playtoearnfreecrypto|业绩变脸及将触交易类退市指标 ST世茂受问询

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On the evening of May 5th, ST Shimao (600823), whose share price has been less than 1 yuan per share for 12 consecutive trading days and is on the verge of delisting, disclosed a series of announcements such as annual report inquiry, failure to pay debts on schedule, and judicial freezing of some shares of shareholders holding more than 5% of their shares.

Specifically, according to the inquiry letter, the company's annual report released on the evening of April 29 showed a net profit loss of 89% in 2023.Playtoearnfreecrypto9.6 billion yuan, which is significantly different from the performance disclosed earlier by KuaiBao, mainly due to the company's large estimated liabilities for contingent matters related to financing or guarantee. On related matters, the annual audit accountant issued an audit report that could not express his opinion, and the two independent directors abstained or voted against the annual report.

In addition, the Shanghai Stock Exchange received complaints about inaccurate disclosure of information in the company's previous annual periodic reports. According to the relevant regulations, the company and related parties are required to further supplement the disclosure of relevant information.

In terms of large financing or guarantee contingent matters, it was disclosed that the company had a contingent principal balance related to financing and guarantee at the end of 2023.Playtoearnfreecrypto74 billion yuan, involving 29 projects, including the company as a debtor project, involving the principal balance of 11.102 billion yuan; as a co-creditor project, involving the principal balance of 3.264 billion yuan; as a guarantor project, involving the principal balance of 9.108 billion yuan. The company has made an estimated liability of 18.828 billion yuan for the contingent matter, which led to the correction of the company's performance by KuaiBao.

In response, the Shanghai Stock Exchange asked the companyPlaytoearnfreecryptoIn the light of the specific conditions of the preparation of the annual report and the audit work, this paper supplements the reasons for the substantial difference between the actual performance and the forecast performance, and explains the rationality of the substantial changes in the company's relevant accounting in the short term, and whether the accounting treatment basis for contingent events is sufficient and reasonable; whether the previous annual financial statements have fully taken into account the impact of the above events, and whether large accounting errors need to be corrected. If corrections to relevant disclosure documents such as previous annual periodic reports are involved, the correction announcement shall be disclosed in a timely manner. Whether the relevant guarantee project belongs to the related party guarantee provided to the controlling shareholder and its related parties, and in the light of the procedures for decision-making, implementation, execution and the main responsible personnel involved in the above-mentioned guarantee, explain whether it conforms to the relevant provisions such as the rules of Stock listing, articles of Association and internal control system, as well as the recovery measures to be taken by the company.

In terms of inventory impairment and changes in the fair value of investment real estate, the book value of inventory at the end of 2023 is 44.332 billion yuan, and the fair value of investment real estate is 47.502 billion yuan, totaling 91.834 billion yuan, accounting for 74.92% of the company's total assets. Some assets have the situation that the debt offset price is much lower than the book value, the starting price at the time of auction, and the auction reserve price is much lower than the book value. The annual audit accountant is unable to judge whether there is a material misstatement in the net realizable value of the ending inventory and the fair value of investment real estate.

In response to this message, what ST Shimao needs to add isPlaytoearnfreecryptoDistinguish inventory from investment real estate, and explain the basis for determining the net realizable value of inventory and the fair value of investment real estate in the light of the specific conditions such as sales deregulation, debt repayment price and auction price, whether it conforms to the Accounting Standards for Enterprises and other provisions. Compared with comparable companies in the same industry, it shows whether the relevant inventory impairment provision is sufficient, whether there is no provision for accrued impairment in previous years, and whether the fair value measurement of relevant investment real estate is accurate and reasonable.

In terms of sustainable management ability, the book balance of the company's interest-bearing liabilities at the end of 2023 is 27.666 billion yuan, which has accumulated 10.922 billion yuan overdue. At the end of the period, there are contingent events related to financing and guarantee that lead to the execution of a large amount of assets, and the annual audit accountant believes that the above situation indicates that there is significant uncertainty in the company that may cause significant doubts about its sustainability.

In the inquiry letter, ST Shimao is required to analyze and explain the impact on the company's production and operation in the light of the overdue debt situation, the response measures taken or to be taken by the company, and fully prompt the risk.

In addition, trading delisting risks, related party transactions, monetary funds and interest-bearing liabilities are also concerned and inquired by the Shanghai Stock Exchange.

In fact, ST Shimao is now on the verge of delisting. The fifth risk hint of possible termination of listing disclosed that night showed that the company's shares closed at 0.64 yuan per share on April 29, which has been lower than 1 yuan per share for 12 consecutive trading days. Even if the trading limit continues for the next 8 trading days (excluding the all-day suspension of the company's shares), it will hit the trading delisting target because the share price is less than 1 yuan for 20 consecutive trading days.

From the perspective of debt situation, as of April 30, 12.055 billion yuan of open market debt of companies and subsidiaries and debts of non-open market banks and non-bank financial institutions failed to be paid on schedule. The reason for the failure to pay on time is that since 2022, the situation of the sharp decline in the company's sales has not improved, the situation of narrowed and restricted financing channels has not been effectively improved, and the company is still facing the problem of tight liquidity.

"it is expected that the above adverse effects can not be completely eliminated in the short term, and the company will take a number of positive measures to maintain operational stability." ST Shimao said.

At the same time, the situation of the relevant shareholders of the company is not optimistic. The announcement that night also showed that some of the company's unlimited sale of tradable shares (accounting for 5.7 per cent of the company's total share capital) held by Xizang Shimao, a shareholder with more than 5 per cent of the company's shares, were judicially frozen by the Shanghai Financial Court from April 26, 2024 to April 25, 2027. It is reported that the freeze was due to a dispute between the Shanghai Financial Court, the executor, the Bank of Nanjing, Shanghai Branch, and the executee, Shanghai Shimao Construction Co., Ltd., and Xizang Shimao notarized creditor's rights documents, the enforcement order made by the Shanghai Financial Court has taken legal effect.