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Anxin Trust Questioned for Plunging Profits and Accounting Errors

By Liang Hong and Timmy Shen / May 23, 2019 07:41 PM / Finance

Photo: IC Photo

Photo: IC Photo

Shanghai-listed Anxin Trust Co. Ltd. has found itself in more trouble after the Shanghai Stock Exchange (SSE) sent it a document demanding an explanation for its plunging profits and mounting risks.

Anxin Trust’s revenue dropped 96.34% to 205 million yuan ($29.6 million) in 2018. The company saw a net loss of 1.8 billion yuan in 2018, a dramatic shift from 2017’s net profit of 3.7 billion yuan. It had been one of the best performing trust companies in 2017.

The SSE sent a document (link in Chinese) to Anxin on Wednesday, asking for the reasons for its poor business performance, delayed payments on trust products, and accounting errors in its 2018 annual report, as well as requesting information on how the company plans to resolve these issues.

A trust product issued by Anxin to back a rural revitalization project in western China, failed to repay 2.8 billion yuan on time on April 28, with payouts delayed by as along as a year.

The stock exchange also asked the company to look into the reasons for recent accounting errors as Anxin had made corrections to its audited 2018 annual report, which was initially released on April 30. The company released a notice (link in Chinese) the next day that increased its reported operating revenue for that year by nearly 1.1 billion yuan.

SSE has asked Anxin to respond to its concerns by May 31.

Related: Anxin Trust Delays $405 Million Payment to 1,000 Investors

 


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