Zhongxin Finance, June 12 (Reporter Xie Yiguan) Delisting!

Delisted!

Delisted!

Recently, A-share listed companies have been delisted intensively, and many of them are well-known companies.

Since May, nearly 40 listed companies have been delisted

　　According to incomplete statistics from China-News Finance and Economics reporter, since May, as of June 10, 37 A-share listed companies have received the decision to terminate their listing.

Another 25 listed companies issued risk warnings that the company's shares may be terminated from listing.

Some listed companies received announcements of stock termination decisions.

　　Although the annual report disclosure period is the peak period for the delisting of listed companies, it is rare for such intensive delisting recently.

　　Sorting out these companies that have been pressed the "exit button", many of them were once household names, such as Xiamen China Electronics.

　　"With Xoce Plasma, I really want to live another 500 years", the Xoce brand TV, endorsed by well-known actor Chen Daoming, was once the "three major items" in many people's homes.

　　Founded in 1985, Prima Electronics was listed on the Shanghai Stock Exchange in 1995.

According to public information, Xiamen China Electronics Co., Ltd. is the manufacturer of China's first plasma TV, and the first company in China to transform from CRT TV (old-fashioned picture tube TV) to flat-screen TV. It is one of the largest color TV exporters in China. Leaving behind color TV brands such as TCL, Skyworth, Changhong, Haier, Hisense, and Konka.

　　However, after 27 years of ups and downs in the A-share market, during which it experienced "wearing a star and wearing a hat" and reorganization, Xiamen China Electronics finally moved towards delisting.

　　When I was a child, I listened to the slogan "Kodi's dumplings are reunited", and when I grew up, I drank the Internet celebrity "little white milk". The "post-90s" who grew up in Henan are no strangers to Cody.

　　Once, the founder of Cody Dairy, Zhang Qinghai, publicly stated that he wanted to build Cody Dairy into a "central dairy aircraft carrier" comparable to Mengniu and Yili.

In recent years, Cody Dairy has encountered problems such as operational difficulties, arrears of wages, and shortage of funds. Zhang Qinghai was also banned from the securities market for 10 years due to financial fraud.

Following the failure of local state-owned assets to enter the bureau to protect the shell, it can only be delisted sadly now.

The picture comes from the official Weibo of Kodi Foods.

　　In addition to the former "color TV hegemon" and "dairy giant", "Dark Horse of Film and Television" Contemporary Oriental, "Security Giant" Dongfang Netpower, "Battery Giant" Mengshi Technology, "Synthetic Diamond King" Yudiamond, 34-year-old real estate company Lujing Holdings and others cannot escape the fate of delisting.

Under the strictest "new delisting regulations", delisting of companies may become the norm

　　In the past, there were not many delisted companies. Even in 2021, the number of delisted companies is only more than 20. Why is there so many this year?

　　In this regard, the market believes that the delisting of a large number of companies may be related to the "new delisting regulations" that will be implemented at the end of 2020.

　　On December 31, 2020, the Shanghai and Shenzhen Stock Exchanges officially released the relevant business rules for delisting, and improved the four categories of mandatory delisting standards including financial, trading, normative, and major violations.

　　In addition to the delisting standard of delisting at face value, which is clearly defined as "1 yuan delisting", the total market value for 20 consecutive trading days is less than RMB 300 million; non-standard audit reports are issued for stocks with delisting risk warnings; there are major defects in information disclosure and standardized operation and refuse to No correction; financial fraud for two consecutive years, the total amount of false records of revenue, net profit, profit, and balance sheet exceeds 500 million yuan, and exceeds 50% of the total two-year total of the corresponding subjects.

The occurrence of these situations will meet the termination of listing criteria.

　　"In the past, delisting was mostly done after the annual report was disclosed, and only a few companies were delisted every year." Dong Dengxin, director of the Institute of Finance and Securities at Wuhan University of Science and Technology, told Zhongxin Finance and Economics reporter, but delisting will be normalized and balanced in the future. , which means that it may be delisted all year round.

In addition to annual reports, semi-annual reports, etc., companies may also be driven out of the market by the "1 yuan delisting" standard. Investors vote with their "feet", and the efficiency of delisting will be higher.

　　According to data released by the Shanghai Stock Exchange, after the disclosure of the 2020 annual report, a total of 42 companies in the Shanghai Stock Exchange were issued delisting risk warnings, of which 25 were issued *ST for hitting the newly added financial delisting indicators.

　　Since then, the delisting mechanism has continued to be "upgraded".

In November 2021, the Shanghai and Shenzhen stock exchanges issued a number of guidelines at the end of the year to precisely crack down on "shell companies"; at the end of April this year, the China Securities Regulatory Commission issued the "Guiding Opinions on Improving the Post-Delisting Supervision of Listed Companies" to further strengthen delisted companies. Supervision, guide companies with poor quality to withdraw from the market through market-oriented channels, and promote the complete elimination of risks.

　　In Dong Dengxin's view, the US stock market is "big in and out". The current number of listed companies in the A-share market has approached 5,000, so there should be advances and retreats to achieve a virtuous circle.

"In the future, 300 to 500 companies will IPO every year, and 30 to 50 companies will be delisted. It is normal. The A-share market realizes 'in and out', and the pattern of survival of the fittest and 'big waves washes the sand' gradually takes shape." (End )