After the 2021 financial report was disclosed, *ST Tengbang, *ST Dan, and *ST Shenglai finally waited for the delisting judgment.
On the evening of May 23, the Shenzhen Stock Exchange announced that according to the relevant provisions of the "Stock Listing Rules (Revised in 2022)" and the review opinions of the Listing Committee, the Shenzhen Stock Exchange decided to *ST Tengbang, *ST Danbon, and *ST Shenglai three companies. The company's shares were terminated from listing.The company's stock will enter the delisting arrangement period from May 31, 2022, and the Shenzhen Stock Exchange will delist the company's stock on the trading day following the expiration of the delisting arrangement period.
At present, delisted Xinyi, *ST Aige, and Changdongtu have been delisted; delisted Laxia and delisted Zhongxin will be delisted by the exchange on May 24; Dongdian has completed the delisting adjustment period today, waiting for Delisted; Deao, Xishui, and Luting are still in the process of delisting; *ST Youjiu, *ST Minke, *St Zhongtian, *ST Zhongfang, and *ST Changyu , *ST Lawton, *ST Yijian, and *ST Huaxun 8 companies are also about to enter the delisting period.
In addition to the above-mentioned companies that have been sentenced to delisting, there are also a group of companies that are in the process of waiting for a judgment on whether to terminate their listing.According to incomplete statistics from Securities Times reporters, there are currently 22 companies that have received advance notices from the exchange to terminate listing.
3 companies simultaneously announced delisting
After 8 companies including *ST Youjiu, *ST Minke, and *St Zhongtian announced their delisting, 3 more companies received the delisting decision from the exchange.
On the evening of May 23, the Shenzhen Stock Exchange announced that *ST Tengbang was issued an audit report with no opinion due to the 2020 annual financial and accounting report, and the company's stock trading will be issued a delisting risk warning from May 6, 2021.
On April 27, *ST Tengbang's first annual report (ie, the 2021 annual report) after the delisting risk warning was implemented showed that the company's audited net assets at the end of the 2021 period were -1.149 billion yuan, and the 2021 annual financial accounting report was Issue an audit report with disclaimer of opinion.As a result, the company has reached the situation of termination of listing as stipulated in Article 10.3.10 (2) and (3) of Article 10.3.10 of the Shenzhen Stock Exchange's "GEM Stock Listing Rules (Revised in December 2020)".
The Shenzhen Stock Exchange has decided to terminate the listing of *ST Tengbang shares.The company's stock has entered the delisting arrangement period from May 31, and the Shenzhen Stock Exchange will delist the company's stock on the trading day following the expiration of the delisting arrangement period.
*ST Tengbang once claimed to be "the first stock in China's commercial services". According to public information, after several years of operation, Tengbang International's main business has covered four major sectors: air ticket platform, travel platform, travel management, and Internet finance.
Now, *ST Tengbang will bid farewell to A-shares, which makes many people in the industry sigh. Tengbang International started from the air ticket distribution business and gradually expanded its business sector to tourism, finance and other aspects. It was once recognized by the industry as a domestic ticket. Generation "leading" enterprises.
Coincidentally, *ST Danbang was also delisted together with *ST Tengbang.
*ST Danbon was issued an audit report with no opinion due to the 2020 financial report, the net profit attributable to the owner of the parent company in 2020 was negative, and the annual operating income was less than 100 million yuan. The company's stock trading will start from April 2021. The delisting risk warning has been implemented since March 30.
On April 30, the company's first annual report after the delisting risk warning was implemented (ie the 2021 annual report) showed that the company's 2021 financial report was issued an audit report that could not express an opinion, which touched the "Stock Listing Rules (2022)". Item (3) of Article 9.3.11 of the “Revised Year 2009” stipulates the termination of listing of stocks.
The Shenzhen Stock Exchange decided to terminate the listing of the company's shares.The company's stock will enter the delisting arrangement period from May 31, 2022, and the Shenzhen Stock Exchange will delist the company's stock on the trading day following the expiration of the delisting arrangement period.
In addition, *ST Saint Lai was also sentenced to be delisted.Due to the fact that the audited net profit in 2020 is negative, the operating income is less than 100 million yuan, and the audited net assets at the end of the period are negative, the company's stock trading will be issued a delisting risk warning from April 30, 2021.
On April 30, the company's first annual report (ie, the 2021 annual report) after the company's stock trading was issued a delisting risk warning showed that the company's 2021 annual financial and accounting report was issued an audit report with a negative opinion.The company has encountered the situation of termination of listing of stocks as stipulated in Article 9.3.11, paragraph 1 (3) of the "Stock Listing Rules (2022 Revision)".
The Shenzhen Stock Exchange decided to terminate the listing of the company's shares.The company's stock will enter the delisting arrangement period from May 31, 2022, and the Shenzhen Stock Exchange will delist the company's stock on the trading day following the expiration of the delisting arrangement period.
As of the latest reporting period, *ST Tengbang had 32,400 shareholders, *ST Danbang had 31,900, and *ST Shenglai had 4,800.
The speed of delisting has accelerated significantly
"There are advances and retreats" is the norm in mature markets. With the continuous improvement of the market system, the delisting speed of A-share companies with poor performance has accelerated significantly.
Judging from the companies that have been forcibly delisted recently, most of them hit the financial delisting indicators, as was the case in previous years.According to Wind statistics, 23 companies will be forcibly delisted in 2021, a significant increase compared with previous years. Financial withdrawal, face value withdrawal, and standardized withdrawal are the main reasons.
This year is the second year of the implementation of the new delisting regulations, and it is also a year in which the reform effect has been concentrated. According to the data estimated by the exchange, the delisted companies may reach a new high this year.
According to data released by the Shenzhen Stock Exchange, 24 companies have reached the red line for delisting in 2022, hitting a record high. Among them, 8 companies have reached the indicator of "operating income less than 100 million yuan + negative net profit", and the effect of the new delisting regulations has appeared. .
Data from the Shanghai Stock Exchange shows that as of now, 21 are expected to be delisted.Among them, it is expected that 17 companies will be terminated from listing if they hit the financial delisting indicator, and 9 of them will hit the financial portfolio indicator of "deducting non-net profit + operating income".In addition, the delisting of Xinyi involved major illegal delisting, and three companies including Andre and *ST Guangzhu exited through diversified channels such as restructuring and active delisting.
At present, 21 companies have delisted from A-shares, which is close to the level for the whole year of 2021.In addition to the three companies that the Shenzhen Stock Exchange announced to delist on May 23, three companies that have been delisted, Xinyi, *ST Iger, and Changdong, have been delisted. Delisted by the exchange, Dongdian Tui completed the delisting arrangement period today and is waiting to be delisted. The three companies of Deao, Xishui, and Luting are still in the delisting arrangement period. *ST Youjiu, * Eight companies, including ST Minke, *St Zhongtian, *ST Zhongfang, *ST Changyu, *ST Lawton, *ST Yijian, and *ST Huaxun, are also about to enter the delisting period.
In addition to the above-mentioned companies that have been sentenced to delisting, there are also a group of companies that are in the process of waiting for a judgment on whether to terminate their listing.According to incomplete statistics from Securities Times reporters, there are currently 22 companies that have received advance notices from the exchange to terminate listing.
The delisting of such a large number of companies is related to the new delisting regulations issued by the exchange in 2020.The new delisting regulations have improved four categories of mandatory delisting standards, including financial, transactional, normative, and major violations.
Among them, financial indicators use combined financial indicators to replace the original single financial indicators, and emphasize the cross application of financial indicators;
For trading indicators, the original face value delisting was changed to "1 yuan delisting", and the market value delisting indicator was added;
There are two types of situations in which there are new approvals for normative indicators, there are major defects in the operation and they refuse to correct them, and more than half of the directors do not keep the annual and semi-annual reports accurate;
For major illegal indicators, quantitative financial fraud delisting standards have been introduced.
Huaxi Securities pointed out that the further improvement of delisting standards will effectively identify low-quality enterprises, block the space for avoidance, and accelerate the survival of the fittest in the market.The implementation of the new regulations is expected to accelerate the formation of a market ecology in which listed companies have both entry and exit, and the survival of the fittest. The accelerated clearing of tail companies will promote market resources to be tilted towards leading companies and high-quality growth companies. Blue-chip stocks are expected to enjoy higher valuation premiums, helping Promote the improvement of asset quality in my country's stock market.
"Professional shell protection" is at the end of the road
In the past, in order to avoid delisting, listed companies often increased revenue or improved net profit by means of surprise new business, surprise trade, surprise consolidation, surprise reorganization, and sale of assets. Under the principle of zero-tolerance and strong supervision of financial delisting, such as income less than 100 million yuan + net profit before and after non-deduction, whichever is lower,” and “irrelevant revenue deduction”, many “protected professional households” have nowhere to escape. shape.
2021 is a critical year for the implementation of the new delisting regulations. After scouting out shell companies that do not have the ability to continue operating, the exchange has refined common methods for such companies to use larger operating income to protect their shells, and is goal-oriented. , to formulate relevant deduction standards in a targeted manner, aiming to precisely crack down on shell companies and strive to achieve "retreat as much as possible."
According to the guideline for the deduction of business income issued by the exchange, the deduction items of business income include business income unrelated to the main business and income without commercial substance.
Specifically: 1. Business income unrelated to the main business refers to the business income that is not directly related to the normal operation of the listed company, or is related to the normal operation of the listed company, but due to its special nature, occasional and temporary, affects the users of the report Various incomes that make a normal judgment on the company's ability to continue operating.
2. Income without commercial substance refers to the income generated from various transactions and events that do not cause significant changes in future cash flow and are not commercially reasonable.
3. Other income unrelated to the main business or without commercial substance.
The exchange stated that the new delisting regulations have added a new combination of financial indicators in terms of financial delisting indicators, the lower of the net profit before and after the deduction of non-deductibles is negative and the operating income is less than 100 million yuan. The purpose is to describe more accurately. The listed company's ability to continue to operate, and strive to clear the shell company.When applying this indicator, the new delisting regulations clarified that the deductions for operating income are "business income unrelated to the main business and income that does not have commercial substance", and requires the company's audited net profit before and after deducting non-recurring gains and losses When the lower one is negative, the deduction of operating income and the amount of operating income after deduction shall be disclosed in the annual report, and the annual auditing accountant shall issue a special verification opinion on whether the deduction of operating income is accurate.
Analysts pointed out that unrelated revenue deductions have a greater impact on listed companies, especially those on the verge of delisting, and also on those who have increased their revenue through surprise trade, surprise "consolidation", surprise new business, donations, etc. , The behavior of avoiding delisting sounded the alarm.
