Can you still play like this? The company said that it met the basic requirements for the cancellation of ST, but decided to withdraw the application in order to protect the interests of investors, and as a result, the stock price fell to the limit in response to an announcement, and 3.32 million selling orders fled madly...
On June 14, ST Kangmei (600518) fell to the limit, and the stock price closed at 2.19 yuan, and the limit board closed more than 3.32 million lots.
On the evening of June 13, ST Combi issued an announcement that after careful consideration by the company, it has now decided to withdraw the application for the withdrawal of other risk warnings from the company's shares.
According to the announcement, the company submitted an application to the Shanghai Stock Exchange on April 29 to revoke the "other risk warning"; At that time, ST Combi said that the company's 2022 financial report was issued by an accounting firm with an unqualified opinion internal control audit report with an emphasis on the matter paragraph, and the company still triggered the application of "other risk warnings".
However, the 2023 financial reporting company recorded a standard unqualified opinion on the internal control audit report, and the company's internal control deficiencies rectification was completed, the internal control operation was effective, and the relevant circumstances of "other risk warnings" have been eliminated, and then the company applied to revoke ST...
Unexpectedly, in this announcement, ST Combi also said that the company met the basic requirements for revoking other risk warnings, but there are still some risk factors, such as the existence of pending litigation and negative net profit in 2022, and profitability needs to be further restored. After careful evaluation and from the perspective of protecting the interests of investors and fully revealing the risks of subsequent uncertainty, the company decided to withdraw the application.
Speaking of Kangmei Pharmaceutical, shareholders may not be unfamiliar! It used to be a pharmaceutical white horse stock with a market value of more than 100 billion, but it was also one of the former "financial fraud kings"...
According to the data, Kangmei Pharmaceutical was established in 1997 and listed on the Shanghai Stock Exchange in 2001. In 2013, the company's sales revenue exceeded the 10 billion mark, reaching 11.16 billion yuan, becoming an enterprise with sales of more than 10 billion yuan in eastern Guangdong; in 2017, Kangmei Pharmaceutical was listed among the top 500 private enterprises in China, and ranked 15th in the Forbes 2017 Asia's 50 Best 50 Listed Companies List...
At its peak, the market value of Kangmei Pharmaceutical once exceeded 100 billion yuan, but after tearing off the veil of disguise, Kangmei Pharmaceutical directly fell to the altar!
In May 2020, the China Securities Regulatory Commission issued the Administrative Penalty Decision to Kangmei Pharmaceutical. Among them, from 2016 to 2018, Kangmei Pharmaceutical accumulated inflated revenue of nearly 30 billion yuan and inflated profits of nearly 4 billion yuan; At the same time, Kangmei Pharmaceutical has accumulated more than 88 billion yuan in inflated monetary funds through financial non-bookkeeping, false bookkeeping, forgery and alteration of large time deposit certificates or bank statements, and forged sales receipts with business income...
In addition, Kangmei Pharmaceutical also had inflated fixed assets, projects under construction, investment real estate, etc., and failed to disclose the related party transactions of the controlling shareholder and its affiliates in non-operating appropriation of funds in accordance with regulations.
In this regard, the CSRC decided to impose a fine of 600,000 yuan on the company, 900,000 yuan on the then chairman Ma Xingtian and vice chairman Xu Dongjin, and take measures to ban the securities market for life...
Affected by a series of bearishness, Kangmei Pharmaceutical's stock price plummeted. From the peak of more than 26 yuan / share, in February 2021 fell to the lowest to 1.56 yuan, even though the company's stock price is only about 2 yuan now, and the market value has long evaporated hundreds of billions of yuan...
This also caused a lot of losses for investors! According to the first-instance judgment, the Guangzhou Intermediate Court declared that Kangmei Pharmaceutical and other related defendants bore a total of 2.459 billion yuan in investor losses. The audit institution Zhengzhong Zhujiang Accounting Firm did not implement basic audit procedures and assumed 100% joint and several compensation...
Not only that, in November 2021, the court publicly pronounced judgments on the case of manipulation of the securities market by 12 people including Ma Xingtian, former chairman and general manager of Kangmei Pharmaceutical. Among them, Ma Xingtiantian was sentenced to 12 years in prison and fined 1.2 million yuan for several crimes; Xu Dongjin and 11 other responsible personnel were sentenced to fixed-term imprisonment and fined for participating in related securities crimes.
Also in 2021, Kangmei Pharmaceutical completed the bankruptcy reorganization work, introduced state-owned funds and powerful industrial investors, and changed the controlling shareholder to Guangdong Shennong's Enterprise Management Partnership (Limited Partnership)...
As for the company's operating performance, it is no longer brilliant. The 2022 financial report shows that the company achieved revenue of 4.180 billion yuan and net profit attributable to the parent of -2.689 billion yuan, as for the reasons for the loss, it is mainly caused by the provision of liabilities formed by litigation-related matters and the provision of various impairment provisions...