rare! chairman, general manager, and secretary of the board resigned collectively
2024-09-21
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after being punished by regulators for information disclosure violations, st shengtun (600711.sh) has undergone intensive management changes.
on the evening of september 19, st shengtun issued an announcement stating thatrecently, we received written resignation reports from the company's chairman zhang zhenpeng, general manager zhou xianjin, director weng xiong, and board secretary zou yapeng.according to the relevant provisions of the company's articles of association, the resignation shall take effect on the date the resignation report is delivered to the board of directors.
a few days ago, on september 13, st shengtun successively disclosed the "decision on giving regulatory warnings to relevant responsible persons of shengtun mining group co., ltd." and the "decision on public condemnation of shengtun mining group co., ltd. and relevant responsible persons" issued by the shanghai stock exchange. according to the announcement of the shanghai stock exchange, from december 2021 to the first half of 2023, st shengtun conducted cobalt hydrometallurgical intermediate sales business with relevant customers. when the goods were delivered to relevant customers, the control was not actually transferred but the revenue was recognized. as a result, the 2021 annual report was suspected of overstating operating income by 359 million yuan and overstating total profit by 194 million yuan, accounting for 0.79% and 7.15% of the disclosed amount in the current period respectively; the 2022 annual report was suspected of overstating operating income by 84.149 million yuan and understating total profit by 139 million yuan, accounting for 0.33% and 18.20% of the disclosed amount in the current period respectively; the 2023 semi-annual report was suspected of understating operating income by 78.1883 million yuan and understating total profit by 22.9569 million yuan, accounting for 0.59% and 5.22% of the disclosed amount in the current period respectively.
on april 23, 2024, st shengtun issued the "announcement on correction of accounting errors", correcting the relevant periodic financial statement data involving the above-mentioned business impact.
according to the announcement, st shengtun retroactively adjusted the financial data for the 2021 and 2022 annual reports and the first three quarters of 2023. among them, the operating income, total profit, and net profit attributable to the parent company were reduced by 359 million yuan, 194 million yuan, and 98.8411 million yuan in the 2021 financial report, respectively; the operating income was reduced by 84.149 million yuan in the 2022 financial report, the total profit was increased by 139 million yuan, and the net profit attributable to the parent company was increased by 77.869 million yuan.
the shanghai stock exchange stated that st shengtun recognized revenue when delivering goods to relevant customers without actually transferring control, which resulted in untrue financial information disclosure in multiple periodic reports, violating the relevant provisions of the securities law. in view of the above-mentioned illegal facts and circumstances, the shanghai stock exchange publicly condemned st shengtun and its then chairman and president zhang zhenpeng, then chairman chen dong, then financial director weng xiong, and then president zhou xianjin.
in addition, the shanghai stock exchange also issued regulatory warnings to the company's then independent directors liu luhua, ren li, and tu liandong, then vice presidents xiong bo and jin xin, then vice president and board secretary zou yapeng, then board secretary lu lele, then assistants to the president wu yicong and tang bo, and then supervisors zhao yulan, zhang xiaohong, and huang namin.
according to st shengtun's announcement on september 19, the company held the 13th meeting of the 11th board of directors today and reviewed and approved the "proposal on the resignation of directors and the re-election of director candidates". after the qualification review by the board of directors' nomination committee, the board of directors nominated and proposed to re-elect xiong bo, jin xin and long shuang as candidates for non-independent directors of the company's 11th board of directors. this matter still needs to be submitted to the company's shareholders' meeting for review. in addition, the st shengtun board of directors agreed to appoint jin xin as the company's president and lin ju as the company's board secretary.
source: china business news, economic observer
editor-in-charge: ni wangzhen
