ST Shengda has been removed from the label

On May 18th, ST Shengda (002259) announced that as of the opening of the market on May 20th, the company’s stock would have its other risk warnings removed, and the stock abbreviation would be changed from “ST Shengda” to “Shengda Forestry”.

Public information shows that since its listing, ST Shengda’s main business has been home products such as flooring, fiberboard, and door cabinets. After a major asset reorganization in 2015, ST Shengda’s main business has been composed of two major businesses: home products and LNG production and sales. At the end of 2016, after ST Shengda sold its furniture business as a whole, its main business became natural gas liquefaction processing, urban gas operation, and gas station operation, etc.

Since then, due to the occupation of the company’s funds by the company’s original controlling shareholder, Shengda Group, and the company’s provision of guarantees for Shengda Group’s external loans without the review of the board of directors and the shareholders’ meeting, the company’s stock has been subject to other risk warnings since the opening of the market on October 9, 2018.

In August 2023, Jiang Changzheng, the former actual controller of ST Shengda, was convicted of the crime of breach of trust and damaging the interests of the listed company and was sentenced to three years and six months in prison and fined 1 million yuan. Convicted of the crime of failing to disclose important information in violation of regulations, he was sentenced to one year and six months in prison and fined 200,000 yuan. It is decided to execute a fixed-term imprisonment of four years and a fine of 1.2 million yuan.