Our reporter Wu Xiaolu
Recently, * ST Baoli fell below 0.1 yuan/share, down to 0.09 yuan/share, breaking the historical record of A-share and becoming the cheapest stock ever, attracting market attention. At the same time, the company received the notice of termination of listing in Shenzhen Stock Exchange on May 17 due to touching the par value delisting indicator.
Market insiders believe that A shares have fallen below 0.1 yuan per share, indicating that the new ecology of survival of the fittest in the market is accelerating. In the future, under strict supervision, the value of "shell" will be further reduced, and the share price of some companies will fall below 0.1 yuan per share. In this context, investors should avoid "stepping on the thunder" and "deep set", establish the concept of long-term investment and value investment, and stay away from speculation such as "hot speculation" and "broad rebound".
"Good money drives out bad money"
The concept of value investment is gradually established
After the delisting reform in 2020, A shares set a delisting index of 1 yuan. If the share price is lower than 1 yuan/share for 20 consecutive trading days, it will be subject to compulsory delisting. In addition, ST and * ST shares have a 5% up and down limit system, so there is limited room for companies to lock delisting. Previously, no company's share price fell below 0.1 yuan per share.
In the view of market participants, * ST Baoli was completely abandoned by investors, falling to 0.09 yuan per share at the lowest, which to some extent indicates that the concept of rational investment and value investment in the capital market is gradually established, and the new ecology of survival of the fittest is accelerating to form.
On the one hand, this reflects that A-share "good money drives out bad money" has gradually become a trend, and stable and growing companies are more popular with investors. According to the situation of * ST Baoli, the company has lost money for four consecutive years since 2020. In 2023, the company will achieve an operating revenue of 136 million yuan, of which only 92 million yuan will be the operating revenue after deduction, and 188 million yuan will be the net profit loss, which has reached the financial delisting indicator of "operating revenue+net profit".
Yang Chao, chief strategic analyst of China Galaxy Research Institute, said in an interview with Securities Daily that since the second half of last year, As A-share volatility increased, investors sought more long-term and stable returns, paid more attention to the fundamentals of listed companies, and poorly managed companies were underweight by investors. As a result, some companies' share prices fell sharply, even below 0.1 yuan.
On the other hand, under strict supervision, it is more difficult for listed companies to "protect their shells", and the "shell" value is further reduced. On April 12, the new "National Ninth Article" was released. At the same time, the CSRC issued the Opinions on Strictly Implementing the Delisting System, aiming to improve the overall quality of listed companies in stock. Through strict delisting standards, it increased efforts to clear "zombie shells" and "black sheep", reduced the value of "shell" resources, and transmitted the signal of strengthening delisting supervision.
Zheng Dengjin, associate professor of the Central University of Finance and Economics and deputy director of the Capital Market Supervision and Reform Research Center, told the Securities Daily that after the disclosure of the 2023 annual report, some listed companies will face delisting pressure due to poor performance or corporate governance problems. At the same time, the regulatory authorities strictly implemented delisting standards, which led to a sharp decline in the share prices of some companies that did not meet the requirements.
Against this background, since this year, the number of companies touching the par value delisting index has increased significantly. According to the announcement of listed companies, 25 companies have locked in delisting since this year (including 9 delisted companies), 13 of which received a decision or advance notice to terminate listing due to touching the delisting index at par value, accounting for more than half.
A-share system design
More emphasis on protecting small and medium-sized investors
In the overseas market, it is common for the stock price to fall below 0.1 yuan per share. Market participants believe that in the future, the number of A-shares falling below 0.1 yuan/share will also increase, but will not increase in a large area.
"From the current trend, with the strengthening of supervision and the improvement of the market mechanism, more A-shares may fall below 0.1 yuan in the future." Zheng Dengjin believes that, first, with the strengthening of the survival of the fittest mechanism in the market, regulators will continue to strictly implement delisting standards, leading to more companies that do not meet the listing requirements facing delisting risks. Secondly, investors will pay more and more attention to the company's fundamentals and long-term development potential, and those companies that lack competitiveness may be marginalized by the market.
Gui Haoming, chief market expert of Shenwan Hongyuan Securities, said in an interview with Securities Daily that in recent years, the regulatory authorities have spared no effort in improving the quality of listed companies. If the company has serious violations such as financial fraud, it may be directly forced to delist; In addition, if the company's share price is lower than 1 yuan/share for 20 consecutive trading days, the company will also be delisted, so it is not easy to fall below 0.1 yuan/share, and the probability is not very large, so it will not appear in a large area.
In addition, A-share pays more attention to protecting small and medium-sized investors in terms of system design. Chen Guo, the chief strategic analyst of CSC Securities, told reporters that there are a large number of individual investors in A-share, and China's securities regulatory authorities attach great importance to investor protection, including the price limit system, delisting system and other basic institutional arrangements that are different from the overseas market, so a large number of stocks that have fallen below 0.1 yuan per share will not appear.
When the stock price falls below 1 yuan/share or even 0.1 yuan/share, there is often a continuous decline limit, and investors can not escape, facing large losses. Wind data shows that as of the end of the first quarter of this year, * ST Baoli had 118900 shareholders, and a large number of investors "trampled" or "deep set" among them.
Yang Chao said that investors should avoid "stepping on the thunder". First of all, they should establish the concept of long-term investment and value investment, attach importance to fundamental analysis, stay away from speculation, and consider individual stocks with stable investment performance and stable dividend returns. Secondly, investors should improve their investment research level and knowledge reserves, and improve their risk management awareness. In addition, diversified asset allocation can also help investors hedge risks, balance investment returns, and diversify funds into multiple industries and categories.
