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Jiangsu Hagong Intelligent Robot will delist on July 11, following the Shenzhen bourse's ruling due to two consecutive "disclaimer of opinion" audits.
The robotics company's shares will enter a 15-day exit period from June 20, trading under 10% daily limits after the first day, according to a Friday filing with the Shenzhen bourse.
After delisting, shares will transfer to the Over-the-Counter market.
The Shenzhen Stock Exchange will delist Jiangsu Hagong Intelligent Robot , according to a Tuesday bourse filing.
The Chinese industrial robot company will be delisted after its 2024 financial report exceeded the bourse's required negative limit for its earnings.
Jiangsu Hagong Intelligent Robot said Cao Bangjun resigned as vice chair, according to a Wednesday filing with the Shanghai bourse.
Shares of the industrial robot company closed 5% lower Wednesday.
The China Securities Regulatory Commission has issued a warning to Jiangsu Hagong Intelligent Robot for inaccuracies in its accounting practices related to a shareholding enterprise, according to a Shenzhen Stock Exchange filing on Thursday.
The probe revealed discrepancies in the automation equipment manufacturer's investment in Huzhou Dazhi Industrial Investment Partnership (Limited Partnership).
While Hagong's actual paid-in proportion was 85.74%, the company incorrectly adjusted the book value of its long-term equity investment based on a 49.5% subscription ratio. This resulted in inaccurate disclosures in the company's financial reports from 2019 to 2022.
The company said it will rectify the matter and strengthen its compliance with laws, the filing said.
The company's shares soared over 5% in recent trade.
Jiangsu Hagong Intelligent Robot unit Nantong Haimen Harbin Intelligent Robot said it will transfer 40% of its shares in Zhongnan Harbin Intelligent Robot Industry Development to Shenzhen Changze Huiwu Run Technology, according to a Friday filing with the Shenzhen Stock Exchange.
The transfer, valued at 34 million yuan, constitutes a related party transaction due to the latter's connection with the company's chairman, Shen Jinlong.
The completion is subject to shareholders' approval.
Jiangsu Hagong Intelligent Robot unit Nantong Haimen Harbin Intelligent Robot said it will transfer 40% of its shares in Zhongnan Harbin Intelligent Robot Industry Development to Shenzhen Changze Huiwu Run Technology, according to a Friday filing with the Shenzhen Stock Exchange.
The transfer, valued at 34 million yuan, constitutes a related party transaction due to the latter's connection with the company's chairman, Shen Jinlong.
The completion is subject to shareholders' approval.
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