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Important information will not be disclosed.PaperboyarcadeAnd refused to accept phone calls from regulators, the Shanghai Stock Exchange sold late at night!

Late on the night of April 19th, the Shanghai Stock Exchange sent a supervision letter to * ST Park City, requesting it to resume contact with the Shanghai Stock Exchange as soon as possible.PaperboyarcadeTo verify and disclose major matters such as the company's intention not to recognize the total profits of the relevant business and the annual audit accountant or issue a non-unqualified opinion on the company's 2023 financial and accounting statements, otherwise, the company will be warned of delisting risk in accordance with the regulations, and the company and related responsible persons will be dealt with seriously.

Listed company does not disclose correction announcement

According to the regulatory work letter issued by the Shanghai Stock Exchange, on April 19, * ST Garden City staff submitted to the regulatory authorities of the Shanghai Stock Exchange the revised text of the proposed performance notice, saying that after pre-communication with the company's annual audit agency and Xin accounting firm (special general partnership) (hereinafter referred to as Hexin), based on the principle of prudence, the company's beverage business generated a total profit of 868.Paperboyarcade390,000 yuan will not be confirmed, but the reason will not be given, and the announcement will not be disclosed later.

The reporter looked up * ST Garden City's previous announcement and found that the company has added a new beverage business since the third quarter of 2023, involving an amount of about 0%.Paperboyarcade1.6 billion yuan, generating a total profit of 8.68 million yuan. The company has confirmed the operating income and profits generated by this part of the business in the third quarterly report of 2023 and the performance forecast of 2023.

* ST Park City chose to disclose the results notice and correct the announcement only 3 trading days from the scheduled disclosure date of the annual report, and did not confirm the total profits of this part of the business, but did not mention the specific reasons.

According to the reporter's understanding, * ST Park City's move caused confusion among regulators, but the company was reluctant to explain and eventually did not disclose the announcement, which is rare.

Annual review body points out that income compliance is questionable

With regard to the above matters, the Shanghai Stock Exchange hastened to verify with the company's annual audit institution and letter office. Hexin provided a written explanation of the reasons why * ST Park City intends not to recognize the profits of the beverage business.

According to the supervision letter of the Shanghai Stock Exchange, it turned out that during the audit of the financial statements of * ST Garden City 2023, Hexin needed to verify an income of 16 million yuan, which was mainly related to the beverage business. It was found that there was a difference between the sales price of Maotai immature wine in 2023 and that of some e-commerce platform stores during the 2024 audit period, and the related business income recognition compliance was questionable, and further audit procedures were needed to verify it. There is currently significant uncertainty about the results of the verification.

The letter pointed out that the audit of the relevant annual report is in progress, and the audit procedures have been implemented for the beverage business, including interviews, correspondence, stocktaking and random checks of vouchers. However, up to now, the audit procedures that have been implemented have not been able to dispel their doubts about the relevant business compliance, nor have they formed concluding observations.

Hutchison further indicated that after the implementation of further audit procedures for the verified revenue of the beverage business, if sufficient and appropriate audit evidence could not be obtained to allay our doubts about the compliance of the relevant business income recognition, it will give rise to doubts about the authenticity and accuracy of the company's overall financial statements and the preparation basis, and prepare an audit report with a non-unqualified opinion.

Hit the delisting risk warning twice in three years

In recent years, * ST Park City has been struggling above and below the delisting target line. Because the company's performance hit the financial combination index of "operating income less than 100 million yuan and net profit is negative" in 2020 and 2022, the company was warned of delisting risk twice. According to the instructions issued by the annual audit institution, if the doubts about the recognition of compliance with the company's relevant business income, as well as the overall financial statements and the authenticity and accuracy of the preparation basis cannot be dispelled before the annual report, and will issue an audit report with a non-unqualified opinion, the company will touch the financial delisting targets stipulated in the Shanghai Stock Exchange listing rules and will be terminated after the disclosure of the 2023 annual report.

At a time when the annual audit accountant issued a statement on the major audit progress, which may have a significant impact on the company's delisting expectations, * ST Garden City did not timely disclose the possible delisting risks in accordance with the listing rules and other relevant regulations, so as to fully protect the investors' right to know. On the contrary, it withdrew the performance notice to be disclosed to correct the text of the announcement, and even refused to accept calls from regulators. To refuse to fulfill the disclosure obligation.

In this regard, the Shanghai Stock Exchange publicly spoke out * ST Park City overnight, urging it to verify and disclose relevant matters in a timely manner and fully prompt the risk, otherwise, the company will be given a normative delisting risk warning in accordance with Rule 9.4.2 of the Stock listing rules. At the same time, the Shanghai Stock Exchange requires all board supervisors and senior staff of the company, including independent directors, to earnestly perform their duties, urge the company to fulfill its obligations of information disclosure in accordance with the regulations, and ensure that investors have the right to know, otherwise they will be dealt with seriously.

Use "strict supervision and strict management" to promote "should retreat as much as possible"

Recently, the State Council issued some opinions on strengthening supervision and preventing risks to promote the high-quality development of the capital market, focusing on strengthening supervision, preventing risks and promoting high-quality development as the main line, focusing on building a new order of the capital market in the next 10 years. The "New Nine articles" adhere to the people-centered value orientation and more effectively protect the legitimate rights and interests of investors, especially medium and small investors.

The China Securities Regulatory Commission has also issued supporting policy documents such as strengthening the continuous supervision of listed companies and strengthening delisting supervision, emphasizing the need to strengthen information disclosure and corporate governance supervision, and strengthen delisting supervision. Chairman Wu Qing of the CSRC pointed out that the supervision of listed companies should highlight the whole chain of supervision and enhance the investment value of listed companies, and make continuous efforts in the following three aspects: strict listing control, strict and continuous supervision, and strengthening delisting supervision. Institutional supervision should promote a return to the origin, be better and stronger, and further consolidate the responsibility of the "gatekeeper".

In view of the "cover-up" of listed companies in information disclosure, the company issued a "roar" late at night, which is undoubtedly to wake up the listed companies, Dong Jiangao and other key minorities, as well as intermediaries and other parties. We must not take any chances, we must abide by the bottom line requirements of true, accurate, complete and timely information disclosure, and fully remind the company of all kinds of risks such as delisting risks. We will effectively protect the right to know of the broad masses of medium and small investors.

The regulatory authorities once again reiterated that any violation that attempts to "secretly manipulate" and "muddle through" will be seriously held accountable and pay a heavy price.