pennbattle38000hs| Sudden! ST Dinglong was filed
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Sudden! Another A-share company has been filed.
On the evening of April 26th, ST Dinglong (Protection of Rights) (002502) issued a notice and recently received a notice from the China Securities Regulatory Commission that the CSRC decided to file a case against the company on suspicion of illegal information disclosure.
ST Dinglong said that at present, the production and operation of the company is normal. Will actively cooperate with the CSRC during the period of filing the case for investigationPennbattle38000hsTo investigate and fulfill the obligation of information disclosure in a timely manner.
A reporter from Securities Times e Company noted that ST Dinglong has been punished by regulators many times in the past year.
In January this year, ST Dinglong was punished by the Guangdong Securities Regulatory Bureau for the occupation of non-operating funds by related parties. Specifically, from January to September in 2021, titanium technology in ST Dinglong subsidiary transferred a total of 69.3 million yuan to the company's actual controller, chairman and general manager long Xueqin and his related parties after a multi-tier intermediate account transition in the name of prepaid purchase and equity payments. As of December 2021, long Xueqin and related parties have returned the above non-operating funds and fund occupation fees. In view of the above-mentioned violations, the Guangdong Securities Regulatory Bureau has taken administrative supervision measures to issue warning letters to ST Dinglong, long Xueqin and other relevant responsible persons.
The aforementioned irregularities of ST Dinglong were also received at the exchange level.Pennbattle38000hsI was punished. In March this year, the Shenzhen Stock Exchange criticized ST Dinglong, long Xueqin and related responsible persons, which were included in the integrity files of listed companies.
In July 2023, ST Dinglong was also issued a warning letter by Guangdong Securities Regulatory Bureau because of accounting errors. After investigation, due to inaccurate information such as the amount of inventory of subsidiaries in 2021 and the amount of sales income in the first half of 2022, it leads to inaccurate related subjects such as inventory amount in 2021, operating income in the first half of 2022, operating costs, safety production expenses, amortization of intangible assets and so on, resulting in inaccurate financial information in the relevant periodic reports.
ST Dinglong, formerly known as Huawei Culture, is a film and television game company transformed from a toy company. In 2019, Hangzhou Dinglong became the company's new controlling shareholder and long Xueqin became the new actual controller by transferring the shares of the original controlling shareholder and entrusted voting rights.
After the change of ownership and diligence, ST Dinglong once again planned business transformation. At the end of 2019, the company announced that 5Pennbattle38000hsAfter a capital increase of 0.4 billion yuan, China Titanium Technology will acquire a 51% stake in the latter and include it in the consolidated statement to enter the solid mineral resources industry dominated by ilmenite.
It is worth mentioning that China Titanium Technology had zero revenue in 2018 and 2019, but made a net profit of not less than 12 million yuan and 1.Pennbattle38000hsPerformance commitments of 150 million yuan, 300 million yuan, 500 million yuan and 550 million yuan.
In 2020, the net profit of China Titanium Science and Technology was 14.4376 million yuan, and the net profit after deducting non-profit was 12.1905 million yuan. However, by 2021, the net profit of China Titanium Science and Technology was only 26.7825 million yuan. The net profit after deducting non-profit (excluding interest generated by external financing and the impact of the annual equity incentive plan) is 43.0869 million yuan, which is a far cry from the original performance commitment of 150 million yuan. In 2022, the profitability of China Titanium Technology began to deteriorate and fell into a state of loss.
Due to the lower-than-expected mine acquisition plan and the development and production progress of its titanium mines, the profit expectation of China Titanium Technology has changed greatly. in May 2022, the company and related parties plan to change their previous performance commitments. reduce the annual commitment performance on the basis of extending the commitment period That is, the net profit in 2020, 2022 to 2027 is not less than 12 million yuan, 75 million yuan, 90 million yuan, 110 million yuan, 150 million yuan, 220 million yuan and 255 million yuan respectively. However, up to now, the aforementioned changes have not been submitted to the general meeting of shareholders of listed companies for consideration, and the performance commitment adjustment plan is still under further communication and consultation.
In 2022, because it was impossible to judge whether the provision for bad debts was sufficient or not, the company was issued a qualified financial audit report and a negative internal control audit report by ZTE Accounting firm (Special General Partnership).
The development of titanium ore business is not up to expectations, and the overall performance of listed companies is under pressure. Recently, ST Dinglong revised its previous performance forecast and expected to continue to fall into losses in 2023, with a loss of 5.5 million yuan to 8.2 million yuan, and a loss of 76 million yuan to 78.6 million yuan after deducting non-profit, further expanding the scope of the loss than previously disclosed. The company said that with the in-depth development of the annual audit, it was found that the credit risk characteristics of some clients had changed. after communicating with the annual audit accountants, based on the principle of prudence, the proportion of bad debt provision for some receivables has been changed from the expected credit loss rate to individual provision, and the corresponding provision for bad debts has been added.