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*st yinjiang (300020) announced on the evening of september 13 that the company received a "notice of case filing" issued by the china securities regulatory commission for suspected illegal and irregular information disclosure.

wind data shows that as of the close of september 13, the company's stock price was 1.95 yuan per share, down 76.51% so far this year.

source: wind

received warning letter before

*st yinjiang said it will actively cooperate during the investigation and comply with laws, regulations and regulatory requirements to fulfill its information disclosure obligations. investors should be aware of the relevant risks.

on may 27, according to the official website of the zhejiang securities regulatory bureau, *st yinjiang and relevant responsible persons received a warning letter.

the zhejiang securities regulatory bureau stated that the "2023 annual report" disclosed by *st yinjiang on april 30, 2024 showed that the company's net profit attributable to shareholders of listed companies in 2023 was a loss of 233.951 million yuan, and the company failed to disclose its 2023 performance forecast in a timely manner as required.

*st yinjiang's above-mentioned behavior violated article 3 of the "administrative measures for information disclosure of listed companies". the company's chairman wang teng, general manager han zhenxing, financial director ren gangyao, and board secretary wu mengli violated article 4 and article 51 of the "administrative measures for information disclosure of listed companies" and are primarily responsible for the above-mentioned violations. in accordance with article 52 of the "administrative measures for information disclosure of listed companies", the zhejiang securities regulatory bureau decided to take supervisory and management measures of issuing warning letters to *st yinjiang and relevant responsible persons, and record them in the integrity files of the securities and futures market.

losses widened

according to the semi-annual report of *st yinjiang, in the first half of 2024, the company's operating income was approximately 515 million yuan, a year-on-year decrease of 34.53%; the net profit attributable to the parent was a loss of approximately 68.4184 million yuan, compared with a loss of 9.3896 million yuan in the same period last year, and the loss widened year-on-year.

in its semi-annual report, the company mentioned multiple risks, including policy risks, risks of loss of core personnel, risks of smart city business models, investment, m&a and management risks, business model innovation risks, and risks of controlling shareholder’s capital occupation.

in 2022, the cumulative amount of funds occupied by the controlling shareholder was approximately rmb 78.536 million, and there was no balance of funds occupied at the end of the period; the cumulative amount of funds occupied by the controlling shareholder in 2023 was approximately rmb 286 million, and the balance of funds occupied at the end of the period was approximately rmb 28.8364 million; from january to may 2024, the cumulative amount of funds occupied by the controlling shareholder was approximately rmb 175 million. in june 2024, yinjiang group transferred a total of rmb 4.5 million to the company. as of the date of this report, the balance of funds occupied was approximately rmb 197 million.

regarding the above risks, *st yinjiang stated that the company will urge the controlling shareholder and actual controller to propose solutions as soon as possible, and actively take effective measures such as disposal of assets and legal loans to relieve the situation of capital occupation. in 2024, the company will continue to deepen internal management, improve the level of refined standardized operations and governance, and enhance risk prevention capabilities. at the same time, it will further strengthen the internal control mechanism, increase audit supervision, curb internal violations, and ensure the sustainable and healthy development of the company.