首页Home1stjackpot| The supplier and the company are suspected to have a related relationship, and the commercial nature of the large advance payment is doubtful *ST Yilian received the inquiry letter on the annual report of the Shanghai Stock Exchange

1stjackpot| The supplier and the company are suspected to have a related relationship, and the commercial nature of the large advance payment is doubtful *ST Yilian received the inquiry letter on the annual report of the Shanghai Stock Exchange

时间2024-05-15 14:56:44分类Home浏览3
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Recently, * ST Yi Lian (SH600836) (share price 1)1stjackpot.04 yuan, with a market capitalization of 696 million yuan (Shanghai Yilian), has been closely watched by the market and regulators because of a series of problems. From the inquiry letter of the annual report to the risk of strengthening and balancing some of the shares held by the controlling shareholders, the operational risks and internal governance problems of ST Yi Lian have gradually surfaced.

On May 14, * ST Yi Lian received a regulatory inquiry letter from the Shanghai Stock Exchange due to issues related to the disclosure of the 2023 annual report. The inquiry of the Shanghai Stock Exchange involves many aspects such as the company's large prepayments, restrictions on monetary funds, changes in executive positions, and so on.

It is suspected that there is a relationship between the supplier and the company, and the commercial essence is in doubt.

The 2023 annual report shows that * ST Yi Lian's examination and approval procedures for prepayments of 1.037 billion yuan are incomplete and the commercial substance is questionable. Accounting firms have issued audit reports that can not express opinions and internal control audit reports that deny opinions. At the same time, the company has funds occupied by controlling shareholders and other related parties, and accounting firms are unable to express their opinions. The company said it was still checking large advances and was at risk of not being able to recover them in full.

In this regard, after reviewing the company's annual report, the Shanghai Stock Exchange found that there is a suspected relationship between the relevant suppliers and * ST Yilian, and the relevant advance balance accounts for 93% of the company's net assets, which has a significant impact. In this regard, the Shanghai Stock Exchange requires * ST Yi Lian to disclose the reasons for the formation of large prepayments.

According to the inquiry letter, by the end of 2023, * ST Yilian had paid 1 billion yuan in advance to Jiangsu Yingxuan Hongcheng supply chain Management Co., Ltd. and its subsidiary Wenzhou Qixuan supply chain Co., Ltd., and 37 million yuan to Rongwan Trading Co., Ltd., Caofeidian District, Tangshan City. However, as of April 29 this year, the company had not reached any deal with the relevant parties, and the approval process for the relevant payment was incomplete, and the accounting firm was unable to comment.

In this regard, the inquiry letter requires the company to verify and disclose the reasons for the formation of large prepayments, verification progress, commercial essence, recyclability and other information; it is necessary to verify and disclose once again whether the major suppliers, customers and their management of bulk trade have relationships with the company and other business and capital transactions, and whether the relevant funds flow to the controlling shareholders, actual controllers or other related parties. The company needs to assess the risk of recovery of the money, and disclose the recovery measures that have been taken, the specific progress of negotiations, whether it is difficult to recover the money to face heavy losses and the proposed measures, and so on.

It is necessary to explain the rationality of being able to pay a large advance in the case of limited funds.

In addition, the Shanghai Stock Exchange is also concerned about the restrictions on the company's monetary funds. According to the 2023 annual report, * ST has a limited monetary fund of 1 billion yuan (before prepayment). This contradicts the fact that there are no restrictions on monetary funds described in the company's 2023 semi-annual report, raising questions from regulators.

1stjackpot| The supplier and the company are suspected to have a related relationship, and the commercial nature of the large advance payment is doubtful *ST Yilian received the inquiry letter on the annual report of the Shanghai Stock Exchange

In this regard, the regulatory authority requires the company to disclose the specific circumstances of the limitation of monetary funds, and whether there is a situation of providing pledge guarantee for the debts of related parties such as controlling shareholders; under the circumstances of limited funds, it is reasonable to still be able to pay a large amount of prepaid money, whether the relevant prepaid money is actually used to repay the pledge arrears of the related party, and whether the company's early periodic reports conceal the limitation of assets.

In addition, * ST's frequent changes in senior executives and key job openings have also attracted regulatory attention.

The announcement shows that in the fourth quarter of 2023, * ST was prone to the resignation of a number of directors and senior managers, including financial directors and independent directors. Up to now, the chairman of the company serves as the general manager and the secretary of the board of directors, and the secretary of the board of directors is vacant for a long time.

In this regard, the regulatory authorities require the company to disclose whether the specific reasons for the resignation of the relevant directors and senior managers are related to the matters involved in the inability to express their opinions, whether they can perform their duties independently and normally during their term of office, whether they have found matters that may have a significant adverse impact on the production and operation of the company, and whether they have found relevant violations of laws and regulations of the company, controlling shareholders, actual controllers and their related parties. The reason why the chief executive is vacant for a long time, the impact on the company's standardized operation and information disclosure, whether major adverse changes have taken place in the company's production and operation, and the measures that have been taken and planned to be taken by the company to ensure the normal operation of production, operation and corporate governance.

Some of the shares are at risk of being equalized.

In addition to the issues mentioned in the above regulatory inquiry, * ST Yi Lian also faces the risk that some of the shares held by the controlling shareholders will be leveled.

On May 14, * ST Yilian announced that the company's controlling shareholder, Hangzhou Zhejiang Fa Yilian Business Management Partnership (hereinafter referred to as "Zhejiang Fa Yilian"), had the risk of liquidating 27.5 million shares of the company pledged to Industrial Bank Jiaxing Branch. As of the date of disclosure of the announcement, the borrower is taking measures, and if the borrower fails to repay the debt, the Jiaxing branch of Societe Generale will carry out compulsory liquidation.

According to the announcement, * ST Yilian controlling shareholder Zhejiang Fa Yilian accumulated 104 million pledged shares, accounting for 79.79% of its total shareholding and 15.55% of the company's total share capital. If the share price continues to fall, the controlling shareholder may face the risk of forced liquidation, which will affect the control and operational stability of the company.

According to the 2023 annual report, * ST achieved an operating income of 516 million yuan, an increase of 0.34% over the same period last year, with a net profit loss of 28.7667 million yuan and a loss of 42.8515 million yuan after deducting non-net profit.

As of the midday close of May 15, the company's share price fell by the daily limit of 1.04 yuan per share, with a total market capitalization of 696 million yuan.

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