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*ST恒立三度戴帽终退市，年报“难产”暗藏财务猫腻
2 1 Shi Ji Jing Ji Bao Dao·2025-06-20 03:46

Core Viewpoint - *ST Hengli is facing mandatory delisting after multiple warnings and failed financial disclosures, culminating in a termination notice from the Shenzhen Stock Exchange and an administrative penalty from the China Securities Regulatory Commission [1][2][15] Group 1: Company Background and History - *ST Hengli was listed on the Shenzhen Stock Exchange in 1996, initially focusing on air conditioning equipment production, but faced financial difficulties leading to its first *ST designation in 2005 [5] - The company underwent a seven-year suspension from 2006 to 2013, during which it implemented various self-rescue measures, including asset sales and debt restructuring, to regain compliance [5] - After briefly recovering, *ST Hengli reported losses in 2014 and 2015, resulting in a second *ST designation in 2016, but managed to recover again [5] Group 2: Recent Financial Performance - Since 2021, *ST Hengli's main business has significantly declined, with a net profit of only 171.96 thousand in 2021, followed by losses exceeding 1 million in 2022 and 2023 [5] - The company's revenue has also decreased from 346 million in 2021 to 111 million in 2023, with a further drop to 70 million in the first three quarters of 2024 [5] Group 3: Delisting Process and Legal Issues - Starting June 25, 2025, *ST Hengli will enter a 15-day delisting preparation period, with the final trading day expected to be July 15, 2025 [2] - The company was placed under delisting risk in 2023 due to performance issues and failed to disclose its 2024 annual report, leading to a lawsuit against its auditing firm, Xutai [2][9] - The dispute with Xutai centered on revenue recognition, with *ST Hengli claiming projected revenues of 300 to 350 million for 2024, while the auditor reported only 196 million, leading to a "disclaimer of opinion" [11][12] Group 4: Regulatory Actions and Penalties - Due to the failure to disclose the 2024 annual report, *ST Hengli has been subjected to administrative penalties, including a fine of 3.5 million and warnings for responsible individuals [15] - The company is also under investigation for potential false disclosures in its financial data, which could lead to more severe penalties, including criminal charges [15]