*ST Meishang has been listed for trading since December 22, 2015, and once set a record of 14 consecutive trading days hitting the daily limit, with the stock price soaring to 153 yuan before the board was opened. However, due to multiple rounds of conversion operations and a declining stock price, its current stock price has plummeted to only 0.13 yuan.
The once-glorious Meishang Eco is now a company with the risk of delisting. In its latest announcement, the company reminded investors that as of May 7, 2024, *ST Meishang‘s closing price had been below 1 yuan for 19 consecutive trading days, facing the risk of delisting. In the following trading days, the stock continued to decline, closing at 0.13 yuan per share, marking 20 consecutive trading days with a share price below par value, making delisting almost a certainty.
As early as May 2021, the company’s shares were put under risk alert due to its 2020 financial report not being endorsed by an accounting firm and issues such as the controlling shareholder and related parties occupying funds of up to nearly 89.5 million yuan. In April 2023, the company was subjected to another risk alert, as it had negative net profits for three consecutive fiscal years, and the latest audit report expressed uncertainty about the company’s ongoing viability.
According to the company’s annual report for the year 2023, the net loss attributable to the shareholders of the listed company reached 545 million yuan, indicating that the company had been losing money for four consecutive years. In addition to the continuous losses, *ST Meishang has also been mired in negative events such as stock price manipulation, violations of information disclosure, and fraud in issuance in recent years.
In February of this year, regulatory authorities imposed administrative sanctions on *ST Meishang’s controlling shareholders for involvement in stock price manipulation. During this period, Wang Yingyan, the then chairman, and some representatives of private funds received substantial fines. During the manipulation, the related accounts traded stocks totaling nearly 80 billion yuan but resulted in an actual loss of over 238 million yuan due to various expenses.
As for information disclosure, *ST Meishang announced on the evening of April 21, 2024, that it had received a corrective order from regulatory authorities due to its non-compliant financial and accounting practices and failure to follow information disclosure regulations. Moreover, it has been officially under investigation by the China Securities Regulatory Commission since April 19, 2024, on suspicion of violating legal provisions regarding information disclosure.
*ST Meishang falsely increased its net profit by a total of 457 million yuan. 2012 2013 2014 2015 2016 2017 20182019First half of 2020
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