Experts advise investors not to bet on face value delisting companies to "resurrect"

  Our reporter trainee Guo Jichuan

  "In the past, investors were concerned about the 1 yuan share, because they had speculation about their restructuring and shell selling, and the face value delisting allowed this speculation to cool down quickly. It is foreseeable that with the improvement of the A share delisting system, the proportion of face value delisting The future will continue to improve. "Dong Dengxin, director of the Institute of Financial Securities of Wuhan University of Science and Technology, told reporters from the" Securities Daily ".

  According to relevant regulations, when the stock price of a listed company appears for 20 consecutive trading days and the daily closing price is lower than the par value of each share, its stock will be terminated from listing. Because the face value of stocks is generally 1 yuan, the daily closing price of stock prices for 20 consecutive trading days is less than 1 yuan, which will cause the delisting of listed companies. This par value system is also called 1 yuan delisting.

  Dong Dengxin said: "Compared with the general delisting, the face value delisting has no risk warning period, and there is no suspension of the listing phase, so the face value delisting is faster than the general delisting, but the current policy is to allow listed companies After falling below the face value in a trading day, he actively applied for a suspension to implement self-rescue, but the recovery can be very low, so when the listed company's stock price is less than 2 yuan, investors will be far away. "

  Dong Dengxin believes that the face value delisting will have a great impact on the restructuring of listed companies and shell resource transactions. In the past, the speculation of junk stocks will gradually lose its survival space due to the implementation of face value delisting, which is also institutionally encouraging investors to be rational Invest actively to stay away from junk stocks.

  According to data from Oriental Fortune Choice, the number of A-share listed companies withdrawn from the market reached 18 in 2019, making it the year with the largest number of delisting companies in recent years. Six of these 18 delisting companies delisted at face value. Since the beginning of this year, nine companies have issued announcements to terminate listings, five of which have been delisted at face value. As of the close on May 29, a total of 121 listed companies in Shanghai and Shenzhen have stock prices below RMB 2, 73 of which have been ST-processed.

  Hu Jiye, a doctoral tutor at China University of Political Science and Law, told the Securities Daily reporter that many listed companies with face value delisting have operating difficulties or major violations, so they were kicked out of the market by investors with their feet. After the stipulation, companies whose face value has been delisted can also be relisted, but it is difficult to obtain investors' approval again, as in the case of backdoor reorganization.

  Qian Delong, chief economist of Qianhai Open Source Fund, advises investors not to bet on the “resurrection” of the face value delisting company, because A-shares have more opportunities in the structural market in the future, good companies will continue to hit new highs, while poor companies will It will continue to be marginalized or even delisted, and it is difficult to continue to speculate on concepts and topics.

  Yang Delong said: "In recent years, the face value of delisting has increased significantly. Investors should explore the reasons for the company's low stock price, especially not to overly expect those companies with poor performance to reverse the situation through transformation or reorganization. The stock price of a good company will go higher and higher, and a poorly managed company will be abandoned by investors and will be eliminated from the survival of the fittest in the capital market. "

  Song Yixin, a lawyer from Shanghai Hanlian Law Firm, reminded investors in an interview with the "Securities Daily" that devaluation of face value is different from forced delisting. Unless a listed company commits illegal or criminal acts, it is difficult for investors to make a claim against the listed company, especially For companies whose face value has been delisted due to operational issues, investors can only do so at their own risk. (Securities Daily)