*St Jinyu rings delisting alarm

The closing price of 18 trading days is lower than the face value, nine suggestive announcements may be terminated, and three-year financial report fraud is subject to regulatory punishment The former A-share “Emerald first stock” * ST Jinyu is facing huge delisting pressure recently. On the evening of December 17, * ST Jinyu announced that the company had received the “Notice of investigation” from China Securities Regulatory Commission, and the CSRC decided to put the company on file for investigation because the company was suspected of illegal information disclosure. As of the close of December 18, * ST Jinyu closed at 0.95 yuan, up 5.56%. < p > < p > on December 19, * ST Jinyu issued the ninth risk warning announcement on the possible delisting of the company’s shares, which pointed out that its closing price had been lower than the face value of the shares (i.e. RMB 1) for 18 consecutive trading days from November 25 to December 18. According to the relevant provisions of the Listing Rules of Shanghai Stock Exchange, if the daily closing price of the company’s shares for 20 consecutive trading days (excluding the suspension day of the company’s shares) is lower than the face value of the shares, the company will terminate the listing. It can be said that the current * ST Jinyu is on the verge of delisting. < / P > < p > according to the public information, * ST Jinyu, whose full name is Dongfang Jinyu, is a listed company in the domestic jadeite industry. It was once known as “the first jadeite share” in A-share market. Previously, in July 2015, the market value of Dongfang Jinyu was close to 28 billion yuan, but now the market value is only 1.2 billion yuan. In just a few years, the company’s share price has dropped by more than 96%, and its market value has evaporated by more than 26 billion yuan. < / P > < p > previously, Dongfang Jinyu was severely punished by the regulatory authorities for the continuous falsification of financial reports. On December 7 this year, the Shanghai Stock Exchange issued a supervision letter against Dongfang Jinyu, its actual controllers and relevant responsible persons for their financial fraud and violation, and made a disciplinary decision of circular criticism, public identification and public condemnation against the company and relevant responsible persons. It is worth noting that on December 5, Dongfang Jinyu was ordered by Hubei securities regulatory bureau to take corrective regulatory measures due to the actual controller and controlling shareholder’s use of small loan companies to occupy the funds of listed companies, which was recorded in the integrity file of listed companies. Therefore, it received the regulatory letter from Shanghai Stock Exchange. < / P > < p > according to the latest third quarter report, the operating revenue of Dongfang Jinyu in the first three quarters was 2.1694 million yuan, a sharp drop of 93.73% compared with the end of last year. In fact, it was in a state of substantial loss in 2018, 2019 and the first three quarters of 2020, and the company’s financial and accounting report for 2019 was issued by an accounting firm with an audit report that could not express its opinion. As a result, the company’s stock was changed into “* st Jinyu” on June 24. As for the future trend of the company, Dongfang Jinyu said that the company takes judicial restructuring as the main line and gives consideration to operation as the principle. The company reorganization application has not been accepted by the court, so it is uncertain whether the company will enter the reorganization procedure. < / P > < p > Disclaimer: the purpose of this article reprinted by CNFC is to convey more information, and it does not represent the opinions and positions of CNFC. The content of this article is for reference only, and does not constitute an investment proposal. Investors operate on this basis at their own risk. < p > < p > Chinanet is a state key news website under the leadership of the Information Office of the State Council and the management of China foreign language publishing and Distribution Bureau. Through 11 versions in 10 languages, the website publishes information 24 hours a day. It is an important window for China to carry out international communication and information exchange.