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[Introduction] Zhongyin Wool Industry, ST Aikang, and ST Futong will be delisted on August 12

China Fund News reporter heard

On the evening of August 11, BOC Wool Industry, ST Aikon and ST Futong all announced that the company's stocks had been decided to be delisted by the Shenzhen Stock Exchange and would be delisted on August 12.

The above three companies were delisted, and all of them triggered the "face value delisting" situation in the trading-related forced delisting type, that is, the daily closing price of the company's stock was lower than 1 yuan for twenty consecutive trading days.

The above three companies have a total of 447,610 shareholders, including 116,200 shareholders of Zhongyin Wool Industry as of March 31, 276,800 shareholders of ST Aikon as of May 20, and 54,610 shareholders of ST Futong as of April 30.

Both have reached the "face value delisting" situation

The latest announcement shows that the closing prices of Zhongyin Wool Industry, ST Aikon and ST Futong were below 1 yuan for 20 consecutive trading days, namely from May 24 to June 21, May 21 to June 18, and May 20 to June 17.

Based on the above situation, the above three companies have all touched upon the circumstances for termination of stock listing as stipulated in Article 9.2.1, paragraph 1, item 4 of the "Shenzhen Stock Exchange Stock Listing Rules (Revised in 2024)" (hereinafter referred to as the "Stock Listing Rules").

In accordance with the relevant provisions of the "Stock Listing Rules" and the review opinions of the Shenzhen Stock Exchange Listing Review Committee, the Shenzhen Stock Exchange decided to terminate the listing of Zhongyin Wool Industry, ST Aikon, and ST Futong on August 2, August 1, and August 1, respectively, and none of them will enter the delisting settlement period.

Relevant provisions of the "Stock Listing Rules" show that the company's stock has been delisted by the Shenzhen Stock Exchange due to triggering forced delisting circumstances. It will not enter the delisting settlement period and will be delisted within fifteen trading days after the delisting decision.

At present, BOC Wool Industry, ST Aikon and ST Futong are all scheduled to be delisted on August 12, and have signed "Entrusted Stock Transfer Agreements" with Pacific Securities Co., Ltd., Xiangcai Securities Co., Ltd. and Tianfeng Securities Co., Ltd. respectively.

The above three securities firms will serve as the lead securities firms for BOC Wool Industry, ST Aikon and ST Futong respectively, provide share transfer services, and handle matters such as share withdrawal registration, share reconfirmation and share registration and settlement of the stock exchange market registration and settlement system, and share transfer system.

Self-rescue efforts have been fruitless

In summary, BOC Wool Industry, ST Aikon, and ST Futong all sent out self-rescue signals on the eve of delisting risks, but the results showed that they were unable to turn the situation around.

On May 5, the board of directors of Zhongyin Wool Industry passed a proposal that the company plans to repurchase shares with its own funds of 30 million to 40 million yuan within 3 months from the date when the board of directors deliberates and approves the repurchase plan. As of May 31, the company has invested a total of 39.4191 million yuan (excluding transaction fees) to repurchase shares.

The share price of Zhongyin Wool Industry changed from 1.15 yuan per share on May 6 to 0.71 yuan per share on May 31.

Zhongyin Cashmere Industry was listed on the Shenzhen Stock Exchange in 2000. Initially, it mainly operated cashmere and cashmere products. In 2019, it started bankruptcy reorganization and crossed over to new energy. In the nine years from 2015 to 2023, the net profit after deducting non-operating expenses was in the red for eight years.

Jiangsu Aikang Industrial Group Co., Ltd., the controlling shareholder of ST Aikang, plans to increase its holdings of ST Aikang shares with its own or self-raised funds of 100 million to 200 million yuan within six months from February 27, and the purchase price will not exceed 3.5 yuan per share.

Before being suspended on June 19, ST Aikon had been hitting the daily limit for 31 consecutive trading days, and its closing price before the suspension was 0.37 yuan per share.

ST Aikon was listed on the Shenzhen Stock Exchange in 2011. It is mainly engaged in the research and development of new energy technologies, manufacturing and sales of photovoltaic equipment and components. Its net profit attributable to shareholders of the parent company from 2019 to 2023 was only profitable in 2020.

On May 16, investors asked at ST Futong’s 2023 annual performance briefing: “Does the company have a plan on how to reverse its current situation?”

ST Futong executives responded that the company will prudently carry out business operations and order strategies in 2024, and continue to strengthen project settlement and progress payment collection management, and recover accounts receivable legally and efficiently. It will actively recover funds by revitalizing and realizing some idle assets and improving the company's capital utilization efficiency.

On May 20, ST Futong's closing share price fell below 1 yuan per share for the first time. The company specializes in an industrial layout with optical fiber and cable manufacturing as its core and quartz products business as its supplement. Its net profit before and after deducting non-recurring items from 2020 to 2023 was negative, and the audit agency issued a non-standard audit report for its 2023 annual financial report.

Editor: Xiaomo

Audit: Wooden Fish

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