The first batch of 1 yuan shares delisted and left the market under the "most stringent" new regulations.


　　 Insiders: A-shares usher in a new ecology of survival of the fittest

　　Under the most stringent new delisting regulations, A-shares ushered in the first batch of companies with no delisting consolidation period. *ST Yisheng and *ST Chengcheng were delisted on March 22.

Industry insiders believe that with the implementation of the new delisting regulations and the optimization and streamlining of delisting standards and delisting procedures, A shares will usher in a new ecology of survival of the fittest in the future.

　　According to the regulations, *ST Yisheng and *ST Chengcheng will be transferred to the national SME share transfer system, and the company's stock can be transferred within 45 trading days from the date of delisting.

　　According to the data, *ST Yisheng landed on the A-share market in 2004. After listing, the company began to transform and upgrade from a traditional home furnishing manufacturing company to an integrated service provider for residential and life, mainly engaged in the research and development, design, production and sales of home furnishing products such as furniture and wood floors. .

As of now, the company's total market value is only 771 million yuan.

　　*ST Chengcheng landed on the A-share market in 2000. After the company went public, commercial real estate leasing has always been an important business segment of the company.

In the middle of 2015, the total market value of *ST Chengcheng reached nearly 10 billion yuan, but the current total market value of the company stays at 219 million yuan.

　　*ST Yisheng and *ST Chengcheng are both troubled and deeply mired in losses.

Both companies received the Shanghai Stock Exchange’s self-regulatory decision on the termination of listing of their stocks on March 15.

　　The Shanghai Stock Exchange stated in the self-regulatory decision that since the daily closing prices of the two companies’ stocks on the Shanghai Stock Exchange’s trading system for 20 consecutive trading days were lower than RMB 1, according to the Shanghai Stock Exchange Stock Listing Rules (revised in December 2020) "Relevant regulations decided to terminate the listing of its stocks and not enter the delisting period for trading.

The SSE will delist the shares of the two companies within 5 trading days after the announcement of the decision.

　　*ST Yisheng lost 185 million yuan in 2019. According to the company's 2020 annual performance forecast, the company expects to achieve a net profit of approximately 2.168 billion to 1.918 billion yuan for the whole year; it is expected to achieve a net profit of approximately 2. From 2.174 billion to 1.924 billion.

It is not difficult to see that *ST Yisheng's loss in 2020 has increased significantly compared with 2019.

　　On January 29 this year, the China Securities Regulatory Commission notified the investigation of *ST Yisheng’s illegal information disclosure cases, including inflated profits, inflated bank deposits, and failure to disclose large amounts of funds with related parties, etc., but *ST Yisheng currently still The CSRC has not received relevant written documents on the above-mentioned investigation matters.

　　*ST Chengcheng suffered a loss of 84.69 million yuan in 2019. The company is expected to still be in a state of loss in 2020. The net profit attributable to the company is estimated to be about 93 million yuan, which corresponds to an estimated net profit of about 86 million yuan. .

　　In this regard, *ST Chengcheng explained that the main reason for the loss in 2020 is that the company's accrued interest-paying debts are relatively high, and the corresponding borrowing interest of banks and other creditors is about 85 million yuan, resulting in high financial expenses.

　　*ST Yisheng and *ST Chengcheng both stated in the announcement that they will hire an agency as soon as possible to handle the NEEQ share registration and settlement and other related matters.

　　analysis

　　Speeding up the pace of A-share delisting

　　Since last year, the pace of delisting of A shares has accelerated.

According to Wind statistics, there are not many low-priced stocks on the market at present, with over 70 stocks whose stock price is below 2 yuan.

According to statistics, excluding delisting stocks and individual stocks during the delisting consolidation period, there are currently 75 stocks on the market whose stock prices are below 2 yuan, of which *ST Pengqi, *ST Oupu, and ST Chenghai's stock prices are even less than 1 yuan.

　　It is understood that the three stocks of *ST Pengqi, *ST Oppo, and *ST Fukong are currently suspended from listing.

In addition to the above three shares, the remaining 72 shares of ST Dongwang, Beixun Group, *ST Zhaoxin, and Aigras are between 1-2 yuan, most of which are ST shares, accounting for nearly 72 shares. 70%.

　　It is also worth mentioning that *ST Great Wall has also triggered a delisting of face value. From December 31, 2020 to January 28, 2021, the stock price of *ST Great Wall has been below 1 yuan for 20 consecutive trading days. March 22 enters the delisting period, and the final transaction date is expected to be May 6.

　　This group of articles / our reporter Liu Shenliang