Or facing delisting? Company response ->32000 shareholders are in a hurry! Former "Number One Health Products Stock" Annual Report Difficulty in Production at Jiaotong University | Angli | delisting
Previously the top health product company, Jiaotong University's Anli, has yet to disclose its 2022 annual report and the first quarter of 2023. The market is highly concerned about the company's operating conditions, the handover of new and old management, litigation, and whether financial reports can be disclosed on time.
On June 6th, Jiao Tong University held a media communication meeting in Shanghai, with the company's President Zhu Yingzheng, Vice President Xia Sanyan, and Finance Manager Sheng Yuli attending the meeting. Among them, Zhu Yingzheng has just taken office for three weeks. This is the first time the company has publicly responded to the reason for the failure to disclose the annual report on schedule.
The Chief Financial Officer and relevant person in charge of the Finance Department of SJTU Anli stated that the core reason for Anli's failure to disclose on time was insufficient time to complete the adjustment for a large number of previous errors before April 30th. "The specific circumstances of previous misaccounts include the former management's unauthorized use of company funds to purchase group insurance and surrender it to individual accounts, occupation of related party funds, provision for bad debts in financial transactions, and provision for bad debts in other assets."
According to the company's announcement on April 26th, during the annual report audit process, the company discovered multiple issues related to accounting error correction, which had a significant impact on the recognition of annual report data. The accuracy and completeness of some of the information involved cannot be verified temporarily, and further sorting and clarification are needed.
At the meeting, a senior executive from Jiaotong University revealed that after the newly appointed accounting firm Zhongxinghua conducted on-site audits, many facts were discovered, such as related companies encroaching on listed company funds and damaging listed company interests. For example, the fact that Khorgos Company has not operated substantively and does not meet the conditions for enjoying tax incentives, inflated profits, and made up the fact that the performance bet has been completed; The fact that former executives took advantage of their positions, embezzled company assets, damaged company interests, and were suspected of embezzlement.
![Or facing delisting? Company response ->32000 shareholders are in a hurry! Former "Number One Health Products Stock" Annual Report Difficulty in Production at Jiaotong University | Angli | delisting](https://a5qu.com/upload/images/20bb84edea05578f53f5caa6e74aa03a.jpg)
Due to the undisclosed annual and quarterly reports, investors are unable to know the company's operational management situation. Meanwhile, due to the undisclosed regular financial reports, the delisting risk of SJTU Anli is a focus of attention for the company's 32000 shareholders.
According to the Shanghai Stock Exchange Listing Regulations, if a company is unable to disclose its audited 2022 annual report and the first quarter report within June 30, 2023, the company's stock may be subject to delisting risk warnings. If the two financial reports mentioned above are still unable to be disclosed by SJTU Anli before August 31st, the company's stock may be delisted.
On May 15th this year, Zhongxinghua resigned from the annual review work at Jiaotong University. According to the reporter's understanding during the communication meeting, SJTU Anli is currently in communication and negotiation with accounting firms including but not limited to Zhongxinghua to quickly select accounting firms and promote audit work. However, the final accounting firm has not yet been determined.
Regarding the future development of the company, Zhu Yingzheng stated at the meeting that SJTU Anli will focus on two major sectors: health products and medical care, and concentrate resources on the company's main business. "The third business sector that is not closely related to the two main businesses, such as pawn companies, is the next operational issue that the management needs to address," said Zhu Yingzheng.