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On August 26, ST Hanggao (002665) was officially delisted.

On the evening of August 25, ST Hanggao announced: According to the regulations of the Shenzhen Stock Exchange, the company's stock was delisted by the Shenzhen Stock Exchange due to triggering the forced delisting situation. The company will not enter the delisting settlement period. The company's stock will be delisted within fifteen trading days after the Shenzhen Stock Exchange makes the delisting decision. The company's stock will be officially delisted on August 26. After delisting, the company's stock will be transferred to the delisting board for listing and transfer.

Previously, on August 7, ST Hanggao announced that it had received the "Decision on the Termination of Listing of Shares of Shouhang Hi-Tech Energy Technology Co., Ltd." issued by the Shenzhen Stock Exchange. The Shenzhen Stock Exchange decided to terminate the listing of the company's shares.

The decision document shows that from May 30, 2024 to June 27, 2024, the daily closing price of ST Hanggao stock has been lower than 1 yuan for 20 consecutive trading days, triggering the termination of listing circumstances stipulated by the Shenzhen Stock Exchange.

ST Hanggao was established in 2001 and is mainly engaged in the research and development of air cooling technology and the manufacturing of cooling equipment. Its leading products are core equipment, complete sets of services and operations, and complete sets of equipment for power station air cooling systems for solar thermal power generation systems. It successfully landed on the A-share market on March 27, 2012. Its actual controllers are Huang Qingle, Huang Wenbo, and Huang Wenjia.

In recent years, ST Hanggao's business has been dismal: from 2021 to 2023, the company achieved operating income of 719 million yuan, 652 million yuan, and 894 million yuan, respectively, and net profit losses of 222 million yuan, 255 million yuan, and 316 million yuan, respectively.

In the first quarter of 2024, ST Hanggao's revenue was about 383 million yuan, a year-on-year increase of 68.27%; its net profit loss was about 68.43 million yuan. In the first half of this year, the company expects a loss of 35 million to 55 million yuan.

On December 1, 2023, ST Hanggao received the "Notice of Case Filing" issued by the China Securities Regulatory Commission. The China Securities Regulatory Commission decided to file a case against the company and its director Huang Wenjia for suspected violations of laws and regulations on information disclosure.

The auditing agency stated that due to the above-mentioned major deficiencies and their impact on the achievement of control objectives, ST Hanggao failed to maintain effective financial internal control in all material aspects in accordance with the "Basic Standards for Enterprise Internal Control" and relevant regulations as of December 31, 2023.

Due to the internal control audit report that issued a negative opinion in 2023, ST Hanggao’s stock has been subject to other risk warnings since April 30 this year.

Since the implementation of other risk warnings, ST Hanggao's stock price has continued to fall. From April 30 to before the suspension (June 27), the stock hit the limit down for 33 of the 39 trading days, and fell below the 1 yuan "warning line" on May 30. Before the suspension, the stock closed at 0.37 yuan per share, with a total market value of 926 million yuan.

As of May 20, 2024, ST Hanggao has a total of 140,000 shareholders.

As of the end of the first quarter of this year, Jincheng Capital Management Co., Ltd.-Gansu Merger and Acquisition (Relief) Fund (Limited Partnership), Zhejiang Zhejiang Enterprise Investment Management Co., Ltd.-Hangzhou Oriental Bangxin Chixiao Equity Investment Fund Partnership (Limited Partnership), and Guosheng Securities Co., Ltd. held 251 million shares, 93 million shares, and 31.65 million shares of the company, respectively, with shareholding ratios of 10%, 3.71%, and 1.26%, respectively.

It is worth mentioning that before delisting, ST Hanggao had tried hard to "save itself".

On the evening of June 11, ST Hanggao announced that Huang Qingle, one of the company's actual controllers, increased his holdings of the company's shares by 500,000 shares per day on May 13, 14, 21, 22 and June 5, 2024, and increased his holdings of the company's shares by 473,000 shares on June 7, for a total increase of 2.973 million shares, accounting for 0.12% of the company's total share capital.

After being delisted on August 26, ST Hanggao’s shares will be transferred to the delisting board for listing and transfer.

ST Hanggao stated that the company has signed a "Commissioned Stock Transfer Agreement" with Shanxi Securities, appointing it as the lead underwriter, entrusting it to provide share transfer services, and authorizing it to handle the stock exchange's market registration and settlement system's share withdrawal registration, share reconfirmation, and delisted sector share registration and settlement and other related matters.