*ST Hongtao will be delisted, and trading will be suspended from tomorrow! The chairman of the board of directors once posted: For Hong Tao, I am on the verge of bankruptcy

National Business Daily

2024-06-30 17:07National Business Daily official account

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01*ST Hongtao announced that the closing price of the company's shares has been below 1 yuan for 20 consecutive trading days, and trading will be suspended on July 1, 2024, facing the risk of delisting.

02Liu Nianxin, chairman of Hongtao Group, issued an open letter, saying that Hongtao was on the verge of bankruptcy and hoped to lead the company out of the predicament.

03 Due to the violation of the letter disclosure, *ST Hongtao received a letter of concern and a regulatory letter from the Shenzhen Stock Exchange and was ordered to make corrections.

04At the same time, *ST Hongtao signed the "Voting Rights Entrustment Agreement" with Yinggu Energy Technology to try to introduce external industrial investors.

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Edited: Huang Sheng

On June 30, *ST Hongtao (002325.SZ, share price of 0.38 yuan, market value of 667 million yuan) announced that as of June 28, 2024, the closing price of the company's shares has been lower than 1 yuan for 20 consecutive trading days, which has touched the mandatory delisting of the trading category stipulated in Article 9.2.1 of the Stock Listing Rules of the Shenzhen Stock Exchange, and the company's shares will be terminated from listing and trading by the Shenzhen Stock Exchange. In accordance with Article 9.2.6 of the Rules Governing the Listing of Stocks on the Shenzhen Stock Exchange, trading in the Company's shares will be suspended from the opening of the market on Monday, July 1, 2024.

Image source: Photo by reporter Kong Zesi

Liu Nianxin, chairman of Hongtao Group, issued an open letter

On the afternoon of June 17, the official account of Hongtao Co., Ltd. released the "Open Letter from Liu Nianxin, Chairman of Hongtao Group".

The open letter said that since the beginning of the spring of 2024, the crisis of Hongtao Group has escalated again, encountering malicious shorting of main funds, facing the risk of delisting at face value and potential other risks, etc., especially the recent market has had some misunderstandings and doubts about Hongtao Group.

Liu Nianxin said: "For Hong Tao, I am on the verge of bankruptcy. ”

Image source: Photo by reporter Kong Zesi

In order to meet the company's development capital needs and rapid financing needs, Liu Nianxin, chairman of Hongtao Group, and his family and relatives have provided financial assistance of about 500 million yuan for the company for many times, and provided more than 10 billion yuan of guarantees. Most of the financial support provided to Hongtao Group comes from stock pledges and real estate mortgages.

Subsequently, Liu Nianxin, chairman of Hongtao Group, said that he could not accept the "unqualified opinion" of the 2023 annual audit report. It said that Hongtao Group has been in operation for 40 years and listed for 14 years, and it has achieved "five nos":

First, there is no major shareholder capital occupation, but long-term loan of 500 million yuan to bail out the company;

the second is that there is no penny of illegal guarantees;

third, there has never been insider trading;

Fourth, the actual controller's personal shareholding has not cashed out a penny in the 14 years since it was listed;

Fifth, there was no financial fraud, because as the actual controller, I did not cash out, and there was no motive and need for fraud.

Then, Liu Nianxin said that the suspicions and accusations of some investors about their cash-out and malicious delisting of the company were purely out of nowhere. On the contrary, I have been funding Hong Tao and trying to keep Hong Tao's status as a listed company in A-share without delisting, and I hope to lead the company to go on, resolve debts through reorganization, restore the main business, do a good job in operation and management, and give investors the best returns. I know that the biggest loss from entering judicial reorganization is the actual controller, but in order to save Hong Tao, even though he still has net assets, he is willing to enter judicial reorganization to bring Hong Tao a new life.

Image source: Photo by Liu Guomei, National Business Daily

Through judicial reorganization, Hongtao actively introduced external industrial investors and strengthened industrial coordination and transformation. The company's book net assets exceed 1.5 billion yuan, in recent years, has been trying to cooperate with external investors, recently the company and Yinggu Energy Technology (Zhejiang) Co., Ltd. signed the "voting rights entrustment agreement", this is a formal agreement, not an agreement of intent, Yinggu is mainly engaged in new energy upstream and downstream industries, including wind power, solar photovoltaic power generation and energy storage related business, its associated or controlled company has built wind farms, the future in the new energy and Hongtao can produce strategic synergy.

*ST Hongtao was ordered to make corrections

On June 17, *ST Hongtao received a letter of concern and a regulatory letter from the Shenzhen Stock Exchange, and was ordered to make corrections by the Shenzhen Securities Regulatory Bureau for violating the letter disclosure.

*ST Hongtao said that the company received the "Shenzhen Securities Regulatory Bureau's Decision on Ordering Corrective Measures against Shenzhen Hongtao Group Co., Ltd." (hereinafter referred to as the "Corrective Measures") on June 14.

Image source: Photo by Liu Guomei, National Business Daily

According to the corrective measures, on June 14, *ST Hongtao released undisclosed information on the WeChat public account of "Hongtao Shares", which violated the provisions of paragraphs 1 and 3 of Article 8 of the Administrative Measures for Information Disclosure of Listed Companies (Decree No. 182 of the CSRC, the same below). In accordance with the provisions of Article 52 of the Administrative Measures for Information Disclosure of Listed Companies, the Shenzhen Securities Regulatory Bureau decided to take regulatory measures against *ST Hongtao to order corrections. *ST Hongtao shall take effective measures to correct it in accordance with the following requirements:

1. The above-mentioned non-public information should be deleted immediately.

2. The company and related parties should immediately self-check whether there are illegal information disclosures, leakage of insider information, insider trading, market manipulation and other violations of laws and regulations, and report to the Shenzhen Securities Regulatory Bureau before June 15, 2024.

3. The actual controller and relevant parties shall be urged to strictly abide by securities laws and regulations, fulfill their information disclosure obligations in accordance with the law, and ensure that the company's information disclosure is true, accurate and complete, and there shall be no false records, misleading statements or major omissions.

According to public reports, during the lunch break on June 14, *ST Hongtao published an article entitled "Hongtao's new controlling shareholder or its designated entity increases the company's shares" on its official WeChat public account. Eight minutes after the afternoon opened, the company's stock price immediately walked out of the "earth and sky board", but then fell again.

At present, the above article can no longer be found in the official WeChat public account of *ST Hongtao, and the latest article is the "Open Letter from Liu Nianxin, Chairman of Hongtao Group" released in the early morning of June 17.

Two letters were received on the same day

On the 17th, *ST Hongtao was issued a regulatory letter by the Shenzhen Stock Exchange for submitting an application for reducing its holdings in violation of regulations. According to the regulatory letter, the company's board of directors received a written resignation report from Hou Chunwei on May 13, and Hou Chunwei applied for resignation from all positions such as the company's director, vice chairman, president and members of the company's board of directors' strategy and information disclosure committees for personal reasons, but the company did not disclose the relevant announcement until June 17 at the latest. The company deliberately concealed the relevant information and submitted an application for its share reduction to the Shenzhen Stock Exchange when it knew that Hou Chunwei had resigned as a director and senior executive, and that he was not allowed to reduce his shareholding within six months after his resignation in accordance with the law. It is hoped that the company and all directors, supervisors and senior management will earnestly learn from the lessons, and remind the company and all directors, supervisors and senior managers to strictly abide by relevant regulations, truthfully, accurately, completely, timely and fairly fulfill their information disclosure obligations, and prevent the occurrence of such incidents.

In addition, on the 17th, *ST Hongtao received a letter of concern from the Shenzhen Stock Exchange, and the company's disclosure of the relevant announcements on voting rights entrustment and control transfer was incomplete, which was suspected of misleading investors.

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