TAM(SH:603789) Xin Lang Cai Jing·2025-10-01 02:01Core Viewpoint - The company *ST Xingnong is facing significant regulatory scrutiny due to alleged violations in information disclosure, leading to a formal investigation by the China Securities Regulatory Commission (CSRC) [1] Financial Adjustments - *ST Xingnong announced corrections to previous accounting errors, affecting financial statements for 2023, 2024, and the first half of 2025, with a notable reduction in 2023 revenue by 60.73 million yuan, representing a 19.69% decrease from previously disclosed figures [1][2] Shareholder Actions - Major shareholder Li Weihong announced a plan to reduce his stake by 3% just three days before the accounting error disclosure, raising concerns about potential insider knowledge of upcoming regulatory issues [2] Company Background - Established in 2004, *ST Xingnong specializes in the research, manufacturing, sales, and service of agricultural machinery, with its largest shareholder being Xingnong Agricultural Science and Technology Holding Group [2] Financial Performance - The company has reported losses for five consecutive years, with a net loss of 44 million yuan in the first half of 2025, and faces delisting risks if it continues to incur losses or fails to achieve revenue of at least 300 million yuan in 2025 [2] Acquisition Concerns - The company plans to acquire a 100% stake in Green Pulse Automotive for 29.41 million yuan, despite the latter's poor financial performance, raising questions about the rationale behind the acquisition and potential conflicts of interest [2][3] Market Reactions - The acquisition of a loss-making entity under the same controlling shareholder has led to skepticism regarding the transaction's legitimacy, with investors questioning whether it constitutes profit transfer or a strategy to maintain listing status [3]