(Yicai Global) July 17 -- The Shanghai Stock Exchange will suspend trading of Zhongyida's shares on July 19 because auditors have issued warnings regarding the earnings reports of the Chinese textile machinery firm during the past two years. 

Auditors marked disclaimers of opinion in Zhongyida's earnings reports, the Shanghai-based firm said in a statement yesterday, without explaining the reason behind the downfall. The company's [SHA: 600610] stock price has stood at CNY3.30 (US 50 cents) since late April because the firm delayed an earnings release. 

Zhongyida's operating income was zero last year, its earnings report released at the end of last month shows. Its net loss narrowed to CNY498 million (USD72.2 million) from the previous year's CNY1.1 billion. It logged CNY4.6 billion (USD668.4 million) below zero in net assets attributable to shareholders. Over the year, the firm lost all of its subsidiaries, management, and staff, as well as paperwork. Even the phone number of the president cannot be found. 

The company currently has two employees, a general manager and a chief financial officer, who were appointed in March. 

Editor: Emmi Laine