Xinye Textile was delisted due to financial fraud.
Xinye Textile was delisted due to financial fraud.
Today I will do the following discussion：
What is xinye tex
Why it be delisted?
Henan Xinye Textile Co., Ltd. is a national large-scale textile backbone enterprise, one of the 520 key enterprises in China and 50 key enterprises in Henan Province for product structure optimization, which passed ISO9002 quality system certification in 2001.
The company consists of five production plants, two-thirds of the key textile equipment imported from Germany, Japan, Italy and other countries.
The company has fixed assets of 1.36 billion yuan and 9,035 employees.
The company has fixed assets of 1.36 billion yuan and 9,035 employees.
The company mainly produces and operates cotton yarn, polyester-cotton yarn, thread, cloth, color woven fabrics and towels, bed sheets and other series of products, with an annual production capacity of 70,000 tons of yarn and 120 million meters of cloth, the products are sold to more than 20 provinces and
municipalities such as Guangdong, Fujian, Shandong, Shanghai, etc., and are exported to the United States, Hong Kong, China, South Korea and other 12 countries and regions.
The company takes the initiative to participate in the international market competition, and actively carry out foreign trade business, expanding the amount of import and export trade, by the country for the enterprise to the international market has laid a solid foundation.
municipalities such as Guangdong, Fujian, Shandong, Shanghai, etc., and are exported to the United States, Hong Kong, China, South Korea and other 12 countries and regions.
The company takes the initiative to participate in the international market competition, and actively carry out foreign trade business, expanding the amount of import and export trade, by the country for the enterprise to the international market has laid a solid foundation.
However, seven consecutive years of financial fraud, net profit loss for three consecutive years, the share price for 19 consecutive trading days below 1 yuan, 2023 financial report non-standard + negative net assets …… in the suspension of up to one month, *ST New Textile (formerly “Xinye Textile”) May 29th Late at night on May 29, received the decision of the Shenzhen Stock Exchange on the termination of the listing of the company’s shares.
Announcement shows that, because of touching the “negative net assets” and “financial accounting report was issued non-standard audit opinion” delisting situation, the Shenzhen Stock Exchange decided to terminate the listing of the company’s shares. The company’s shares since June 6 into the delisting period. Shanghai Securities News reporter noted that, as of the end of the first quarter of this year, *ST New Textile shareholders 34,700 households, the company’s latest share price of 0.46 yuan.
It is important to note that a month ago, *ST New Textile also received the Henan Securities Regulatory Bureau issued the “administrative penalty prior notice”. After investigation, the company has seven consecutive years of financial fraud, during which the amount of inflated net profit is as high as 2.393 billion yuan, the company and the relevant directors and supervisors were therefore heavily penalized.
* ST New Textile will be delisted