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Original title: Deeply involved in financial fraud, the stock price continued to fall, and the pre-loss was up to 4.8 billionEnlightenment environment(rights protection)under investigation
reporter | Chen Huidong
On the evening of February 28, TusEnvironmental (000826.SZ) issued an announcement saying that the CSRC decided to file a case against the company due to suspected information disclosure violations.
Earlier, after handing over the annual performance forecast with a pre-loss forecast of up to 4.8 billion yuan in 2021, Tus Environment received a letter of concern from the Shenzhen Stock Exchange on February 7.
In response to the large asset impairment accrued by TusEnvironment in 2021 for projects that have been suspended and projects to be withdrawn, the regulatory authorities directly questioned the company’s suspected inflated assets. The letter of concern requires the company to disclose in a list form the details of the projects that have been suspended and projects to be withdrawn that involve the provision of asset impairment, including but not limited to the project name, main content of the project, project cycle, project progress, whether it has reached the expected progress, involving The accounting subject and amount, and the time, reason, impairment test process, and the basis for determining the recoverable amount, etc.
The letter of concern received by Enlightenment Environment is not only the above one. The listed company also received a letter of concern from the Shenzhen Stock Exchange on October 22, 2021. However, the company frequently delayed responses.
On the evening of February 28, Enlightenment finally responded to the letter of concern on October 22, 2021 in stages, and the content of the reply did not directly reply to the questions raised in the letter of concern.
In response to the Shenzhen Stock Exchange’s request to verify the construction-in-progress, the reply letter shows that TusEnvironment checked the content of the letter of concern and sorted out the historical data of the project. Since the issues involved in the letter of concern are related to the company’s project audit, on-site inspection and other matters, the company actively communicated with relevant parties on the relevant issues found during the inspection process. In order to ensure the authenticity, accuracy and completeness of the reply content of the concern letter, the company will continue to promote the verification work.
In addition, in 2021, TusEnvironment disclosed aChengfa Environment(000885.SZ) reorganization. At that time, Chengfa Environment planned to absorb and merge Enlightenment Environment by way of issuing shares.
On January 23, 2021, Tus-Environment disclosed the “Plan of Chengfa Environment Co., Ltd. to Swap Shares to Absorb Companies and Raise Supporting Funds”, and the report has not been disclosed as of the date of the letter. The Shenzhen Stock Exchange asked Enlightenment to explain the specific progress of the merger and acquisition, the work of the intermediary agencies, the reasons for the slow progress, and whether they faced substantial obstacles.
In this regard, Tus Environment responded by saying that as of now, the work related to mergers and acquisitions and major reorganizations has been progressing normally. The major asset reorganization is relatively complicated, but due diligence, audit and other related work do not involve factors that constitute substantial obstacles to the reorganization.
In October 2021, a news report that questioned TusEnvironment’s involvement in financial fraud appeared, pointing out that the listed company had fabricated construction in progress. TusEnvironment has been frequently sent letters from supervision, and has been deeply involved in the suspicion of financial fraud. Since then, not only have the stock prices of listed companies collapsed, their credit ratings have been downgraded by rating agencies, and the originally planned capital operations have been delayed.
The announcement on February 8 showed that the Shenzhen Stock Exchange issued a notice of criticism to TusHoldings, the controlling shareholder of the listed company. It was found that TusHoldings had the following violations: On November 20, 2021, the listed company responded to the financial fraud, inflated assets, capital occupation and other matters questioned by the media on its official website. On October 22, 2021, the Shenzhen Stock Exchange has issued a letter of concern to TusEnvironment regarding media queries. As of the release of the above-mentioned investigation results by TusHoldings, TusEnvironment has not yet responded to the letter of concern from the Shenzhen Stock Exchange. As the indirect controlling shareholder of Tus Environnement, TusHoldings did not cooperate with TusEnvironment to do a good job in information disclosure, and disclosed unpublished material information in other media before Enlightenment Enviroment.
In terms of secondary market trends, following a sharp decline at the end of last year, the share price of TusEnvironmental is still hovering at a low level. As of the close on February 28, the company’s share price was reported at 4.63 yuan per share.
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Responsible editor: Zhang Yi