playingcarddecks| The annual report ends! This year, 24 A-share companies have been locked in delisting

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The annual report ended the disclosure season, and a number of listed companies sounded the delisting alarm because their finances were not up to standard or were issued audit reports that could not express their opinions.

From April 29 to 30, many companies, such as * ST Park City (rights protection), * ST Tongda, * ST Mall, and * ST carbon yuan (rights protection), received advance notice of the intention to terminate the listing of shares, locking in a large number of "financial withdrawal" companies. As of April 30, 24 A-share companies have locked in delisting, of which 9 have completed delisting.

Regulatory authorities continue to strengthen delisting supervision, strengthen the clearance of "zombie shell" and "black sheep", is continuing to show results, A shares to clear the benign market ecology is expected to take shape.

Exit structure is becoming more and more diverse.

Since the beginning of this year, the new delisting rules have continued to be effective. Nine A-share companies have delisted and 24 companies have locked in delisting, forming a diversified delisting pattern with equal emphasis on transactions, finance, major violations and so on.

Delisted companies in 2024

With the end of the report in 2023, a number of listed companies that hit the financial delisting targets have appeared one after another. Among them, because the company's 2023 financial and accounting report was issued with an audit report that could not express its opinion, * ST Park City and * ST Tongda respectively received prior notice of the proposed termination of the company's stock listing on April 30.

As the audited net profit of the company in 2023 is negative, and the operating income after deducting business income unrelated to the main business and income without commercial substance is less than 100 million yuan, * ST carbon received a prior notice on April 30 that it intends to terminate the listing of the company's shares.

* ST Mall made a net profit in 2023-3Playingcarddecks410 million yuan, and the operating income after deducting business income unrelated to the main business and income without commercial substance is 82 million yuan.PlayingcarddecksAt the same time, the company's financial and accounting report for 2023 was issued with an audit report that could not express its opinion, and received a prior notice of the proposed termination of the company's stock listing.

Industry insiders said that with the 2023 annual report disclosure deadline, more and more companies that have implemented delisting risk warnings have joined the delisting list because their financial indicators have failed to improve. There are individual annual reports "difficult delivery companies" that terminate contracts with accounting firms or will touch the delisting criteria of the financial category.

"1 yuan delisting" shows the market-oriented "clearing" power, and has become the main channel for A-share listed companies to withdraw regularly. As of April 30, more than 10 companies have locked in "delisting of 1 yuan" this year. Among them, * ST Huayi, * ST Peron, * ST Pan Hai, * ST Eddie, ST Hongda, ST Xingyuan, ST VIP 7 companies have been terminated and delisted; ST Shimao and other companies have also locked in "1 yuan delisting".

Xu Feng, a lawyer at Shanghai Jiucheng Law firm, said: "the number of delisted companies with 1 yuan has greatly increased, and the efficiency of A-share survival of the fittest has improved significantly. This also means that investors are becoming more rational and pay more attention to value investment. "

The number of cases that touch the target of compulsory delisting in major violations is increasing. After * ST Xinhai became the first major illegal compulsory delisting case in 2024, * ST Botian was terminated and delisted on April 25th because it also touched a major illegal compulsory delisting.

In addition, * ST Huayi, * ST Xinfang (rights protection) had previously been warned of the risk of major illegal delisting due to the verification of financial fraud, and the company was delisted in advance because of the full release of the risk.

Guojin Securities Research News believes that the trend of normal delisting of the A-share market in 2024 will continue, the market competition environment of survival of the fittest may be further strengthened, and market resources will continue to be concentrated to high-quality enterprises.

Sustainable optimization of market ecology

The signal of strengthening delisting supervision is becoming clearer and clearer, many poor performance stocks are being "voted with their feet" by investors, and the market ecology continues to be optimized.

A number of poor performance stocks that implemented the delisting risk warning fell for several days after the release of the 2023 annual report. As of April 30, Wind's ST sector index has fallen 32.43% year-to-date.

"in the context of the normalization of A-share delisting, investors pay more attention to the company's operation and financial situation, and reduce their tolerance for violations and financial risks." Guofeng Investment consultant Director Guo Yiming said.

Individual companies trying to preserve their shells and avoid delisting have also been questioned and concerned by the relevant departments.

"at present, the 'shell zombie' enterprises that do not have the ability to operate continuously are speeding up clearance, and the market chaos such as' shell cultivation 'and' shell speculation'in the past has been effectively curbed. Lucky speculators will gradually lose the opportunity, investors also need to abandon the trend speculation, stay away from irrational speculation chaos, and effectively safeguard their legitimate rights and interests. " Lu Chenglong, an associate professor at Shenzhen University Law School, suggested.

In addition, from the perspective of the primary market, compared with IPO audit, backdoor listing audit is more stringent, the motivation of the proposed listed companies to go public through backdoor listing is insufficient, and the value of shell resources is reduced.

"the normalized withdrawal of the A-share market and the continuous optimization of the market ecology benefit from the continuous deepening of the reform." Zhao Xijun, co-dean of the Capital Market Research Institute of Renmin University of China, said that since the delisting reform in December 2020, the number of compulsory delisting of listed companies has increased significantly. The "opinions on the strict implementation of the delisting system" issued by the CSRC on April 12 further strictly standardize, reduce the value of "shell" resources, and strengthen investor protection, which will further increase delisting efforts at the same time, promote the formation of an orderly and timely clearance pattern, so that the overall quality of the market can be improved.