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On May 12, the Straits Innovation (Rights Protection) (300300) announcement received the "advance notice of Administrative punishment" issued by Zhejiang Securities Regulatory Bureau. Other risk warnings have been implemented on the company's stock since May 14, and the stock abbreviation has been changed from "Strait Innovation" to "ST Gap Chuang". Trading in the company's shares was suspended for one day on May 13. Straits Innovation apologized to investors, saying that it would draw lessons, strengthen the standardization of internal governance, and improve the quality of information disclosure.
The administrative penalty for Straits Innovation has something to do with the enterprise Haoyueyou Medical Technology Co., Ltd. (referred to as "Haoyiyou"), which was briefly controlled by a company for two years. It is worth noting that good doctors issued forms as early as four years ago, and at the same time, the false financial statements specified in the "notice" were also corrected by Straits Innovation four years ago. Due to the retrospective restatement of the financial statements completed in the early stage of Straits Innovation, according to the latest listing rules, the implementation of other risk warnings may only last for one year.
Looking back, during the period from May 2018 to November 2020, Straits Innovation briefly controlled good doctors through share acquisitions and voting mandates. A survey by Zhejiang Securities Regulatory Bureau found that from 2018 to 2019, good doctors falsely increased their business income through fictional or false consultation services in order to expand their revenue. This has led to a false increase of 7533 in operating income in the Straits Innovation 2018 Annual report.UltimatexpokermachineIn 2019, it reported a false increase of 47.1227 million yuan in operating income, accounting for about 15% of the current revenue in the two reporting periods.
Accordingly, Zhejiang Securities Regulatory Bureau decidedUltimatexpokermachineThe Straits Innovation was ordered to correct, given a warning, and fined 600000 yuan; Huang Henry, the then director and deputy general manager of the Straits Innovation; Xiang Jian, the then chairman and legal representative, and Huang Menma, the then director and general manager, were given a warning and fined 300000 yuan respectively; Zhou Weili, the then director, secretary of the board of directors and financial director, was warned and fined 200000 yuan.
It is worth noting that in November 2020, Straits Innovation no longer included good medical friends in the consolidated statement. At the same time, the false increase in business income pointed out in the notice has been corrected by Straits Innovation in 2020. In April and May 2020, Straits Innovation successively disclosed correction announcements, retroactively restated the 2018 annual financial statements and disclosed the corrected data of the 2019 semi-annual financial statements. The four executives involved in the punishment also dropped out of the Straits Innovation Supervisor Gao list around 2020.
In this regard, the Straits Innovation said that it would like to extend its sincere apologies to the vast number of investors and respectfully ask for their understanding. The company will draw lessons, strengthen the standardization of internal governance, improve the quality of information disclosure, strictly abide by relevant laws and regulations, and truly, accurately, completely, timely and fairly perform information disclosure obligations, safeguard the interests of the company and the majority of shareholders.
Affected by this administrative penalty, Straits Innovation shares have been given other risk warnings since May 14 (Tuesday). The abbreviation of the stock has been changed from "Straits Innovation" to "ST Gap". The daily rise and fall limit of stock trading remains unchanged at 20%.
Other risk warnings for Strait Innovation may only last for a year. According to the newly revised rules on the listing of stocks on the growth Enterprise Market of Shenzhen Stock Exchange (revised in 2024) in April this year, after the stock trading of a listed company is subject to other risk warnings and meets the following conditions, may apply for revocation of other risk warnings on its stock trading: (1) the company has retroactively restated the corresponding annual financial and accounting reports on the matters involved in the administrative penalty decision. (2) twelve months have elapsed since the CSRC made the written decision on administrative penalty.
