During the year, 22 listed companies delisted, with entry and exit, and the market ecology became increasingly perfect
Our reporter Du Yumeng
With the start of the subscription of the first batch of new shares under the GEM registration system this week, it means that the reform process of the A-share registration system has once again taken a big step forward. Many industry insiders predict that under the registration system, the function of survival of the fittest in the capital market will be further improved. The delisting rate will also increase accordingly.
Yuan Huaming, general manager of Huahui Chuangfu Investment, said in an interview with a reporter from the Securities Daily that the reform of the ChiNext and the implementation of the registration system will further meet the financing needs of the real economy, especially private small and medium-sized enterprises in the short term, although in the process, It is impossible to completely avoid that listed companies are all relatively high-quality targets, but combined with the continuous improvement of the delisting system reform in the A-share market in the past two years and the corresponding regulatory changes, in the medium and long term, it is conducive to restraining the past "shell speculation" in the A-share market. "And other behaviors, thereby forming a more effective survival of the fittest mechanism, and ultimately improving the maturity of the capital market and the ability to serve the real economy.
From the data point of view, the number of delisting of A-share listed companies this year further continued the normalization trend of last year. As of now, at least 22 listed companies have been delisted during the year, of which 7 were delisted at face value, 4 were forcibly delisted for other reasons, and at least 11 were delisted through liquidation reorganization. In addition, 13 listed companies have been suspended from listing this year.
"From the perspective of the characteristics of delisted companies this year, the sharp increase in the number of delisted companies this year can be said to be a market-oriented choice as well as the result of investors choosing the best and eliminating the inferior." Yuan Huaming said.
It is worth noting that, if combined with the "subtext" revealed in many speeches by the regulatory authorities this year, the increase in the number of delisting of listed companies seems to have already been expected.
For example, the Financial Stability and Development Committee of the State Council (hereinafter referred to as the "Financial Commission"), which focused on the capital market four times during the year, had its 36th meeting held on July 11, in addition to a clear statement of "zero tolerance" for fraud in the capital market It is proposed to deepen the reform of the delisting system, further improve the delisting standards, simplify the delisting procedures, strengthen the delisting supervision, strictly implement the delisting system, and form a market-oriented and normalized exit mechanism of "in and out, and the survival of the fittest".
Coincidentally, the "Shenzhen Stock Exchange's Growth Enterprise Market Stock Listing Rules (Revised in 2020)" released on June 12 this year has actually enriched and improved delisting indicators and streamlined and optimized the delisting process. Specifically, in the trading indicators, the market value delisting indicator is clearly adjusted to be less than 300 million yuan at the closing market value for 20 consecutive trading days; in the financial delisting standard, it is clear that the company has been implemented due to touching the financial indicators *After ST, if qualified opinions are issued in the financial report for the next year, the listing will also be terminated.
Xia Fengguang, manager of the Future Star Fund of private equity ranking network, told the reporter of Securities Daily that the function of capital market to optimize resource allocation is mainly realized through the wide-in and wide-out mechanism, while the GEM pilot registration system reform and strict implementation of the delisting system. It is a powerful measure to stimulate market vitality and optimize resource allocation. From a long-term perspective, stocks that cannot continue to create value will not be able to gain a foothold in the capital market. Companies with strong profitability and outstanding industry competitive advantages are expected to gain more capital. As the GEM takes the lead in reforming the registration system in the stock market, it can be said that the past ecological pattern of the A-share market will undergo profound changes, and the value investment philosophy of investors will be further strengthened. It is expected that listed companies will delist in the future The number will continue to increase. (Securities Daily)