公司在公告中披露，依据《事先告知书》载明的内容，根据《上海证券交易所股票上市规则（2024年4月修订)》第9.8.1条“上市公司出现以下情形之一的，上交所对其股票实施其他风险警示：(七)根据中国证监会行政处罚事先告知书载明的事实公司披露的年度报告财务指标存在虚假记载，但未触及本规则第 9.5.2条第一款规定情形，前述财务指标包括营业收入、利润总额、净利润、资产负债表中的资产或者负债科目”等相关规定，公司股票将被实施其他风险警示。① In 2019, CHINA TOURISM AND CULTURE INVESTMENT GROUP underestimated Assets and Net income by 6.4243 million yuan, accounting for 3.55% of the absolute value of the disclosed total Net income for the period; in 2020, it overestimated Assets and Net income by 6.4243 million yuan, accounting for 25.86% of the absolute value of the disclosed total Net income for that period. ② CHINA TOURISM AND CULTURE INVESTMENT GROUP was fined 2 million yuan.
On March 14, according to financial reports, due to an incorrect year for a performance compensation amount exceeding 6 million, CHINA TOURISM AND CULTURE INVESTMENT GROUP was determined to have false records in its Earnings Reports and received an administrative punishment notice, leading to the company’s Stocks being designated as ST.
This evening, CHINA TOURISM AND CULTURE INVESTMENT GROUP announced that the company received an 'Administrative Punishment Advance Notice' issued by the Jiangxi Regulatory Bureau of the China Securities Regulatory Commission. According to relevant regulations, the company's Stocks will be suspended for one day on March 17, 2025, and starting from March 18, 2025, other risk warnings will be implemented. The abbreviation of the company’s Stocks will change from 'CHINA TOURISM AND CULTURE INVESTMENT GROUP' to 'ST TOURISM'.
The company disclosed in the announcement that in accordance with the contents stated in the 'Advance Notice', based on Article 9.8.1 of the 'Regulations on the Listing of Stocks on the Shanghai Stock Exchange (revised in April 2024)', 'If a listed company encounters any of the following circumstances, the Shanghai Stock Exchange will implement other risk warnings for its Stocks: (7) The annual report Financial Indicators disclosed by the company based on the facts stated in the administrative punishment advance notice from the China Securities Regulatory Commission contain false records, but do not touch on the cases stipulated in the first paragraph of Article 9.5.2 of this regulation, the aforementioned Financial Indicators include revenue, total profit, Net income, and asset or liability accounts in the balance sheet.' Therefore, other risk warnings will be implemented for the company's Stocks.
The 'Administrative Punishment Advance Notice' issued by the Jiangxi Regulatory Bureau of the China Securities Regulatory Commission (Gan Punishment Letter [2025] No. 2) disclosed by CHINA TOURISM AND CULTURE INVESTMENT GROUP today shows that after investigation, CHINA TOURISM AND CULTURE INVESTMENT GROUP is suspected of the following illegal facts:
CHINA TOURISM AND CULTURE INVESTMENT GROUP signed a 'Profit Compensation Agreement' with the performance commitment party. The performance commitment party promised that Beijing Xinxian Zhongshi Cultural Communication Co., Ltd. (a subsidiary of CHINA TOURISM AND CULTURE INVESTMENT GROUP) would achieve Net income of no less than 31.9 million yuan, 41.5 million yuan, and 54 million yuan respectively for the years 2017-2019. Due to the failure of Xinxian Zhongshi to complete the performance commitment, CHINA TOURISM AND CULTURE INVESTMENT GROUP received 6.4243 million yuan in performance compensation in January 2020. This performance compensation should be included in the Assets and Net income for 2019, but CHINA TOURISM AND CULTURE INVESTMENT GROUP included it in the Assets and Net income for 2020, resulting in an underestimate of Assets and Net income in 2019 by 6.4243 million yuan, accounting for 3.55% of the absolute value of the disclosed total Net income in 2019; overestimation of Assets and Net income in 2020 by 6.4243 million yuan, accounting for 25.86% of the absolute value of the disclosed total Net income in 2020.
The Jiangxi Regulatory Bureau believes that the above actions of CHINA TOURISM AND CULTURE INVESTMENT GROUP are suspected of violating the provisions of Article 78, Paragraph 2 of the 'Securities Law' which states 'The information disclosed by the information disclosing obligation person must be true, accurate, complete, concise and clear, easy to understand, and must not have false records, misleading statements or significant omissions,' constituting the act described in Article 197, Paragraph 2 of the 'Securities Law' of 'The reports submitted or the disclosed information by the information disclosing obligation person contains false records, misleading statements or significant omissions.'
Based on the facts, nature, circumstances of the illegal acts, and the degree of social harm, the Jiangxi Regulatory Bureau intends to decide according to the provisions of Article 197, Paragraph 2 of the 'Securities Law':
1. A correction order is issued to CHINA TOURISM AND CULTURE INVESTMENT GROUP, along with a warning and a fine of 2 million yuan.
2. A warning is given to the company's then-chairman, Zeng Shaoxiong, along with a fine of 0.6 million yuan.
3. A warning is given to the company's then-director and general manager, Peng Cheng, along with a fine of 0.5 million yuan.
4. A warning is given to the company's financial director, Shi Lei, along with a fine of 0.5 million yuan.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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