On June 5th, Yuetai Co., Ltd. issued an announcement, company was postponed to June 12th, and replied to the annual report inquiry letter issued by the Shanghai Stock Exchange on May 28th. The Shanghai Stock Exchange raised three types of questions to Yuetai Co., Ltd. , involving a total of 13 specific issues involving the company's non-standard audit opinion , asset quality and capital transactions, and the company's production and operation.
Yuetai shares has been put on the hat "ST" at the moment. The closing price of 's stock price on June 7 was 1.47 yuan. The Shanghai Stock Exchange stipulates that if the stock price is lower than 1 yuan for 20 consecutive trading days, it will be forced to delist, so some investors It is worried that Yuetai will become the second real estate delisting stock in recent years.
01 Question 1: The accountant issued an non-standard audit opinion on the annual report . The
annual report shows that the Yuetai shares reported the accuracy of the items related to the acquisition of Huwan Community and the potential impact on the consolidated income statement, as well as the company and Shanghai Zongmei. The transaction substance of the Electromechanical Equipment Co., Ltd. and the reasonableness of the payment of the intention payment, the accountant failed to obtain sufficient and appropriate audit evidence.
Therefore, the Yuetai Co., Ltd. annual audit accountant issued an qualified opinion on the company's 2020 annual financial statements, and a negative opinion on the internal control.
In this regard, the Shanghai Stock Exchange requires Yuetai Shares to ask the annual audit accountant to combine the non-standard opinions of the financial report to explain that the company cannot provide the specific content of supporting evidence, and ask the company to explain the obstacles and reasons for providing the above information. Yuetai Co., Ltd. self-inspected the specific responsible persons for problems in each business link, and the accountability and rectification measures that have been taken and planned to be taken.
In fact, the rectification of Yuetai shares has a long history of unfavorable rectification, and thus became a "ST" stock.
2020 is the first year of loss for Yuetai Co., Ltd. . According to relevant regulations, it will not be labeled "ST". However, due to the company's violation of Article 13.9.1 of the "Listing Rules", that is, the company is controlled by the controlling shareholder and its related parties. Non-operating occupied funds, the balance reaches more than 5% of the absolute value of the latest audited net assets, or the amount exceeds 10 million yuan, and the repayment or rectification is not completed within 1 month, and the cap is "ST".
02 Question 2: Restricted funds, high proportion of receivables accrual
Yuetai shares annual report shows that the company's monetary capital in 2020 is 542 million yuan, of which 137 million yuan is restricted funds, including bank mortgage margin , Migrant workers salary deposit, loan deposit and other deposit. At the same time, multiple bank accounts of the company are in the state of being frozen by and , involving a frozen amount of 16.2511 million yuan.
In general, although nearly 20% of the company's funds have been frozen, it still has about 400 million yuan of funds at its disposal, but the company has overdue and outstanding short-term loans of 403 million yuan. Chenzhou Construction Engineering Group Co., Ltd. has an overdue loan of RMB 3 million, and the overdue interest is 24%.
The Shanghai Stock Exchange requires Yuetai Shares to explain the specific reasons for not repaying the above-mentioned high-interest loans when the monetary funds are still rich, and whether the company has an associated relationship or other arrangement of interests with Chenzhou Construction. And explain the specific freezing reasons for the freezing of multiple bank accounts of Yuetai Co., Ltd. , whether the obligation of information disclosure is fulfilled according to regulations, and the impact of the freezing of accounts and funds on the company's development ability and sustainable operation ability.
has money in hand, but does not intend to repay the loan, which is very contradictory. In addition, a large number of bad debts appeared in accounts receivable and other receivables .The
annual report shows that at the end of the reporting period, Yuetai shares accounts receivable 121 million yuan, bad debt provision 10.4219 million, accrual ratio is 8.63%, of which all accounts receivable for which bad debt provision is accrued on a single item basis The company also accrues 30% bad debts for accounts receivable over three years old. The book balance of
's other receivables is 2.980 billion yuan, mainly including current accounts and demolition payments in advance; bad debt provision is 526 million yuan, with a provision ratio of 17.65%, and an additional provision of 241 million yuan this year. The top five debtors accounted for 88.22% of other receivables, and a large proportion of the accounts were aged more than one year. The balance of bad debt reserves was 437 million yuan, of which the company's controlling shareholder Yuetai Holdings also occupied 329 million yuan.
The Shanghai Stock Exchange requires Yuetai Co., Ltd. to supplement the details of the top five accounts receivable and other receivables, and requires the company's annual audit accountants to express their opinions.
03 Question 3: The company's gross profit margin has declined, and the controlling shareholder's high pledge
annual report shows that Yuetai shares achieved operating income of 3.016 billion yuan in 2020, a year-on-year decrease of 34.21%; net profit attributable to the parent -913 million yuan, a year-on-year decrease of 404.09% %. The company mainly focuses on real estate business, with operating income of 2.938 billion yuan, down 35.15% year-on-year, and gross profit margin down 23.80% to 15.87%. In addition, the gross profit margin of the company's service industry continued to be negative, with -50.70% and -21.51% in 2019 and 2020, respectively.
The Shanghai Stock Exchange requires Yuetai Stock to explain the specific reasons for the sharp decline in the gross profit rate of the real estate business, the main business content of the company's service industry, the main reasons for the continuous negative gross profit rate and the subsequent development direction, and supplementary disclosure of the company's top five sales customers and Supplier information, indicating the proportion of related party transactions.
Real estate is a high-debt industry, and the decline in the company's gross profit margin will also make it difficult for the company to repay its debts. In default of , some of the shares held were auctioned by judicial , and the auctioned shares accounted for 13.06% of the total share capital of the company and 20.36% of the shares it held.
Yuetai Co., Ltd. stated that the two auctions were caused by the default of a large number of debts and inability of the company to pay off, which were caused by the corresponding creditors’ lawsuits. At present, the court has frozen the corresponding shares during the execution process.
According to the requirements of the Shanghai Stock Exchange, combined with the fact that Yuetai Holdings and persons acting in concert are currently pledged at a high rate, and the equity is subject to litigation and auctions, explain how the company's actual controller and controlling shareholder ensure the stability of the company's control, and give adequate risk warnings.
"ST" limits the rate of decline of the stock price, and gives Yuetai the qualification to race against time. Investors of all parties are waiting for the replies to the above questions.
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