On July 7, the Shanghai Stock Exchange will delist the stocks of two companies, Jitang and Jintai.In the follow-up, the delisted Haichuang and the delisted Haiyi will also be delisted one after another.From January 1 to July 6 this year, 42 A-share listed companies have already been delisted. Adding the above four companies, the number of delisted companies will reach 46 during the year.
Judging from the reasons for delisting, among the 46 delisting companies, 42 were forcibly delisted, 3 were delisted through restructuring, and 1 was delisted voluntarily.
"On the whole, the delisting companies during the year were mainly forcibly delisted by triggering financial delisting indicators. With the implementation of the new delisting regulations, delisting has become increasingly normalized, which has promoted the "metabolism" of the A-share market and effectively strengthened the market. "Resource allocation function." Chen Li, chief economist of Chuancai Securities, said in an interview with a reporter from "Securities Daily" that since the implementation of the new delisting regulations, the delisting system has been significantly optimized and has a wider coverage. Listed companies put forward requirements, and the accelerated clearance of venture enterprises has been realized.
39 companies touch financial delisting indicators, diversified delisting is normalized
According to the announcement of delisting Haichuang and delisting Haiyi, the last trading days of the delisting adjustment period for the two companies are July 6 and July 18 respectively. Delisting and delisting from the exchange after hitting the delisting indicator will also come to an end.
Specifically, among the 42 companies that were forcibly delisted during the above-mentioned year, *ST Iger was the delisting indicator for trading, Deao Tui was delisted due to failure to resume listing, Xinyi was delisted due to major violations of law, and the other 39 were delisted. In order to touch the financial delisting indicator.
Judging from the 39 companies that touched the financial delisting indicators, 17 touched the financial combination index of "operating income + net profit before and after deduction of non-deductibles", 11 touched the negative net assets index, and 27 were issued non-standard audit opinions (one The company may touch multiple delisting indicators, repeat statistics).
"With the strict implementation of the new delisting regulations, the number of delisted companies will increase rapidly in 2022. The number of companies that have been forced to delist during the year has reached 42, which exceeds the sum of the number of delisted companies in the past two years." Kaiyuan Securities Vice President, Research Sun Jinju, director of the firm, said in an interview with a reporter from Securities Daily that, specifically, the delisting this year has two characteristics: First, the delisting system is strictly enforced. The proportion of compulsory delisting in 2022 will be as high as 91%. The pace of delisting of the company has accelerated.Second, the delisting channels are gradually diversified. During the year, except for 39 companies that were delisted due to hitting financial delisting indicators, non-financial compulsory delisting such as transaction delisting and major illegal delisting gradually increased. Delisting channels such as mergers, acquisitions, restructuring, and delisting have also continued to flow smoothly.
Investor protection upgrades and strict supervision on delisted stocks speculation
In the process of delisting, how to ensure the protection of the legitimate rights and interests of investors is particularly important.On April 29, the China Securities Regulatory Commission issued the "Guiding Opinions on Improving the Post-Delisting Supervision of Listed Companies" to optimize and improve the blocking points and risk points in the process of delisting, protect the basic rights of investors, and ensure the smooth implementation of the delisting system. .
Chen Li said that with the continuous improvement of the delisting system, the protection of investors has been further strengthened.Since the beginning of this year, the China Securities Regulatory Commission has made further optimizations in investor protection. Specifically, it includes: first, optimizing the continuous supervision system for delisted companies to ensure timely disclosure of major information; second, strengthening investor suitability management and strengthening Investor protection in advance, etc.
At the same time, the Shanghai and Shenzhen Stock Exchanges also conducted key monitoring on some delisted stocks that were hyped during the delisting consolidation period, and punished some investors.For example, on May 19 and June 6, the Shanghai Stock Exchange issued two circulars on the abnormal trading of delisted Xishui stocks. During the trading process, individual investors raised the stock price and declared large amounts at the price limit, which affected the normal trading of the market. For abnormal trading behaviors that order and mislead small and medium investors in their trading decisions, the Shanghai Stock Exchange has continuously implemented regulatory measures to suspend trading for relevant investors.
Chen Li said that investors speculated on some delisted stocks mainly because they believed that they were expected to be relisted in the future.However, it is more difficult for delisted companies to re-list, and the risk of hyping delisted stocks is high. Investors should reasonably assess risks and invest rationally before making decisions.
Sun Jinju said that on the one hand, investors should pay close attention to the annual performance forecasts, risk warnings and other announcements disclosed by listed companies, and make investment decisions cautiously. On the other hand, they should strengthen their understanding of the latest delisting system and take relevant measures to protect themselves according to the actual situation. rights and interests.
The delisting system will be continuously optimized to achieve "survival of the fittest"
With the advancement of the comprehensive registration system reform in the capital market, market participants believe that the delisting system is expected to be further optimized in the future.
Chen Li said that in the next step, the delisting system will be continuously improved and optimized in practice, supervision will be continuously strengthened, and more dimensional indicators will be introduced to conduct an all-round evaluation of the company.For enterprises, what needs to be paid attention to is not only profit or maintaining a reasonable stock price, but also a sound management system and sustainable development capabilities.For investors, it is necessary to further clarify investment risks and reasonably evaluate the investment value of enterprises.
Sun Jinju believes that from the perspective of supervision, it is necessary to further strengthen the positive cycle of new delisting regulations and registration system reform, realize the two-way smoothness of listing and delisting of enterprises, and strengthen the ecological environment of "survival of the fittest" in the capital market.At the same time, it is necessary to continuously improve the delisting system, further reduce the space for shell companies to avoid delisting, further improve the investor protection mechanism, and strengthen the protection of investors' rights and interests while strictly implementing the delisting system.
For intermediaries, Sun Jinju believes that it is necessary to further strengthen the verification requirements of audit institutions, requiring the annual review institutions to focus on verifying whether the current income of listed companies is true and accurate, and further verifying whether the listed companies' income deductions comply with relevant factors in combination with the company's historical operating conditions and other factors. regulations, and strictly enforce the responsibilities of intermediaries.For securities companies, it is necessary to do a good job in the classification of investors' risk levels and strengthen the risk education of investors.
