This year, 13 companies have completed their delisting-
A-share survival of the fittest has accelerated the formation of a benign situation
Our reporter Zhou Lin, Ma Chunyang, Qian Qingyi
The power of a new round of delisting system is emerging.
On June 2, three companies, *ST Beixun, *ST Sitai and Tianxiang Environment, were terminated from listing.
As the first implementation year of the new delisting regulations, 13 companies have completed delisting this year.
The increasing number of forced delisting of transactions and financial delisting fully demonstrates that a benign situation of survival of the fittest in the A-share market is accelerating.
New delisting regulations show their power
A sound delisting system is the "purifier" and "stabilizer" of the stock market.
On November 2, 2020, the "Implementation Plan for Improving the Delisting Mechanism for Listed Companies" was reviewed and approved, and the Shanghai and Shenzhen Stock Exchanges also announced the implementation of the newly revised delisting system on December 31, 2020.
Compared with the past, the new delisting regulations set financial red lines, transaction red lines, regulatory red lines, and major illegal red lines. The delisting standards are more enforceable and inclusive, and the delisting process is greatly simplified.
Among them, the combined financial indicators replace the single financial indicators, the "face value delisting" indicator is changed to the "1 yuan delisting" indicator, and the delisting arrangement period setting for transactional delisting situations is cancelled.
Since 1999, a total of 80 A-share companies have been forced to delist, an average of less than 4 companies per year, while the average number of IPO companies in the same period was 157.
Under the new share issuance approval system, "shell resources" are scarce, and the "shell" motive makes the delisting process repeated, and the efficiency of market clearing is low, which encourages speculation.
Since the implementation of the new delisting regulations, the diversified channels for A-share delisting have become smoother, and the clearing of "zombie companies" has accelerated.
Since the beginning of this year, 13 companies have completed delisting. Specifically, 5 companies touched the financial delisting index, 7 touched the face value delisting index, and 1 was delisted by "absorption and merger".
With the effectiveness of the new round of delisting system and strict supervision, the delisting problems of the A-share "phoenix" company, "long delays", and "preserving the shell" of A-shares are being effectively alleviated.
"Since the implementation of the new round of delisting system, the biggest highlight has been the emphasis on the '1 yuan delisting' situation, and there are fewer cases of market speculation and preservation." Gui Haoming, chief market expert at Shenwan Hongyuan Securities, believes that after the introduction of the new regulations, Companies that have poor performance and barely survive are under pressure. In the future, such companies will be determined by market choices.
Compared with the delisting of financial indicators and the delisting of the company's business violations, the "1 yuan delisting" is characterized by the subjective judgment of investors.
Since the beginning of this year, the proportion of "1 yuan delisting" companies has increased.
Judging from the current situation, more investors have increasingly recognized the new delisting system from the perspective of long-term market development.
Deng Haiqing, chief investment officer of AVIC Fund, said that the new round of delisting system has greatly alleviated the "intestinal obstruction" that is difficult to delist in the A-share market, and is conducive to clearing out inferior companies, improving the quality of listed companies, and promoting stock market metabolism and long-term healthy development.
Preparing for the subsequent full implementation of the registration system can also deter listed companies, encourage them to regulate their operations and management, and improve their profitability.
The supporting system should keep up
The changes brought about by the new delisting regulations are obvious, but “should retreat” does not mean “retreat once”. It requires the joint efforts of all parties in the market to strengthen the three-dimensional accountability for violations of laws and regulations, and effectively protect investors Legal rights.
Deng Shubin, chief economist of Centaline Securities, said that in addition to the delisting system, the current improvement in the efficiency of capital market resource allocation is mainly reflected in the two aspects of "capital market system construction" and "investor guidance."
We must not only improve the multi-level capital market, but also relax the access channels and improve the quality of listed companies through the reform of the registration system. We must also pay attention to the guidance of investors and reduce market irrational factors.
Deng Shubin believes that in building a multi-level capital market, we must pay attention to "clarification of levels." For the GEM, sci-tech innovation board and other on-site markets, we should focus on corporate positioning and differentiation of service systems. Only by forming a clear market positioning, investors and companies Financial generalists in between are more efficient.
We should not only focus on building "pools", but also focus on "drainage" and make the market active, so as to truly better serve the real economy.
It is also necessary to improve the exit mechanism of equity investment institutions, effectively protect the interests of investors, and make the "pool" more liquid.
The information disclosure system represented by a sound audit system is also very important.
In the process of the 2020 annual report audit, which is called "the most stringent annual report audit in history" by the industry, about 30 listed companies have been subject to delisting risk warnings, and the functions of audit institutions have been better performed.
Chen Mengjie, chief strategy analyst at Yuekai Securities, said that the implementation of a normalized delisting mechanism requires the improvement and cooperation of other systems in the capital market, as well as corresponding supporting legal protection.
Delisting is not an immediate withdrawal, especially if there are major violations of laws and regulations such as financial fraud, the corresponding responsible person shall bear legal responsibility.
"The issuance and implementation of the new securities law and the standardization of the information disclosure system are both the improvement of the capital market ecosystem and the effective support for the normalized delisting mechanism. Only when the market is truly'in and out, the survival of the fittest' can be achieved. Only the quality of the company can be guaranteed, and the interests of investors can be protected, so as to promote the prosperity and development of the financial market." said Chen Li, chief economist of Chuancai Securities.
Gui Haoming said that in addition to the delisting of face value, delisting of indicators such as transaction status may be introduced in the future, which will create delisting pressure on the "fairy stock" companies with poor liquidity and few people care about.
For another example, in the future, relative quantitative indicators such as turnover rate can be introduced to improve the delisting system.
Subject responsibility needs to be distinguished
Listed companies are the "basic market" of the real economy. Whether it is to improve the delisting system or revise the information disclosure system and new share issuance system, the fundamental purpose is to improve the quality of listed companies.
The pros and cons of listed companies are left to the judgment of investors, and to improve the quality of listed companies, listed companies must assume the main responsibility.
Wang Jianjun, chairman of the Shenzhen Stock Exchange, believes that improving the quality of listed companies first requires the company itself not to falsify, do not make false accounts, do not tell lies, and give investors a real listed company; secondly, not to cross the line, to keep the bottom line, and to be responsible. Be a listed company that is law-abiding and compliant, honest and trustworthy; again, pay attention to return, manage the company well, return investors well, and be a respected listed company; finally, focus on the main business, not blindly expand, not extensively develop, and do scientific governance , Listed companies operating steadily.
Compliance with laws and regulations is one of the lowest standards for the healthy development of listed companies.
Xia Chun, chief economist of Noah Holding Group, believes that under the registration system, the important thing for listed companies to "widen in and wide out" is not the number of delistings. It cannot be understood as "the more delisted companies, the better", and more attention should be paid. It is the quality of listed companies.
From the perspective of the legal system, in addition to complying with the various rules and regulations of the capital market, listed companies must strictly abide by the new securities law and criminal law amendments.
Xia Chun believes that although the specific forms of some listed companies infringing on the interests of small and medium shareholders are diverse, most of them are still reflected in information disclosure violations, especially financial fraud.
The amendment to the Criminal Law passed in 2020 is in line with the new securities law, and has greatly increased the criminal punishment for four types of securities and futures crimes, including fraudulent issuance, falsified information disclosure, provision of false certification documents, and market manipulation, and strengthened the punishment of controlling shareholders and actual controllers. The criminal responsibility of “key minorities” will be investigated, and the “gatekeeper” responsibilities of sponsors and other intermediaries will be consolidated, which will provide more legal basis for investor compensation after the delisting of listed companies.
Our reporter Zhou Lin, Ma Chunyang and Qian Qingni
Our reporter Zhou Lin, Ma Chunyang and Qian Qingni