Original title: 90,000 shareholders stepped on the thunder!
6 years of fraudulent revenue of over 50 billion, "blockchain first stock" delisted!
*ST ECCOM also bid farewell to A shares
Author: Wang Jun
Six companies have just announced their delisting, and another batch of companies has received a delisting decision from the exchange.
On the evening of May 18, *ST Huaxun and *ST Yijian announced that the company has received the decision to terminate the listing of the stock exchange, and the company's stock will enter the delisting arrangement period from May 26, and the delisting arrangement period is ten Five trading days, the expected last trading date is June 16.
As of March 31, 2022, the two companies had nearly 90,000 shareholders.
This year is the second year of the implementation of the new delisting regulations, and it is also a year in which the reform effect has been concentrated.
After the disclosure of the 2021 annual report, more than 40 companies in the Shanghai and Shenzhen stock exchanges have reached a mandatory delisting, setting a record high for A-shares.
More than 90% of them involve financial delisting.
In addition to the delisted and delisted *ST Iger and the delisted Xinyi, there are currently 5 companies in the delisting arrangement period, and 2 companies have completed the delisting arrangement period and are waiting for delisting from the exchange.
In addition to the above-mentioned companies that have been sentenced to delisting, there are also a group of companies that are in the process of waiting for a judgment on whether to terminate their listing.
According to incomplete statistics from Securities Times reporters, currently 25 companies have received advance notices from the exchange to terminate their listing.
2 more companies were forced to delist
On the evening of May 18, *ST ECCOM announced that the company received the Shenzhen Stock Exchange's "Decision on the Termination of Listing of ECCOM Ark Co., Ltd.", and the Shenzhen Stock Exchange decided to terminate the company's stock listing.
* Due to the fact that the audited net profit of ST Huaxun in 2020 was negative, the operating income was less than 100 million yuan, and the audited net assets at the end of the period were negative, the 2020 annual financial and accounting report was issued an audit report that could not express an opinion. Stock trading will be issued a delisting risk warning from April 30, 2021.
On April 28 this year, the first annual report (i.e. the 2021 annual report) after the *ST ECCOM stock trading was issued a delisting risk warning showed that the company's audited net profit in 2021 was -719 million yuan and its operating income was 35 million yuan, the audited net assets at the end of the period were -2.132 billion yuan, and the 2021 annual financial and accounting report was issued an audit report that could not express an opinion, touching the situation of stock termination listed by Shenzhen Stock Exchange.
The Shenzhen Stock Exchange has decided to terminate the listing of *ST Huaxun shares.
The company's stock will enter the delisting arrangement period from May 26, and the stock exchange will delist the company's stock on the trading day following the expiration of the delisting arrangement period.
As of the end of the first quarter of this year, the company had more than 45,000 shareholders.
Coincidentally, *ST Yijian was also forcibly delisted along with *ST ECCOM.
On the evening of May 18, *ST Yijian announced that the company received the Shanghai Stock Exchange's "Decision on the Termination of the Listing of Yijian Supply Chain Management Co., Ltd.", and the Shanghai Stock Exchange decided to terminate the company's stock listing.
*ST Yijian will continue to implement the delisting risk warning from July 7, 2021 due to the fact that the audited net assets at the end of the period in 2020 were negative and the financial accounting report was issued with an audit report that could not express an opinion.
On April 27, 2022, the company disclosed the 2021 annual report, and the audited net assets at the end of the 2021 period were -4.972 billion yuan.
Dahua Certified Public Accountants (special general partnership) issued an audit report with no opinion on the company's 2021 financial and accounting report.
The above situation involves the termination of listing of stocks.
The Shanghai Stock Exchange has decided to terminate the listing of *ST Yijian stocks. The starting date of the company's stocks entering the delisting arrangement period is May 26, the delisting arrangement period is 15 trading days, and the last trading day is expected to be June 16.
"Blockchain first share" 6-year revenue fraud exceeds 50 billion
*ST Yijian not only involves financial delisting, but also involves major illegal delisting.
On the evening of April 19, *ST Yijian announced that the company received the "Advance Notice of Administrative Penalty" issued by the China Securities Regulatory Commission.
The suspected illegal facts of the company are: the periodic report from 2015 to 2020 contains false records and major omissions; the 2020 annual report is not disclosed on time.
The "Notice" shows that from 2015 to 2020, the company's total inflated income from various false businesses was 4.441 billion yuan, 11.92 billion yuan, 12.004 billion yuan, 10.47 billion yuan, 10.987 billion yuan, and 6.429 billion yuan, respectively. The proportions of the total operating income disclosed in each year are 84.26%, 73.68%, 75.20%, 72.18%, 71.59%, and 66.16%, respectively. The total inflated income in 6 years is 56.251 billion yuan.
The inflated profits in each year were 43 million yuan, 684 million yuan, 1.147 billion yuan, 1.121 billion yuan, 1.24 billion yuan, and 3.975 billion yuan (considering the bad debt provision made by Yijian shares in 2020), accounting for the total amount disclosed in each year. The proportions of total profits were 9.49%, 69.33%, 96.46%, 110.06%, 142.94%, and 33.07%, respectively. The inflated profits were 8.212 billion yuan in 6 years; after deducting the inflated profits, there were consecutive losses for three years from 2018 to 2020.
The company said that at present, the company is verifying the facts and financial data of the company's suspected illegal activities in the "Notice". It is expected that the company's net profit attributable to the parent from 2016 to 2020 will be negative, which may involve major illegal delisting. Make retrospective adjustments to the 2015-2020 financial statements as soon as possible.
*ST Yijian also failed to disclose the illegal facts of the 2020 annual report in a timely manner.
On April 30, 2021, Yijian shares announced that the company could not disclose the audited 2020 annual report within the statutory period, and the company's shares will be suspended from May 6, 2021.
On July 6, 2021, Yijian disclosed its 2020 annual report.
In addition, *ST Yijian did not truthfully disclose the actual controller in its annual reports from 2015 to 2018.
From 2015 to September 2018, and from October 2018 to December 2018, the controlling shareholder of Yijian was Jiutian Group, and the actual controller was Leng Tianqing. Yijian did not truthfully disclose the actual controller.
*ST Yijian was once known as the "first share of the blockchain" in A-shares.
Yijian shares, formerly known as "Hejia shares", was formerly known as Hejia shares, a listed company in Sichuan, which was listed in 1997.
In 2016, Hejia Co., Ltd. launched the blockchain business and announced to cooperate with IBM to jointly develop the "Easy Blockchain System 1.0" system. In the process, IBM provided an enterprise-level blockchain platform based on Hyperledger Fabric.
Since 2017, Hejia Co., Ltd.'s main business is all supply chain management and commercial factoring. In order to reflect the company's industry and development needs, Hejia Co., Ltd. changed its name to Yijian in April of the same year.
Subsequently, Yijian shares also became famous in the market and became the "first share in the A-share blockchain".
As of the latest, the closing price of *ST Yijian stock is 0.78 yuan per share, which has dropped 97% from the historical high of the company's stock price.
As of the end of the first quarter, the company had nearly 44,000 shareholders.
*ST ECCOM was investigated by the China Securities Regulatory Commission
On the eve of the exchange’s decision to delist, *ST ECCOM was also investigated by the China Securities Regulatory Commission.
On the evening of May 9, *ST Huaxun announced that the company received the "Notice of Filing a Case" from the China Securities Regulatory Commission on May 9, 2022. Due to the company's suspected information disclosure violations, according to relevant laws and regulations, the China Securities Regulatory Commission decided to file a case against the company. .
The specific reasons for the SFC's investigation are not yet known.
However, *ST Huaxun’s previous operations were strange, including the reorganization application not being accepted by the court, being included in the list of dishonest persons subject to enforcement, massive reduction of shareholders’ holdings, difficult production of audit reports, and changes to the accounting firm for annual audits.
*ST ECCOM has been included in the list of dishonest persons subject to execution.
Due to insufficient liquidity, *ST ECCOM failed to perform the repayment obligations stipulated by the effective legal documents within the time limit. On April 26 this year, *ST ECCOM also added to the list.
In addition, *ST ECCOM is in the predicament of high debt and a shortage of funds. At the same time, *ST ECCOM's bankruptcy and reorganization has not been accepted by the court, and major bank accounts have been seized and frozen due to overdue debt lawsuits.
The listed company was sentenced to delist, and the life of the major shareholder was not easy.
According to the announcement of *ST Huaxun, some shares of *ST Huaxun held by Huaxun Ark Technology Co., Ltd. will be subject to the first judicial auction. The number of shares to be auctioned is 125.69 million shares, accounting for 55.69% of the company's shares held by it, accounting for 16.41% of the company's total share capital.
If the aforesaid public auction of shares is finalized, it may cause the company's controlling shareholder and actual controller to change.
The auction is still in the publicity stage.
25 more companies await sentencing
2021 is the first year for the implementation of the new delisting regulations. According to incomplete statistics from Securities Times reporters, there will be more than 40 A-share delisting companies this year.
According to data released by the Shenzhen Stock Exchange, 24 companies have reached the red line for delisting in 2022, hitting a record high. Among them, 8 companies have reached the indicator of "operating income less than 100 million yuan + negative net profit", and the effect of the new delisting regulations has appeared. .
Data from the Shanghai Stock Exchange shows that as of now, 21 are expected to be delisted.
Among them, it is expected that 17 companies will be terminated from listing if they hit the financial delisting indicator, and 9 of them will hit the financial portfolio indicator of "deducting non-net profit + operating income".
In addition, the delisting of Xinyi involved major illegal delisting, and three companies including Andre and *ST Guangzhu exited through diversified channels such as restructuring and active delisting.
At present, *ST Iger and delisted Xinyi have been delisted and withdrawn from the A-share market; delisted Zhongxin and delisted Laxia have completed the delisting adjustment period and are waiting to be delisted; Delisting, delisting Xishui, and delisting Luting 5 companies are in the delisting adjustment period.
In addition to the above-mentioned companies that have already announced their delisting, according to incomplete statistics from Securities Times reporters, there are currently 25 companies that have received prior notices before delisting from the exchange, including *ST Bangxun, *ST King Kong, and *ST Lions , *ST Chenxin, *ST Danbang, *ST Dewei, *ST Shenglai, *ST Contemporary, *ST Baode, *ST Tianshou, *ST Cody, *ST Xinguang, *ST Lujing, * ST Donghai A, *ST Xiahua, *ST Jitang, *ST Zhongying, *ST Haiyi, *ST Shuzhi, *ST Universal, *ST Wangli, *ST Julong, *ST Jintai, *ST Teng Bang, *ST Haichuang.
Most of the above-mentioned companies have encountered financial delisting and are currently in the process of waiting for the exchange to decide whether to terminate the listing.
Cheng Xiang, a strategy analyst at Shenwan Hongyuan, believes that, in general, the number of companies forced to delist this year has hit a record high, a normalized delisting mechanism is being formed, and the concept of "retires should be fully recognized" gradually. A new market ecology is gradually being built.
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.
Overall, the implementation of the new delisting regulations has achieved good results, further purifying the capital market environment.