Another company bids farewell to the A-share sale of villas and ultimately fails to preserve the shell.

Not long after TEPCO was delisted from the exchange, another company under HNA Group announced its delisting.

On the evening of June 8, *ST Haichuang announced that the company received the Shanghai Stock Exchange's "Decision on the Termination of the Listing of HNA Innovation Co., Ltd.'s Stocks" on June 8, and the Shanghai Stock Exchange decided to terminate the listing of the company's stocks. The starting date for the company's stock to enter the delisting consolidation period is June 16, and the last trading date is expected to be July 6.

Because the audited net profit in 2020 is negative and the operating income is less than RMB 100 million, the company's stocks will continue to be subject to a delisting risk warning from April 30, 2021. On April 30, 2022, the company disclosed its 2021 annual report. The company's 2021 financial accounting report was issued an audit report with no opinion expressed by China Audit Asia Pacific Accounting Firm (Special General Partnership). This situation involves the termination of listing of stocks under relevant provisions of the Shanghai Stock Exchange.

It is worth mentioning that on the eve of the release of the 2021 financial report, the company achieved a significant increase in operating income by selling villa properties in an attempt to preserve its shell. However, after the exchange "bypassed the company" and communicated with the annual audit accounting firm, it believed that the company should deduct business income unrelated to the main business and income without commercial substance in accordance with laws and regulations.

Statistics show that as of the end of the first quarter of this year, *ST Haichuang*** had 58,499 shareholders.

Analysts pointed out that in terms of financial delisting indicators, the new delisting regulations have added a combination of financial indicators that the net profit before and after deduction is negative and the operating income is less than 100 million yuan. It is clarified that business income unrelated to the main business and income without commercial substance should be deducted. The purpose is to more accurately describe the listed company's ability to continue operating and strive to clear out shell companies.

Failed to sell the villa to save the shell

In recent years *ST Haichuang’s main income comes from the operation and management of Jiulong Mountain Tourist Resort, but the company’s operating performance is not stable. From 2016 to In 2020, the company's operating income will be less than 100 million yuan, and it will show a decreasing trend year by year.

Because the audited net profit in 2020 was negative and the operating income was less than RMB 100 million, the company continued to implement a delisting risk warning after announcing its 2020 financial report.

For the company, 2021 is a critical year. Faced with the increasing pressure to delist, *ST Haichuang has made a fuss about revenue. On January 29 this year, the company released a performance forecast for 2021, predicting that the net profit in 2021 will be -167 million yuan to -251 million yuan, the net profit after deducting non-profit items will be -146 million yuan to -219 million yuan, and the operating income will be 109 million yuan. 100 million to 123 million yuan, and the operating income after deducting business income unrelated to the main business and income without commercial substance is 105 million to 113 million yuan.

The revenue in 2020 was only 13 million yuan, but the revenue in 2021 suddenly increased to more than 100 million yuan. As for the reasons for the increase in revenue, the company stated that as HNA's restructuring risks have been resolved, the company's subsidiary's villa property in the Jiulong Mountain Tourist Resort has been released; at the same time, the company's subsidiary will re-obtain the real estate on July 1, 2021 Development qualifications. The company actively promotes market-oriented real estate sales and achieves substantial growth in the company's main operating income. At the same time, the company also sold some villa properties located in Jiulongshan Tourist Resort.

Subsequently, the Shanghai Stock Exchange issued a letter of inquiry on the company’s performance forecast, requiring the company to explain the reasons and rationality for the substantial increase in operating income in 2021, whether it is in compliance with industry rules, and to explain the revenue recognition policy and basis. , whether there is a situation where revenue is recognized without meeting the revenue recognition conditions.

The company mentioned in its reply to the announcement that the company’s holding subsidiary Zhejiang Jiulongshan Development Co., Ltd. has a third-level real estate development qualification issued by the Jiaxing Municipal Housing and Urban-Rural Development Bureau, and listed the specific real estate sales. .

The company believes that due to several rounds of seizures of land, real estate, equity, etc. held by the company, repeated epidemics and downturn in real estate business, the company’s source of income mainly relies on rentals from operating projects such as hotels and Jockey Clubs, resulting in the company’s Revenue declined from 2018 to 2020.

In February 2020, the Hainan Provincial HNA Group Joint Working Group stationed in HNA Group. In March 2021, the court ruled that HNA Group should merge and reorganize, and the court approved the reorganization plan in November 2021. The company believes that during the reorganization period, the company's main creditors also agreed to cooperate with the release of assets, the company will gradually eliminate its debt burden, and its operating business will gradually resume. The obstacles to the development and sales of the company's tourism real estate have been eliminated, laying the foundation for the improvement of the company's main business.

However, after the "bypass" company fully communicated with the annual audit accounting firm, the Shanghai Stock Exchange believed that the company should deduct business income unrelated to the main business and income without commercial substance in accordance with laws and regulations. The Shanghai Stock Exchange also emphasized that if a company is suspected of failing to deduct operating income as required and avoid delisting, it will promptly request the initiation of on-site inspections and other regulatory measures after the company's 2021 annual report is disclosed, and impose disciplinary sanctions on the company and relevant responsible persons.

At the same time, the Shanghai Stock Exchange also requires annual audit accountants to carefully verify relevant matters, perform audit procedures, and prudently issue audit opinions on the company's 2021 financial accounting report.

After the 2021 financial report was released, *ST Haichuang's 2021 financial report was issued a disclaimer of opinion audit report, mainly because the accounting firm was unable to obtain sufficient and appropriate audit evidence related to the assessment of continued operating capabilities. , therefore it is impossible to judge whether it is appropriate for HNA Innovation to use the going concern assumption to prepare its 2021 financial statements.

As for the real estate sales revenue of 106 million yuan recognized in 2021, due to restrictions on extended auditing, the accounting firm is unable to further obtain sufficient and appropriate audit evidence for revenue recognition.

*ST HNA has "reached for the stars"

What is different from the fate of *ST Haichuang is that *ST HNA, which has also been subject to a delisting risk warning, has recently "reached for the stars".

Previously, after self-examination, *ST HNA discovered that there were matters such as the occupation of non-operating funds by shareholders and related parties, undisclosed guarantees, assets requiring attention, etc., because the related parties failed to resolve the above issues within one month. Question, the company's stock was issued an "other risk warning" on February 19, 2021.

On April 30, 2021, because the company’s audited closing net assets for 2020 were negative, and the company’s 2020 financial report was unable to be issued by PricewaterhouseCoopers Zhongtian Accounting Firm (Special General Partnership) According to the audit report expressing opinions, the company's stock was issued a "delisting risk warning". Because the company's internal control in 2020 was issued an internal control audit report with a negative opinion by PricewaterhouseCoopers Zhongtian, the company's stock was issued an "other risk warning".

For the 2021 financial report, PricewaterhouseCoopers Zhongtian Accounting Firm (Special General Partnership) issued a standard unqualified opinion. The company’s audited closing net assets in 2020 were negative, and the company’s audited net assets in 2020 were negative. The corresponding situations of "delisting risk warning" caused by the issuance of an audit report with a disclaimer of opinion on the financial accounting report and the "other risk warning" caused by the issuance of an internal control audit report with a negative opinion on the internal control in 2020 have been eliminated.

On April 29, 2022, the company submitted an application to the Shanghai Stock Exchange for canceling the corresponding "delisting risk warning" and "other risk warning". On May 17, 2022, the Shanghai Stock Exchange agreed to cancel the corresponding delisting risk warning and other risk warnings.

However, given that the China Securities Regulatory Commission’s investigation of the company is still in progress, the company has not submitted an application to the Shanghai Stock Exchange for canceling the corresponding “other risk warning”, and the company’s stocks continue to implement other risk warnings.

The company stated that it is currently actively cooperating with the China Securities Regulatory Commission to carry out relevant work. After the investigation is completed, the company will submit an application to the Shanghai Stock Exchange for canceling the corresponding "other risk warning" in accordance with regulations, and the final application The cancellation status shall be subject to the review opinions of the Shanghai Stock Exchange.

*ST Daji accelerates the process of triggering the war

HNA Group’s other listed company *ST Daji has also been issued a delisting risk warning. Currently, it is making a request to the Shenzhen Stock Exchange to cancel the delisting. City risk warning.

*ST Daji, as the representative of the commercial segment of HNA Group, has stated many times before that the introduction of strategic investors after the reorganization is still in progress.

Analysts pointed out that after the introduction of strategic investors and the injection of strategic investment funds, by continuing to improve the company's production and operation efficiency, it is expected that the delisting risk warning will eventually be lifted.

Because the company’s 2020 financial accounting report was issued by the annual review agency with a disclaimer of opinion in the paragraph containing significant uncertainties related to continuing operations, the company’s stocks will start trading on April 30, 2021. Delisting risk warning continues to be implemented.

Shinewing audited the company's 2021 financial report and issued an unqualified "2021 Audit Report" with a paragraph on major uncertainties related to continuing operations. The company believes that accordingly The delisting risk warning situation and other risk warning situations have been eliminated, and an application has been made to the Shenzhen Stock Exchange to cancel the delisting risk warning and other risk warning situations due to the internal control audit report that was issued with a negative opinion in the last year.

Subsequently, the Shenzhen Stock Exchange issued an inquiry letter for the 2021 annual report, requiring the company to explain whether the company management’s response measures to improve continued operations disclosed in the annual report so far are effective and whether they are conducive to eliminating the ability to continue operating. Significant uncertainties that give rise to significant doubts, and whether there are circumstances in which an unqualified opinion with an emphasis of matter paragraph is used instead of a qualified opinion, a negative opinion or a disclaimer of opinion, etc.

The company announced on May 19 that it would postpone its response to the Shenzhen Stock Exchange’s inquiry letter. As of now, the company has not responded to the Shenzhen Stock Exchange’s annual report inquiry letter.

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