Recently, Zhongtai Motor received a letter of inquiry about the 2023 annual report of the Shenzhen Stock Exchange, which mainly focused on the company's supervisors' inability to guarantee the truthfulness, accuracy and completeness of the annual report, and asked them to explain whether there was a false increase in revenue or profits.

This is not the first time Zhongtai Motor has received a letter of inquiry. According to incomplete statistics by a Taurus reporter in the China Securities News, Zhongtai Motor has repeatedly attracted regulatory attention on financial data, corporate governance and other issues in the past year, and has received a number of regulatory letters.

In addition, according to the reporter's incomplete statistics, since June 2023, nine Dong Jiangao of Zhongtai Automobile have successively resigned or resigned, including chairman, president, finance, director and so on.

The above annual report inquiry letter mentioned that Lou Guohai, the company's supervisor, could not guarantee the contents of the relevant periodic report.BlockchaingamefiThe authenticity, accuracy and completeness of, and abstained from voting on motions other than the motion on the company's proposed re-employment of accounting firms, because the company's late notice resulted in no reasonable time to verify the relevant content.

Zhongtai Automobile Annual report shows that Zhongtai Automobile achieved operating income of 7% in 2023.Blockchaingamefi.34 billion yuan, down 6% from the same period last yearBlockchaingamefi.28%; the net loss of the parent was 927 million yuan, which was enlarged compared with the same period last year.

The Shenzhen Stock Exchange requires that Lou Guohai explain the real reasons and major concerns that the annual report cannot be guaranteed to be true, accurate and complete, and ask Zhongtai Motor to explain whether it sends periodic reports and relevant materials to all directors and supervisors before the annual report is examined by the board of directors and the board of supervisors, and whether sufficient time is reserved, etc.

The inquiry letter also mentioned that during the reporting period, Zhongtai Automobile sold 1112 vehicles, including 42 new energy vehicles.

The Shenzhen Stock Exchange requires Zhongtai Automobile to explain the specific conditions of vehicle sales during the reporting period, including but not limited to the names of major customers and suppliers, related relationships, transaction amount, etc., and combined with the relevant business model, revenue recognition policy and gross profit margin, net profit, cash flow of operating activities and other major financial data to explain whether its operating situation is significantly different from the industry average and reasonable.

The inquiry letter also pointed out that since the reporting period, a number of directors and senior managers of Zhongtai Motor have left their jobs, and after their directors and presidents of the Central Plains have just left office, the current senior managers of the company have no relevant resumes related to vehicle manufacturing. The Shenzhen Stock Exchange requires Zhongtai Automobile to explain in detail the specific impact of management changes on the company's daily operation, related business development and governance, and the risk prevention measures to be taken or have been taken. and please remind us of the risks in the development of the company's related business.

Specifically, on June 1, 2023, Zhongtai Automobile announced that the board of directors had recently received a written resignation report submitted by Huang Jihong, chairman of the company. Huang Jihong will not hold any position in the company after the resignation of the relevant position. On March 27, Zhongtai Automobile announced that the board of directors had recently received a written resignation report submitted by Lian Gang, president of the company. On May 7, Zhongtai Automobile announced that Lian Gang applied to resign as a director of the eighth board of directors for personal reasons, as well as a member of the strategic committee and nominating committee of the board of directors. After resigning from the above-mentioned positions, Lian Gang will no longer hold any position in the company. In addition, according to the announcement of Zhongtai Automobile, Jin Ronghao, chairman of the company's board of supervisors, and others have also resigned one after another.

(article sourceBlockchaingamefiTaurus in China Securities Journal)