatory Commission for failing to disclose its 2023 annual report within the stipulated time; in September of the same year, the company and its controlling shareholder Tunghsu Group were again investigated by the Securities Regulatory Commission for suspected illegal information disclosure.
In terms of performance, in the first three quarters of 2024, ST Xulan achieved a revenue of 0.798 billion yuan, a year-on-year decline of 47.68%; the net income attributable to shareholders was a loss of 0.131 billion yuan, turning from profit to loss compared to the same period last year when the company's net income attributable to shareholders was 46.8802 million yuan. On the other hand, as of the end of September 2024, the number of shares pledged by the company's controlling shareholder Tunghsu Group accounted for 99.35% of the total shares held, while the number of frozen shares even reached 100%.
The announcement shows that ST Xulan previously received a "Notice" from creditors, who applied to the Shenzhen Intermediate People's Court in September 2024 for the company's reorganization and requested the initiation of a pre-restructuring procedure. However, at present, creditors have no longer submitted the aforementioned application to the Shenzhen Intermediate Court.
The actual controller of ST Xulan is Li Zhaoting, the former richest man in Shijiazhuang. At his peak, Li Zhaoting held shares in three listed companies: Tunghsu Optoelectronic Technology, ST Xulan, and Shanghai Challenge Textile (002486.SZ). Unfortunately, due to bond defaults, financial fraud, three consecutive years of losses, and negative net assets, Tunghsu Optoelectronic Technology was delisted in October last year. Now, ST Xulan is also mired in difficulties, with an uncertain future.
