Kangde New Shareholders’ Meeting: No annual announcement plan for business stabilization or non-standard reorganization

Kangde New Shareholders’ Meeting: No annual announcement plan for business stabilization or non-standard reorganization
On the afternoon of March 26, the listed company Kangde New Composite Materials Group Co., Ltd. (stock abbreviation: * ST Kangde 002450) made its first preparation in 2020 in the conference room of Kangde New Administrative Building, Zhangjiagang Environmental Protection New Materials Industrial Park, Jiangsu Province.Extraordinary general meeting.The company leaders who attended the meeting included Chairman Wu Xingjun and Vice President Shao Zhenjiang. Due to the epidemic, the number of small and medium shareholders present was much less than before. Sauna, Yewang and many small and medium shareholders watched the early stage of the meeting through live video provided by live shareholdersCase.Shareholders provided screenshots of Kangde’s new shareholder meeting live broadcast.Reorganization is a temporary announcement of whether the company can reverse the loss. During the period, some stockholders questioned the progress of the company’s restructuring. Therefore, Wu Dexing, chairman of Kangdexin, said that according to the company’s current overall situation, the company should be thoroughlyTo get out of trouble, a judicial reorganization work is needed. This should be a consensus of everyone.”From the company ‘s consolidated budget, we should focus on a few things. The first is to maintain good production and operation, protect our industry, and maintain the overall restructuring value. This may be the most important place for the board and leaders to focus on.A good basis for reorganization.Wu Xingjun said, “The company has consulted some professionals. The reorganization of listed companies involves a wide range, including courts, governments, and securities regulatory systems. The cycle will be longer. We have been studying this possibility. The specific progress and progress involve letter approval.Ask, inconvenient to say.Wu Xingjun said that for the reorganization situation, there has not been a stage where there is a perfect plan to make announcements. Once there is a clearer situation, it will be announced in time.Afterwards, some stockholders questioned whether “the Minsheng Department will hold Kangdexin” and “rumors that Baoneng also has intentions and whether there has been any contact”. Therefore, Wu Xing all responded: “There is no institution that shows that the company can talk about strategy.Investors can hold companies, this is not the case.At the same time, the company has not contacted Baoneng.”In response to questions from stockholders about whether it will turn losses into profits in 2020, Wu Xing said that regardless of whether the company can turn losses in 2020, the big problem should be to resolve the overall contradictions.”It is possible to completely solve all difficulties such as debt problems through overall restructuring work. This is an alternative condition for profitability and sustainable development this year. If there is no such alternative condition, it is of little significance to talk about this, and the debt problem can beDismember the company completely.Wu Xingjun: The non-standard annual growth of the 2019 annual report is similar to considerable growth. Whether Kang Dexin can keep the listing and the progress of the hearing is also a key issue for investors.Kangde’s new constitution once surrounded the situation of “annual report audit without accounting office”, and Rongcheng Certified Public Accountants and Zhongshen Zhonghuan Certified Public Accountants successively “committed”.However, things have changed. On March 10th, Kangde ‘s new board of directors passed a resolution and plans to change the 2019 audit agency to Notary Tianye Certified Public Accountants (Special General Partnership) (hereinafter referred to as “Notary Tianye”) for a term of one.year.Notary Tianye will pass the signing of business agreement with the company at the first temporary general meeting of shareholders of Kangdexin in 2020.Judging from the results of the on-site voting at the shareholders ‘meeting, this expectation has been approved by the shareholders’ meeting.Some shareholders questioned whether “the company’s 2019 annual report will be non-standard”. Therefore, Wu Xingjun said: “The possibility of non-standard, it should be said that in the case of uncertainty, our non-standard 2019 annual report may be quite large.”, The type of audit opinion of Kangdexin’s 2018 financial report is unable to express an opinion. If the 2019 annual report is issued with a” non-standard “audit opinion that cannot express an opinion or a negative opinion, according to the relevant regulations, Kangdexin’s existence is suspendedThe possibility of going public.Xing Jun said: “Did you mention the case of Bank of Beijing, did it affect the non-standard annual report?I am not an expert in accounting. Whether a company is non-standard or not depends on the overall situation and does not depend on a certain point. Whether everything is falling out of the rock and whether it has landed. This is a standard for whether the company is non-standard.”However, Wu Xing said that whether non-standard is not the most fundamental issue,” as far as the company’s current situation is concerned, whether it is non-standard is personally my point of view.The solution to the problem turned the 2020 report into a normal report.This is my own idea.”At this time, the potential” Bank of Beijing case “involved the dispute of Kang Dexin’s” 12.2 billion deposits “in the Bank of Beijing Xidan Sub-branch. On July 24 last year, Kang Dexin and some of its subsidiaries had reported to the company’s major shareholdersKangde Group, Bank of Beijing and Bank of Beijing Xidan Sub-branch filed a lawsuit and were sued by the Beijing Higher People’s Court.However, the case was later withdrawn by the court due to the inability to pay more than 63 million yuan in litigation fees.Xing Jun said at the shareholders meeting last year: “Last year, there was a problem of litigation fees, which was withdrawn by the Beijing court because it could not be paid. Later, the company organized a team of lawyers to conduct research. Next, we also based on our newLitigation strategy, re-accusation.Things dragged back a bit, mainly because of the company’s funds.”Is it necessary to conduct a second hearing?”From the company’s perspective, there is not much necessity.” Another thing involving Kangde’s new listing is the CSRC’s hearing last year.On July 5, last year, the China Securities Regulatory Commission issued the “Administrative Administration’s Prior Notice”, showing that Kangdexin had a virtual profit increase of US $ 11.9 billion, and did not disclose in the annual report the related transactions of shareholders’ non-operating fundsItems that violate the law and regulations.Among them, Kangde Group’s major shareholder Kangde Group took advantage of the extended “Cash Management Service Agreement” with Bank of Beijing Xidan Sub-branch to occupy Kangde New Funds non-operatingly from 2014 to 201865.2.3 billion, 58.3.7 billion, 76.7.2 billion, 171.5 billion and 159.3.1 billion yuan.After receiving the “Administrative Administration’s Prior Notice”, Kang Dexin applied to the CSRC to submit a hearing. After two extensions, the hearing was held at the CSRC on November 19 last year.The main controversy of the hearing focused on the supervision department and Kang Dexin’s judgment on the problem of stacking falsely increased profits of 11.9 billion and false business. The final result of the hearing will affect whether Kang Dexin directly delists.It has been 4 months since the hearing of antiques, but no final conclusion has yet been reached. Some investors on the scene questioned whether “the second hearing of antiques”, Wu Xingjun responded: “We have maintained information exchange with relevant units such as member representatives of the SFC by entrusting lawyers.,, the company reports on some of its business.Is it necessary to have a second hearing?Without me, from the company’s perspective, there is not much need, because our communication channels are relatively smooth.”It is not our decision when the CSRC will finally be released.”I also hope that the listing ranking will be preserved. We will always have this determination. Everyone need not doubt it.Wu Xingjun said, “Our attitude was very clear at the hearing. I can repeat our lawyer’s attitude at the hearing.First, we admit that we have false business, and second, we cannot confirm that there is such a large amount of fraud.”, Wu Xing all instructed Kangdexin’s production and operation to be in a stable state. The company’s current difficulties are mainly tight funds and legal proceedings.”The funds are extremely tight. Normal companies need to reserve funds for each month and a few years. We are considering this month now, at most the next month, and we cannot consider things after three months.The company is currently unable to achieve a balance of its own cash flow, which results in the erosion of funds every month.Wu Xingjun said, “The second difficulty is the difficulty of legal proceedings. We are faced with the possibility of being dismembered by judicial enforcement.It has been nearly a year since the crisis occurred, and many lawsuits have entered the execution phase. During the execution phase, many executions occurred, including the risk of cash being deducted, which seriously affected the normal operation of the company.”For the slight contradiction mentioned above, Wu Xingjun said that from the above point of view, daily work should be done around the first two major difficulties, to avoid the possibility of sudden death in July, August, and September last month.Case.”Second, we must focus on the research on how to completely solve the problem, conduct and coordinate these tasks; third, the job of protecting the shell, which is also a routine task that the routine needs to face.Exchange report, evidence exchange work.”Sauna, Ye Wang Xiao Wei Li Yunqi Editor Zhao Ze proofreading Li Xiangling reporter contact email: xiaowei @ xjbnews.com