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On May 13, the Shenzhen Stock Exchange issued an annual report inquiry letter to Jin Xinnong, focusing on large fluctuations in financial data, overdue guarantees, internal control defects in the management of the subsidiary Yinghua News, the second largest shareholder being investigated, and futures business losses, etc.
The situation sent 10 questions in a row
.
In 2020, Jin Xinnong realized operating income of 4.
069 billion yuan, a year-on-year increase of 69.
55%; realized net profit of 132 million yuan, a year-on-year decrease of 5.
89%, and the financial data of each quarter fluctuated greatly.
The Shenzhen Stock Exchange required Jin Xinnong to explain its rationality and need to explain the reason for impairment of assets and other non-provision, whether there has been large inventory write-risk
.
It is worth noting that when the annual report was disclosed, Tianjian Certified Public Accountants issued an internal control assurance report with an emphasis on matters to Jinxinnong, emphasizing that Jinxinnong’s control of its subsidiary Yinghua Xunfang had weak links, including inadequate credit management and receivables.
Untimely collection of accounts, untimely supervision and supply of advance payment, and substandard investment and operation efficiency
.
The Shenzhen Stock Exchange also raised questions about Jin Xinnong's provision of 209 million yuan in impairment losses on Yinghua News, and requested detailed explanations on the impact of internal control deficiencies on Jin Xinnong's financial reports, as well as specific rectification measures, feasibility, implementation progress and effects
As of the end of 2020, the amount of Jin Xinnong's overdue guarantee liability for the guaranteed party was 29.
810 million yuan
.
As of the disclosure date of the annual report, a total of 14.
In addition, Jin Xinnong’s second largest shareholder Zhoushan Dacheng Xinnong Equity Investment Partnership (Limited Partnership) was filed for investigation by the Securities Regulatory Commission on November 6, 2020 for suspected securities market manipulation and short-term trading.
Jin Xinnong needs to explain whether the above incident has an impact on production and operation.
.
On April 28, 2021, Jin Xinnong disclosed the loss of the hedging business of hog futures, which affected the total profit of about 100 million yuan in the first quarter of 2021
.
The Shenzhen Stock Exchange requests Jin Xinnong to explain the specific implementation of hedging in the same period last year, whether the scale of hedging business matches with spot operations, whether there are other futures investment transactions, self-examination of the effectiveness of the internal control system and whether the risk control system is complete
