Every hot review 丨 Many companies ask the inquiry letter and the semi -annual report cannot be "confused"

In 2022, the semi -annual report of the listed company had just passed the end of the disclosure work. The Shanghai and Shenzhen Exchange discovered many doubts during the review of some listed companies' semi -annual reports, and issued inquiry letters to the half -year report of nearly 10 listed companies. Compared to the rigor of the annual report, the semi -annual report can also be released without auditing. Even so, the semi -annual report cannot be a "confused account."

The annual report and semi -annual report disclosed by listed companies have become an important task for the Shanghai and Shenzhen Exchange. Judging from the focus of the Shanghai and Shenzhen Exchange each year, it is basically concentrated in the aspects of capital occupation and illegal guarantee, the authenticity and accuracy of performance, whether the performance of mergers and acquisitions reorganize, goodwill impairment, accounting processing compliance, and information disclosure. Moreover, the results of the review and semi -annual reports are often flying to the market like a snow film. For example, as of May 13, 2022, in response to the review of the listed company 2021, the Shanghai and Shenzhen Exchange issued a inquiry letter to 274 listed companies. Whether it is an absolute quantity or the proportion of all listed companies, it is not low, and it also highlights the problems existing in the disclosure of regular reports of listed companies.

The number of inquiries issued 10 inquiries in the Shanghai -Shenzhen Exchange in just one week, and the number was actually a lot. On the whole, performance fluctuations, prepaid directions, and affiliated transactions have become one of the focus. For example, in terms of performance fluctuations, the performance of many listed companies has fallen sharply, which has led to whether continuous operational capabilities facing major uncertainty have become the focus of inquiry. Like a financial information service industry, due to the influence of subsidiaries, net profit decreased significantly by 749.62%year -on -year. At the same time, the goodwill value of subsidiaries accounts for about 98.65%of the company's total goodwill book value, and its performance fluctuations have a greater impact on the company's goodwill value. As the company's own operating conditions are worrying, the balance of net assets continues to decline. In response to the company's decline in operating performance, the risk of goodwill impairment, and the expected liabilities, the Shenzhen Stock Exchange requested the company to explain the possibility of further decline in the balance of net assets and whether there is a risk of termination of listing.

Another example is the phenomenon of increasing prepaid companies in the inquiry company that does not match the revenue. Under normal circumstances, the prepaid payment of listed companies will increase or decline in synchronous growth or decline in revenue, but many companies asking for inquiry continues to decline in performance, but the prepaid payment increases. Moreover, there are some companies that have not been transferred for more than a year, accounting for nearly 40%, and the earliest time can be traced back to 2019. Whether these prepayments will become bad debt will also have a big question mark.

In addition, among the related transactions of many listed companies, there are no shortage of major shareholders or related parties that non -operability occupying the funds of listed companies. Moreover, a small number of companies also provide guarantee for major shareholders. Fund occupation and illegal guarantees are essentially questionable.

Whether it is an annual or semi -annual report, it is an important window for investors to understand the listed company. The quality of their disclosure often affects investors' investment decisions. However, in reality cases, the attention of listed companies' attention to the disclosure of the semi -annual report is obviously much lower than the annual report. This is not only related to the listed company's understanding of the semi -annual report, but also the attributes of the semi -annual report. Even so, the disclosure of the semi -annual report, listed companies cannot perfunctory things, let alone make the semi -annual report a "confused account."

There are a lot of listed companies receiving inquiry letters each semi -annual report and annual reports. The author thinks that the supervisory authorities need to attach enough attention. According to the regulations, the listed company should disclose the information in a real, accurate, complete, and timely manner, and must not have false records, misleading statements or major omissions. The same is true for disclosure of annual reports and half a year. But why are there so many listed companies inquiring every year? The reason is that the relevant listed companies do not achieve "real, accurate, complete, and timely disclosure of information."

Although the Shanghai -Shenzhen Stock Exchange is also a proper meaning of supervision on the semi -annual report and annual report afterwards, there are too many problems exposed, which not only wastes regulatory resources, increases the cost of supervision, affects the quality of the letter, and sometimes it will also sometimes become the quality of the letter. The negative impact on investors is misleading. Based on this, the author believes that letting listed companies truly "real, accurate, complete, and timely disclose information", which further improves its cost of violations.

Daily Economic News

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