gamessimilartobingo| ST Sunshine has received 13 consecutive daily limits for regulatory inquiry letters
The evening of May 21, 2024Gamessimilartobingo, ST Sunshine (SH600220, share price 0Gamessimilartobingo.78 yuan with a market capitalization of 13Gamessimilartobingo91 million yuan ("Jiangsu Sunshine (600220)") disclosed that it had received information from the Shanghai Stock Exchange.GamessimilartobingoRegulatory inquiry letter.
Previously, ST Sunshine 2023 annual report was audited with reservations and internal controls were negatived, specifically relating to related party receivables, loan guarantees for controlling shareholders, transfer of land use rights, purchase of minority stakes in subsidiaries, and so on. A few days ago, because of the above matters, the independent director of ST Sunshine also sent a reminder to the company.
In the regulatory inquiry letter, the SSE requires the company to explain the high proportion of related party receivables, the reasonableness of the deviation between accounts receivable and sales revenue, and whether there are significant differences with comparable companies in the same industry.
It is worth noting that the recent ST sunshine continued to fall by the limit, as of May 22 closing, ST Sunshine has been 13 consecutive falling limit board, closing at 0.78 yuan / share.
The regulatory inquiry letter involves a number of issues
According to the annual report, by the end of 2023, the company's book balance of accounts receivable to the related party Jiangsu Sunshine clothing Co., Ltd. (hereinafter referred to as Sunshine clothing) was 988 million yuan, accounting for 90.22% of the balance of accounts receivable and contract assets, accounting for many years in a row.
Among them, accounts receivable exceeded the credit period by 261 million yuan, and the provision for bad debts was 151 million yuan. In addition, the company's sales revenue of sunshine clothing is 652 million yuan, accounting for 37.96% of the total annual sales.
Accounts receivable is as high as 988 million yuan, but the sales revenue to the company is only 652 million yuan. Therefore, the regulatory inquiry letter requires the company to explain the rationality, the payment arrangements of Sunshine clothing for accounts beyond the credit period, the collection measures that the company has taken or intends to take, whether there is a situation of non-operating occupation of funds by controlling shareholders and related parties.
In addition, the company provides 400 million yuan loan guarantee for the controlling shareholder Jiangsu Sunshine Group Co., Ltd. (hereinafter referred to as Sunshine Group), with an additional provision of 20 million yuan for the current period.
The Shanghai Stock Exchange requires the company to disclose the specific arrangements for Sunshine Group to repay the debts involved in the guarantee, whether to take specific measures to prevent the company from undertaking the guarantee liability, and what measures the company intends to take to avoid huge losses.
ST Sunshine previously paid 170 million yuan for the transfer of land use rights to Sunshine Group. But at present, the other party did not complete the transfer of land use rights as promised, resulting in the occupation of non-operating funds. Ningxia Chengan New Energy Co., Ltd., a wholly owned subsidiary of ST Sunshine, paid 100 million yuan for the transfer of land use rights and house ownership to Jiangyin Jianhe Steel products Co., Ltd. As of the reporting date, Chengan, Ningxia has completed some property rights transfer procedures.
The Shanghai Stock Exchange requires listed companies to disclose the progress of the transfer of ownership, the recovery measures taken by the relevant parties and the relevant progress; to verify and disclose whether there is a plan for continuous recovery and to urge the relevant parties to clear the outstanding insurance; if so, it is necessary to disclose the specific contents of the plan and the list of responsible personnel responsible for recovery.
According to the annual report, ST Sunshine acquired a 25% stake in Jiangsu Sunshine finishing Co., Ltd. and Jiangsu Yangguang Xinqiao Thermal Power Co., Ltd., for 197 million yuan, from Chiente Co., Ltd. (hereinafter referred to as Qiant) in 2023. After ST Sunshine paid the equity transfer to Jinrun Textile, the cashier entrusted by Chiente, Jinrun Textile used the transfer money to its related party Jiangyin Quanrui Trading Co., Ltd. to pay Sunshine Group 200 million yuan.
Therefore, the Shanghai Stock Exchange requires ST Sunshine to explain the specific reasons, rationality and necessity of the acquisition, whether the company has a relationship with Chiente, the reasons why the company has not been disclosed, whether there is a situation of transferring benefits, and so on.
In addition, the Shanghai Stock Exchange also raised questions about the company's overseas production projects and prepayments.
I had received a reminder from the independent director before.
It is worth mentioning that not long ago, the sole director of ST Sunshine also expressed concern about the above issues.
On the evening of May 15, ST Sunshine disclosed that it had received a reminder from the independent director. Du Dong believes that the company should immediately terminate the relevant contract with the controlling shareholder Sunshine (600673) Group, and ask Sunshine Group to return the money paid or urge Sunshine Group to complete the transfer of land use right as soon as possible. and the company should urge Ningxia Chengan to complete all ownership transfer procedures as soon as possible.
In addition, for related parties with large arrears of Sunshine clothing, decisive and necessary measures should be taken to recover overdue receivables.
At the same time, Lixin Accounting firm issued a negative internal control audit report to Jiangsu Sunshine. Du Dong said that the company should seriously treat the relevant contents of negative opinions, identify the internal control risks emphasized by accountants, and urge the company's management and relevant parties to actively take effective measures to further standardize internal control. eliminate the impact of related matters on the company as soon as possible.
Since May, ST Sunshine has continued to fall by the daily limit. As of May 22, ST Sunshine has received 13 falling limit boards in a row, closing at 0.78 yuan per share. If the daily closing price is less than 1 yuan for 20 consecutive trading days, the company's shares will be delisted. At present, the company's stock price has been less than 1 yuan for 4 consecutive trading days. "the company's stock is facing the risk of delisting, please attach great importance to it!" Du Dong said.
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