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At the end of the annual report season, many listed companies sounded the delisting alarm. As of April 30, 24 A-share companies had locked in delisting, of which 9 had completed delisting.
Picture from China Securities Journal "One yuan delisting" has become the main channel for the regular withdrawal of A-share listed companies. As of April 30, more than 10 companies have locked in "RMB 1 delisting" this year. Among them, * ST Huayi, * ST Bailong, * ST Oceanwide, * ST Aidi, ST Hongda, ST Xingyuan and ST VIP have been delisted and delisted; ST Shimao The "RMB 1 delisting" has also been locked.
With the closing of the 2023 annual report, a number of listed companies touching financial delisting indicators have emerged. Among them, the financial accounting report of 2023 was issued with an audit report that could not express opinions, *ST Garden City (Rights protection) 、 *ST Tongda Receive the prior notice of the proposed termination of the listing of the company's shares.
As the audited net profit in 2023 is negative, and the operating income after deducting the business income unrelated to the main business and the income without commercial substance is less than 100 million yuan, *ST carbon element (Rights protection) On April 30, we received the advance notice of the proposed termination of the listing of the company's shares.
*ST Mall In 2023, the Company will achieve a net profit of - 341 million yuan and an operating income of 82 million yuan after deducting business income unrelated to the main business and income without commercial substance; At the same time, the Company's 2023 annual financial accounting report was issued with an audit report that could not express opinions, and the Company received a prior notice of the proposed termination of the listing of shares.
In addition, there are more and more cases involving major illegal compulsory delisting indicators. After * ST Xinhai became the first major illegal compulsory delisting case in 2024, * ST Poten was also terminated and delisted on April 25 due to its involvement in major illegal compulsory delisting* ST Huayi *ST Xinfang (Rights protection) Previously, the company was also warned of major illegal delisting risk due to the verification of financial fraud. Because the risk was fully released, the company was delisted in advance for trading.
It is worth mentioning that on April 30, under the guidance of the new "National Ninth Article" on strengthening delisting supervision, Shanghai and Shenzhen Stock Exchanges revised, improved and officially issued relevant delisting rules.
Picture from Shanghai Securities News The revision of delisting standards is to further highlight the deterrence against financial fraud, internal control failure and other chaos on the basis of the delisting reform in 2020, and improve the comprehensive and three-dimensional strike system against illegal acts. Among them, on the basis of compulsory delisting after a certain proportion of continuous fraud in the previous two years, delisting standards such as serious fraud for one year, continuous fraud for three years or more, occupation of new funds, and issuance of inexpressible or negative opinions on internal control were added.
In addition, the revision of delisting standards further tightened financial delisting indicators and increased delisting efforts of companies with poor performance; Properly raise the delisting standard of market value, and promote the market-oriented delisting function to play a full role.
From the perspective of overall impact assessment, the delisting rules are targeted precisely, targeting "shell zombies" and "black sheep", highlighting the quality and investment value of listed companies, not targeting "small cap" companies. At the same time, the implementation of the rules has set up a cut-off arrangement to ensure a smooth transition between the new and old rules and standards, strictly crack down on companies that have counterfeited for many years in a row and have held controlling shareholders' funds and refused to rectify, clarify investors' expectations, and strengthen risk disclosure.
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