New delisting rules "full one year old": 27 companies with diversified exit experts suggest further refinement of delisting indicators

Our reporter Wu Xiaolu

  On December 31, the first anniversary of the new delisting regulations was released.

Over the past year, the power of the new delisting regulations has gradually shown. A total of 27 listed companies have delisted, of which 17 are forced to delist.

In addition, there are currently nearly 100 companies that have been warned of delisting risks by the exchange.

An ecosystem in which the capital market enters and exits, and the survival of the fittest is gradually taking shape.

  Experts interviewed by a reporter from "Securities Daily" believe that the A-share delisting system is constantly improving, and it will take some time for any new regulations to go from promulgation, implementation, optimization, to normal operation.

With the comprehensive advancement of the registration system reform, in addition to strictly implementing the new delisting regulations, it is also necessary to improve investor rights protection measures, and further quantify and refine the delisting indicators for different industries to make them more targeted.

  27 companies exited through diversified channels

  According to the "Securities Daily" reporter, as of December 30, 17 listed companies were forced to delist during the year (*ST Pengqi and *ST Pengqi B are one company), and 10 of them touched financial delisting indicators. 7 companies touched the trading delisting index; 1 voluntarily delisted; 9 reorganized and delisted (including 4 mergers and acquisitions, 1 reorganization and listing, and 4 liquidation asset replacements).

On the whole, since the beginning of this year, a total of 27 listed companies have withdrawn from the A-share market.

  "Overall, the number of companies that are forced to delist this year hit a record high, but the total number of delisted companies has not increased significantly. Although some companies have achieved the goal of avoiding delisting by adjusting financial indicators and other methods, there are also some achievements. Poor companies cannot avoid delisting for a long time. If they fail to improve their performance, then delisting will be the final outcome." Chen Li, chief economist and research institute director of Chuancai Securities, said in an interview with a reporter from the Securities Daily.

  "The new delisting regulations will have a deterrent effect on listed companies, which will help motivate listed companies to adjust their business strategies in a timely manner and achieve stable operations. On the whole, the implementation of the new delisting regulations has achieved better results, further purifying the capital market. Environment." Wang Huiqing, a postdoctoral fellow of the Bank of China Research Institute, said in an interview with a reporter from the Securities Daily, "The A-share delisting system is constantly improving. Any system, from design, optimization, improvement, to normal operation, requires sufficient time to explore , And to ensure that the policy is consistent with the basic situation of our country."

  According to the reporter, there are still many listed companies on the verge of delisting.

Since December, *ST Jitang, *ST Xinyi and *ST King Kong have issued risk warning announcements that may touch major illegal mandatory delisting indicators.

The "Advance Notice of Administrative Penalties and Market Banning" received by the three companies showed that the company may be involved in a major violation of mandatory delisting.

  In addition, ST Pingneng's merger and delisting is in progress.

On December 8, Longyuan Power’s share swap to absorb and merge ST Pingneng was approved by the China Securities Regulatory Commission.

Since December 17, ST Pingneng will be suspended and no longer trading.

  The company announced that after the implementation of the cash option is completed, ST Pingneng will apply to the Shenzhen Stock Exchange for termination of listing, and the shares held by the company’s shareholders will be converted into the shares issued by Longyuan Power this time on the Shenzhen Stock Exchange and listed for trading. .

  Hundreds of *ST companies welcome the "big exam"

  According to the new delisting regulations, companies (*ST companies) that have been subject to delisting risk warnings will be terminated from listing if they continue to touch the delisting indicators in the 2021 annual report.

  According to Wind Information statistics, as of December 30, there were 104 *ST companies in A-shares.

Among them, 96 companies were subject to delisting risk warnings, most of which touched financial delisting indicators.

The reporter further sorted out and found that among the 104 *ST companies mentioned above, 27 companies have issued non-standard audit opinions in their 2020 annual reports; 20 have negative net assets; 30 companies’ 2020 operating income is less than 100 million yuan and (excluding non-standard auditing) After) the net profit is negative.

  “At present, nearly 100 companies in A-shares have been subject to delisting risk warnings, of which financial warnings account for more. This may be related to the decline in demand affected by the epidemic.” Chen Li believes that although the impact of the epidemic may gradually decrease next year, the specifics are There is still great uncertainty at the company level, and we should be alert to the performance of listed companies. If there is no significant improvement, delisting will be unavoidable.

  In an interview with the "Securities Daily" reporter, Lin Sishan, a strategy analyst at Centaline Securities, said that from an industry perspective, due to the downward trend of the industry’s business climate, traditional industrial enterprises may be the last small and medium-sized enterprises due to the increase in industrial concentration. Difficulties are more likely to trigger financial delisting indicators.

  In order to accurately crack down on “shell companies” and clear out “zombie companies”, on November 19, in order to implement the new delisting regulations, the Shanghai and Shenzhen Stock Exchange issued a guide to deducting operating income for “financial delisting”, clarifying financial delisting The specific deductions for operating income in the indicators improve the enforceability of financial delisting indicators.

  Talking about how to further optimize and improve the delisting system, Chen Li believes that the delisting system needs to cooperate with the registration system to allow eligible companies to go public, and companies with poor performance and no sustainable operation ability to delist, so as to achieve the survival of the fittest.

At the same time, it protects the legitimate rights and interests of investors and promotes the continuous improvement of the A-share investment environment.

The delisting system also needs to be further rigorous and detailed in specific terms to make it more targeted, focusing on the company's actual sustainable operation capabilities, refinement of delisting indicators, and more stringent indicators for different industries.

  Wang Huiqing believes that the optimization and improvement of the delisting system is a dynamic process that needs to be continuously improved to achieve the normalization of A-shares with both ins and outs, and to improve the efficiency of market operations.

It can be considered to further refine the delisting rules, simplify the delisting procedures, and strengthen the implementation of delisting, so as to realize the delisting and steadily improve the efficiency of delisting.

(Securities Daily)