crashnsane| Another A-share company has been locked in for delisting! The delisting mechanism continues to improve
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With * ST New Textile (Rights Protection) (002087Crashnsane.SZ) the share price fell by the limit one after another, and fell below its face value for many days in a row, and the company's stock locked in "1 yuan delisting" in advance. * ST Meishang (rights protection), Central South Construction, * ST Taian (rights protection) and other stocks have also closed below 1 yuan for many days in a row, and the alarm of delisting has been sounded.
Recently, the China Securities Regulatory Commission formulated and issued the "on the strict implementation of the delisting system"CrashnsaneThe stock exchange revised and improved the relevant delisting rules and solicited opinions from the public, which is known as the "most stringent new delisting rules in history". Among them, the new delisting rules appropriately raise the delisting standards of market capitalization and tighten the financial delisting indicators, so as to increase the delisting of companies with poor performance, give full play to the market-oriented delisting function, and accelerate the survival of the fittest in the capital market.
A number of market analysts said that with the implementation of the new delisting rules, the rate of compulsory delisting of A shares due to financial fraud / financial indicators may increase significantly, and the market is expected to accelerate clearing. At the same time, vigorously reduce the value of "shell" resources, enterprises to protect the "shell", investors speculate in the "shell" more difficult.
* ST New Textile Lock delisting
On April 12, the Securities Regulatory Commission issued the opinions on the strict implementation of the delisting system, and the Shanghai, Shenzhen and North Stock Exchange drew up new delisting rules, which mainly include trading delisting indicators such as broadening the scope of application of major illegal compulsory delisting, adding three normative delisting cases, tightening financial delisting indicators, and improving market capitalization standards.
After the release of the new delisting rules, the superimposed 2023 annual report is about to be disclosed, and the related stocks in the ST sector have plummeted one after another, even below their face value.
Recently, * ST people control (rights protection), * ST Meisheng (rights protection) has continuously fallen below the face value of the company's shares, and later even if the limit can not return to 1 yuan, thus locking in advance of the "1 yuan delisting".
Now, * ST Xinfang has also locked the "delisting of 1 yuan" in advance because the company's shares have continuously fallen below their par value. As of April 18, the closing price of * ST Xinfang has fallen below 1 yuan for 12 consecutive trading days. according to the relevant regulations of the stock listing rules of the exchange, the daily closing price of the company's shares for 20 consecutive trading days is less than 1 yuan, and the exchange will terminate its stock listing trading.
This means that in the next eight trading days, * ST New Textile must return to 1 yuan in order to temporarily avoid the risk of delisting at face value. However, according to the Securities Times reporter calculated that even in the next trading day, * ST Xinfang's share price rose one after another, but also could not return to 1 yuan, thus locking in the "1 yuan delisting."
In fact, in addition to the face value delisting risk, the company's financial delisting risk is also high. It is reported that due to the audit opinion issued by * ST Xinfang 2022 annual report, the company's shares have been delisted since May 5, 2023.
* ST Xinfang said that at present, the company is in the process of correcting accounting errors in the early period of retrospective adjustment, and if the company fails to publish the relevant accounting error correction report before the formal disclosure of the 2023 annual report, the company's 2023 annual report may be delisted by an audit report with reservations, unable to express or negative opinions.
In addition, * ST Xinfang received the notice of filing a case issued by the China Securities Regulatory Commission on March 22nd, and the China Securities Regulatory Commission decided to file a case against the company on suspicion of illegal information disclosure.
In fact, on May 6, 2023, the company received a warning letter from Henan Securities Regulatory Bureau, due to major errors in the company's annual report information from 2016 to 2021, and a difference of 14% between the net profit of the 2022 performance forecast and the annual report disclosure.CrashnsaneThere is a significant difference of 0.09 billion yuan and there are major defects in internal control. Henan Securities Supervision Bureau has taken administrative supervision measures to issue warning letters to the company and relevant responsible persons.
The delisting mechanism is constantly improving.
Since the release of the revised delisting rules at the end of 2020, delisting reform has attracted a lot of attention. by the end of last year, the annualized delisting rate of A shares had risen to 1.0 per cent.
Since the beginning of this year, companies that have been delisted and delisted are * ST Huayi, * ST Peron, * ST Pan Hai, * ST Eddie, ST Hongda, ST VIP, and Xinhaihui. in addition, the delisting period of delisting Botian will end on April 18, and the next will be delisted. ST Xingyuan (rights protection) has also received the delisting decision of the exchange, because the company's shares touched the trading category of compulsory delisting, the exchange made a decision to terminate the listing, not to enter the delisting period.
On April 12 this year, the third "National Nine articles" in the capital market was officially released, clearly proposing "deepening the reform of the delisting system and speeding up the formation of a regular delisting pattern that should be withdrawn and cleared in a timely manner." the CSRC issued the "opinions on the strict implementation of the delisting system", the Shanghai, Shenzhen and North exchanges revised the relevant delisting rules at the same time, and the reform of the delisting system entered a new stage.
On the basis of the delisting rules in 2020, the newly revised delisting regulations further highlight the deterrent to 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 the delisting system has played a very positive role in improving the quality of listed companies. If some companies with poor performance and poor financial condition can not meet the standards of the capital market, their continued existence will pose a greater risk to the development of the whole market. And those companies that are forced to delist can also pay more attention to their own operation and management and strive for re-listing by improving the overall quality of the company. " Liu Yan, chairman of Anjue assets, told the Securities Times.
InCrashnsaneIn his view, the delisting system has actually played a good warning and spur role for all listed enterprises. In particular, we should resolutely crack down on those black sheep who have fraudulent issuance and fraudulent information disclosure, and never be lenient. we should not only forcibly terminate the listing qualifications of such companies, but also let the relevant responsible personnel bear the economic and legal consequences. this is very important to maintain the fairness and justice of the market and lay the cornerstone of the capital market.
Oriental Securities said that the latest delisting regulations require greater supervision of delisting, further strict delisting standards, smooth multiple delisting channels, accurately crack down on all kinds of illegal "shell preservation" behavior, and improve the investor compensation and relief mechanism in the process of delisting. This puts forward targeted policy suggestions for the excessive supply of the stock market, the low rate of return on investment and the serious phenomenon of circling money, which is beneficial to the medium-and long-term development of the stock market.
(source: Securities Times)