退市公司，再“吃”罚单

Core Viewpoint - R Puli 1 (Puli Pharmaceutical Co., Ltd.) is facing significant regulatory scrutiny and financial challenges, including a recent fine for failing to disclose its 2024 annual report on time, amidst ongoing concerns about its previous financial misconduct and potential delisting [1][2][3][4]. Regulatory Issues - On November 28, R Puli 1 received an administrative penalty notice from the Hainan Regulatory Bureau of the China Securities Regulatory Commission for not disclosing its 2024 annual report within the legal timeframe, resulting in a fine of 500,000 yuan and a warning [1]. - This is not the first regulatory issue for R Puli 1; the company was previously penalized for financial fraud, which included inflating revenue by 1.029 billion yuan and profits by 669 million yuan over two years [3]. Financial Challenges - As of the end of Q3 2024, R Puli 1 reported cash reserves of only 331 million yuan, while its short-term liabilities due within a year amount to 541 million yuan, indicating a concerning short-term solvency situation [4]. - The company is under significant pressure due to the combination of delisting risks and a looming debt crisis, raising fears of potential defaults [4]. Company Background - R Puli 1 was established in 1992 and listed on the Growth Enterprise Market in 2017, previously recognized as one of China's top 100 innovative listed companies, with a diverse product line in various therapeutic areas [4].