KNT(SZ:300225) Sou Hu Cai Jing·2025-08-15 13:21Core Viewpoint - The company *ST Jintai is facing significant scrutiny from regulators due to questionable financial transactions and internal disagreements among board members regarding the response to regulatory inquiries [3][4][5][6]. Group 1: Regulatory Inquiry - In early July, the Shanghai Securities Regulatory Bureau issued an inquiry letter to *ST Jintai, focusing on large financial transactions with related traders and equity investment matters [5]. - The company reported abnormal fund transfers with several trading companies, with over 900 million yuan in prepayments and refunds, while actual procurement was only about 29 million yuan, indicating a severe imbalance [5]. - An audit indicated a major risk of fund misappropriation, particularly concerning the company's dealings with equity investments and the flow of funds to unknown entities [5]. Group 2: Board Disagreements - On August 5, the board of directors held a meeting to discuss the response to the regulatory inquiry, but the proposal was ultimately rejected due to internal disagreements [8]. - Board member Liu Ruiming opposed the response, citing contradictions and insufficient investigation into the fund flow issues raised by the regulatory inquiry [8][9]. - Independent directors expressed concerns about the logic of the company's explanations regarding fund usage and the relationships with certain suppliers, questioning the validity of the claims made in the response [9]. Group 3: Legal and Compliance Issues - Reports indicate that a board member has filed a police report regarding potential fund misappropriation, escalating the situation and raising concerns among investors about the company's future [10][11]. - The company is under risk of delisting and faces increasing compliance and governance challenges if it fails to respond adequately to the regulatory inquiries [11].