Core Viewpoint - The company *ST Gongzhi is facing delisting due to consecutive years of financial reports receiving "unable to express an opinion" audit opinions, leading to significant operational and financial risks [5][8]. Financial Performance - The company reported a net profit of -588 million, -784 million, -402 million, and -215 million from 2021 to 2024, indicating continuous losses [18]. - As of the end of 2024, the company's current liabilities exceeded current assets by 339 million, with cash reserves of 93.71 million, of which 52.1 million were restricted funds, highlighting weak solvency [7]. Audit Issues - The 2023 financial report was flagged for two main issues: questionable disposal of equity investments totaling 650 million and improper revenue recognition of 2.153 billion using the "period method" instead of the "point method" [7][8]. - The 2024 audit further deteriorated, with ongoing concerns about the use of idle funds and uncollected performance compensation from equity investments [7]. Delisting Process - The company’s stock will enter a delisting preparation period starting June 20, with the last trading day expected on July 10, during which the stock will trade without price limits on the first day and a 10% limit thereafter [4][15]. Corporate Governance - The actual controller of the company, identified as Eddie, has faced legal issues, including being listed as a dishonest executor due to failure to fulfill a 150 million payment obligation [16][20]. - The company has been under regulatory scrutiny for failing to complete share buyback commitments and for overdue use of raised funds [16]. Historical Context - Established in 1991 and listed in 1995, *ST Gongzhi has undergone multiple name changes and strategic shifts, ultimately leading to its current financial distress and impending delisting [9][10].
000584,即将步入退市整理期