Da Zhong Ri Bao·2025-07-28 03:31Core Viewpoint - *ST Xinchao (600777.SH) is facing increasing delisting risks despite having 7.9 billion in undistributed profits, as it has not issued dividends for 15 years, raising concerns among investors [1][5]. Group 1: Shareholder Meeting and Control Changes - On July 24, *ST Xinchao held its third extraordinary general meeting of shareholders for 2025, which was self-convened by six shareholders holding a combined 14.99% stake, marking the first instance of a self-convened shareholder meeting by minority shareholders in A-share listed companies in 2025 [1]. - The meeting resulted in the election of Zhang Junyu from the Yitai Group as the chairman of the 13th board of directors, indicating a shift in control towards Yitai B shares, which successfully acquired a 51% stake in *ST Xinchao [3][2]. - Prior to the meeting, the current management warned that the convening of the extraordinary general meeting did not comply with legal regulations [3]. Group 2: Financial Performance and Risks - *ST Xinchao has reported revenues of 9.36 billion, 8.85 billion, and 8.36 billion for the years 2022 to 2024, with net profits of 3.13 billion, 2.60 billion, and 2.04 billion respectively, totaling 7.76 billion in profits over three years [6]. - As of the first quarter of 2025, the company achieved a revenue of 2.16 billion and a net profit of 590 million, with accumulated undistributed profits reaching 7.92 billion [6]. - The company has been under investigation by the China Securities Regulatory Commission since May 6 for failing to disclose periodic reports on time, leading to its stock being suspended and marked with delisting risk warnings [5]. Group 3: Dividend Policy and Future Commitments - *ST Xinchao has not issued dividends since 2009, despite its substantial undistributed profits, which has drawn criticism from minority shareholders [5][7]. - Zhang Jingquan, chairman of Yitai B shares, committed to maximizing company value and adhering to new regulations to enhance investor returns, highlighting Yitai's history of 29 dividend distributions totaling over 36 billion [7].