Sino-Singapore Jingwei client, May 11 (Gao Xiaozhong) On May 11, Tianguang Zhongmao opened a word limit, and as of the close, it closed at 0.69 yuan / share, and 4.744 million hand-sell orders were not allowed to escape, and it was also born. This year's second face value delisting stock.

　　From April 9, 2020 to May 11, 2020, the shares of Tianguang Zhongmao have closed for 20 consecutive trading days below the par value of the stock (that is, 1 yuan), according to the "Shenzhen Stock Exchange Stock Listing Rules" Relevant regulations, the company ’s stocks will be suspended from the market opening on May 12, 2020 (Tuesday), and the Shenzhen Stock Exchange will decide whether to terminate the company ’s stocks within 15 trading days of the company ’s stocks suspension.

Up to 80% in debt, nearly 100% equity pledge

　　Public information shows that Tianguang Zhongmao was founded in 1986, formerly known as Tianguang Fire Fighting, and was listed on the Shenzhen Stock Exchange in November 2010. After the acquisition of Zhongmao Garden and Zhongmao Biology in December 2015, it was renamed Tianguang Zhongmao.

　　The company's 2020 first quarterly report showed that the company's asset-liability ratio was as high as 80.27%, which was at a high level, of which the interest-bearing debt ratio was 35.62%; in terms of short-term liabilities, the company's short-term debt solvency ratio was 29.82%, due to currency funds, etc. There is a serious shortage of assets, and the company's short-term debt repayment pressure is huge.

　　The company's equity pledge problem is also more serious. At present, the company's total pledge accounted for 41.56% of the total share capital. Among them, the company's important shareholder pledge ratio is Chen Xiuyu, whose equity pledge ratio is as high as 99.24%. At such a high equity pledge Under the rate, once the stock price plunges, the risk of pledged liquidation cannot be ignored.

　　With the closing of May 11, the face value delisting is a foregone conclusion. Tianguang Zhongmao became the second stock to trigger the face value delisting this year after ST Ruidian. According to the "Shenzhen Stock Exchange Stock Listing Rules", listed companies should do a good job in time after the stocks are terminated from listing to ensure that company shares can enter within 45 trading days after the expiration of the delisting period of the Shenzhen Stock Exchange The stock transfer system is listed for transfer.

　　Fu Lichun, member of the Financial Academic Committee of the China Marketing Association and director of research at Northeast Securities, said that after the delisting, some companies will enter the new third board stock transfer system. Unless these companies complete the qualitative changes after the delisting, they will have to go through the listing process again. .

More than 100 companies have stock prices below 2 yuan

　　As of the close on May 11, the A-share market, in addition to the delisting delisting guarantee and the delisting Tianguang Zhongmao, 14 companies including * ST Dream Boat, ST Tianbao, and * ST Pegasus have low stock prices. At 1 yuan, another 45 stocks closed in the range of 1-1.5 yuan, only one step away from the "cent stock", and 52 stocks closed in the range of 1.5-2 yuan, the closing prices of the two cities on May 11 at A total of 107 A-share stocks under 2 yuan.

　　Data source of stocks with a par value below 1 yuan: wind

　　According to the statistics of Sino-Singapore Jingwei reporters, most of the stocks with closing prices in the range of 1-1.5 yuan are ST and * ST companies, and there are problems such as debt-ridden, operational difficulties, and chaotic governance. Taking * ST Op as an example, the company's stock price has been below 1 yuan for 10 consecutive trading days. The audit opinion types of the audit reports for two consecutive years in 2018 and 2019 are unable to express opinions, and the audited at the end of 2018 and 2019 Net assets have been negative for two consecutive years. The stock has been suspended from trading on April 30, and the suspension of listing may be ushered in in the future.

　　And * ST Mido has been trading for less than 1 yuan for eight consecutive trading days. The company also faces two delisting risk warning conditions for the negative net profit for two consecutive years and an audit report issued by an accounting firm that cannot express an opinion.

　　ST Tianbao, whose share price is less than 1 yuan for 5 consecutive trading days, has a net profit loss of 1.906 billion yuan in 2019. If the audited net profit of the home mother is still negative, the company will have the audited Net profit continued to be negative, and the company has issued a risk warning announcement to implement the delisting risk warning and the termination of listing on May 9.

Registration system accelerates survival of the fittest

　　On April 27, the GEM was reformed and the pilot registration system was implemented. This reform has further optimized the delisting system. One is to improve the delisting standards, cancel a single continuous loss delisting indicator, introduce a combination of "deduct non-net profit negative and operating income is less than 100 million yuan" combination of financial delisting indicators, new market value delisting indicators; second Simplified the delisting procedure, canceled the suspension of listing and resumed listing; third, set up a delisting risk warning and * ST system to strengthen risk disclosure.

　　Qian Delong, chief economist of Qianhai Open Source Fund, told Sino-Singapore Jingwei Client that some appropriate changes will be made after the GEM pilot registration system, for example, because the delisting company of the transaction class canceled the delisting consolidation period, which is in line with the transaction Companies with delisting conditions should be delisted directly to prevent some funds from going crazy, but for companies that have lost money for three consecutive years, they will not necessarily be delisted, and the actual income of these companies will also be considered. It depends on whether the company can't continue to operate, or whether the company's characteristics are technological innovation enterprises. They have not achieved profitability in the R & D investment stage, so this is more in line with the characteristics of technology enterprises.

　　Fu Lichun believes that the increase in the number of face value delisting companies reflects the changes in market investment logic and hype style. There have been some cases of bad speculation of junk stocks before, which has enabled many companies to "sparrow into phoenix", and some junk companies have even become "undead birds" in the market. In an interview with the Sino-Singapore Jingwei client, Fu Lichun stated that with the implementation of the registration system, delisting companies will become the norm, and the probability of “face-to-face” companies will also increase.

　　Anxin Securities pointed out that the value of the shell company comes from the advantage of shortening the time to market and the certainty advantage of approval. The implementation of the registration system will unblock the “barrier lake” of the IPO. The time advantage and certainty advantage of backdoor listing will be weakened, and the value of the shell company may drop significantly. (Sino-Singapore Jingwei APP)

(The opinions in this article are for reference only and do not constitute investment advice. Investment is risky and you need to be cautious when entering the market.)

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