■ After entering May, the market seems to speed up the "survival of the fittest" for listed companies.According to the incomplete statistics of the Red Star Capital Bureau, 32 listed companies have been delisted, entered or waited to enter the delisting adjustment period this year; in the whole of last year, there were a total of 23 delisted companies.
■ Dong Dengxin, director of the Institute of Finance and Securities at Wuhan University of Science and Technology, told the Red Star Capital Bureau that this is healthy and normal. Judging from the size of our market, we have reached a stage where the big waves wash away the sand and the fittest survives. This is also related to reforms such as the registration system.
■ The Red Star Capital Bureau noticed that among these listed companies that were delisted or involved in delisting, some of the actual controllers have become executors from "the richest woman in Zhejiang". "Face-changing" is a huge loss of 5 billion yuan.
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This year, 32 listed companies have been delisted, entered or are waiting to enter the delisting adjustment period; in the whole of last year, there were a total of 23 delisted companies.
In this wave of delisting, there is no shortage of "China's most inspirational female entrepreneurs", the heroine prototype of the TV series "Chicken Feather Flying to the Sky", and the former Zhejiang richest woman Zhou Xiaoguang, whose actual control *ST Xinguang was terminated from listing , and *ST King Kong (300064.SZ), the former leading enterprise in China's artificial diamond industry, will also enter the delisting period.
background
After entering May, the speed of "survival of the fittest" for listed companies seems to be accelerating.
Experts pointed out that the acceleration of delisting is also related to reforms such as the registration system.Under the new regulations, shell companies and zombie companies have no room to operate, and can only "quickly and efficiently exit the market."
The reform has strengthened the function of market resource allocation, which is more conducive to the capital market to serve the real economy.
faces 1
Zhou Xiaoguang
From a small vendor to the richest woman in Zhejiang, she was listed as the person to be executed in the same year.
Among all the "eliminated" listed companies, the most striking is undoubtedly *ST Shin Kong (002147.SZ).
As one of the actual controllers of *ST Xinguang, Zhou Xiaoguang is known as "China's Most Inspirational Female Entrepreneur". She is also the heroine prototype of the TV series "Chicken Feather Flying to the Sky". Businessman spirit.
According to China Foundation Daily, Zhou Xiaoguang, born in 1962, is the eldest daughter in the family and needs to take care of one younger brother and five younger sisters.She embarked on her entrepreneurial career at the age of 16, from her hometown to Yiwu to sell embroidery needles and embroidery patterns along the street.
According to the above report, Zhou Xiaoguang married Yu Yunxin, an embroiderer in 1985, and the two used the money they saved to buy a stall in Yiwu to sell jewelry.With the growing business, they invested 7 million in 1995 to establish a jewelry processing factory, namely Zhejiang Xinguang Jewelry Co., Ltd., and gradually developed into the world's largest manufacturer of artificial jewelry and fashion accessories.
By 2016, Zhou Xiaoguang and Yu Yunxin, through capital operation, made Xinguang Group backdoor Fangyuan to support the listing, and changed the stock abbreviation to "Xinguang Yuancheng", which was later changed to "ST Xinguang" and "*ST Xinguang" after the implementation of the risk warning. .
Up to now, *ST Xinguang's main business has two major parts, one is the real estate business concentrated in Zhejiang area, and the other is the production and manufacture of precision machinery products, including slewing bearings and key components of automotive turbochargers.
In March 2018, Zhou Xiaoguang was listed on the "Hurun Global Self-Made Rich Women List" with a wealth value of 18.5 billion yuan, ranking 26th. She is also known as "the richest woman in Zhejiang".
In September of the same year, *ST Shin Kong received a letter of concern from the regulator, asking it to explain the multi-billion bond default of the controlling shareholder (Shin Kong Holding Group Co., Ltd., hereinafter referred to as "Shin Kong Group").Also in September 2018, Zhou Xiaoguang was listed as the person to be executed by the Higher People's Court of Zhejiang Province, and the debt crisis of Shin Kong Group was detonated.
Red Star Capital Bureau noticed that from 2019 to 2021, *ST Xinguang's revenue was 1.693 billion yuan, 1.669 billion yuan and 1.756 billion yuan respectively, and the net profit attributable to shareholders of listed companies was -5.085 billion yuan and -3.257 billion yuan respectively. 100 million yuan and 701 million yuan.
However, *ST Xinguang's 2021 financial and accounting report was issued an audit report with a qualified opinion, and the above situation touched the situation of termination of listing of stocks stipulated by the Shenzhen Stock Exchange.
On May 24 this year, *ST Xinguang announced that it had received a decision letter from the Shenzhen Stock Exchange, and *ST Xinguang was terminated from listing.The trading start date of the delisting arrangement period is June 1, and the delisting arrangement period is 15 trading days.
faces 2
Guo Liuxi
"The King of Synthetic Diamonds" Financial Fraud
From a profit of tens of millions of yuan to a loss of over 5 billion yuan
In addition to *ST Xinguang, *ST King Kong (300064.SZ), which will enter the delisting period, is also worthy of attention.
According to public information, *ST King Kong was once a leading enterprise in China's synthetic diamond industry, mainly engaged in synthetic diamonds and other superhard materials and cultivated synthetic diamond jewelry.
Also on May 24, *ST King Kong issued an announcement saying that it had received a decision letter from the Shenzhen Stock Exchange. In its first annual report (2021 annual report) after the delisting risk warning was implemented, its audited period-end Net assets of -817 million yuan, and was issued an audit report that cannot express an opinion.This touches the Shenzhen Stock Exchange's regulations on the termination of listing of stocks.
The reporter found that from 2019 to 2021, *ST King Kong's revenue was 955 million yuan, 478 million yuan and 782 million yuan respectively, and the net profit attributable to shareholders of listed companies was -5.197 billion yuan, -1.236 billion yuan and -1.193 billion yuan.
It is worth mentioning that *ST King Kong had a "big face change" in financial data.
At the beginning of 2020, *ST King Kong first issued a notice saying that its net profit attributable to shareholders of listed companies in 2019 was about 67.4380-96.34 million yuan; then, it issued an announcement saying that the previous data is only preliminary accounting data, And revised to a loss of 4.5-5.5 billion yuan.
From the estimated profit of tens of millions of yuan to the loss of more than 5 billion yuan, the data varies greatly, which has attracted great attention from the market, and the regulatory agency has also stepped in to investigate, and the inside story of its financial fraud has surfaced.
The results of the investigation show that *ST King Kong has inflated profits by means of its own capital circulation, false sales of loss-making subsidiaries, etc., and has not disclosed external guarantees and affiliated transactions totaling billions of yuan in accordance with the law.
In September 2021, *ST King Kong issued an announcement saying that it had received documents from the China Securities Regulatory Commission to find out the fact that it was suspected of violating the law.Among them, the inflated net assets at the end of 2019 were 1.856 billion yuan, and the retroactively adjusted net assets at the end of 2019 and 2020 may be negative, which may hit the prescribed major violations of mandatory delisting, and may be subject to major violations of mandatory delisting.
In the end, *ST King Kong was ordered to make corrections, given a warning, and imposed a fine of 5 million yuan.At the same time, Guo Liuxi, its actual controller, then chairman and secretary of the board of directors, was banned from the market for life; other relevant persons in charge were also banned from the market for 10 years.
Reform of the registration system and other reforms
"Survival of the fittest" alerts investors
Not only *ST Xinguang and *ST King Kong, Red Star Capital Bureau found that after entering May, the speed of "survival of the fittest" for listed companies seems to be accelerating.
On May 24, delisting Laxia, delisting Zhongxin, and Dongdian were delisted; on May 25, delisting Youjiu, delisting Zhongtian, delisting Changyu, delisting Zhongfang, delisting Mingke, The six listed companies in Lawton that were delisted entered the delisting arrangement period; on May 26, Delisting Yijian and Huaxun Retirement also entered the delisting arrangement period.
In addition, *ST Shenglai (002473.SZ), *ST Danbang (002618.SZ), *ST Kodi (002770.SZ), *ST Shin Kong, *ST Universal (600146.SH), *ST Xiamen Hua (600870.SH), *ST Chenxin (002447.SZ), *ST King Kong, *ST Lujing (000502.SZ) and *ST Dewei (300325.SZ), etc., will also enter the delisting process in the future Expect.
According to incomplete statistics from the public information, the Red Star Capital Bureau has delisted about 32 listed companies this year, entering or waiting to enter the delisting finishing period; and in the whole of last year, there were a total of 23 delisting companies.
Dong Dengxin, director of the Institute of Finance and Securities of Wuhan University of Science and Technology, told reporters that this is healthy and normal. Judging from the size of our market, we have reached a stage where the big waves are washed away and the fittest are eliminated, which is related to the reform of the registration system.
"Judging from the number of our listed companies and the number of IPOs each year, it is very normal for 30-50 listed companies to delist each year." Dong Dengxin said that under such circumstances, investors' risk awareness also has After the enhancement, I will no longer have illusions about some listed companies, and slowly wake up.
Dong Dengxin believes that after the reform of the registration system, backdoors and buying backdoors are of little significance, and under the current new delisting regulations, shell companies and zombie companies have no room to operate, so they exit the market quickly and efficiently, strengthening the market. The function of resource allocation is more conducive to the capital market to serve the real economy.
Chengdu Business Daily-Red Star News reporter Yang Peiwen
【Editor: Shao Wanyun】
