HGZN(SZ:000584) Xin Lang Zheng Quan·2025-04-28 03:16Core Viewpoint - *ST Gongzhi (formerly "Harbin Intelligent") faces mandatory delisting due to two consecutive years of audit reports with "unable to express an opinion," highlighting significant governance and financial management risks within the company [1] Group 1: Audit Issues - The audit firm, Unitai Zhenqing Accounting Firm, encountered obstacles in auditing *ST Gongzhi's 2024 financial report, primarily due to issues with equity investment platform disposal and revenue recognition [2] - The company has not completed the disposal of four equity investment platforms (initial investment of 650 million yuan), resulting in uncollected portions of 309 million yuan in transfer payments and raising doubts about large equity investments and related fund transactions [2] - Confusion in revenue recognition methods for high-end equipment manufacturing (period method vs. point method) led to delays in audit procedures, casting doubt on the authenticity of core data such as revenue and costs [2] Group 2: Governance Concerns - Three independent directors (Wang Liang, Du Yiliang, Yang Minli) abstained from voting on the annual report, indicating a failure in corporate governance [3] - Du Yiliang pointed out ongoing issues such as frequent management changes, fundraising violations, and chaotic accounts of investment platforms that have not been rectified, compromising the integrity of audit materials [3] - Yang Minli criticized the board's transparency, stating that she received the final draft of the proposal only on the day of the meeting, and noted that the company has not made substantial progress in rectification [3] Group 3: Financial Deterioration and Delisting Process - The 2024 Q1 financial report of *ST Gongzhi showed a 75.21% year-on-year revenue drop, with net losses widening to -28.4953 million yuan, a debt ratio rising to 91%, and a current ratio of only 0.82, raising doubts about the company's ability to continue operations [4] - According to Shenzhen Stock Exchange rules, the company will receive a delisting notice within five days of suspension and may apply for a hearing; if ultimately delisted, the stock will enter a 15-day delisting adjustment period before moving to the stock transfer system [4] Group 4: Market Impact and Investor Risks - Prior to suspension, the company's market capitalization was 1.111 billion yuan, with its stock price consistently below par value and over 10 million yuan in net outflows from major funds in the past five days [5] - The龙虎榜 (Dragon and Tiger List) indicated that speculative trading occurred before the delisting risk became clear, but significant sell-offs by institutions, such as Guosheng Securities, reflected an accelerated market digestion of delisting expectations [5] - This incident marks *ST Gongzhi as a potential case of delisting under the registration system due to financial disclosure flaws, revealing major deficiencies in internal control and compliance systems, and signaling a warning for the capital market regarding the authenticity of financial data as a survival baseline for listed companies [5]