Face value delisting rhythm to speed up some investors said "waiting for class action" rights protection
Editor's note: The number of face value delistings has been on the rise since this year. On the evening of May 28, the Shenzhen Stock Exchange issued an announcement that Dongfeng B was terminated from listing. With the continuous improvement of the capital market system, the supervision maintains a high pressure, and the face value delisting will be normalized. Today, the newspaper interviewed experts and scholars to explain the reasons for the increase in face value delisting and the issues that investors need to pay attention to.
Our reporter Zhu Baochen
Since the beginning of this year, the number of listed companies that have been delisted has continued to increase, and the pace of delisting has accelerated. On the evening of May 28, the Shenzhen Stock Exchange issued an announcement that Dongfeng B was terminated from listing. This is the first pure B-share listed company whose face value has been delisted.
The previous day, on May 27, the Shenzhen Stock Exchange issued an announcement saying that because the daily closing price of Tianguang Zhongmao for 20 consecutive trading days was lower than the par value of the stock, the company's stocks were terminated from listing on May 27. On the same day, Shenwu Environmental Protection and * ST Midea issued separate announcements that the company's stocks have closed prices below the par value of the stock for 20 consecutive trading days, triggering the par value delisting rule, and there may be the risk of termination of listing.
In addition, as of the close of May 29, there are still many stocks whose share price is less than 1 yuan face value, facing the face value of delisting pressure.
The face value delisting system is an essential requirement of the capital market to optimize resource allocation, and is also an institutionalized mechanism generally set up in domestic and foreign capital markets. All parties interviewed by the "Securities Daily" reporter generally believe that in the context of the registration system and the normalization of delisting, the continuous emergence of "face value delisting" companies shows that the survival of the fittest mechanism in China's capital market is constantly playing a role. It is conducive to optimizing the resource allocation function of the market, maintaining market order and boosting market confidence. In the future, in accordance with the requirements of the new securities law, the relevant rules for delisting are expected to be further optimized to ensure good export control for the capital market.
Investor mentality is changing
Facing the increasing number of listed companies that are delisting, some investors' mindsets have changed.
An investor who did not wish to identify himself said in an interview with a "Securities Daily" reporter that he had also paid attention to the stocks of companies that may face delisting a few years ago and had several operations. At that time, he thought that some companies might Restructuring. Later, as the backdoor listing regulation became stricter, more difficult, and fewer and fewer, it basically stopped paying attention.
"Now, because there are more and more companies delisting with a stock price of less than one yuan, such stocks will not be seen." The investor said.
However, not all investors are so rational.
"Some investors are still reluctant to sell when the stock enters the delisting period, and they have always expected a miracle to happen. The thinking of these investors is that anyway, the stock has already been like this, and it will not be sold. Really delisting, if the company Basically bankruptcy, we can only wait for bankruptcy distribution. "Lawyer Zhu Xiahua from Shanghai Huazun Law Firm introduced.
The number of listed companies whose face value has been delisted is increasing. In the opinion of lawyer Huang Jiangdong, a senior consultant of Guohao Law Firm (Shanghai), this is a positive phenomenon. In an interview with a "Securities Daily" reporter, he said that there was a phenomenon of "junk stocks" in the market. The lower the stock price of listed companies, the more they like to speculate, bet on reorganization, and hope that "black chickens will become Phoenix". However, if the stock price of a listed company is lower than 1 yuan for 20 consecutive trading days, it will face delisting, and the risks involved are very large.
"From this perspective, there will definitely be fewer and fewer people willing to speculate on 'junk stocks.' Investors will shift towards value investing. This is a very positive signal and a good sign." Huang Jiangdong Say.
In fact, the regulators have been taking action to clean up non-compliant listed companies. At the "May 15 National Investor Protection Publicity Day" event held recently, Yi Huiman, chairman of the China Securities Regulatory Commission, introduced that since last year, the China Securities Regulatory Commission has made efforts to unblock diversified exit channels such as forced exits, reorganization exits, and active exits. A total of 18 companies achieved a smooth exit, a record high. It also stated that it will further improve the market-based legalized multiple delisting mechanism, improve the delisting standard, simplify the delisting process, and resolutely delist the market if it touches the mandatory delisting standard.
Investors actively protect their rights
The listed company's face value is delisted, and the most injured is the small shareholders holding the company's stock.
Taking Delisting Ruidian as an example, according to Wind data, as of the first day of entering the delisting sorting transaction period, that is, May 13, delisting Ruidian still has 196,000 shareholders.
"Wait for the class action." An investor holding Delisted Ruidian shares posted.
The new securities law, which was formally implemented on March 1 this year, has one of the highlights of investor protection, which is to explore the securities civil litigation system that adapts to China's national conditions, stipulating that investor protection institutions can act as litigation representatives, according to "implied Join the "explicit withdrawal" principle and file civil damages lawsuits for the injured investors in accordance with the law.
Zhu Xiahua said that some listed companies delisted at face value, possibly because of insolvency of capital or major illegal acts, which is a normal phenomenon of survival of the fittest. A small number of investors in the stock market prefer to invest in stocks with a stock price of around 1 yuan. They only pay attention to their "good news" and ignore their "historical information", so they should be especially cautious.
"If the stock delisting is caused by fraudulent acts such as false statements, investors should promptly sue the responsible party through civil channels and request compensation for the loss of investment difference." Zhu Xiahua said.
Huang Jiangdong said that for investors, the first thing is not to speculate on "junk stocks", but to invest in good companies and make value investments. Otherwise, the risk of gaming is very high. Secondly, if the listed company is delisted because of the face value, then there are probably some illegal acts in the early stage.
Through combing, the reporter noticed that some companies are indeed "problematic." Taking the delisting Ruidian as an example, the company tried to rescue the delisting crisis through repurchase, but it was finally recognized by the Shanghai Stock Exchange as a "flip-flop repurchase". For this, the Shanghai Stock Exchange publicly condemned the listed company and relevant responsible persons according to regulations; The company has also conducted unreliable voting power delegation. However, due to various reasons, in the end, the Beijing Securities Regulatory Bureau intends to order the relevant parties to suspend the acquisition, and shall not exercise the right to vote on the shares actually held before the correction. There are significant uncertainties in the change of control rights.
"If it is because of this situation (there is an illegal act), investors can actively protect their rights and protect their rights and interests through various channels." Huang Jiangdong said that if investors have limited capabilities, they can seek help from relevant insurance agencies. The new securities law has many institutional innovations for investor rights protection, such as supporting litigation and group litigation systems.
Zhu Xiahua said that with the introduction of the new securities law and the full implementation of the registration system, the Shanghai and Shenzhen stock exchanges are currently promulgating or amending the rules to optimize delisting rules. In addition to paying attention to the relevant announcements of delisted companies, investors should also pay attention to the rules issued by the exchange in a timely manner and fully understand their rights. (Securities Daily)