HLSY(SZ:000622) Xin Lang Zheng Quan·2025-10-24 09:42Core Viewpoint - The long and tumultuous capital journey of *ST Hengli, a veteran listed company, is set to conclude in June 2025, as it faces delisting after failing to disclose a majority of its board's assurance on the authenticity of its 2024 annual report within the legal timeframe [1] Group 1: Company History - *ST Hengli was listed on the Shenzhen Stock Exchange in 1996, initially focusing on manufacturing automotive air conditioning equipment [3] - The company was first subjected to ST status in 2005 due to poor performance [4] - From 2006 to 2013, *ST Hengli faced a seven-year suspension from trading, during which it attempted various self-rescue operations, including asset sales and debt restructuring, to avoid delisting [5] - After regaining its listing, *ST Hengli quickly returned to losses, reporting net losses of 37 million yuan and 47 million yuan in 2014 and 2015, respectively [5][6] - In 2021, the company reported a profit of 171,960 yuan, but it suffered losses exceeding 10 million yuan in both 2022 and 2023, with revenue declining from 346 million yuan in 2021 to 111 million yuan in 2023 [7] Group 2: Efforts to Avoid Delisting - In August 2024, *ST Hengli announced that Xiangcheng Shenzhou acquired 76 million shares, becoming the largest shareholder, with plans to pivot towards lithium carbonate processing [8][9] - Following the acquisition, *ST Hengli projected a revenue increase to between 300 million and 350 million yuan for 2024, with over 200 million yuan expected from the newly acquired assets in Q4 [10] Group 3: Audit Controversy - The company's efforts to avoid delisting faced significant challenges when its auditor, Shenzhen Xutai Accounting Firm, raised serious doubts about its revenue figures, suggesting a reduction to 196 million yuan [11][12] - *ST Hengli disagreed with the auditor's assessment, leading to a major dispute over revenue recognition methods [14] - The company opted to sue the auditor for alleged obstruction during the audit process, seeking 38.27 million yuan in damages [16][17] Group 4: Final Penalties - Despite the lawsuit, *ST Hengli's delisting fate remained unchanged, as it received a warning and a fine of 3.5 million yuan from the Hunan Securities Regulatory Bureau [18] - Key executives, including the chairman and financial director, were also penalized with fines totaling 1.8 million yuan for their roles in the situation [19] - As of June 25, *ST Hengli entered a 15-day delisting preparation period, with the final trading day expected to be July 15, 2025, marking the end of its 29-year journey in the capital market [19]