On the evening of December 31, 22, the Shanghai and Shenzhen Stock Exchanges respectively officially issued new delisting rules. Compared with the exposure draft, the new delisting rules focus on improving the delisting indicators of "fraud amount+fraud ratio", which was a major violation of the law that was questioned by the market before. After a number of new delisting rules have formed a "joint force", there has been a strong "combination boxing" effect, and the risk of delisting of many listed companies has increased sharply overnight.
the new delisting rules play a "combination boxing"
The number of high-risk companies has increased
The new delisting rules have further improved the delisting standards and procedures, forming four types of delisting situations: financial, transactional, normative and major illegal. Compared with the previous draft for comments, the official draft of the new delisting rules is more strict in index setting, mainly adjusting and optimizing three aspects:
After the "combination boxing" of a number of new delisting rules was launched, many listed companies went to a dangerous moment overnight, and even problematic companies involved in multiple violations at the same time. After sorting out, Red Star Capital Bureau has more than 1 listed companies or faces the risk of delisting.
under the new rules of delisting
Key points of dangerous stocks
1. 1 yuan is delisted.
the standard for delisting at par value is clearly "1 yuan delisting", that is, the closing price for 2 consecutive trading days is lower than that of 1 yuan. Because there is a special case of Zijin Mining (61899.SH) in A shares, the par value is not 1 yuan, but .1 yuan, and the par value of its H shares is HK$ .1, which was based on the consideration of "the same share with the same par value" in that year.
according to the statistics of Red Star Capital Bureau, the closing prices of *ST Gangtai (6687.SH) and *ST Jinyu (686.SH) have been lower than those of 1 yuan for 2 consecutive trading days, and delisting is a foregone conclusion. The share prices of *ST Tianxia (662.SZ) and *ST Yisheng (6978.SH) have been lower than those of 1 yuan for 12 consecutive trading days, which is close to delisting. *ST Fukong (6634.SH) has been suspended from listing, and *ST Great Wall (271.SZ) has just slipped into the line of life and death in 1 yuan.
On the edge of 1 yuan delisting line, there are also: ST Giant (61258.SH), *ST Global (6146.SH), *ST jinzhou area (587.SZ), *ST Tongzhou (252.SZ), *ST Zhongrong (982.SZ).
in addition, up to now, there are more than 4 stocks that are lower than 1.5 yuan, and ST-class stocks with losses and continuous losses account for the majority.
2. delisting of market value.
the total market value for 2 consecutive trading days is less than RMB 3 million, and it will be delisted from the market value.
according to the statistics of Red Star Capital Bureau, there are currently no A-share stocks with a total market value of less than RMB 3 million, and the market value of *ST Chengcheng (6247.SH) with the lowest market value is RMB 39 million. Stocks with a market value of about 5 million yuan include *ST Global, *ST Tianxia, *ST Great Wall, *ST Zhongxin (63996.SH), *ST Hemei, *ST Changdong (835.SZ), etc. These are loss-making junk stocks, and investors should take the initiative to stay away.
is the delisting target with a total market value of 3 million yuan considered by all parties to be too low? There are even calls for raising it to 5 million yuan to prevent shell companies from speculating. However, considering that "delisting from market value" and "delisting from 1 yuan" have formed a combination effect, such companies often have an index that meets the delisting standard.
3. net profit before/after deduction is negative+revenue is less than 1 million yuan.
after the implementation of the new regulations, it is actually financial problems that are most likely to trigger delisting conditions. If the net profit before/after deduction is negative, and the annual operating income is less than 1 million yuan, the delisting risk warning (ST) will be implemented, and the listing will be terminated for two consecutive years.
According to the preliminary statistics of Red Star Capital Bureau, as of the first three quarters of this year, at least more than 5 companies had negative net profit before/after deduction, and their revenues were less than 1 million yuan. If the situation cannot be reversed in the fourth quarter, there may be a risk of termination of listing (subject to the annual report data).
after removing the 1 yuan delisted stocks, other more dangerous stocks include: *ST Energy Saving (82.SZ), *ST Haichuang (6555.SH), *ST Sitai (76.SZ), ST Tianshou (611.SZ) and ST Yunwang (23).
Some stocks earn only a few million yuan a year, or even only a dozen employees, and almost become "zombie enterprises". Under the new rules of delisting, these companies are facing increasing pressure to protect their shells.
however, what is even more puzzling is that many non-ST stocks have also issued danger warnings. Including Lanhai Medical (6896.SH), Bangxun Technology (3312.SZ), Fenghua (6615.SH), Lvjing Holdings (52.SZ), Garden City Gold (6766.SH), Ji 'ai Technology (339.SZ), etc.
As the annual report season is about to enter, if the above-mentioned companies' operations continue to deteriorate, resulting in the annual revenue and profits failing to meet the standards in 22, they are likely to be warned of delisting risks.
4. Financial fraud and delisting.
On the last day of 22, the major financial fraud of Yu Diamond (ST King Kong, 364.SZ) was caught, which has inflated profits by several hundred million yuan for several years, and the actual controller illegally occupied 2.3 billion yuan. Its systematic fraud was recognized by the China Securities Regulatory Commission, involving a huge amount of money and serious illegality. It happened to be delisted from the market, which led to its becoming the "first thunder in 221" and has now been ST.
According to the incomplete statistics of Red Star Capital Bureau, many listed companies have been investigated for financial fraud for many years, including: *ST Kangde (245.SZ), ST Kangmei (6518.SH), *ST Hangtong (6677.SH), Zhangzidao (269.SZ), etc.
in addition, a number of listed companies disclosed that they had received the notice of filing an investigation, and if major financial fraud was involved, they were likely to face delisting risk warning.
5. There is also the risk of delisting if the directors are untrue.
the new regulations have added normative indicators. If there are major defects in information disclosure and standardized operation and they refuse to correct them, and the semi-annual report or annual report is not true, the company will suspend trading and implement delisting risk warning first, but the listing will be terminated if it is still not corrected.
The Red Star Capital Bureau has incomplete statistics. For example, in 22 alone, there were *ST Pengqi (6614.SH), tianxiang environment, *ST Zhongtai (98.SZ), *ST Qinshang (2638.SZ), *ST Tianxia and ST Cody.
6. "Non-standard" audit reports were issued
In 22, a large number of annual reports of listed companies were issued with "non-standard audit opinions", including negative opinions, unable to express opinions, reserved opinions and unqualified opinions with explanatory paragraphs. Among them, some listed companies were affected by force majeure factors such as last year's epidemic situation, or it was difficult to audit overseas assets, which led to an increase in "non-standard" audits.
after excluding the above special circumstances as much as possible, Red Star Capital Bureau found that there are still many companies that have been issued non-standard audit reports, including: *ST Fukong, Taihe Group (732.SZ), Tianze Information (329.SZ), Vosges (283.SZ) and Red Sun (525.SZ).
Huatai Securities reported that compared with US stocks, the current A-share delisting rate still has much room for improvement, and the number of passive delisting in the future is expected to increase gradually. The implementation of the new delisting rules is expected to play a market-oriented delisting function, help A-shares realize "good money drives out bad money", comprehensively promote the superimposed registration system, and the asset quality of the stock market is expected to be further improved.
Yang Delong, chief economist of Qianhai Open Source Fund, said that the new delisting rules removed some unreasonable regulations and added some delisting indicators. For example, the requirement of market value and the regulation of revenue can crack down on some "malicious shell protection" behaviors. Generally speaking, the delisting system will be strictly implemented, so that companies with poor performance and companies that no longer meet the listing conditions can withdraw from the market in time, so that the A-share market will become the source of living water, the survival of the fittest will be realized, and the quality of listed companies as a whole will be improved.
The annual report season is about to start
The performance of the companies is bright
The Red Star Capital Bureau has incomplete statistics. At present, more than 7 listed companies expect to achieve a net profit of more than 1 million yuan in 22. Iflytek (223.SZ), Dongshan Precision (2384.SZ), Haoxiangni (2582.SZ), Yuyue Medical (2223.SZ), Dabeinong (2385.SZ), Daan Gene (23.SZ) and other companies expect annual net profits.
among the pre-happiness companies, Tianci Materials (279.SZ) is expected to have a net profit of more than 65 million yuan for the whole year, an increase of more than 38 times compared with the same period of last year, and is temporarily the "pre-growth king" of the annual report. In addition, Daan Gene, Zhijiang Bio (688317.SH), Haixin Food (272.SZ), Xingwang Yuda (2829.SZ), Miss You, etc. expect the largest increase in annual net profit to exceed 1%.
At the same time, according to preliminary statistics, before the Spring Festival (February 12th), 34 companies will take the lead in publishing the 22 annual report. A-shares have always had the tradition of "pretty girls marry first". Listed companies that take the lead in publishing financial reports often have brilliant performance, and related company stocks are also easily sought after by funds. Companies with poor performance often "hand in their homework" and drag their feet, even before the final deadline of the annual report.
ranking of growth rate of companies with pre-happy performance (dynamic)
timetable of companies that are the first to publish financial reports
Editor Deng Lingyao
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