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Evening of May 17, 2024swordofdestiny2016, Shengtun Mining (Rights Protection)(600711) announcement, received from the China Securities Regulatory Commission on May 17, 2024swordofdestiny2016According to the "Notice of Filing a Case", the CSRC decided to file a case against the company in accordance with the Securities Law, the "Administrative Punishment Law" and other laws and regulations because the company was suspected of violating laws and regulations in accordance with the "Securities Law" and the "Administrative Punishment Law". Xu Feng, a lawyer from Shanghai Jiucheng Law Firm, reminded investors to keep an eye on the progress of the investigation. Shengtun Mining has violated regulations before, and investors who meet the preliminarily determined conditions can already initiate claims. (Xu Feng's lawyer's column)
On April 22, 2024, Shengtun Mining announced that it had received administrative supervision measures ordering corrections and issuing warning letters from the Xiamen Securities Regulatory Bureau. The "Xiamen Securities Regulatory Bureau's Decision on Taking Measures Ordering Corrections and Issuing Warning Letters to Shengtun Mining Group Co., Ltd." shows that during the sales of cobalt hydrometallurgy intermediate products with relevant customers, the right of control was not substantially transferred when the goods were delivered to relevant customers. Shengtun Mining Company recognized revenue at the time of delivery, and the accounting treatment was inaccurate. The above-mentioned individual cobalt hydrometallurgical intermediates sold to customers were repurchased by a subsidiary of Shengtun Mining Company for production and were not consolidated and offset. The foregoing matters resulted in Shengtun Mining Company recognizing 35% more revenue in 2021swordofdestiny2016,936swordofdestiny2016.75 million yuan, accounting for 0.79% of the current operating income, and an over-recognized profit of 193.7214 million yuan, accounting for 7.15% of the total profit for the year; in 2022, an over-recognized revenue of 84.149 million yuan, accounting for 0.33% of the current operating income, and a under-recognized total profit of 139.093 million yuan, accounting for 18.20% of the total profit for the year. The relevant financial information disclosed in the 2021 and 2022 annual reports of Shengtun Mining Company is inaccurate.
Lawyer Xu Feng, director of Shanghai Jiucheng Law Firm, believes that based on the above information, in accordance with the Securities Law and other regulations, investors who bought Shengtun Mining shares between April 26, 2022 and April 22, 2024, and sold or held shares after April 22, 2024 can already initiate claims. (Shengtun Mining Rights Protection Entrance)
(This article was contributed by Lawyer Xu Feng, director of Shanghai Jiucheng Law Firm, and does not represent Sina Finance's position. Lawyer Xu Feng has practiced as a lawyer since 2008. His practice services include claim agency in areas such as misrepresentation, insider trading, and market manipulation. Over the past ten years, investors who have represented nearly 200 stocks have won the case or won compensation through mediation. During the same period, there have also been claims for nearly 300 stocks within the statute of limitations of agency litigation. Some cases have also won the case and won compensation through mediation. Practice license number: 13101200810965495)
