The soaring meme stock is in trouble again! Performance loss of 480 million, two directors claim unable to confirm quarterly report authenticity!

Online Lending Sky Eye reports that recently, the A-share Growth Enterprise Market’s speculative stock Yu Jin Diamond (300064, Stock Forum) has been at the center of attention, with frequent incidents.

On the evening of October 28, Yu Jin Diamond disclosed its third-quarter report. The financial report shows that in the first three quarters of 2020, Yu Jin Diamond achieved operating revenue of 306 million yuan, a year-on-year decrease of 58.05%; net loss attributable to shareholders was 481 million yuan; net loss after deducting non-recurring gains and losses was 239 million yuan. As of September 30, the net assets attributable to shareholders were 1.24 billion yuan, a decrease of 27.96% compared to the end of the previous year.

In the previous annual reports, Yu Jin Diamond experienced large losses in 2019 and the first half of 2020. In 2019, net loss attributable to shareholders was 5.197 billion yuan; in the first half of 2020, net loss was 357 million yuan.

It is worth noting that, according to the board meeting documents, on the eve of disclosing the third-quarter report, on October 27, the company convened a board meeting with nine directors, among whom Directors Wang Daping and Liu Miao voted against the third-quarter report. Regarding the reasons for opposition, both parties stated they could not express an opinion on the issue of non-recurring funds occupation.

In their explanations, the two directors stated that the company’s claim that there was no controlling shareholder or related party occupation of non-operating funds during the reporting period was ambiguous. They failed to clarify this in their reply to the Shenzhen Stock Exchange on October 27.

This indicates that there was internal conflict among the company’s board members, with disagreements. However, regarding the funds occupation issues raised by the two directors, Yu Jin Diamond’s three independent directors did not issue any statement, suggesting a rather chaotic situation among the company’s senior management.

In fact, despite being a company that lost 480 million yuan and experiencing internal board conflicts, Yu Jin Diamond has been enthusiastically pursued in the secondary market and has been subject to speculative trading.

Over the past two months, Yu Jin Diamond’s stock price has increased by a total of 171.55%. On September 8, Yu Jin Diamond was required to suspend trading by the Shenzhen Stock Exchange. However, shortly after resuming trading, the stock price was again heavily manipulated. On the evening of October 27, Yu Jin Diamond received a notice of concern from the Shenzhen Stock Exchange. Due to multiple unanswered questions raised in previous correspondence, the exchange issued a “final warning” to Yu Jin Diamond. If the company does not respond by November 27, the stock will be subject to other risk warnings and related suspension or resumption of trading.

(Edited by: Ji Liya HN003)

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