On the evening of January 22nd, Dr. Peng’s Telecommunications Media Group Co., Ltd. (*ST Pengbo) issued a statement announcing the possibility of the company being delisted.
According to the announcement made by *ST Pengbo on the evening of the 22nd, due to the inability to express an opinion on the “2023 Annual Audit Report” issued by Zhongxi Accounting Firm, the company’s stocks are subject to delisting risk warning. If the audit report for the 2024 financial accounting year is issued with a qualified opinion, unable to express an opinion, or a negative opinion, as well as if an audit report on the company’s financial report internal controls cannot express an opinion or a negative opinion, the Shanghai Stock Exchange may decide to delist the company.
On the same day, *ST Pengbo also released another announcement stating that the estimated net profit attributable to the owners of the parent company for the year 2024 is approximately -775 million yuan, with a net profit after deducting non-recurring gains and losses of about -736 million yuan.
As of 14:00 on January 23rd Beijing time, *ST Pengbo’s stock price was reported at 1.86 yuan per share, with a total market value of 30.83 billion yuan.
According to a report by “Daily Economic News” on January 22nd, during its peak, Dr. Peng’s group’s stock price reached a high of 49 yuan per share in 2015, but now its total market value has shrunk by over 90%.
Information from the company’s official website shows that Dr. Peng’s Group was founded in January 1985 and went public on the Shanghai Stock Exchange in January 1994. The company is a national high-tech enterprise. Over the past 20 years, the company has consecutively held the top spot in the “Top 100 Internet Companies” list for nine years.
However, on the evening of December 11th, 2024, the company announced that it had incurred losses for three consecutive years from 2021 to 2023, and in the first three quarters of 2024, the net profit attributable to the parent company was -398 million yuan.
*ST Pengbo explained that the decrease in business income and the adoption of the net method for certain cloud computing business led to a year-on-year decrease in revenue. The decrease in business income resulted in a significant 508.50% decrease in net profit attributable to the parent in the first three quarters.
Facing the company’s predicament, *ST Pengbo stated that given the company’s significant losses over the years, deteriorating financial condition, involvement in numerous lawsuits and arbitration cases, some bank accounts being frozen, and the situation where current liabilities exceed current assets, the company’s debt repayment ability remains weak, with significant uncertainties related to sustainable financial capacity.
The actual controlling person has misappropriated 48 million yuan of company funds for non-operational purposes. As of December 11th, 2024, the actual controlling person had repaid 15.625 million yuan, leaving 32.375 million yuan outstanding, and the financial situation of the actual controlling person is tight, potentially unable to repay the outstanding amount, posing a risk of being unable to repay.