ST Tianlong faces delisting risk after revised loss forecast

Jiangsu Huasheng Tianlong Photoelectric (SZSE:300029) is facing a potential delisting risk after a revised earnings forecast indicated a negative net asset value for 2024. The company announced that its initial 2024 net asset forecast of 3 million to 7 million yuan has been revised to a loss of 500,000 to 5 million yuan. This revision stems from an asset disposal related to a contract dispute with Inner Mongolia Sheng Najie Photovoltaic Materials. Due to the contract dispute, the company had to auction assets. The proceeds of the auction are less than the carrying amount of the assets. The company expects to disclose its 2024 annual report and a delisting risk warning concurrently. Trading on the shares is expected to be suspended for one day upon the announcement, followed by the implementation of a delisting risk warning by the Shenzhen Stock Exchange. The company has engaged with its auditors on the revisions, with no disagreements reported.