"Problem stocks" frequently appear, the root of which lies in the shortcomings of the current delisting system
Words of a Family
Certain problematic companies can exist in the market for a long time, and the low thresholds for refinancing and mergers and acquisitions are to blame.
Recently, Yu Diamond released its third quarterly report, showing a loss of 124 million yuan in the third quarter and a cumulative loss of 481 million yuan in the first three quarters.
Two other directors said that they could not guarantee the authenticity of the third quarter report, and their inability to express opinions on the use of non-recurring funds became the reason for their negative vote.
Yu Diamond is undoubtedly a "star stock" in the recent A-share market. Not only is the stock price trend full of "monstering", but the fundamentals are also lackluster.
The third quarterly report shows that as of the end of the reporting period, the company was involved in 64 litigation/arbitration cases, with a total amount of approximately 4.797 billion yuan.
In April of this year, Yu Diamond was also investigated by the China Securities Regulatory Commission for alleged illegal information disclosure.
Since the beginning of this year, Yu Diamond has received a total of 8 letters of concern and 2 letters of inquiries for regular reports, which is really rare.
What is rare is that listed companies only selectively responded to three letters in response to the inquiry letter or letter of concern from the Shenzhen Stock Exchange.
Based on this, the Shenzhen Stock Exchange issued an "ultimatum" to Yu Diamond, stating that if it does not respond to the letter or eliminate the relevant circumstances within the specified time, it will implement other risk warnings or suspend trading on the listed company, and take action against Yu Diamond and its directors. Regulatory measures.
The stock price is demonstrative, the directors do not guarantee the authenticity of the three quarterly reports, the litigation is entangled, and the letter of inquiry flew to the listed company like a snow flake.
In fact, there are not a few "problem stocks" in the Shanghai and Shenzhen stock markets. Under the background that the current delisting system cannot remove them from the capital market, it is very necessary to rectify the "problem stocks.
There are many "problem stocks" in the Shanghai and Shenzhen stock markets. The fundamental reason is that the current delisting system has shortcomings.
In fact, for "problematic stocks", perfecting the delisting system to force them to delist is a means, and it is also a good choice to speed up the clearing of inferior companies through strengthening supervision.
Certain problematic companies can exist in the market for a long time, and the low thresholds for refinancing and mergers and acquisitions are to blame.
The lowering of the threshold for mergers and acquisitions in previous years has objectively provided policy protection for problem companies to survive in the capital market.
To improve the quality of listed companies and enhance the investment value of listed companies, it is necessary to establish a sound and smooth survival of the fittest mechanism.
Personally, it is indispensable to raise the threshold for refinancing and mergers and acquisitions of listed companies.
In recent years, with the reform of the capital market suspension system, the phenomenon of long-term suspension of listed companies has been greatly reduced, and the phenomenon of certain listed companies achieving certain goals through suspension has been suppressed.
The implementation of these reform measures is actually based on the normal operation of listed companies and on the basis that listed companies have no "problems".
But for "problem stocks", measures should be taken to suspend trading.
For example, if individual stocks degenerate into "demon stocks", a longer period of mandatory trading suspension can be implemented.
It can not only combat crazy speculation in the market, but also correctly guide the investment of market funds.
In addition, for "problem stocks", it is also necessary to "implement other risk warnings."
The current risk warnings for individual stocks are generally due to the consecutive years of losses in the performance of listed companies, which virtually cannot play the role of delisting risk warnings.
Implementing other risk warnings on "problem stocks" not only warns investors of risks, but also warns other listed companies.
If the corporate governance structure is not perfected and the quality of the company is not improved, but problems are repeated, even if there are no consecutive years of losses in performance, it is still possible to wear "stars" and "hats."
□Cao Zhongming (financial commentator)