Special topic: Short term performance interference has a great impact. Expect medium and long term full line repair of A-share
Our reporter Wu Xiaolu
On April 24 and 25, *ST civil control (Rights protection) 、 *ST Meisheng (Rights protection) The two companies hit the par value delisting index successively, and the closing price of the company was lower than 1 yuan/share for 20 consecutive trading days. The two companies will face delisting.
Since this year, the survival of the fittest has accelerated in the A-share market. According to incomplete statistics by the reporter of Securities Daily, as of April 25, 14 companies had delisted and locked in delisting during the year, of which 8 had delisted, 1 had received the decision to terminate listing, 2 had announced the delisting index at par value, and 3 had locked in the delisting at par value in advance. From the perspective of delisting indicators, 13 companies touched the delisting indicators at par, far more than the same period last year.
13 companies lock face value for delisting
According to the announcement of listed companies, since this year, eight companies, including * ST Huayi, * ST Oceanwide, * ST Palong, * ST Aidi, ST Hongda, * ST Xinhai, * ST Poten, and ST VIP, have been forced to delist, and ST Xingyuan has received the decision to terminate listing on April 11.
In addition, as of April 25, * ST Civil Holdings and * ST Meisheng have reached the par value delisting index, *ST Meishang (Rights protection) 、 *ST Xinfang (Rights protection) 、 *ST Tai'an (Rights protection) The closing prices were 0.27 yuan/share, 0.51 yuan/share, and 0.57 yuan/share, respectively, which were lower than 1 yuan/share for 14, 17, and 12 consecutive trading days. Even if the subsequent continuous limit increases, they will also touch the trading type mandatory delisting indicators, and lock the delisting in advance.
In summary, at least 14 companies have locked in delisting during the year, of which 13 have touched the par value delisting index (* ST Huayi and * ST Xinhai have also touched the major illegal compulsory delisting), and * ST Poten is a major illegal compulsory delisting.
It is worth mentioning that the number of delisted companies with par value increased significantly during the year, greatly improving the efficiency of A-share survival. Han Qian, a professor of Lingnan College of Sun Yat sen University, told the reporter of Securities Daily that the withdrawal of par value was the result of market voting, indicating that these enterprises had problems and were no longer suitable for investment. In terms of quantity, the number of delisting enterprises with par value this year is significantly higher than that of the same period last year, indicating the regulatory attitude and determination to promote the delisting system.
On April 12, the State Council issued Several Opinions on Strengthening Supervision and Risk Prevention to Promote the High Quality Development of the Capital Market (hereinafter referred to as the "New National Nine Articles"), which proposed to further reduce the value of "shell" resources. Strengthen the supervision of mergers and acquisitions, strengthen the relevance of main businesses, strictly control the quality of injected assets, strengthen the supervision of "backdoor listing", and precisely crack down on all kinds of illegal "shell keeping" behaviors.
Great Wall Securities Wang Yi, the chief economist, said in an interview with the Securities Daily that the number of delisted companies with par value has increased. First, it shows that investors' value judgments are becoming more rational, instead of blindly pursuing "shell resources", they pay more attention to the internal value of enterprises, reflecting the increasingly mature and rational market investment philosophy; The second is to strengthen the implementation of regulatory delisting and improve delisting efficiency; Third, the value of "shell resources" has shrunk significantly, and the market's speculation on "shell resources" has dropped significantly.
This year, some companies may be delisted due to new regulations
The new "National Ninth Article" proposes to deepen the reform of delisting system and accelerate the formation of a normalized delisting pattern that should be fully withdrawn and cleared in time. Further tighten the compulsory delisting standards. On April 12, the CSRC issued the Opinions on Strictly Implementing the Delisting System, and the Shanghai and Shenzhen Stock Exchanges revised the stock listing rules to solicit public opinions.
This delisting system reform has lowered the threshold of financial fraud triggering major illegal delisting; There are three types of normative compulsory delisting standards, including new capital occupation, non-standard audit opinions of internal control, and disorderly competition for control rights; Tightened financial delisting indicators; Properly increase the delisting index of the main board market value.
In Wang Yi's view, the new delisting rules will make the diversified delisting path of A-shares clearer. While increasing efforts to clear "shell companies", some companies with small market capitalization but certain operating ability and growth ability continue to stay in the market.
Recently, Guo Ruiming, Director of the Department of Listed Company Supervision of the CSRC, said in response to a reporter's question that this delisting indicator adjustment is intended to strengthen efforts to eliminate "zombie shells" and "black sheep", not "small cap stocks".
Market insiders predict that some companies may delist this year due to touching the newly revised delisting index of market value and three-year financial fraud delisting index. The revised delisting index of market value is applicable six months after the date of promulgation and implementation of the new listing rules, and the delisting index of financial fraud for three years is applicable to the false records in 2020 and later years.
In terms of market value, according to Wind data, as of April 25, there were 7 companies with a market value of less than 500 million yuan on the main board of Shanghai and Shenzhen, of which * ST Civil Holding, * ST Meisheng, * ST Xinfang, and * ST Tai'an had already delisted at a fixed face value. In addition, ST Meixun's market value has been less than 500 million yuan for 22 consecutive trading days; *ST carbon element (Rights protection) and ST Shentian (Rights protection) The market value was less than 500 million yuan for 2 and 8 consecutive trading days respectively.
In terms of financial fraud, among the financial fraud tickets issued by the CSRC this year, there were cases of financial fraud from 2020 to 2022, for example, the annual reports of Hongxiang Shares from 2017 to 2022 were all false records.
"After the implementation of the new delisting regulations, it is expected that more listed companies will touch the delisting red line, especially those with poor performance and violations of laws and regulations." 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.
Promote changes in the area of the A-share market
At the same time of strict delisting supervision, the regulatory authorities also emphasized the implementation of compensation and relief for delisted investors. Comprehensive use of various tools such as representative litigation, advance compensation, and professional mediation to protect the legitimate rights and interests of investors and ensure "retreat" and "retreat steadily". Among them, the Legal Insurance Institutional Investor Service Center said that it would actively play a professional role, support investors to exercise their rights and safeguard their rights, and promote the improvement of investors' compensation and relief mechanism in the delisting process.
Wang Yi said that the new delisting regulations are expected to promote positive changes in the A-share market in four aspects. First, it will improve the quality of listed companies. The strict delisting system will force listed companies to pay more attention to compliance management and improve business performance to avoid touching the delisting red line. Secondly, low-quality enterprises should speed up clearing and optimize the allocation of resources in the capital market. Thirdly, strengthen investor protection and boost investor confidence. Strict delisting system can reduce the risk of investors encountering the "junk stock" trap. At the same time, the severe crackdown on serious illegal acts such as financial fraud will help enhance investor confidence and enhance market fairness and transparency. Finally, optimize the market self-regulation mechanism. With the full play of the market delisting function, the market's valuation and pricing of listed companies will more accurately reflect their true value, and promote the long-term stable and healthy development of the capital market.
Han Qian said that the new rules for delisting will further promote the innovation of A-shares, make the A-share market more representative of the direction of China's advanced productivity and the new development of the real economy, and also encourage investors to enhance risk awareness, establish the concept of rational investment, and promote the healthy and orderly development of the market.
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