The Financial Services Association reported on May 8 that the bull stock Meishang Ecology, which once created 14 consecutive ups and downs. The stock price was once as high as 153 yuan, is now one of the delisted stocks.

Yesterday evening, *ST Meishang disclosed the 10th risk reminder that the listing of the company's shares may be terminated due to the stock price being lower than face value. Among them, it was mentioned that as of May 7, 2024, the closing price of the company's stock was below 1 yuan for 19 consecutive trading days, and there is a risk that the listing of the company's stock may be terminated because the stock price falls below face value.

Today, the stock continued its sharp decline. By the close, the stock price closed at 0.13 yuan/share. It has been below 1 yuan/share for 20 consecutive trading days, and there is no doubt about delisting.

As early as May 2021, *ST Meishang was issued an audit report that could not express an opinion by ZTE Accounting Firm (Special General Partnership) due to the 2020 financial report. At the same time, the controlling shareholders and related parties occupied the company's capital of 894.7829 million yuan, etc., which affected other risk warning situations, and the stock was “covered with stars.”

In April 2023, *ST Meishang also implemented other risk warnings in addition to the fact that net profit before and after deducting non-recurring profit and loss in the last three fiscal years was negative, and the most recent year's audit report showed uncertainty about the company's ability to continue operating.

According to the 2023 annual report disclosed by *ST Meishang this year, net profit loss attributable to shareholders of listed companies in 2023 was 545 million yuan. This also means that *ST Meishang has been losing money for four years in a row.

In addition to continued loss in performance, *ST Meishang has also frequently fallen into a “vortex” of stock price manipulation, credit disclosure violations, and fraudulent issuance in recent years.

In February of this year, *ST Meishang's controlling shareholders also received an “Administrative Penalty Decision” issued by the Securities Regulatory Commission due to joint private equity manipulation of their own shares. Wang Yingyan, the chairman of the company at the time, and Ji Yun, the legal representative of private equity, were administratively fined 5 million yuan and 3 million yuan respectively by the Securities Regulatory Commission.

According to the announcement, from June 12, 2018 to July 3, 2020, *ST Meishang Female Chairman Wang Yingyan and Ji Yun, the legal representative of Shanghai Yongshu Asset Management Co., Ltd., actually controlled 113 securities accounts including “Wu”, continuously traded “Meishang Ecology” and manipulated “Meishang Ecology”. During the manipulation period, the account group purchased a total of 3.14 billion shares, with a purchase of 39.984 billion yuan; sold 3.138 billion shares and sold 39.798 billion yuan, with a cumulative transaction volume of nearly 80 billion yuan. After deducting commissions and related taxes, the account group lost a total of about 238 million yuan.

A lawsuit was filed by the Securities Regulatory Commission due to a breach of credit disclosure. On the evening of April 21, 2024, *ST Meishang issued an announcement. Due to irregular financial accounting and failure to fulfill information disclosure obligations in accordance with regulations, the company was recently ordered to take corrective regulatory measures by the Shenzhen Securities Regulatory Bureau. Meanwhile, due to suspected illegal information disclosure, the company was filed by the China Securities Regulatory Commission on April 19, 2024.

Furthermore, *ST Meishang continuously inflated net profit before and after listing, suspected illegal disclosure and fraudulent distribution of information. By 2020, the company had inflated profits totaling 457 million yuan for 9 consecutive years.

In 2012, Meishang Ecology's inflated net profit was 117.12,700 yuan, and the inflated net profit accounted for 16.56% of the net profit disclosed in the current period;

In 2013, Meishang Ecology's inflated net profit was 16.523 million yuan, and the inflated net profit accounted for 16.31% of the net profit disclosed in the current period;

In 2014, Meishang Ecological inflated net profit of 7.6715 million yuan, and inflated net profit accounted for 7.12% of the net profit disclosed in the current period;

In 2015, Meishang Ecology's inflated net profit was 667.274 million yuan, and the inflated net profit accounted for 60.52% of the net profit disclosed in the current period;

In 2016, Meishang Ecology's inflated net profit was 64.011,111 million yuan. The inflated net profit accounted for 30.64% of the net profit disclosed in the current period;

In 2017, Meishang Ecology's inflated net profit was 78.3524 million yuan, and the inflated net profit accounted for 27.58% of the net profit disclosed in the current period;

In 2018, Meishang Ecology's inflated net profit was 148.278 million yuan, and the inflated net profit accounted for 38.34% of the net profit disclosed in the current period;

In 2019, Meishang Ecology's inflated net profit was 584.356 million yuan, and the inflated net profit accounted for 27.20% of the net profit disclosed in the current period;

In the first half of 2020, Meishang Ecology's inflated net profit was 5.337 million yuan. The inflated net profit accounted for 13.85% of the net profit disclosed in the current period.

Financial fraud led to false records in documents such as *ST Meishang's 2015 initial public offering of shares and listing on the GEM prospectus, 2015 annual report, 2016 non-public offering of shares and payment of cash to purchase assets and raise supporting capital and related transactions, the 2017 public offering of corporate bonds to qualified investors, and the 2018 non-public stock listing notice.

*ST Meishang was listed on December 22, 2015. After listing, it created 14 consecutive ups and downs. The highest price reached 153 yuan before opening. Along with multiple stock transfers and other acts, the stock price fell, and now the company's stock price is only 0.13 yuan left.

It is worth mentioning that as the actual controller of the company, Wang Yingyan was also a popular figure. According to public information, Wang Yingyan was born in 1967. She has a bachelor's degree, majoring in weaving, and obtained an EMBA degree from Fudan University. He has won honorary titles such as “Outstanding Entrepreneur of Wuxi City” and “Innovative Entrepreneur in China's Landscaping Industry Management”; in 2019, he was hired as a visiting professor at Jiangnan University. Served as the general manager, executive director, and chairman of Wuxi Meishang Landscape Engineering Co., Ltd.

Relying on financial accumulation, Wang Yingyan also entered the “Hurun 100 Wealth List” with a net worth of 5 billion dollars in 2016 and became a famous female millionaire.