(Yicai Global) July 20 -- Dalian Sunasia Tourism Holding has accused the Shanghai stock exchange of “committing a crime against” the struggling Chinese aquarium operator after the bourse issued a five-day trading suspension to be followed by an official delisting warning after the company refused to answer questions about the sale of penguins last year that added much needed revenue.

The Shenzhen exchange has suspended trading of a listed company based on a flawed audit report, the Dalian, northeastern Liaoning province-based firm said on July 15. This is “organized crime” against Sunasia Tourism, it added on its WeChat account.

Sunasia Tourism had to close part of its facilities for more than five months amid the pandemic, causing revenue to plummet. The firm barely passed the trading suspension warning line of CNY100 million (USD15.4 million) in operating revenue last year, and that was thanks to its claimed revenue of over CNY22 million from selling 52 penguins.

On July 13, Sunasia Tourism’s auditor made a special recommendation that CNY18.7 million (USD2.9 million) be cut from the penguin sales, triggering the delisting alert.

Whether the penguins were actually sold or not is in doubt. The regulators have sought clarification four times since April 30 and a spot investigation found there was an absence of key documents about the sales, as well as altered accounting vouchers and inconsistencies in key audit papers.

Sunasia Tourism had asked to be exempt from responding on the grounds that penguin biological data is commercially sensitive information.

When Sunasia Tourism resumes trading tomorrow, it will be labelled as ‘Special Treatment’ and only allowed a maximum daily fluctuation either way of 5 percent as opposed to the normal 10 percent. If it continues to operate at a loss for the next three years, it will be booted off the bourse.

As of the end of last year, Sunasia Tourism’s biggest shareholders were state-owned Dalian Xinghai Bay Financial And Commercial District Investment And Management with 24 percent equity and Punking Equity Investment Fund Management Shanghai with 19.42 percent. Chairman Yang Ziping held five percent. However, the share price has tanked 56 percent over the course of this year.

Editor: Kim Taylor