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Reporter Meng Ke
Wind statistics show that as of May 22, the reporter had published that 57 listed companies had been given risk warnings (including * ST or ST) in May.
The reporter observed that most of these 57 enterprises were involved in non-standard annual reports, financial fraud, major lawsuits, etc. Among them, 28 companies were issued audit reports that could not express their opinions, accounting for a large proportion. For example, companies that have changed from risk-free warnings to * ST—— *ST Longyu (Rights protection) The audit report issued by the accounting firm cannot express opinions; *ST Chaohua (Rights protection) The Company has been issued an audit report that cannot express opinions and an internal control audit report with negative opinions.
Liu Xiangdong, chief analyst of Dongyuan Investment, said in an interview with the Securities Daily that this reflects the determination of the regulators to regulate market order and protect the legitimate rights and interests of investors. At the same time, listed companies with financial problems and poor management will be identified in time to provide a more fair competitive environment for the market. In the long run, it will promote listed companies to focus on their own management and performance, and form a benign competition situation.
Tian Lihui, president of the Financial Development Research Institute of Nankai University, said in an interview with the Securities Daily that this reflects the strengthening of current market supervision and is a reflection of the mechanism of the survival of the fittest in the market.
"Taken together, the vast majority of ST companies have financial problems, such as continuous losses, negative net assets, and revenue of less than 100 million yuan. These problems directly reflect the company's poor operating ability and financial situation, increasing the risk of investors." Liu Xiangdong said.
Bank of China Wu Dan, a researcher of the Research Institute, told the reporter of Securities Daily that the financial statements, information disclosure and other behaviors of listed companies were strictly supervised and verified, and ST or * ST were timely identified for enterprises that had violated the facts, so as to remind investors of potential investment risks, which reflected that the regulators paid more attention to the trading order of the A-share market and were committed to maximizing the protection of investors' practical interests.
It is worth noting that listed companies are not necessarily delisted by ST, and enterprises with efficient rectification of individual problems can still be "decapitated". Wind data shows that since May, two companies have successfully transformed from * ST to no longer being given any risk warnings; Three companies were adjusted from * ST to ST.
In this regard, Tian Lihui said that compared with the number of "cap wearing" listed companies, the number of "cap removing" listed companies appears quite rare. Investors no longer blindly pursue "shell resources", but pay more attention to the internal value and long-term development potential of enterprises, and the speculation of "shell resources" has dropped significantly.
The new "National Nine Rules" issued on April 12 made it clear that the value of "shell" resources would be further reduced. 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.
With the sharp sword of supervision hanging high, the "delisting alarm" sounded frequently. At present, the A-share investment ecology is undergoing positive changes.
According to the reporter's statistics, from the perspective of delisting indicators, 13 companies have touched the delisting indicators of par value in the year, which is far more than the same period last year.
Wu Dan said that after the introduction of the new "National Nine Rules", the pace of deepening reform of A-shares has been significantly accelerated. At the same time, the reform of delisting system has been intensified, and the implementation of liquidation has been accelerated for low-quality listed enterprises that touch the delisting red line, such as persistently poor performance, financial fraud, zombie shell, etc., to improve the metabolism function of A-shares and optimize the market ecology, which is of great significance to the development of a virtuous circle of the capital market.
Liu Xiangdong believes that with the continuous development of the market and the improvement of investors' risk awareness, some companies with poor performance and poor management are difficult to be recognized by investors. The result is that the stock price continues to fall, and eventually reaches the par value delisting standard.
"The increase in the number of delisted companies with par value is the result of the strengthening of supervision, the improvement of investment rationality and the shrinking value of 'shell resources'. Investors are more rational, which has promoted the long-term healthy development of the market." Tian Lihui said that this trend has a positive impact on the market. On the one hand, it helps to improve the overall quality of the market and optimize the allocation of resources, Let high-quality enterprises get more attention and support; On the other hand, we should enhance investors' risk awareness and guide them to pay more attention to fundamental analysis and value investment of enterprises. In addition, it helps to promote the long-term development of the market and improve the overall efficiency and competitiveness of the market.
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