Article/Xiong Jinqiu, columnist of Sina Financial Opinion Leader (WeChat official account kopleader)
Now it may be time to calculate the total value of stocks. Shell stocks, junk stocks and problem stocks may return to their original forms. If investors still participate in speculation with speculative ideas, cases such as asset zeroing may be common.
Shenzhen Stock Exchange announced on November 8 that ZH Shares The decision to terminate the listing of shares. ZH Shares became the first company to be forced to terminate its listing because its share price was continuously lower than its par value. The author believes that this marks the arrival of the normalization of delisting, and investors should strengthen self-protection.
The daily closing price of ZH Shares was lower than the par value of the shares (1 yuan) for 20 consecutive trading days from September 13 to October 18, 2018, triggering the red line for delisting, and it will enter the delisting consolidation period (30 trading days) from November 16. According to the regulations, even if the situation of "share price lower than par value" was eliminated in the delisting consolidation period, The company's shares will also be delisted on the next trading day after the delisting consolidation period expires.
After the share price of ZH shares fell below 1 yuan, there was a huge change of hands, which showed that it was unwilling to delist for the reason of share price, but the current overall environment of A-share market could not support the share price of more than 1 yuan. At present, Zhonghong shares have a huge amount of overdue debts and basically become a shell company. Before the termination of listing, the stock price was still 74 yuan. As the total share capital of the company reached 8.391 billion shares, the market value was still 56 billion yuan; The termination of listing of ZH shares is a microcosm of A-shares from excessive speculative struggle, which has to gradually return to rational value.
The lowest delisting price before was * ST Monkey King, which was delisted at 0.50 yuan on September 21, 2005; Theoretically, if ZH shares continue to fall by the limit in the delisting consolidation version, it may even fall by a few cents, which does not rule out that ZH shares will create a record low share price.
In 28 years, only 2.6 A-share companies were delisted every year on average, and hundreds of American shares were delisted every year; Of course, the delisting rate of Hong Kong shares is also low, but the share price of shell stocks accumulated in the market is extremely low. At present, there are more than 200 companies whose share prices are less than 0.1 Hong Kong dollars. In the future, as the A-share market becomes more mature and rational, more stocks will become immortal stocks, and then touch the red line of delisting, which may be the trend of the times. After all, there is no more free money in the market to support the exorbitant price of shell stocks.
Under the general situation of the normalization of delisting, some investors will suffer huge losses. Investors can pursue civil compensation for the major shareholders of delisted companies, directors, supervisors, and senior executives' false statements and other illegal acts. In this regard, the principle of "the seller is responsible" should be followed. The core of "the seller is responsible" is that the relevant subject must disclose relevant information in a timely, comprehensive and accurate manner, perform the obligation of trust in accordance with the law and regulations, and assume responsibility for any false statement.
Of course, although some investors can claim compensation through false statements, the compensation they can obtain may be limited due to the financial resources of the subject of false statements and other reasons. For this reason, investors should also strengthen the awareness of "buyer conceit" and self-protection. Each investor should be responsible for his own behavior, bear his own investment risks and profits and losses, and cannot simply blame others for the reasons of investment failure.
At present, the shell stock speculation in the market has not disappeared, and even some shell stocks have a very enviable continuous trading trend. Once they are suspended for verification, some investors complain that "the regulatory authorities only go up and not down". There is no intrinsic value of the stock has been speculation, if not strictly regulated, the future will inevitably fall heavily; Some retail investors are reckless of risks, keen on speculating and making quick money. They focus on the individual stocks whose share prices fluctuate sharply. They dare to speculate on the stocks whose price earnings ratio is hundreds of times. It is tantamount to setting fire to those who are drunk today, or who will be flooded tomorrow.
There is no harm without trading. Some investors hate the banker cheat, but they can't help participating in the gamble set by the cheat. This situation also needs to change. That is to say, on the basis of emphasizing the principle of "the buyer is responsible and the seller is responsible", we should also strengthen the management of investor appropriateness. Generally speaking, we should sell the right products to the right people. For example, there are capital thresholds for investors to enter Hong Kong Stock Connect and delisting. In my opinion, some stocks with high P/E ratio, loss making stocks, shell stocks ST shares and illegal stocks also have large investment risks. These investment risks are not well understood by ordinary investors. An investor suitability management system should also be established for such stocks. If investment thresholds are set, it is difficult for investors to invest in such risky stocks incrementally. Risks such as delisting in the future will naturally have nothing to do with investors, It can effectively protect the interests of investors.
In a word, the delisting case of Zhonghong Shares has brought a heavy lesson to investors. Some people who participate in shell stock speculation always think that the delisting risk is far away, but this process may be much faster than investors think. In particular, the delisting red line of "share price is below par value" is triggered by the market itself, not transferred by investors' personal will, This determines that investors must comply with the market situation, adhere to value investment, and do not bite the bullet. Now it may be time to calculate the total value of stocks. Shell stocks, junk stocks and problem stocks may return to their original forms. If investors still participate in speculation with speculative ideas, cases such as asset zeroing may be common.
(The author of this article introduces: senior market commentator.)
