Get together and hit the limit! Many companies were forced to delist

Release time:May 07, 2024 08:38 AM

On May 7, the ST sector continued to plummet. As of press time, more than 50 constituent stocks such as *ST Baan, *ST Yinjiang, ST Dima, and ST Hanggao have dropped by the limit, and *ST Kaiyuan, ST Linda, etc. have fallen by more than 10%. .

On the evening of May 6, many companies including *ST Zuojiang, *ST Sansheng, *ST Tai'an, *ST Mid-term and *ST Yuebo issued announcements stating that they had received advance notice of termination of listing. We also received a prior notice of delisting, but the reasons for delisting were different.

*ST Zuojiang announced that on April 29, the company disclosed its first annual financial accounting report after being issued a delisting risk warning, which showed that the company’s audited net profit before and after deducting non-recurring gains and losses in 2023 was -222.6875 million, whichever was lower. Yuan, and after deducting business income unrelated to the main business and income without commercial substance, the operating income was 52.1727 million yuan; at the same time, the company's 2023 financial accounting report was issued an audit report with no opinion. The company has encountered the conditions required by the Shenzhen Stock Exchange to terminate the listing of its stocks, and the Shenzhen Stock Exchange plans to decide to terminate the listing and trading of the company's stocks.

*ST Sansheng’s announcement shows that the 2022 financial accounting report has been issued an audit report with no opinion, and stock trading has been subject to a delisting risk warning since May 4, 2023. As of April 30, 2024, *ST Sansheng failed to disclose the 2023 annual report within the legal period, and the company was eventually decided by the Shenzhen Stock Exchange to terminate stock listing and trading.

*ST Tai'an announced that the company's first annual financial accounting report after the company's stock trading was implemented a delisting risk warning was issued an audit report with a disclaimer of opinion. The company has encountered the conditions required by the Shenzhen Stock Exchange to terminate the listing of its stocks, and the Shenzhen Stock Exchange plans to decide to terminate the listing and trading of the company's stocks.

*ST interim announcement, the company's first annual report after the company's stock trading was implemented a delisting risk warning, showed that the company's 2023 annual financial accounting report was issued an audit report with no opinion. The company has encountered the conditions required by the Shenzhen Stock Exchange to terminate the listing of its stocks, and the Shenzhen Stock Exchange plans to decide to terminate the listing and trading of the company's stocks.

Delisting efforts escalate again, exchanges tighten delisting standards

On April 12, the China Securities Regulatory Commission issued the "Opinions on Strict Implementation of the Delisting System." The "Delisting Opinions" adopted strict delisting standards, increased efforts to clear out "zombie shells" and "black sheep", and reduced "shells". "Resource value; at the same time, expand multiple exit channels and strengthen investor protection for delisted companies.

Specifically, the "Delisting Opinions" include four aspects: strict mandatory delisting standards, reducing the value of "shell" resources, further unblocking multiple delisting channels, and strengthening delisting supervision. These include lowering the threshold for two years of financial fraud to trigger major illegal delisting, adding one year of serious fraud, and multiple years of continuous fraud and delisting; long-term unsolved occupation of funds leads to the "hollowing out" of assets, and multiple years of continuous non-standard internal control. Disorganized competition for opinions and control rights, which results in investors being unable to obtain effective information about listed companies, are included in the regulated delisting situations.

On April 30, the three major exchanges in Shanghai, Shenzhen and North China officially released supporting business rules such as stock issuance and listing review rules. Among them, one of the main purposes of this rule revision is to strictly enforce delisting standards and accelerate the formation of a normalized delisting pattern in which all delistings should be delisted and liquidated in a timely manner.

The Shanghai Stock Exchange stated that this revision of delisting rules focuses on cracking down on vicious illegal activities such as financial fraud and capital misappropriation. For major illegal delistings, a multi-level and three-dimensional delisting situation has been formed. In addition, delisting will also be strictly implemented this time for companies with failed internal controls and capital occupation by controlling shareholders. In particular, those who have occupied the property multiple times and refused to make corrections or occupied it again after making corrections will be resolutely cleared. In the next step, the Shanghai Stock Exchange will conduct refined supervision of major asset reorganizations of "shell" companies, and strictly supervise the planning of companies that have been given a "delisting risk warning" due to a lack of ability to continue operating and thus hit revenue and profit indicators, and companies that are on the verge of trading delisting indicators. For major asset reorganization, we must strictly guard against illegal "shell protection" and "shell speculation"; for other major asset reorganizations such as *ST and ST, we will increase the coverage of on-site inspections and effectively control the quality of the underlying assets.

The Shenzhen Stock Exchange stated that this revision of delisting rules resolutely implements the requirements of the new "Nine Articles of the People's Republic of China" on "increasing delisting supervision". The main board's financial delisting situation has tightened operating income indicators, and the main board's A-share trading situation has increased the market value indicator, taking into account market conditions, sector positioning and the development of listed companies. The modification of delisting situations for standard and major violations reflects the orientation of scientific establishment and strict supervision and management. Judging from the overall impact assessment, this delisting rule is precisely targeted, targeting "empty zombies" and "bad apples", severely cracking down on companies that have committed fraud for many years and have occupied shareholders' funds without rectification, highlighting the quality and quality of listed companies. Investment value, not for "small cap" companies.

Huatai Securities stated that the reform of the delisting system may enter a new stage. On the basis of 2020, the new delisting regulations will further highlight the deterrence of financial fraud and corporate governance chaos, and the mandatory delisting standards will be stricter and broader; more Take simultaneous measures to reduce shell value and encourage proactive delisting; optimize the transition period and strengthen investor protection. The proportion of A-shares forced to be delisted due to financial fraud and financial indicators may increase significantly, and the market is expected to accelerate its clearing.

Galaxy Securities pointed out that the new delisting regulations focus on improving the overall quality of existing listed companies. Through strict delisting standards, they increase efforts to clear out "zombie shells" and "bad apples" and reduce the value of "shell" resources. It can be described as "expelling good money" "Bad currency"; at the same time, expand multiple exit channels and strengthen investor protection for delisted companies. From a long-term perspective, it is imperative that "good money drives out bad money". The basic long-term positive trend of China's economy will not change. The external environment is still waiting for European and American countries to release liquidity intensively, and the A-share market will still maintain a volatile upward pattern.

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