Reporter Wu Xiaolu.
The announcement of the termination of the listing of ST Huayi kicked off the delisting of A-shares in 2024. On the evening of January 9, *ST Huayi announced that it received the decision of the Shanghai Stock Exchange to terminate its **listing, and the company** will terminate its listing and delisting on January 16, and the first delisting ** in 2024 will appear.
In addition, *ST Bolong, *ST Oceanwide, and *ST Aidi have also been locked in face value and delisted, and there are still many ** facing the risk of major illegal forced delisting and financial delisting. Market participants believe that compared with 2023, the number of delisted companies with par value may further increase this year.
6 *** prices are lower than the face value
According to wind statistics, as of January 10, there were 6 A-shares with a price lower than 1 yuan. In addition to *ST Huayi, which has received the decision to terminate the listing, *ST Bolong and *ST Oceanwide both received prior notices of termination of listing issued by the Shenzhen Stock Exchange on December 27 and December 28, 2023, respectively, due to the delisting target of the par value.
ST Eddie on January 10 ** price is 053 yuan shares, has been less than 1 yuan shares for 13 consecutive trading days, even if the stock price continues to rise and fall for the next 7 trading days, it will also touch the par value delisting index, and lock the par value delisting in advance. On the whole, 4 A-shares have been locked in par value and delisted.
As of January 10, the prices of ST Hongda and *ST Xinhai were 079 yuan shares, 096 yuan shares, respectively, for 14 consecutive and 2 trading days, the price is lower than 1 yuan share, and it is on the verge of delisting.
In addition, *ST Xinhai and *ST Botian recently announced that because the company has received an administrative penalty notice from the China Securities Regulatory Commission or the local securities regulatory bureau for suspected financial fraud, the company may be forced to delist due to major violations of the law according to the fact that the suspected violation is ascertained. Among them, *ST Potian has received the "Prior Notice of Administrative Punishment and Market Prohibition" from the Beijing Securities Regulatory Bureau, and the company's stock price has fallen for 22 consecutive trading days. As of January 10th, the latest ** price of *ST Potian is 106 yuan shares.
Tian Lihui, dean of the Institute of Financial Development of Nankai University, told the reporter that the delisting of these companies is not only a punishment for their own mismanagement, but also a reminder and warning to the entire market. Under the comprehensive registration system, only by strengthening the supervision of delisting and realizing "all the withdrawals that should be withdrawn" can we optimize the allocation of market resources and improve the overall quality. Of course, while implementing the delisting system, it is also necessary to establish and improve investor protection mechanisms and refinancing channels to ensure the fair and sustainable development of the market.
Resolutely and promptly clearing out companies that no longer meet the listing conditions from the capital market is a powerful measure for the regulator to maintain the healthy development of the capital market, which is conducive to investors establishing the concept of value investment and rational investment. Zhang Zhiwang, a partner and lawyer of Zhejiang Liuhe (Ningbo) Law Firm, told reporters.
It is expected that a number of companies will be forced to delist this year
Judging from past practice, as the annual report season approaches, a number of poor performance companies and zombie companies will bid farewell to A-shares. According to wind statistics, there are 24 *ST companies with negative net assets in the first three quarters of 2023 or "operating income less than 100 million yuan, negative net profit before and after deduction of non-profit", and the risk of financial delisting is high.
At the same time, a number of companies have launched shell programs. For example, 13 companies such as *ST Jinglan will complete bankruptcy reorganization around December 2023; *The controlling shareholders of 3 companies, including ST Huitian, exempted the company's debts; There are also 2 companies that accept donations from controlling shareholders or their related parties free of charge. This will have a positive impact on the 2023 financial figures of the companies involved.
Tian Lihui said that the completion of bankruptcy reorganization and the acceptance of debt waivers or donations from controlling shareholders are indeed means to avoid delisting. These measures can improve the company's financial position accordingly, alleviate operating pressure, and thus reduce the risk of delisting. However, in the relevant restructuring or debt forgiveness process, it is important to guard against misconduct such as financial manipulation or disclosure violations.
Tian Lihui believes that considering the intensity of supervision, market situation, number of companies and profitability, it is expected that the number of companies that will be forced to delist in 2024 will be higher than in 2023, so as to better achieve the survival of the fittest.
Judging from the delisting trend, Tian Lihui believes that compared with 2023, more listed companies may be delisted at face value this year. Moreover, investors can expect to be better able to protect their interests.
Zhang Zhiwang said that compulsory delisting is divided into four categories: transactional compulsory delisting (including market value delisting), financial compulsory delisting, normative compulsory delisting and major illegal compulsory delisting, but there will be fewer normative delistings in 2023, and in 2024, as the capital market continues to strengthen the standardized management of companies, it is believed that the number of standardized compulsory delistings will increase.
* |Station cool Hailuo production |Zhang Wenling