Sino-Singapore Jingwei Client, December 15th (Zhang Yanzheng) The most stringent new delisting rules are here!

On the evening of December 14, the Shanghai and Shenzhen Stock Exchanges issued new delisting regulations, covering related businesses such as the "Stock Listing Rules", "Technology Innovation Board Stock Listing Rules", "GEM Stock Listing Rules", and "Implementation Measures for Delisting Companies" The rules were revised and public comments were sought.

  The main highlight of the new delisting standards is "replace single financial indicators with combined financial indicators", change the "face value delisting" indicator to "1 yuan delisting" indicator, and add "the total daily closing market value of stocks for 20 consecutive trading days" The market value index is less than 300 million yuan, and the quantitative index of the amount of fraud and the proportion of fraud in the major illegal delisting indicators.

  The changes in financial standards have aroused widespread concern.

The new delisting standards show that the single net profit and revenue indicators have been abolished and combined indicators have been added.

Including the deduction of non-pre/post net profit is negative and the revenue is less than 100 million yuan, will be ST, for two consecutive years, termination of listing; delisting risk warning stocks are issued with non-standard audit reports, hitting the termination criteria.

  It is worth noting that there are many listed companies that have not yet achieved profitability on the Sci-tech Innovation Board alone.

According to the previously released rules of the Science and Technology Innovation Board, the fifth set of listing criteria is that the market value is expected to be no less than 4 billion yuan. The main business or product needs to be approved by the relevant state departments. The market space is large, and the initial results have been achieved. , And get a certain amount of investment from well-known investment institutions.

Companies in the pharmaceutical industry need to obtain at least one Phase 2 clinical trial approval for new drugs in Category I, and other companies that meet the sci-tech innovation board positioning need to have obvious technical advantages and meet corresponding conditions.

  On January 23 this year, Zejing Pharmaceutical, which passed the fifth set of listing standards on the Science and Technology Innovation Board, has yet to achieve profitability.

The financial report shows that in 2019, Zejing Pharmaceuticals realized a non-net profit loss of 272 million yuan, and the first three quarters of 2020 realized a non-net profit loss of 253 million yuan, while revenue in the first three quarters of this year was only 28 million yuan.

In addition, Cansino's non-net profit deduction and revenue in 2019 were -174 million yuan and 0.02 million yuan, respectively. In the first three quarters of 2020, the non-net profit deduction was expanded to 218 million yuan, achieving revenue of 60 million yuan.

In addition, companies such as Shenzhou Cell, Junshi Biology and Iris through the fifth channel IPO of the Sci-tech Innovation Board have not achieved profitability.

  The source of the fifth set of listing standards on the Science and Technology Innovation Board: Wind

  Dong Dengxin, director of the Institute of Financial Securities at Wuhan University of Science and Technology, said in an interview with the Sino-Singapore Jingwei Client that the background of this revision of the delisting rules has two factors.

The first is to meet the needs of registration reform and the development of the new economy; the second is to unify the delisting system of the A-share market.

  Dong Dengxin believes that the delisting amendment abolished a single profit indicator and is a correction for the mismatch in the judgment of the investment value of new economy companies.

Although the new economy company's temporary profit level is very low or even loss, its main business expansion and revenue growth are very fast.

According to the original single profit index, these potential companies will face delisting.

  Will the newly-added portfolio indicators mentioned in the new delisting regulations have an impact on the unprofitable companies on the Sci-tech Innovation Board?

Dong Dengxin pointed out that companies listed on the fifth market value and financial indicators are also called R&D listed companies.

In the financial compulsory delisting standards, the delisting standards for such enterprises are different from those of other ordinary companies.

The new delisting regulations specifically point out that R&D listed companies shall apply the above-mentioned "net profit before/after deductions and revenue less than 100 million yuan" and "employment of the most recent fiscal year" from the fourth full fiscal year from the date of listing. Delisting criteria such as the audited net assets at the end of the period are negative.

  "In other words, companies that have passed through the fifth channel IPO on the Sci-tech Innovation Board will not trigger the delisting criteria in the first three fiscal years, regardless of their net profit or revenue. There are currently seven listed companies that have passed the Fifth Channel IPO. Although none of them are profitable, there is no need to worry about them. The newly revised delisting standards will only be effective for these companies in 2023." Dong Dengxin said.

  As of the close of December 15th, Zejing Pharmaceutical’s price per share was 64.31 yuan, up 9.93%; Cansino’s price per share was 390.82 yuan, down 6.14%; Junshi Bio was up 4.66%; Iris was up 3.95%; Shenzhou Cell was down 1.77 %.

(Zhongxin Jingwei APP)

(The opinions in the 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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