Shenzhen Stock Exchange sent a letter of inquiry to Zhongtai Motor.
May 7, Shenzhen Stock Exchange to Zhongtai Automobile Co., Ltd. (Zhongtai Automobile, 000980PortalfyxgamingcryptofightsSZ) issued an inquiry letter for the 2023 annual report, which mainly focused on the company's supervisor Lou Guohai's inability to guarantee the authenticity, accuracy and completeness of the annual report, as well as the sales volume and major financial data in the company's annual report, and asked it to explain whether there was a false increase in revenue or profits.
According to Zhongtai Automobile Annual report, Lou Guohai cannot guarantee the contents of the relevant periodic reports.PortalfyxgamingcryptofightsThe authenticity, accuracy and completeness of, and abstained from voting on motions other than the motion on the company's proposed re-employment of accounting firms, because the company's late notice resulted in no reasonable time to verify the relevant content.
The Shenzhen Stock Exchange asked Lou Guohai to explain the true reasons and major concerns that the annual report could not be guaranteed. Zhongtai Motor is also required to explain whether the board of directors and the board of supervisors will send periodic reports and relevant materials to all directors and supervisors before considering the annual report, and whether sufficient time will be reserved, etc.
During the reporting period, Zhongtai Automobile sold 1112 vehicles, including 42 new energy vehicles.
For the main business, the Shenzhen Stock Exchange requires Zhongtai Automobile to explain the specific conditions of vehicle sales during the reporting period, including, but not limited to, the names of major customers and suppliers, related relationships, transaction amount, etc., combined with the relevant business model, revenue recognition policy and major financial data such as gross profit margin, net profit, cash flow of operating activities and other major financial data to explain whether its operating situation is significantly different from the industry average and reasonable.
It is worth pointing out that the Shenzhen Stock Exchange also asked it to explain whether the revenue recognition and cost accounting during the reporting period are true, accurate and complete, and whether there is a false increase in revenue or profits.
For new energy models, the Shenzhen Stock Exchange asked Zhongtai Automobile to explain the technical sources, property rights ownership and real production capacity of Jiangnan U2, and explain the specific situation that the model is still carrying out product quality improvement and production line optimization transformation since it was listed in 2023, whether the relevant description is consistent with the actual situation, and combined with the current competition in the new energy vehicle market to explain whether it is commercially reasonable to continue the production of this model.
In addition, in view of whether Zhongtai Automobile accounts Receivable is irrecoverable, the salary changes of employees do not match with the changes of operating income, R & D expenses and R & D capabilities, whether the advance payment is reasonable, and whether the management is responsible for improving the ability of sustainable operation. Measures and effects were inquired.
In addition, since the reporting period, a number of directors and senior managers of Zhongtai Automobile have left. After the director and president of Zhongyuan just left office, the current senior managers of the company have no experience in vehicle manufacturing.
The Shenzhen Stock Exchange said that please elaborate on the specific impact of management changes on the company's daily operation, related business development and governance, and the risk prevention measures to be taken or have been taken, and please give a hint of the risks existing in the company's related business development.
On the evening of March 27, Zhongtai Automobile announced that the board of directors had recently received a written resignation report submitted by Lian Gang, president of the company. Lian Gang applied to resign as president of Zhongtai Automobile for personal reasons. During the vacancy of president, Hu Zeyu, chairman of Zhongtai Automobile, will act as president.
According to the 2023 annual report, Zhongtai Automobile achieved an operating income of 734 million yuan in 2023, down 6.28 percent from the same period last year, and a net loss of 927 million yuan, an increase of 0.7 percent over the same period last year.