Another A-share company, locked in delisting

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Subsequent *ST civil control (Rights protection) 、 *ST Meisheng (Rights protection) 、 *ST Xinfang (Rights protection) After that, *ST Tai'an (Rights protection) It also locks the delisting in advance.

According to the current stock price measurement, even if the company's stock price rises or limits continuously in the next few trading days, the company's stock price will not return to above 1 yuan. The delisting condition of "less than 1 yuan for 20 consecutive trading days" will be met, and the delisting will be locked in advance.

Since this year, * ST Huayi, * ST Bailong, * ST Oceanwide, * ST Aidi, ST Hongda, ST VIP and Xinhai have been delisted from A-share market and delisted. Delisted Poten will be delisted and delisted on April 25, ST source (Rights protection) The delisting decision of the Exchange has been received. As the deadline for disclosure of the 2023 annual report approaches, it is expected that more companies that have implemented delisting risk warnings will be added to the delisting list due to the failure to improve their financial indicators.

Market analysts pointed out that the new delisting regulations focus on improving the overall quality of stock listed companies, and through strict delisting standards, increase efforts to eliminate "zombie empty shells" and "black sheep" to reduce the value of "shell" resources, which can be described as "good money expels bad money"; At the same time, we will expand diversified exit channels and strengthen investor protection for delisted companies.

*ST Tai'an is locked out of the market

Recently, * ST Tai'an has issued announcements many times to remind investors that there is a risk that the company's shares may be delisted because the share price is lower than the par value.

As of April 24, the closing price of * ST Tai'an has been lower than 1 yuan for 11 consecutive trading days. According to the relevant provisions of the stock listing rules of the Exchange, if the closing price of the company's shares is less than 1 yuan for 20 consecutive trading days, the company's shares will be terminated from listing by the Shenzhen Stock Exchange. This means that the company's share price needs to return to RMB 1 within the remaining 9 trading days to avoid the delisting risk. However, the reporter calculated that in the next 9 trading days, even if the company's share price has risen or stopped continuously, it can not return to RMB 1, reaching the delisting condition of "less than RMB 1 for 20 consecutive trading days", and locking the delisting in advance.

In fact, in addition to the face value delisting risk, the financial delisting risk of * ST Tai'an is also high* ST Tai'an was unable to express its opinion due to the issuance of the 2022 financial accounting report, and the company's shares were subject to delisting risk warnings from May 5, 2023.

In addition, the company also has a negative net profit before and after deducting non recurring profit and loss in the last three fiscal years, whichever is lower, and the company's financial statements in 2022 have been issued with an audit report with significant uncertainty of going concern; The internal control audit report issued in the latest year is unable to express opinions or negative opinions; The Company's stock trading is subject to other risk warnings due to the serious situation of capital occupation.

The 2023 annual report is very important for the company. However, according to the company's announcement, the company's ability to continue as a going concern is still subject to major uncertainty because the non operating funds occupied by the company's controlling shareholders in 2022 have not been fully recovered, As well as due to defects in the company's internal control and other reasons, the audit institution may not be able to obtain sufficient and appropriate audit evidence on the specific time when the company's large amount of impairment losses accrued in 2023 occur, the audit institution is likely to express no opinion on the company's 2023 annual financial report, and the company touches the Shenzhen Stock Exchange Stock Listing Rules The possibility of mandatory delisting of financial products is high.

Reorganization application is terminated

On April 7, * ST Tai'an announced that, on April 2, Shantou Intermediate People's Court of Guangdong Province issued a Letter of Decision and a Civil Ruling, and Shantou Intermediate People's Court decided to terminate the company's pre reorganization procedure and reject the reorganization application submitted by the applicant (creditor) Guangzhou Zhongbang Supply Chain Management Co., Ltd. and the listed company.

*ST Tai'an's application for restructuring was terminated, which undoubtedly increased the delisting risk of the company's shares. From April 8 to now, the company's stock has dropped to 0.60 yuan in a row.

The announcement did not explain why the court ended the company's pre reorganization procedure, but the company can be described as a negative entanglement. On December 4, 2023, * ST Tai'an announced that the company and related parties had received the Notice of Administrative Penalty issued by the Guangdong Regulatory Bureau, and * ST Tai'an and its subsidiaries had occupied non operating funds with the controlling shareholder Tai'antang Group by prepaying equipment purchase funds, prepaying drug purchase funds, paying for the purchase of under forest ginseng, etc, From 2018 to the first half of 2022, the amount of capital occupation was 64.8464 million yuan, 205 million yuan, 277 million yuan, 269 million yuan and 161 million yuan, respectively, with a total amount of 980 million yuan.

In addition, * ST Tai'an subsidiary Guangdong Kangaido Digital Health Technology Co., Ltd. inflated inventory and profits by means of less carrying forward costs, less recording expenses, etc. Hongxing Pharmaceutical Factory of Guangdong Hongxing Group Co., Ltd., the company and its subsidiary, falsely increased revenue and profit by falsely increasing drug sales prices. Through the above methods, the company has falsely increased profits of 66 million yuan, 144 million yuan, 116 million yuan and 103 million yuan in each year from 2018 to 2021, accounting for 20.08%, 115.79%, 304.72% and 12.25% of the absolute value of the total profits recorded in the current report. There are false records in the relevant periodic reports.

Continuous improvement of delisting mechanism

Since the release of the revised delisting rules at the end of 2020, delisting reform has attracted much attention. By the end of last year, the annual delisting rate of A-shares had risen to 1.0%.

Since this year, the companies that have been delisted and delisted include * ST Huayi, * ST Palong, * ST Oceanwide, * ST Aidi, ST Hongda, ST VIP, and Xinhaitui. The delisted Poten will be delisted and delisted on April 25. ST Xingyuan has received the delisting decision from the Exchange. Because the company's shares touch the compulsory delisting situation of trading, the Exchange has made a decision to terminate the listing and will not enter the delisting consolidation period.

On April 12 this year, the third "National Ninth Article" of the capital market was officially released, which clearly proposed "deepening the reform of the delisting system, accelerating the formation of a normalized delisting pattern that should be fully retired and cleared in time". The CSRC issued the Opinions on Strictly Implementing the delisting System. The Shanghai Shenzhen North Stock Exchange synchronously revised the relevant delisting rules, and the delisting system reform entered a new stage.

On the basis of the delisting rules in 2020, the newly revised delisting rules further highlight the deterrence against financial fraud and corporate governance chaos, take multiple measures to reduce shell value, encourage active delisting, optimize the transition period, and strengthen investor protection.

"The improvement of delisting system has played a very positive role in promoting the quality of listed companies. If some companies with poor performance and poor financial condition cannot meet the standards of the capital market, their continued existence will pose a greater risk to the development of the entire market. And those companies that are forced to delist can also pay more attention to their own operation and management, and strive for relisting by improving the overall quality of the company. " Liu Yan, Chairman of Anjue Assets, told the Securities Times.

In Liu Yan's view, the delisting system has actually played a good role in alerting and urging all listed enterprises. Especially for those black sheep with fraudulent issuance, false information disclosure and other behaviors, we should resolutely crack down on them and never relent. We should not only forcibly terminate the listing qualification of such companies, but also let relevant responsible personnel bear the economic and legal consequences, which is crucial to maintaining the fairness and justice of the market and laying the cornerstone of the capital market.

　　 Orient Securities He said that the latest delisting regulations require increasing delisting supervision, further tightening the compulsory delisting standards, unblocking multiple delisting channels, accurately cracking down on all kinds of illegal "shell keeping" behaviors, and improving the investor compensation and relief mechanism in the delisting process. This has put forward targeted policy suggestions on the excessive supply of the stock market, low return on investment, and serious money circling phenomenon, which is conducive to the medium and long-term development of the stock market.

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