(Yicai Global) March 31 -- Baofeng Group, a troubled Chinese video entertainment company, has refrained from reporting its 2019 earnings results amid a stream of resignations, risking delisting from the Shenzhen Stock Exchange.

Baofeng has been unable to compile the annual report as it only has about 10 employees left, the Beijing-based firm said in a statement yesterday. It has had trouble paying its staff and all of its senior management have resigned, except for Feng Xin, its actual controller. 

Last July, Feng was detained on suspicion of bribery. Consequently, the video platform operator's stock price has been dwindling to a fraction of its early peaks as high as CNY327 (USD46.05).

If the company doesn't report its earnings in two months, the SZSE could force the firm to exit the stock market, according to regulation. That could also happen if the eventual report shows that the firm had negative net assets by the end of 2019. 

In the quarter ended last September, Baofeng's unaudited net assets were negative CNY633 million (USD89.2 million). 

Founded in 2007, Baofeng got listed on the ChiNext Price Index in March 2015. The shares [SHE: 300431] fell by 1.2 percent to CNY2.56 (US cents) by noon, which is more than 60 percent less than the initial public offering price of CNY7.14.

Editor: Emmi Laine