Regulatory Letter Issued to Kennede Electronics for Performance Disclosure

On July 4th, the Shenzhen Stock Exchange (referred to as "SZSE" below) issued a regulatory letter to Kennede Electronics Mfg Co., Ltd. (002723.SZ) because its performance profit and loss nature changed without being announced as required.

According to the regulatory letter, Kennede Electronics Mfg Co., Ltd. disclosed its 2023 annual report on April 30th. The company's net profit attributable to shareholders was a loss of 6.9164 million yuan, a decrease of 168.85% compared to the same period last year, and the nature of the profit and loss has changed. The company did not provide performance forecasts as required within one month from the end of the 2023 accounting year.

The Shenzhen Stock Exchange believes that the actions of Kennede Electronics Mfg Co., Ltd. violated the relevant provisions of the Stock Listing Rules. The company's chairman, Peng Guoyu, general manager Lu Baoshan, and chief financial officer Wen Lin failed to fulfill their duties and uphold their obligations of integrity and diligence.

Public information shows that Guangdong Xiaoxiong Technology Co., Ltd. is mainly engaged in the household appliance business, e-cigarette business, and engineering construction business. The company's main products include lighting fixtures, fans, air purifiers, pod systems, disposable e-cigarettes, and engineering construction services.

Board of Directors of Guangdong Xiaojiong Technology Co., Ltd., Peng Guoyu, Lu Baoshan, Wen Lin:

 

The "2023 Annual Report" disclosed by your company on April 30, 2024, shows that the net profit attributable to shareholders of the listed company in 2023 was -6,916,378.84 yuan, a decrease of -168.85% compared to the same period last year, indicating a change in the nature of profitability. Your company did not issue a performance forecast within one month of the end of the 2023 accounting year, as required. These actions by your company violate the provisions of Articles 1.4, 2.1.1, and 5.1.1 of the Stock Listing Rules (revised in August 2023) of this Exchange. The Chairman, Peng Guoyu, General Manager, Lu Baoshan, and CFO, Wen Lin of your company, failed to fulfill their duties with integrity and diligence, violating Articles 1.4, 2.1.2, 4.3.5, and 5.1.9 of the Stock Listing Rules (revised in August 2023) of this Exchange.

 

The Exchange hopes that your company and all directors, supervisors, and senior management will seriously learn from this lesson and remind your company and all directors, supervisors, and senior management to strictly abide by the Securities Law, Company Law, and other laws and regulations, as well as the Exchange's Rules on the Listing of Stocks and relevant provisions, to truthfully, accurately, completely, timely, and fairly fulfill the obligation of information disclosure, and prevent such incidents from happening.

 

This is to inform.

 

Shenzhen Stock Exchange Listing Company Management Department

 

July 4, 2024