(Yicai Global) July 14 -- Dalian Sunasia Tourism Holding’s auditors have questioned the Chinese aquarium operator’s revenue from selling penguins at the end of last year, the firm said today, leading to concerns about a potential stock exchange delisting.

Sunasia Tourism must deduct CNY18.76 million (USD2.9 million) from its penguin sales revenue last year, thereby cutting its operating revenue to CNY84 million (USD13 million), according to an opinion prepared by its auditors.

Given that Sunasia Tourism had a loss in 2020 after deducting non-recurring items, it has reached the point where a delisting warning could be issued, according to bourse rules, the Shanghai Stock Exchange said.

Trading in the Dalian-based company’s shares [SHA: 600593] was halted today. The warning will be issued within five trading days of the first day of suspension.

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 in operating revenue last year, and that was thanks to its claimed revenue of over CNY22 million from selling 52 penguins.

Whether the penguins were actually sold or not is now 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, the firm said on July 6.

Editor: Tom Litting