The controlling shareholder was fined over 200 million yuan! , suspected of insider trading

Release time:May 08, 2024 03:26 AM

On May 7, ST Sunshine issued an announcement stating that the company’s controlling shareholder Sunshine Group was suspected of insider trading and was planned to be fined 232 million yuan by the China Securities Regulatory Commission.

The announcement shows that ST Sunshine received a notice from its controlling shareholder Sunshine Group on May 7. Sunshine Group recently received the China Securities Regulatory Commission's "Administrative Penalty Prior Notice".

The notice shows that Sunshine Group’s suspected insider trading in the shares of Hairun Photovoltaic Technology Co., Ltd. has been investigated by the China Securities Regulatory Commission. The China Securities Regulatory Commission plans to impose a fine of 232 million yuan on Sunshine Group in accordance with the law.

Official website information shows that Sunshine Group is a national key enterprise group and a national technological innovation demonstration enterprise. It is involved in woolen clothing, medical equipment, ecological agriculture and forestry, big data management, overseas mining and other industries. It is the only Chinese textile industry to win the China World Famous Brand and the China Quality Award. The company ranks 239th among China's top 500 private enterprises and 252nd among China's manufacturing companies. It is a gold medal supplier for many internationally renowned brands.

According to data from ST Sunshine’s first quarter report, as of the end of the first quarter of this year, Sunshine Group held 226 million shares of the company, with a shareholding ratio of 12.69%, all of which are currently in a pledged state.

ST Sunshine stated that the subject to be punished in the above notice is the company's controlling shareholder Sunshine Group, not the company, and the matters involved have nothing to do with the company. This matter will not have an impact on the daily operating activities of the company and its subsidiaries.

As for ST Sunshine, the company's industry is textile manufacturing, and it also has subsidiaries involved in the thermoelectric industry. Mainly engaged in the production and sales of woolen fabrics and electric vehicles.

In terms of performance, in 2023, the company achieved operating income of 1.717 billion yuan, a year-on-year decrease of 13.86%; a net loss attributable to the parent company was 100 million yuan, a year-on-year decrease of 185.35%; in the first quarter of this year, the company achieved revenue of 239 million yuan, a year-on-year decrease of 30.22%; The parent's net loss was 27.17 million yuan, a year-on-year decrease of 1289.41%.

According to the company's announcement at the end of April, Lixin Accounting Firm issued a qualified audit report on "significant uncertainties related to continuing operations", which pointed out that Jiangsu Sunshine paid the controlling shareholder Jiangsu Sunshine Group the transfer of land use rights. 170 million yuan, but as of the reporting date, the land use rights transfer procedures had not been completed as promised, resulting in non-operating capital occupation.

However, due to the issuance of a negative audit report and the non-operating funds occupied by the controlling shareholder, it is expected that the repayment cannot be completed within one month. According to relevant regulations, other risk warnings were implemented on the company's stock, and the stock abbreviation was changed from "Jiangsu Sunshine" to "ST Sunshine" on May 6.

ST Sunshine was suspended from trading on April 30. After resumption of trading on May 6, it has dropped by the daily limit for two consecutive days. As of the close of trading on May 7, ST Sunshine closed at 1.38 yuan per share, and the company's latest market value was 2.5 billion yuan.

In terms of the number of shareholders, as of the end of the first quarter of this year, the total number of ST Sunshine shareholders dropped to 99,800.

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