Board Change • Feb 13
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 5 highly experienced directors. Independent Director Xing An Lin was the last director to join the board, commencing their role in 2015. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 28
Pingtan Marine Enterprise Announces Receipt of Nasdaq Notification Letter Pingtan Marine Enterprise Ltd. announced that it has received a notification letter dated December 21, 2022 (the "Notification Letter") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq"), indicating that based on the actions from U.S. Department of Treasury's Office of Foreign Assets Control ("OFAC"), the Nasdaq Staff ("the Staff") has determined that the continued listing of the Company's securities are no longer warranted pursuant to Listing Rule 5101. Absent a request for appeal, the Company's common stock will be suspended at the opening of business on December 30, 2022, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company's securities from listing and registration on The Nasdaq Stock Market. The Company plans to appeal the Nasdaq Staff's determination to a Hearings Panel, pursuant to the procedures set in the Nasdaq Listing Rule 5800 Series. The hearing request will stay the delisting action of the Company's securities by Nasdaq pending the Hearing Panel's final decision. There can be no assurance that the Hearing Panel will grant the Company's request for continued listing. Notwithstanding any request for a hearing, trading in the Company's securities will be halted at the end of the trading day (8pm ET) on March 8, 2023, such that trading will not be available as of the first trading date after March 8, 2023, in accordance with the OFAC's actions. The Company also intends to take appropriate measures to protect the interests of the Company and its shareholders, and is currently reviewing its options with regard to the said OFAC action. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. Independent Director Xing An Lin was the last director to join the board, commencing their role in 2015. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 28
First half 2022 earnings released: US$0.093 loss per share (vs US$0.15 loss in 1H 2021) First half 2022 results: US$0.093 loss per share (improved from US$0.15 loss in 1H 2021). Revenue: US$72.2m (up 11% from 1H 2021). Net loss: US$8.03m (loss narrowed 33% from 1H 2021). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Board Change • Aug 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. Independent Director Xing An Lin was the last director to join the board, commencing their role in 2015. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 19
Pingtan Marine Enterprise Ltd. Reports Impairment Loss for the Three Months Ended December 31, 2021 Pingtan Marine Enterprise Ltd. reported impairment loss for the three months ended December 31, 2021. For the period, the company reported impairment loss of $4,830,150 against $67,713,324 a year ago. Announcement • May 03
Pingtan Marine Enterprise Ltd. announced delayed 20-F filing On 05/02/2022, Pingtan Marine Enterprise Ltd. announced that they will be unable to file their next 20-F by the deadline required by the SEC. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. Independent Director Xing An Lin was the last director to join the board, commencing their role in 2015. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 31
Pingtan Marine Enterprise Receives Extension from Nasdaq to Meet Bid Price Requirement Pingtan Marine Enterprise Ltd. announced that it received a notification from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") on December 28, 2021, which granted the Company's request for a 180-day extension to regain compliance with Nasdaq's minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) (the "Bid Price Rule"). The Company now has until June 27, 2022 to regain compliance with the Bid Price Rule. Nasdaq's extension notice has no immediate effect on the continued listing status of the Company's ordinary shares, which remain listed on The Nasdaq Capital Market. If at any time before June 27, 2022, the bid price of the Company's ordinary shares closes at or above $1.00 per share for a minimum of 10 consecutive trading days, the Company will regain compliance with the Bid Price Rule, and the matter will be closed. The Company will continue to monitor the bid price for its ordinary share and consider various available options to achieve compliance if its ordinary share does not trade at a level that is likely to regain compliance with the Bid Price Rule. Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS US$0.03 (vs US$0.009 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$36.1m (up 134% from 3Q 2020). Net income: US$2.58m (up 275% from 3Q 2020). Profit margin: 7.2% (up from 4.5% in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. Independent Director Xing An Lin was the last director to join the board, commencing their role in 2015. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 27
Pingtan Marine Enterprise Receives Nasdaq Notice of Additional Delinquency Pingtan Marine Enterprise Ltd. announced that it has received an additional delinquency notification letter from the Listing Qualifications Staff (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") on August 23, 2021, indicating that, since the Company remains delinquent in filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (the "Form 10-K") and its Quarterly Report on Form 10-Q for the period ended March 31, 2021 (the "Q1 Form 10-Q"), and the delay in the filing of its Quarterly Report on Form 10-Q for the period ended June 30, 2021 (the "Q2 Form 10-Q"), the Company is not in compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1) (the "Rule"). The Rule requires listed companies to timely file all required periodic financial reports with the U.S. Securities and Exchange Commission (the "SEC"). As previously disclosed, the Company received a notice from the Staff on April 15, 2021 regarding its non-compliance with the Rule following the Company's delay in filing its Form 10-K and a notice from the Staff on May 25, 2021 regarding its non-compliance with the Rule following the Company's delay in filing its First Quarter Form 10-Q. As required by these notices, Pingtan submitted a plan to Nasdaq on June 14, 2021 outlining its plan to regain compliance with respect to these delinquent reports. The Company continues to engage in discussions with Nasdaq regarding its plan to regain compliance. On August 16, 2021, Pingtan filed a Notification of Late Filing on Form 12b-25 with the SEC, disclosing that, given the delay in filing the Form 10-K, the First Quarter Form 10-Q and the appointment of new independent public accounting firm effective as of May 31, 2021, the Company was unable to file the Second Quarter Form 10-Q within the prescribed time period without unreasonable effort or expense and that it anticipated filing the Form 10-K, First Quarter Form 10-Q and Second Quarter Form 10-Q on or before October 12, 2021. The Company will continue to work diligently to complete and file the delinquent reports as soon as practicable. Announcement • Aug 17
Pingtan Marine Enterprise Ltd. announced delayed 10-Q filing On 08/16/2021, Pingtan Marine Enterprise Ltd. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • May 29
Pingtan Marine Enterprise Receives an Additional Delinquency Notification Letter from the Listing Qualifications Staff of Nasdaq Stock Market On May 25, 2021, Pingtan Marine Enterprise Ltd. (the "Company") received an additional delinquency notification letter (the "Notice") from the Listing Qualifications Staff of The Nasdaq Stock Market LLC ("Nasdaq") indicating that, due to the delay in the filing of the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2021 (the "Form 10-Q"), the Company is not in compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1). Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely file all required periodic financial reports with the U.S. Securities and Exchange Commission. The Notice has no immediate effect on the listing or trading of the Company's ordinary shares on the Nasdaq Capital Market. As previously reported, the Company received a letter from Nasdaq on April 15, 2021 notifying the Company it was not in compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1) due to the delay in the filing of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (the "Form 10-K"). The Notice states that, in accordance with the letter received on April 15, 2021, the Company has until June 14, 2021 to submit a plan to regain compliance with respect to the delinquent Form 10-K and Form 10-Q. If Nasdaq accepts the Company's plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date for filing the Form 10-K (as extended pursuant to Rule 12b-25 under the Securities Exchange Act of 1934, as amended), or until October 12, 2021, to regain compliance. On May 18, 2021, the Company filed a Notification of Late Filing on Form 12b-25 with the SEC, disclosing that, given the delay in filing the Form 10-K, the Company was unable to file the Form 10-Q within the prescribed time period and that the Company did not anticipate filing the Form 10-Q on or before May 24, 2021, the extended period provided for the filing under Rule 12b-25(b) of the Securities Exchange Act of 1934, as amended. The Company's management is working diligently to complete the Form 10-K and the Form 10-Q and intends to file both the Form 10-K and Form 10-Q as soon as practicable. Announcement • May 19
Pingtan Marine Enterprise Ltd. announced delayed 10-Q filing On 05/18/2021, Pingtan Marine Enterprise Ltd. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Apr 03
Pingtan Marine Enterprise Ltd. announced delayed annual 10-K filing On 04/01/2021, Pingtan Marine Enterprise Ltd. announced that they will be unable to file their next 10-K by the deadline required by the SEC. Announcement • Feb 05
Pingtan Marine Enterprise Ltd. Signs Cooperation Agreement with Scienjoy Holding Corporation and Hangzhou Liyumen Technology Development Limited Pingtan Marine Enterprise Ltd. announced it has signed a Cooperation Agreement (the "Agreement") with Scienjoy Holding Corporation, and Hangzhou Liyumen Technology Development Limited ("Liyumen"), for strategic cooperation in the field of live broadcast e-commerce, and jointly to build a pelagic aquatic live broadcast brand. Pursuant to the Agreement, the three parties will jointly formulate the details of pelagic aquatic live broadcast related business cooperation, including product standards, price systems and brand operations along with other aspects. In recent years, live broadcast e-commerce and multi-channel network (MCN) have developed rapidly in China. Live broadcast e-commerce has been further developed especially after the COVID-19 pandemic, and the business model is well established. The market predicts that the scale of China's live broadcast e-commerce gross merchandise value (GMV) will exceed RMB 1.2 trillion (USD 185 billion) in 2021. Announcement • Feb 03
Pingtan Marine Enterprise Ltd. to Establish Satellite Live Broadcasting Network for Pelagic Fishing Pingtan Marine Enterprise Ltd. announced it has signed a Strategic Cooperation Framework Agreement with World Telecom Satellite Technology Limited and Wuhan Incar Technology Limited ('Incar'), an Internet of Things (IoT) platform company. This strategic cooperation intends to explore the construction of a new generation of high-speed information platform, PME-Live, for pelagic fishing vessels based on Wotelsat's Dragon X global satellite broadband network and China Unicom's 5G communication technology, and to establish an aquatic products production, supply and marketing tracking management platform, PME-Track. PME-Live will have technical support from satellite+5G integrated communication technology in order to establish the direct communication channel between pelagic fishing vessels and mass urban consumers located thousands of kilometers away from the ocean. PME-Live also aims to provide entertainment and leisure services for the Company's crew members, to relieve fatigue and stress from working in the ocean for a long period of time and to improve work efficiency and satisfaction. The tracking management platform, PME-Track, will be supported by blockchain technology to provide transparency and quality assurance to the Company's consumers. Pursuant to the Agreement, the Company along with Wotelsat and Incar will soon start a joint project working group to carry out preparatory work and test pilot. Announcement • Dec 30
Pingtan Marine Enterprise's 20 Fishing Vessels to Resume Operations in Different Fishing Grounds After Modification and Rebuilding Pingtan Marine Enterprise Ltd. announced that 20 fishing vessels operated by the Company received approval from the Ministry of Agriculture and Rural Affairs of the People's Republic of China ("MARA") for modification and rebuilding. The 20 fishing vessels will be modified into seine fishing vessels with vessel length of 57 meters and gross tonnage of 1,110. Among the 20 fishing vessels, 8 were approved by the MARA to operate in the international waters of the Indian Ocean, and 12 were approved to operate in the international waters of North Pacific Ocean after the completion of the modification and rebuilding. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improved over the past week After last week's 19% share price gain to US$2.28, the stock is trading at a trailing P/E ratio of 31.4x, up from the previous P/E ratio of 26.5x. This compares to an average P/E of 25x in the Food industry in the US. Total return to shareholders over the past three years is a loss of 20%. Valuation Update With 7 Day Price Move • Dec 04
Market bids up stock over the past week After last week's 16% share price gain to US$2.13, the stock is trading at a trailing P/E ratio of 29.4x, up from the previous P/E ratio of 25.4x. This compares to an average P/E of 26x in the Food industry in the US. Total return to shareholders over the past three years is a loss of 30%. Announcement • Nov 13
Pingtan Marine Enterprise Ltd., Annual General Meeting, Dec 23, 2020 Pingtan Marine Enterprise Ltd., Annual General Meeting, Dec 23, 2020, at 10:00 China Standard Time. Location: 18/F, Zhongshan Building A No. 154 Hudong Road, Fuzhou China Agenda: To elect Lin Bao as the Class B director to serve for a three-year term to expire at the 2023 annual general meeting of members or until his successor is duly elected and qualified; to approve, in a non-binding advisory vote, the compensation of the Company’s executive officers; to consider, in a non-binding advisory vote, the frequency at which the Company should include an advisory vote regarding the compensation of its named executive officers in its future proxy statements for shareholder consideration; to ratify the appointment of BDO China Shu Lun Pan Certified Public Accountants LLP as its independent registered public accounting firm for the fiscal year ending December 31, 2020; and to transact such other business as may properly come before the meeting or any adjournment or postponement thereof. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS US$0.009 The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: US$15.4m (up 38% from 3Q 2019). Net income: US$689.2k (down 83% from 3Q 2019). Profit margin: 4.5% (down from 36% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Announcement • Nov 07
Pingtan Marine Enterprise Ltd. to Report Q3, 2020 Results on Nov 09, 2020 Pingtan Marine Enterprise Ltd. announced that they will report Q3, 2020 results at 5:00 PM, China Standard Time on Nov 09, 2020 Announcement • Sep 30
Pingtan Marine Enterprise Ltd.'s USD 20 Million Argentina Squid Catches Arrived in Fuzhou Pingtan Marine Enterprise Ltd. announced that the Argentina squid catches from 15 squid jigging vessels that the Company deployed in the fishing grounds located in the waters of the Southwest Atlantic Ocean have been transported back to Mawei Port in Fuzhou of China via refrigerated transport vessel. The transport vessel loaded with the catches entered the Chinese territorial waters in late August 2020 and started unloading early this morning. The total landing catches of Argentina squid is over 5,100 tons, valuing over $20 million based on current market price of about $4 per kg. The catches will be unloaded and delivered to the Company's warehouse in about a week. Announcement • Aug 15
Pingtan Marine Enterprise Ltd. to Report Q2, 2020 Results on Aug 17, 2020 Pingtan Marine Enterprise Ltd. announced that they will report Q2, 2020 results at 5:00 PM, China Standard Time on Aug 17, 2020 Announcement • Aug 12
Pingtan Marine Enterprise Ltd. announced delayed 10-Q filing On 08/11/2020, Pingtan Marine Enterprise Ltd. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. 