Announcement of Shanghai New Culture Media Group Co., Ltd. on Receipt of Prior Notice of Stock Termination from Shenzhen Stock Exchange and Risk Warning of Possible Stock Termination
The company and all members of the board of directors guarantee that the content of the information disclosure is true, accurate, and complete, without false records, misleading statements, or major omissions.
Shanghai New Culture Media Group Co., Ltd. (hereinafter referred to as "the Company") received the "Prior Notice" (Entrepreneurial Board Letter [2023] No. <65>) issued by the Shenzhen Stock Exchange (hereinafter referred to as "SZSE") on April 28, 2023. The Company hereby announces the specific content of the "Prior Notice" and the risk warning regarding the possible termination of its stock listing as follows:
1. Specific Content of the "Prior Notice"
Due to the negative net assets of your company as of the end of the audited fiscal year 2021, your company's stock trading has been subject to delisting risk warning since April 29, 2022. On April 27, 2023, your company disclosed its first annual financial accounting report after the delisting risk warning, which showed that the 2022 financial accounting report received a qualified opinion audit report from Zhongxinghua Certified Public Accountants (Special General Partnership). Your company has triggered the circumstances for stock termination as stipulated in Article 10.3.10, Paragraph 1, Item 3 of the "Listing Rules for the Growth Enterprise Market (2023 Revision)" of the SZSE, and the SZSE intends to decide to terminate your company's stock listing.