ST Startup Claims Update:
On April 20, 2024, Qiqi Co., Ltd. issued the "Announcement on Risk Warning of Stock Trading", which showed:
There is a risk of significant fluctuations in the stock price of Qiqi Co., Ltd. (hereinafter referred to as the "Company" or "the Company") in the near future, so investors are requested to make prudent and rational decisions and pay attention to the risks of secondary market transactions. The important contents are as follows:
1. Risk of pre-loss in performanceThe company disclosed the "2023 Annual Results Pre-loss Announcement" on January 31, 2024, and it is expected that the net profit attributable to shareholders of the listed company in 2023 will be -310 million yuan to -460 million yuan, and the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses in 2023 is expected to be -260 million yuan to -390 million yuan. The performance is expected to be the preliminary accounting conducted by the company's financial department based on the company's production and operation and its own professional judgment, and the specific and accurate financial data is subject to the audited 2023 annual report officially disclosed by the company.
2. Net assets may be negative due to the correction of errorsOn December 1, 2023, the company received the "Administrative Penalty Decision" ([2023] No. 80) and the "Decision on Administrative Supervision Measures" ([2023] No. 207) issued by the China Securities Regulatory Commission and the Zhejiang Supervision Bureau of the China Securities Regulatory Commission, showing that the company's annual reports in 2018, 2019 and 2020 contained false records, major omissions and other information disclosure violations. For details, please refer to the "Announcement on the Company and Relevant Responsible Persons Receiving the Administrative Penalty Decision and the Market Ban Decision" and the "Announcement on the Company and Related Personnel Receiving the Warning Letter from the Zhejiang Supervision Bureau" (Announcement No.: 2023-119, 2023-120) disclosed by the company.
The company expects that the net assets at the end of 2023 will be positive, and the company's net assets at the end of 2023 may be negative due to the correction of accounting errors in the previous period, the provision of large impairment of some assets, large administrative penalties and the failure to improve the operating situation. In addition, credit impairment losses may be insufficiently accrued, which is expected to have a greater negative impact on the company's net assets, and if the company's net assets attributable to shareholders of listed companies at the end of the audited period in 2023 are negative, the company's shares will be subject to delisting risk warning after the disclosure of the 2023 annual report.
3. Debt repayment risk and sustainable operation risk In recent years, the company's operating and financial conditions have continued to deteriorate, operating income has declined sharply, huge losses have occurred for many years, and the net cash flow generated by the company's operating activities has been negative for a long time. At the same time, due to the decline in the company's financing ability and the continuous increase in financing costs, the company's cash flow situation has been exacerbated, and the company is facing debt repayment risks and sustainable operation risks.
Fourth, there is a risk of uncertainty in the progress of non-standard audit opinions and the elimination of internal control emphasis
Prior to this, on December 1, 2023, ST Start-up issued an announcement on the receipt of the administrative penalty decision and the market ban decision by the company and relevant responsible persons.
On December 1, 2023, ST Startup and the relevant responsible persons received the Administrative Penalty Decision ([2023] No. 80, hereinafter referred to as the "Decision") and the Market Prohibition Decision ([2023] No. 32) issued by the China Securities Regulatory Commission.
After investigation, the parties have the following illegal facts: 1. There are false records and major omissions in the 2018, 2019 annual reports and 2020 semi-annual reports of ST Start. (1) ST started to inflate operating income, operating costs and total profits in 2018, 2019 and the first half of 2020. The basic financial accounting data of ST's initial revenue and cost are taken from the Daoxun system, and ST starts to inflate the operating income, operating costs and total profits through the Daoxun system by fictitious procurement, sales business, etc. In the 2018 annual report, the starting shares inflated the operating income of 69.4784 million yuan, accounting for 4.97% of the operating income of the year, the inflated operating cost of 46.3325 million yuan, and the total inflated profit of 23.1459 million yuan, accounting for 10.39% of the total profit of the year. In the 2019 annual report, the operating income of the start-up shares was inflated by 182 million yuan, accounting for 11.94% of the operating income of the year, the operating cost was inflated by 116 million yuan, and the total profit was inflated by 65.9133 million yuan, accounting for 37.42% of the total profit of the year.
In the 2020 semi-annual report, the inflated operating income of the start-up shares was 109 million yuan, accounting for 19.54% of the current operating income: the inflated operating cost was 69.1129 million yuan, and the total inflated profit was 40.3732 million yuan, accounting for 50.3% of the total profit of the current period. Undisclosed shareholding on behalf of others. (2) The act of nominee shareholding occurred in 2016 and ended in 2019. The 20 million shares held on behalf of the company accounted for 4.26% of the company's total share capital in 2018 and 2019. In the 2018 annual report and the 2019 annual report, the above-mentioned shareholding of the company was not disclosed.
2. ST's initial public offering documents fabricated material false content.
The SFC intends to decide:
1. Order corrections, give warnings, and impose a fine of 5 million yuan on Qiqi Co., Ltd.;
2. Give Zhou Jianyong a warning and impose a fine of 5 million yuan;
3. Give Zhang Limin a warning and impose a fine of 2.5 million yuan;
4. Chen Zhangwang was given a warning and fined 1.5 million yuan;
5. Wu Jianjun was given a warning and fined 1 million yuan.
According to the Securities Law and the Several Provisions of the Supreme People's Court on the Trial of Civil Compensation Cases Arising from False Statements in the Securities Market, listed companies shall be liable for civil compensation if their rights and interests are damaged due to illegal information disclosure and misrepresentation, and the injured investors have the right to claim compensation for losses.
The ST Initiation Claim Reference Conditions are as follows:
Initial shares purchased between April 17, 2019 and April 28, 2021 603557 sold or continued to be held on or after April 29, 2021.
The above conditions for the registration of initial share claims only represent the views of the stock Suowei team, and are not used as any securities investment decisions and trading recommendations, and are subject to the final determination of the court.
Basis for ST start-up violation:
On January 17, 2022, ST Qiqi received the "Notice of Case Filing" (No. 0382022029 Zheng Jian Case Filing) from the China Securities Regulatory Commission (CSRC) due to violations of information disclosure.
On May 10, 2023, Qiqi received the "Prior Notice of Administrative Punishment and Market Prohibition" (Penalty Zi [2023] No. 18) issued by the China Securities Regulatory Commission.
On December 1, 2023, the start-up shares and related responsible persons received the Administrative Penalty Decision ([2023] No. 80) and the Market Prohibition Decision ([2023] No. 32) issued by the China Securities Regulatory Commission.