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Risks Still Elevated At These Prices As Shanghai Guijiu Co.,Ltd (SHSE:600696) Shares Dive 25%
Shanghai Guijiu (600696.SH): The company currently does not have the capability to implement share buybacks.
On December 18, Glonghui reported that Shanghai Guijiu (600696.SH) announced that as of the date of this announcement, the company had not yet implemented share repurchase. The main reasons for the failure to complete this repurchase are as follows: (1) The company experienced a loss for the first time since its transition to the main business of Baijiu in 2024, with negative operating cash flow. At the same time, affected by various factors, original business partners and lending Banks have taken legal action to demand the repayment of debts and the return of loans, putting the company under significant operational and debt repayment pressure. The available funds of the company are primarily used to ensure the payment of employee salaries and other daily operational management expenses, leaving no surplus funds.
Even After Rising 8.4% This Past Week, Shanghai GuijiuLtd (SHSE:600696) Shareholders Are Still Down 55% Over the Past Three Years
Shanghai Guijiu (600696.SH): The employee stock ownership plan has been fully sold in 2023.
Glory Holdings announced on December 12th that as of the date of this announcement, except for the Stocks corresponding to the portion sold by CITIC SEC, the remaining Stocks held by 1,472,928 shares of employees in the 2023 employee stock ownership plan have been completely sold through block trades. Subsequently, the company will carry out asset liquidation and distribution work according to the relevant agreements of this employee stock ownership plan.
Shanghai Guijiu (600696.SH): Appointed Juno as the company's general manager.
Gelonghui reported on December 11 that Shanghai Guijiu (600696.SH) announced that the 17th meeting of the 10th Board of Directors was held on December 10, 2024, via telecommunication. The meeting reviewed and approved the proposal regarding the appointment and removal of the general manager and the change of the company's legal representative: due to the inability of the actual controller Mr. Han Xiao to perform his duties normally, to ensure the normal operation of the company's Business, Mr. Han Xiao resigned from the position of general manager and recommended Mr. Juno to serve as the general manager; at the same time, according to the provisions of the 'Articles of Association': 'The general manager of the company is the legal representative of the company', therefore Mr. Juno will also serve as the legal representative.
Shanghai Guijiu Co.,Ltd's (SHSE:600696) Biggest Owners Are Private Companies Who Got Richer After Stock Soared 10% Last Week
There May Be Underlying Issues With The Quality Of Shanghai GuijiuLtd's (SHSE:600696) Earnings
