Topic: A-share is expected to stabilize and continue to rebound in the second quarter. New quality productivity is the key to maintaining medium and high growth
◎ Reporter Liang Yinyan
On the evening of April 16, Guo Ruiming, Director of the Department of Listed Company Supervision of the CSRC, responded to questions about dividend distribution and delisting by answering questions from reporters. He said that if the company was given other risk warnings (ST) only because the dividend was not up to standard, it would not lead to delisting. At the same time, the view on the market that "the modification of the delisting rules is mainly for small cap stocks" is pure misreading. According to the calculation, the number of companies that will be delisted in the Shanghai and Shenzhen stock markets in the next year is expected to be about 30.
Guo Ruiming said that the implementation of ST for failing to meet the standard of dividends mainly focuses on improving the stability and predictability of dividends of listed companies, focusing on companies that are able to pay dividends but do not pay dividends for a long time or have a low proportion of dividends. ST is not a delisting risk warning (* ST), mainly to remind investors to pay attention to the company's risks. If the company is only ST for this reason, it will not lead to delisting; After certain conditions are met, the ST can be revoked.
He explained in detail the process of enterprises being ST: the implementation of ST is targeted at profitable enterprises, that is, companies with positive net profits in the latest accounting year and positive undistributed profits at the end of the parent company's statement year. In judging the implementation conditions, ST will be implemented only when the cumulative dividend ratio of three years (the total cumulative cash dividends of the last three accounting years is less than 30% of the average annual net profit of the last three accounting years) and the dividend amount (the cumulative dividend amount of the main board is less than 50 million yuan in the last three accounting years, and 30 million yuan in the Science and Technology Innovation Board and the GEM) do not meet the requirements.
"Based on the data from 2020 to 2022, the number of companies in Shanghai and Shenzhen stock markets that may reach this standard is only more than 80." Guo Ruiming said that the conditions set by the rules also fully consider the large R&D investment of enterprises on the Science and Technology Innovation Board and the GEM, and some enterprises are still in the early stage of industry development. For enterprises with high R&D intensity (the cumulative R&D investment in the last three fiscal years accounts for more than 15% of the cumulative operating income) or large R&D investment (the cumulative R&D investment in three years is more than 300 million yuan), even if the dividend does not meet the above conditions, ST will not be implemented.
There is a view in the market that "this delisting rule modification is mainly aimed at small cap stocks", and Guo Ruiming said that "this is pure misreading". He said that the adjustment of delisting indicators was intended to increase efforts to eliminate "zombie shells" and "black sheep", not "small cap stocks". Safe arrangements have been made in terms of standard setting and transition period arrangements, which will not impact the market in the short term.
Guo Ruiming said that according to estimates, the number of companies that will be delisted in the Shanghai and Shenzhen stock markets in the next year is expected to be about 30; About 100 companies may touch this indicator and implement delisting risk warnings next year. These companies have more than one and a half years to improve their operations and quality. By the end of 2025, they will not delist until they still fail to meet the standards. In terms of market value indicators, there are currently only four main board companies in Shanghai and Shenzhen with a market value of less than 500 million yuan, and there is no delisting indicator of companies with a market value of nearly 300 million yuan on the Science and Technology Innovation Board and the GEM.
When the stock market recovers, open an account first! Intelligent fixed investment, condition sheet, individual stock radar... for you>>
Massive information, accurate interpretation, all in Sina Finance APP
