Can you pull off your hat?*ST Chengxing’s “positive net assets” was questioned by accountants, and there was more than one delisting risk


*ST Chengxing (600078.SH) turnaround forecast, brings more question marks.According to the announcement, the company is expected to realize the net profit attributable to shareholders of listed companies in 2021 is 1.356 billion yuan to 2.017 billion yuan;It is estimated that the net profit excluding non-recurring gains and losses attributable to shareholders of listed companies in 2021 will be 79.2 million yuan to 117.81 million yuan;Estimated operating revenue of 3.747 billion yuan;It is estimated that the operating income after deducting the business income unrelated to the main business and the income without commercial substance is RMB 3.564 billion;The estimated owner’s equity at the end of 2021 is 1.31 billion yuan to 1.949 billion yuan;It is estimated that the owner’s equity attributable to the parent company at the end of 2021 is 977 million yuan to 1.453 billion yuan;Earnings per share in 2021 will be 2.05 to 3.05 yuan.It should be known that *ST Chengxing will be in the red in 2020, and the owner’s equity and the owner’s equity attributable to the parent company are both negative. In this case, it will be profitable in 2021.Data show that in 2020, the company lost 2.216 billion yuan, net assets are also negative.*ST Chengxing said that “we have fully communicated with the accounting firm about the earnings forecast and there is no disagreement with the accounting firm on the earnings forecast”.However, in a special note from Suya Jincheng Accounting Firm (special general partnership) disclosed at the same time, “In the audit, we are concerned that the company has received the Creditor note issued by Jiangsu Asset Management Co., Ltd. on December 31, 2021, which may be conducive to the settlement of the outstanding funds of the company’s shareholders.However, we believe that according to the accounting standards for Business Enterprises, the 72.5% share of the bad debt reserve receivable by the collective chengxing Group and its related parties in 2020 and resulting in the positive net assets of the company are not sufficient in accordance with the Creditors’ Notes “.*ST Chengxing said that “there is no disagreement” and the accounting firm said that “the basis for turning net assets into positive assets is not sufficient”, which somewhat embarrassed the company.Public information shows that on December 31, 2021, *ST Chengxing received the Creditor’s Note issued by Jiangsu Asset Management Co., LTD., which is as follows: “Our company is Jiangsu Asset Management Co., LTD., and the debt amount of Chengxing shares held by our company has exceeded 1.746 billion yuan.Our company agrees to cooperate with all creditors of Chengxing Stock to fully realize or accept the receivables of 2.223 billion Yuan (unaudited, subject to audit) of Chengxing Group and its related parties by April 30, 2022 (unaudited,The final audit shall be subject to) an equal amount in lieu of cash to pay off the claims held by our creditors.No matter whether the creditors of Chengxing Shares can be linked eventually, our company will unconditionally accept the above arrangements and solve the problem of occupying the remaining funds in other ways “.This is also the source of confidence of *ST Chengxing’s management. The company estimates that 72.5% of the total balance of capital, principal and interest of the company occupied by Chengxing Group and its related parties for non-operational purposes in the last year was washed back.This contradiction has also been noticed by the regulatory layer, the company received a letter of inquiry from the Shanghai Stock Exchange on January 28.* Troubles keep cropping up.On May 6, 2021, the company’s stock was put on delisting risk alert. According to article 9.3.11 of The Listing Rules of Shanghai Stock Exchange (revised in January 2022), if the company’s 2021 annual report meets any of the indicators related to delisting, the company’s stock will be terminated from listing.The reason why the company is wearing the hat is that the company has been occupied by the capital of the controlling shareholder and its related party in 2020, and the situation cannot be solved when it expires.In addition, the company also triggered the situation that the audited net assets at the end of 2020 are negative, and the financial accounting report of 2020 is issued and opinions cannot be expressed.So as of September 30, 2021, chengxing Group, the controlling shareholder, and its related parties still occupy the company’s capital, principal and interest totaling 2.223 billion yuan (unaudited), which has not been returned.As for article 9.3.11 of the Shanghai Stock Exchange Stock Listing Rules (revised in January 2022), it includes the audit report on the issuance of the qualified opinion on the financial accounting report, and the negative audited net assets at the end of the latest fiscal year, etc.Stock Listing Rules of Shanghai Stock ExchangeStock listing rules “the Shanghai stock exchange on November 9, 2021, the company creditors jiangyin city building decoration products factory in the company is unable to repay debts and assets are insufficient to discharge all debts grounds to wuxi city intermediate people’s court has filed for bankruptcy reorganization of company, at present, the company has not yet received the court to order the applicant to apply for restructuring matters,Whether the applicant’s application can be accepted by the court and whether the company will enter the bankruptcy restructuring process still have significant uncertainties.If the court formally accepts the application for reorganization of the company, the company will have the risk of being declared bankrupt due to the failure of reorganization.On December 7, 2021, the listed company and Chengxing Group received the Notice of Filing from China Securities Regulatory Commission on the same day, and were investigated on suspicion of information disclosure violation.On December 17, 2021, *ST Chengxing issued the “Advisory Notice of Jiangsu Chengxing Phosphorus Chemical Co., Ltd. on the Company’s shares held by the Controlling Shareholders to be auctioned by the judicial Authorities”. Due to the failure of the first auction, the time of the second auction is from 10:00 on February 14, 2022 to 10:00 on February 15, 2022.On January 13, 2022, some members of the Board of Directors of *ST Chengxing Were publicly determined by the Exchange to be not suitable for the post of the board of directors.As of January 29, the cumulative amount of the company involved in litigation (arbitration) is 2.342 billion yuan.The announcement on January 29 also showed that a total of 34 bank accounts of *ST Chengxing and its subsidiaries were frozen, with a frozen amount of 9.840900 million yuan, accounting for 2.9% of the monetary funds in the third quarter.In addition, the shares of 17 companies held by *ST Chengxing, including Yunnan Mirei Phosphorus Electrochemical Co., LTD., have been applied for freezing. The total operating revenue of the above companies in 2020 is 5.083 billion yuan, accounting for 77.8% of the company’s operating revenue in 2020.By the end of the third quarter of 2021, the operating revenue totaled 3.099 billion yuan, accounting for 77.07% of the company’s operating revenue.(Single report data is not combined and offset)

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