The first delisted stock in 2024 is officially confirmed!On the evening of January 9, *ST Huayi announced that the company received a decision from the Shanghai ** Stock Exchange (hereinafter referred to as the "Shanghai Stock Exchange") on the termination of the company's ** listing, and the Shanghai Stock Exchange decided to terminate the company's ** listing.
After the termination of the listing, the company will enter the National Small and Medium-sized Enterprises Share Transfer System Co., Ltd. relying on the original company agency share transfer system to establish and manage the two network companies and delisted companies for listing and transfer.
As of the end of the third quarter of 2023, the number of shareholders of *ST Huayi was approximately 2350,000 households. As of now, *ST Huayi stock price is 037 yuan shares, the total market value is only 2$8.1 billion.
*ST Huayi was terminated from listing
ST Huayi was terminated from listing, making it the first A-share company to be delisted in 2024**.
From November 28, 2023 to December 25, 2023, the company's daily *** price for 20 consecutive trading days was lower than 1 yuan, and the above situation touched the ** termination of listing in accordance with the relevant regulations of the exchange. After deliberation by the Listing Review Committee of the Shanghai Stock Exchange, the Shanghai Stock Exchange decided to terminate the listing of the company.
The company** will not enter the delisting period and will terminate its listing and delisting on January 16, 2024.
It is worth mentioning that, in addition to triggering the trading delisting, the company also faced major illegal forced delisting and financial delisting. However, in accordance with the principle of first-touch-first-served, *ST Huayi was finally forced to delist because it was less than 1 yuan for 20 consecutive days.
ST Huayi's public information shows that the company was investigated by the China Securities Regulatory Commission for suspected violations of information disclosure laws and regulations. On November 21, 2023, the company received the "Advance Notice of Administrative Punishment" issued by the Zhejiang Supervision Bureau of the China Securities Regulatory Commission, and the company's annual reports from 2017 to 2022 contained false records.
The company stated in the announcement on November 25, 2023 that the company and the accountant have verified the impact of the false records involved in the "Advance Notice of Administrative Punishment" on the company's net profit, and it has been calculated that the company's net profit attributable to the parent company from 2016 to 2019 is negative, which may touch the prescribed situation of mandatory delisting of major violations, and the company may be forced to delist due to major violations.
The company's net assets at the end of 2022 were -14.5 billion yuan, the company's ** has been implemented delisting risk warning. The relevant financial indicators shown in the company's third quarter report in 2023 have not improved, and the risk of financial delisting is also high.
*ST Paulan, *ST Oceanwide, etc. have received prior notice
As the 2023 earnings report is about to be announced, some underperforming stocks continue to be the same, triggering the risk of delisting at par value. Up to now, *ST Huayi has received the delisting decision, *ST Bolong and *ST Oceanwide have received the prior notice before the delisting decision, and *ST Aidi has locked in the "1 yuan delisting" situation in advance.
In fact, the above-mentioned ** eventually went to delisting, all because after multiple risk exposure, investors "voted with their feet", and finally the company said goodbye to A-shares.
For example, the material illegal delisting and financial delisting that *ST Bolong may touch are also high. In March 2021, *ST Bolong was investigated by the China Securities Regulatory Commission. In response to this investigation, in April 2022, the company received the "Prior Notice of Administrative Penalty and Market Prohibition" issued by the China Securities Regulatory Commission. According to the notice, the company has a number of illegal acts, including false records in the initial public offering prospectus, the 2016 non-public offering report and listing announcement and periodic reportFailure to truthfully disclose the statement items of "other non-current assets" in the annual reports from 2017 to 2019, and failure to truthfully disclose the use of raised funds in the 2018 annual reports;From 2018 to 2020, there were cases where the external guarantee failed to fulfill the approval procedures and information disclosure obligations.
Since then, *ST Bolong has also been investigated and reprimanded for failing to disclose periodic reports on time and inaccurate performance forecasts. Moreover, because the company's audited net assets attributable to shareholders of listed companies in 2022 are negative, the company's ** transaction has been subject to a delisting risk warning.
ST Oceanwide was kicked out of the A** field by investors due to the failure of the company's reorganization and the exposure of the risk of financial delisting. It is reported that *ST Oceanwide landed in the A** field as early as 1994 and is the earliest batch of listed companies in the real estate industry. At its peak in 2016, the company's revenue reached 2467.1 billion yuan, net profit reached 310.9 billion yuan. Since 2020, the company's performance has taken a sharp turn for the worse, and the company has made impairment provisions for some of its real estate projects and related goodwill, with a net profit loss of 46 for the year2.2 billion yuan. Since then, the company's operating performance has continued to decline, with a net profit loss of more than 11 billion yuan in 2021 and 2022The net profit loss in the first three quarters of 2023 was 688.7 billion yuan, the loss amount hit a record high in the same period.
On the evening of December 1, 2023, *ST Oceanwide issued an announcement on the termination of the company's pre-reorganization by the court, stating that during the pre-reorganization period, the interim administrator found that Oceanwide Holdings, as a listed company, no longer had the possibility of reorganization, and applied to Beijing No. 1 Intermediate People's Court to terminate the pre-reorganization procedure of Oceanwide Holdings. Accordingly, the Beijing No. 1 Intermediate People's Court decided to terminate the pre-reorganization of Oceanwide Holdings.
ST Aidi is also because the company is facing a greater risk of financial delisting, and the company's stock price continues to be **, so it locks in the delisting in advance. *ST Eddie's auditor Dahua Certified Public Accountants is unable to conduct an audit on *ST Eddie's 24.7 billion yuan of accounts receivable and 39.9 billion yuan of inventory goods and inventory decline provisions" obtained sufficient and appropriate audit evidence, so an audit report that could not express an opinion was issued.
Due to the negative audited net assets attributable to the parent company in 2022, the 2022 annual financial report was issued by the audit institution with an audit report that could not express an opinion, and the company's ** transaction has been subject to a delisting risk warning from May 5, 2023.
The disclosure of the 2023 annual financial report is about to begin, if the company's audited net assets attributable to the parent in 2023 are still negative, and the 2023 annual financial report is still issued by the auditor to be unable to express an opinion or issued a qualified opinion or negative opinion, it will touch the termination of listing in the relevant regulations of the Shenzhen Stock Exchange.
The normalized delisting mechanism has gradually taken shape
With the implementation of the comprehensive registration system, the corresponding normalized delisting mechanism has gradually taken shape, and an orderly capital market ecology is accelerating.
According to wind data, 45 A-share companies have been delisted in 2023, of which 44 are compulsorily delisted, exceeding 41 in 2022.
The improvement of the delisting system has played a very positive role in promoting the improvement of the quality of listed companies. If some companies with poor performance and poor financial status cannot meet the standards of the capital market, their continued existence will pose a greater risk to the development of the entire market. Companies that have been forcibly delisted can also pay more attention to their own operations and management, and strive to re-list by improving the overall quality of the company. Liu Yan, chairman of Anjue Assets, told the ** Times reporter.
In his view, the delisting system has actually played a good role in alerting and spurring all listed companies. In particular, it is necessary to resolutely crack down on those black sheep who have fraudulent issuance, information disclosure and falsification, and never be soft, not only to forcibly terminate the listing qualifications of such companies, but also to make them face the legal claims of investors, and let the relevant responsible personnel bear the economic and legal consequences, which is very important for maintaining the fairness and justice of the market and laying the cornerstone role of the capital market.
Guoyuan** believes that the delisting system is a key basic system of the capital market, and as an important part of the deepening of the comprehensive registration system, normalized delisting can better realize the survival of the fittest in the market and optimize the allocation of resources. By eliminating non-performing enterprises, market resources will be more concentrated on high-quality enterprises with competitiveness and growth potential, thereby promoting the healthy development of the overall market. The improvement of the delisting system echoes the comprehensive registration system, which is very important for the further optimization of the two-way smooth mechanism of the capital market, and is conducive to the construction of a good capital market ecology of "survival of the fittest".
For investors, regular delisting helps protect the legitimate rights and interests of investors. By eliminating low-priced, low-quality enterprises, investors can better choose valuable investment targets;The strict implementation of the delisting system also helps to improve investors' confidence in the market. In addition, delisting also pays more attention to the protection of investors, for example, in the process of delisting, investors can protect their rights and interests through advance compensation**, special representative litigation, etc.
For listed companies, normalized delisting means higher market pressure and competition. This will force enterprises to strengthen internal management, improve performance, and strive to maintain a competitive position in the market. On the other hand, this competitive pressure helps to stimulate the innovation ability of listed companies and improve the overall strength of the company. In addition, the strict implementation of the delisting system will also prompt listed companies to pay more attention to the authenticity, accuracy and completeness of information disclosure, thereby improving the level of corporate governance.