Pathfinder Stocks Are Suspended From Listing Risks

In February 4th, the Pathfinder issued a notice that the company's reputation, investment and assets impairment had been continuously increased in the early stage of its investment projects. The company suffered losses for two consecutive years in 2017 and 2018. If the company continued to lose money in 2019, the stock market was suspended from listing.

According to the announcement, the company's reputation, investment and assets impairment has been continuously increased in the early stage of the investment projects, and the company has suffered losses for two consecutive years in 2017 and 2018. According to article 13.1.1 (1) of the Listing Rules of the Shenzhen stock exchange, the "three consecutive years of loss occurred in the listed companies" (disclosed in the latest three years' annual financial report). In the case of the audited net profit of the year, the Shenzhen stock exchange can decide to suspend the listing of its shares.

According to the announcement, if the company continues to lose money in 2019 (Note: according to the 2019 annual performance notice announced by the company in January 15, 2020, the company expects to turn a profit in 2019 and achieve a net profit of 111 million yuan -11600 million attributable to shareholders of the listed company; the specific financial data will be disclosed in detail in the 2019 annual report after completion of the audit), and the Shenzhen stock exchange may be temporarily suspended. Stop stock listing.

The notice also said that although the company has lost 2017 consecutive years in 2018 and 2018, the main business of outdoor products has been developing steadily and profitable for the past two years. The main reason for the company's loss is due to the impairment of goodwill, investment and assets due to the large amount of investment projects that have not yet been achieved in the earlier period. After 2016-2018 years of continuous three years of total provision, the company's losses are mainly due to the fact that the company's losses are mainly due to the fact that the company's investment in the past two years has been reduced. In the 2019 and subsequent years, the space and risk of further impairment of the related investment projects are very small.

According to the 2019 annual results announcement, Pathfinder is expected to turn a profit in 2019 and achieve a net profit of 111 million yuan -11600 million attributable to shareholders of listed companies.

Pathfinder 2017 annual report shows that the company's revenue of 3 billion 33 million yuan, an increase of 5.41% over the same period, attributable to shareholders of listed companies net profit loss of 84 million 853 thousand and 900 yuan, which is the first time since 2009, the Pathfinder has suffered losses. According to the 2018 earnings report, Pathfinder revenue in the 2018 fiscal year was 2 billion 5 million yuan, down 33.91% compared with the same period last year, and the loss expanded to 182 million yuan.

Public information shows that in 1999, Sheng Fa Qiang and Wang Jing founded Pathfinder, and in 2007, Wang Jing withdrew from the daily management of the company. After the company entered the gem in 2009, Sheng Fa Qiang served as the company's legal representative, chairman and President, director Wang Jingwei, R & D and design center product technology guidance. At the end of 2017, Wang Jing returned to management as chairman and CEO of the company. Sheng Fa Qiang was "relegated to the second tier" and served as director of the company.

According to the Beijing News reported that in May 23, 2019, Wang Jing successfully reached the top of Mount Everest, this is the fourth time she has climbed Mount Everest. Investors do not buy it. They say frankly to the Pathfinder manager on the interactive platform: "when the company's performance is so poor and the share price is so bad, the chairman receives about 4000000 super pay in the company, which in itself hurts the feelings of minority shareholders. This time this high profile Mount Everest, the company once again deeply hurt small shareholders.

As of February 4th, the Pathfinder shares fell 3.02%, to 3.85 yuan / share, with a total market value of 3 billion 431 million yuan.