Flash mergers and acquisitions, cheap sales of assets, forgiveness of huge debts, ......2023 is coming to an end, and some listed companies that are on the verge of delisting are doing their best to make frequent "shell" moves, trying to avoid the risk of delisting by beautifying their balance sheets.
It is not incomprehensible that listed companies are trying to maintain their "listed" status. It is also good to expand business through asset restructuring and other business opportunities, open up new performance growth points, and achieve "survival in desperate situations". However, if we regard "protecting our lives in the shell" as a life-saving straw, exploiting loopholes and playing "financial skills", it is definitely not the right way.
Even if the luck succeeds in "protecting the shell" and bringing an "empty shell" to barely survive in the capital market, the corporate governance structure and operating conditions have not been substantially improved, and the prospects are still worrying, and it is more likely that they will continue to be "*ST". Past experience shows that there are many listed companies in order to continue the life of A-shares and "panic to choose the road", choose poor quality, difficult to coordinate the industry in a hurry to merge and merge, these non-performing assets are placed, but accelerate the enterprise to the abyss of delisting or even bankruptcy.
The "fancy shell" of listed companies is not conducive to the long-term healthy development of the A** field. The reason why some companies are on the verge of delisting is mainly because of the low level of corporate governance and weak performance, and the short-term means such as surprise transactions to beautify the financial situation have not really changed the actual state of the company. If the A** market is full of such "zombie companies", then it will be difficult for the investment and financing function of the capital market to be effectively played, the value of excellent enterprises cannot be truly demonstrated, and the healthy and orderly operation of the entire ** market will not be able to be talked about.
M&A, restructuring, debt waiver, etc. should be the means for listed companies to become bigger and stronger, rather than to avoid the "life-sustaining pill" of delisting. In the future, the regulatory authorities should work hard to plug the loopholes of delisting, dredge the blockages of delisting, and increase the intensity of delisting. On the one hand, it is necessary to continue to improve and refine the delisting indicators, increase the difficulty of "shelling" financial operations, and maintain the seriousness of mergers and acquisitions. On the other hand, daily supervision should be strengthened, and the listed companies that "can't move and can't keep up" should be strictly implemented "should retreat as much as possible".
If a listed company does not want to be eliminated from the capital market, it should have fewer bad ideas and more real business. Only by starting from our own actual needs, absorbing high-quality assets, restoring hematopoietic capacity, and truly doing a good job in business performance, can we achieve rebirth and achieve benign and healthy development. On the contrary, if the red line of delisting is indeed touched due to poor management, it is better to say goodbye generously than to risk being severely punished and severely punished to "protect the shell" in violation of regulations. (Author: Li Hualin **Economy**).