The 21st Century Economic Report Tan Chudan reports from Shenzhen
The delisting of ZH shares is a "one shot decision".
On the evening of November 8, Shenzhen Stock Exchange announced that, according to the provisions of the Stock Listing Rules and the review opinions of the Listing Committee, Shenzhen Stock Exchange made a decision to terminate the listing of ZH shares.
Shenzhen Stock Exchange said that the next step will be to strictly perform the front-line regulatory responsibilities, adhere to the marketization, normalization and legalization of the delisting system, and effectively improve the quality of listed companies through the market-oriented way of survival of the fittest and orderly advance and retreat.
According to the Stock Listing Rules, the company will enter the delisting and consolidation period from the 16th, with a trading period of 30 trading days. For 270000 shareholders, it is an important exit opportunity. The Shenzhen Stock Exchange calls for paying close attention to the investment risk of companies about to be delisted, and never buy at will. There are also 6 asset management products "stepping on thunder", involving China Merchants Wealth, Guodu Securities, Qilu Securities Asset Management and other institutions.
One side is "RMB 1 delisting", while the other side is ST concept stock carnival. Data shows that in the last 15 trading days, under the speculation of hot money, the ST concept index rose by 16.73%, of which * ST Changsheng staged a "heaven and earth board" on the 8th day. Industry insiders said that investors should not take chances on ST shares and underperforming stocks, mainly because the shell value is limited, the fundamentals are deteriorating and explosive, and the delisting risk should not be underestimated.
The critical period for 270000 retail investors to exit
On November 8, Shenzhen Stock Exchange said that since the beginning of this year, Zhonghong Shares has successively disclosed major risk issues such as large loss of performance, overdue debt, shutdown of major projects, and investors have expressed their judgment on the investment value of the company through market-oriented behavior. From September 13 to October 18, the daily closing price of the company's shares was lower than the par value of the shares (1 yuan) for 20 consecutive trading days, which was a case of delisting as specified in Article 14.4.1 of the Stock Listing Rules.
This became the first listed company to be delisted due to market indicators in history.
It is understood that a few days ago (6 days), the Listing Committee of Shenzhen Stock Exchange held a hearing on the termination of listing of ZH Shares. On the same day, the Listing Committee held a working meeting to review the termination of listing of ZH Shares.
With the determination of the delisting result of ZH Shares, shareholders ushered in a critical exit stage. According to Article 14.4.23 of the Listing Rules for Shares, the company's shares will enter the delisting and consolidation period from November 16, with a trading period of 30 trading days. The abbreviation of the securities will be changed to "ZH withdrawal", and the daily rise and fall of the stock price will be limited to 10%. The Shenzhen Stock Exchange will delist the company's shares on the next trading day after the delisting consolidation period expires.
According to the data of the third quarter report, as of September 30, the total number of shareholders was 274500, an increase from the first and second quarters. The next 30 trading days will be an important period for retail investors to "escape".
It is worth noting that after the listed company enters the delisting consolidation period, even if the company's share price is speculation to more than 1 yuan, it is impossible to change the delisting result.
At the same time, there are many institutional investors behind ZHONG Shares. There are six asset management plans among the top ten shareholders. China Merchants Wealth, Qilu Securities Asset Management, Guodu Securities, etc. are all "stepping on the thunder".
Among them, "China Merchants Wealth - China Merchants Bank - Zengfu No.1 Special Asset Management" held the largest number of shares. As of the end of the third quarter, it held 800 million shares, the second largest shareholder; "China Merchants Wealth - China Merchants Bank - Silicon Valley Paradise No. 2 Special Asset Management Plan" held 163 million shares; "Guodu Securities - Zheshang Bank - Guodu Jingshun No.1 Asset Management Plan" holds 578 million shares, the third largest shareholder; The two products of Qilu Securities Asset Management - Qilu Bichen No. 8 Asset Management Plan and Qilu Bichen No. 1 Asset Management Plan respectively hold 55.6 million shares and 515 million shares.
According to the analysis of an investment banker from a securities firm in Shenzhen, it is difficult for institutional investors to fully withdraw from the market during the delisting and consolidation period because of their large size, "probably transfer to the stock transfer system."
Shenzhen Stock Exchange said that according to the relevant rules, the company's shares will be listed and transferred in the National Small and Medium sized Enterprise Share Transfer System (hereinafter referred to as the "Share Transfer System") within 45 trading days after the expiration of the delisting consolidation period.
Be alert to the risk of poor performance stocks
As for the delisting outcome of ZH Shares, many insiders believed that it was the result of investors' "foot voting" and the embodiment of market efficiency; However, many "immortal shares" in Shanghai and Shenzhen Stock Exchanges may follow in the footsteps of Zhonghong.
The net profit of ZH Shares in 2017 was 2.511 billion yuan, and the loss in the first three quarters of this year was 1.885 billion yuan. The debt problem is also serious. As of October 29, the accumulated overdue debt principal and interest of the company and its subsidiaries totaled 7.816 billion yuan.
The company is raising debt repayment funds by selling assets. According to Alibaba auction website information, Zhonghong will auction non-performing creditor's rights and shops. The former is the principal of underlying creditor's rights of 2.5 billion yuan as of October 31, the interest on creditor's rights (including default interest) and liquidated damages of 864 million yuan, totaling 3.364 billion yuan; The latter is 24 commercial shops located in Haikou.
"The delisting case of ZH shares shows that once the company's fundamentals deteriorate, it will eventually be abandoned by investors," said a private equity analyst in Shenzhen.
In fact, shell stocks and low price stocks similar to ZH are not uncommon in the capital market. In the near future, ST concept stocks are performing a scene of carnival, and hot money draws chestnuts from the fire.
According to Wind data, the ST concept sector rose 2.88% on November 8. In fact, in the last 15 trading days, the sector turned red in 12 trading days, with a cumulative increase of 16.73%.
An analyst from a securities firm in Shenzhen said that the hot money speculation in the ST sector was mainly due to various factors, among which the M&A and restructuring policies were partially liberalized. For example, after the IPO was rejected, the duration of backdoor listing was shortened from three years to six months, stimulating the recovery of shell resource value. But in his view, the speculation in ST shares is unsustainable.
"The common feature of both shell stocks and low-cost stocks is that there are major fundamental problems, such as insolvency, the possibility of explosion, and the risk of delisting is relatively high." said the analyst of the securities firm.
For example, * ST Kaidi (000939. SZ), * ST Huaxin (002018. SZ) and * ST Hairun (600401. SH) have all been issued audit opinions that cannot be expressed by accounting firms* ST Changsheng hit the red line of delisting due to vaccine safety incidents.
Editor in charge: Chen Youran SF104
