New rules for delisting and suspension of IPO discussions!The five major news officially came tonight!
First, the iron also needs its own hardness!After 8 years of listing, financial fraud has continued, inflating profits by 2.6 billion, and the person in charge of the investment bank has received a fine.
On December 26, two persons in charge of Anxin ** were issued warning letters, involving the fraud of Qixin shares. Qixin shares before the listing by forging contracts, undercounting costs, inflating income and other ways of false listing, after the listing continued to use the above means for eight consecutive years of financial fraud, inflated profits of 2.6 billion yuan, the original actual controller Ye Jiahao cashed out 1.1 billion yuan to leave, as a sponsor can not be found in advance, and as an intermediary audit agency, can not audit the false behavior, indicating that its due diligence is not in place. In 2023, the ** industry has received 70 fines for the investment industry, and 37 brokerages have been named, the top five are CITIC** (6), Minsheng** (5), Guotai Junan (4), and Huatai United** (4). The main reasons for the fines imposed on these investment banks are that the due diligence is not standardized, the documents issued are false, the content of the documents is materially omitted, and the financial data is inconsistent with the actual situation, which shows that the investment banks are not responsible and not in place in the process of fulfilling their obligations, which gives many IPO companies a great opportunity to take advantage of the internal control management evacuation.
Zhejiang Guoxiang incident also sounded the alarm, some IPO companies will be withdrawn after investigation, inquiries will be withdrawn, indicating that these companies are not confident enough, or there is a sick listing, and as a sponsor of the brokerage should strengthen their own management, perform their duties in place, strengthen their own management, striking iron also needs its own hard, in order to better do the gatekeeper of the registration system.
Second, before the introduction of the new rules on delisting, listed companies in order to protect the shell to take a surprise increase in income, consolidated financial statements, after the introduction of the new regulations, these means are invalid, turn to take higher cost of asset injection, as well as debt waiver and bankruptcy restructuring and other ways to self-insure, a ** field currently adopts this form of up to more than 30, investors should carefully analyze, stay away from risks, do not stand under the wall, and do not bet on whether the listed company can succeed in the shell, otherwise it is themselves who suffer. As of the end of the third quarter of this year, a total of 23 *ST companies in the A-share market had negative net assets, and 8 *ST companies had negative operating income of less than 100 million yuan and negative net profit before and after deduction. Everyone must be careful.
In order to maintain the listing qualification, the listed company will take all corresponding means to protect itself, the mountain is still the mountain, the horse is still the donkey, and the bird is still the chicken. Everyone must keep their eyes open and distinguish between good and bad, otherwise a careless move will lead to greater losses.
3. People**: We must take the promotion of Chinese-style modernization as the biggest politics. Chinese modernization should also include the first field to go their own way, usher in prosperity and development, reflect the advantages of the capital market dividends to the people since the reform and opening up, so the majority of investors do not have to be pessimistic about the current trend, with the realization of modernization in all walks of life, the prosperity of the first field will come.
Fourth, the real estate enterprises at the end of the year have reappeared in Beijing after nearly two months.
On December 26, there were 2 residential lands in Dahongmen and Daxing Linkong in Fengtai, Beijing, with a total area of about 4340,000 square meters, with a total starting price of 34800 million yuan. A total of 20 companies participated in the competition, of which 17 real estate companies participated in the on-site bidding, 13 real estate companies lottery, and China Resources Land finally won more than 34800 million yuan lottery to obtain the above parcels, with a premium rate of 15%. China Resources Land is a state-owned enterprise, with strong funds and background, and there will be no unfinished phenomenon, and more than a dozen companies actually participate in the competition in the form of lottery, which shows that the competition for land is very fierce. In first-tier cities, there is not much land in the ** zone, and the location and economic positioning determine the value of the land. This signal has also brought some warmth to the real estate market, and perhaps the real estate spring is coming.
5. Will the listing of new IPO shares be suspended?
1. The suspension of IPO new shares is a major event in the last half a year, remember that some time ago I asked to reduce the stamp duty on ** transactions, and finally it did drop by half, and then asked to restrict refinancing, although it is only a commitment at present, but the restricted share transfer business is indeed not possible, in essence, it also restricts the development of refinancing business.
2. The introduction of these policies, ** is still not better, on the one hand, the current market has been very weak, ** response is flat, or because the policy is late.
3. The expansion of the capital market is too fast, the supply exceeds demand, A-shares have always been liquidity-driven, the issuance of new shares, from the management's statement clearly, there is no meaning of suspension, just an appropriate slowdown, A-shares are still financing the market, this point of view does not change, want to get out of the long bull, almost impossible.