Core Viewpoint - Kangde Tai (002450) is set to delist from the A-share market due to a major financial fraud scandal, marking the end of its trading journey with a market value of only 744 million yuan as of May 27, 2023 [1][2]. Summary by Sections Company Background - Kangde Tai was established in 2001 and listed on the A-share market in 2010, focusing on high polymer composite materials and related technologies [4]. - The company was once regarded as a "billion-dollar white horse stock," reaching a peak market value of nearly 100 billion yuan in November 2017 [2][4]. Financial Fraud and Delisting - The company was found to have fabricated profits exceeding 11.53 billion yuan from 2015 to 2018, leading to significant financial misreporting [5]. - Kangde Tai's annual reports from 2015 to 2018 contained false records, resulting in a continuous negative net profit after restatement [3][5]. - The company faced two consecutive years of audit reports with disclaimers, leading to its suspension from trading on July 10, 2020, and ultimately to its delisting due to major violations [3][5]. Current Status and Legal Issues - As of April 21, 2023, Kangde Tai is entangled in nearly 500 lawsuits, with a total involved amount of 11.737 billion yuan [6][7]. - The company reported a revenue of 341 million yuan in the first quarter of 2023, with a net loss of 279 million yuan, a year-on-year decline of 30.54% [7]. - The ongoing legal disputes include various civil lawsuits related to bond trading and construction contracts, with 59 cases involving amounts over 5 million yuan [7].

Group 1 - The company is named Jiangsu Shuangxing Color Plastic New Materials Co., Ltd., established as a joint-stock company from Suqian City Color Plastic Packaging Co., Ltd. [2] - The company was approved for its initial public offering (IPO) on May 13, 2011, issuing 52 million shares, which were listed on the Shenzhen Stock Exchange on June 2, 2011 [2][3] - The registered capital of the company is RMB 1,147,428,712 [3] Group 2 - The company's business scope includes the production of optical new materials, optical films, solar cell back materials, polyester capacitor films, and polymer composite material technology research and development [5] - The company aims to enhance economic efficiency, return profits to shareholders, benefit employees, and serve society through technological innovation and management improvement [4] Group 3 - The company issues shares in the form of stocks, with each share having a par value of RMB 1 [6] - The total number of shares issued by the company is 1,147,428,712, all of which are common shares [6][20] Group 4 - The company is governed by a set of bylaws that outline the rights and obligations of shareholders, directors, and senior management [4][12] - The company has established a political organization in accordance with the regulations of the Communist Party of China, ensuring the party's core role in the enterprise [4] Group 5 - The company has provisions for capital increase and reduction, which require shareholder approval and must comply with relevant laws and regulations [9][10] - The company is prohibited from repurchasing its own shares except under specific circumstances, such as capital reduction or employee stock ownership plans [10][11]