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After the disclosure of the annual report, another batch of listed companies were given risk warnings or delisting risk warnings. According to Wind data statistics, as of May 26, this year, 93 companies have been added to the market (excluding duplicate companies), of which 55 have been given delisting risk warnings (i.e. * ST) and 38 have been given other risk warnings (i.e. ST).
As of May 26, there were 180 A-share risk warning shares, 95 of which had been implemented * ST, and 85 had been implemented ST. Market participants believe that this reflects the regulatory authorities' strict control over market risks and the importance they attach to the protection of investors' rights and interests. At the same time, investors also need to cultivate rational investment, value investment and long-term investment ideas.
Zheng Dengjin, associate professor of the Central University of Finance and Economics and deputy director of the Research Center for Capital Market Regulation and Reform《 negotiable securities The reporter of the Daily said that, on the one hand, the regulatory authorities should give timely risk warnings to companies with problems, which can help investors better understand the actual situation of the company, avoid blind investment, reduce unnecessary losses, and ensure the healthy development of the market; On the other hand, "wearing stars and hats" is a warning to the company's own operation. These companies need to face up to the problems, take measures to improve their operating conditions and restore investor confidence.
55 new * ST companies were added in the year
Of the 55 companies that have been implemented with * ST this year, some have been successively implemented with ST and * ST, and some have been repeatedly implemented with * ST. From the perspective of the final reasons for being * ST, 54 companies are because the 2023 annual report has initially touched the financial delisting indicators, which has been "covered with stars and hats" since April, that is, the ending net assets are negative, the audited institution of the financial report has issued non-standard audit opinions, or the audited net profit of the latest accounting year is negative and the operating income is less than 100 million yuan; *ST Jinke It is because the company was ruled by the court to accept reorganization and was warned of delisting risk.
38 companies were subject to ST, mainly due to the non-standard audit opinions issued in the company's internal control reports, the non operational occupation of funds by the controlling shareholders and their related parties, the negative net profits after deducting non recurring profits and losses in the last three fiscal years, and the audited institutions issued audit reports with reserved opinions on the major uncertainties related to continuing operations, mainly bank The account is frozen, etc.
If a company whose financial delisting index is * ST because it touches the financial delisting index for the second time in the 2024 annual report, it will be forced to delist by the Exchange. Although the risk of the company implemented ST is not as high as that of * ST company, it still faces the risk of delisting at face value due to the sharp decline of share price.
Tian Lihui, Dean of Financial Development Research Institute of Nankai University, is accepting《 negotiable securities The reporter of the Daily said that at present, there are 180 "stars and hats" companies, which shows that the regulatory authorities in China strictly implement and earnestly implement the risk warning system and delisting rules, and adhere to negotiable securities The situation of strict supervision has formed a trend of zero tolerance and standardization. It is an important measure for investors to protect risky companies, which can warn investors, guide and optimize resource allocation, and improve the transparency, stability and effectiveness of the market. At the same time, the implementation of risk warning or delisting risk warning for listed companies also indicates that there are problems in their financial condition, operating ability or other aspects, which need to be noticed by the market and investors.
It is not impossible to "pick stars and hats"
We can learn from the past by looking at the status quo of the company that was "crowned with stars" last year. In the same period of last year, 85 companies were "stars and hats" for the same reason as this year. Among them, 58 companies were implemented * ST and 27 were implemented ST.
At present, 17 of the 58 companies that were subject to * ST last year have been delisted, 13 have been locked in delisting (receiving the prior notice of termination of listing from the Exchange), 2 have successfully "picked stars and removed hats", 4 have changed from being subject to * ST to being subject to ST, and other companies are also applying to the Exchange for cancellation of delisting risk warnings according to the company's situation, Or cancel the delisting risk warning and implement other risk warnings.
Among the two companies that have successfully "picked stars and hats" this year, New Hualian (Rights protection) It is through the implementation of bankruptcy reorganization that the company's net assets change from negative to positive; Stone Refining Aviation It is to complete the issuance of shares to specific objects, and the actual controller has changed from Zhang Zheng, a natural person, to the State owned Assets Supervision and Administration Commission of Sichuan Province, realizing the net assets of the company from negative to positive.
Tian Lihui said that although it is difficult for enterprises to "pick stars and hats", it is not an impossible task. Asset restructuring and business restructuring can be implemented to improve the company's financial situation and turn net assets from negative to positive. It can also change the actual controller of the company through capital operation and capital injection, such as issuing shares to specific objects, so as to improve corporate governance and financial conditions. The company to be implemented with * ST needs to strengthen internal management and improve operating efficiency to meet the delisting risk warning cancellation standards of the Exchange.
"It is difficult for enterprises to 'pick stars and hats', but some companies have successfully got rid of risk warnings and restored their normal market position through bankruptcy restructuring, optimizing management and improving performance." Zheng Dengjin said that this usually requires companies to carry out in-depth reform and adjustment in finance, management, strategy and other aspects. At the same time, investors need to be alert to relevant risks when considering investing in these companies, and carefully analyze the company's financial situation, market prospects and industry conditions.
ST Yuetai, ST Meizhi ST Sunshine (Rights protection) Five companies including Cheng, ST Taihe and ST VIPs hit the par value delisting index and have been delisted, and one company has locked in delisting. To sum up, among the companies with "stars and hats" last year, 36 have been delisted or locked in delisting, accounting for 42.35%.
The new "National Ninth Article" proposes to strengthen delisting supervision. On April 30, a new round of delisting reform was implemented, further tightening the compulsory delisting standards, and optimizing and improving four types of delisting indicators, including major illegal compulsory delisting, financial delisting, transaction delisting, and regulatory delisting.
"With the implementation of a new round of delisting reform, delisting standards will become more stringent, and it is expected that the number of companies being ST or * ST will increase." Tian Lihui said that investors need to pay more attention to the fundamentals of companies, avoid investing in companies with delisting risks, and strengthen risk awareness; At the same time, investors need to carry out diversified investment, reduce the investment risk of a single stock, and conduct diversified asset allocation; It is also necessary to further study the company's financial statements and business model, refer to professional opinions and analysis reports, and make more intelligent investment decisions.
"The purpose of delisting reform is to promote the healthy development of the market, and investors should actively respond by improving their investment knowledge and risk management ability to cope with changes in the market." Tian Lihui said.
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