Another Daily Chemical Company in China May Delist

Chaileedo Press
May 18, 2023
2 min read

Updated: Jun 5, 2023

China Old-established daily chemical company Qijia Detergent issued a risk alert announcement regarding the possibility of being delisted and suspended from trading due to consecutive losses in recent years, as well as difficulties in production and operation.

On May 17th, Anhui Qijia Detergent Products CO., LTD issued a risk alert announcement regarding the possibility of being delisted and suspended from trading. According to the announcement, the reason for the possible delisting is due to the company's consecutive losses in recent years, as well as difficulties in production and operation, a large funding gap, and personnel losses, which have led to significant uncertainty in its continued operations.

As of now, the company's stock has been suspended from trading since May 4th, 2023, because it was unable to pay the audit fees and lacked the necessary financial personnel to cooperate with the audit work, failing to disclose the 2022 annual report before April 30th, 2023.

According to the relevant provisions of the Business Rules (Trial) of the National Equities and Exchange and Quotations and the Implementation Rules for Delisting of Listed Stocks of the National Equities and Exchange and Quotations, if the company fails to disclose its 2022 annual report before June 30th, 2023, the Company will initiate a compulsory delisting procedure, and the specific delisting time will be determined by the company.

Qijia Detergent stated that it will strive to disclose its 2022 annual report before June 30th, 2023, and fulfill its disclosure obligations. Currently, the company has not yet disclosed its 2022 annual report and its stock will continue to be suspended from trading.

Founded in 2001, Anhui Qijia Detergent Products CO., LTD. is a shareholding enterprise restructured from the original Anhui Jimei Daily Chemical Group. The company’s business scope covers a series of products in four categories and more than 10 varieties, including clothing washing, detergent, household cleaning, and mosquito-repellent and insecticidal products.