highestpowerballjackpotever| ST Company kicks off a downward trend during the year, the sector index fell 41%
editor 2024-05-11 08:22:01 Nature 28
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Huang Xiang, a reporter from the Securities Times
The "tight hoop" of delisting continued to intensify, and the process of survival of the fittest of A-share listed companies accelerated.
On May 10, St shares continued to fall, falling 3 per cent on the day.Highestpowerballjackpotever63 St shares fell by the limit of .28%. Looking back this week, more than 60 St shares fell by more than 10%.
Wind data show that * ST Baan, * ST Baan (rights protection), * ST Kaiyuan, ST Lunda, ST pioneer, * ST Meishang (rights protection), * ST Shimao, St Yuancheng (rights protection), ST contacts, ST Sunshine (rights protection) and other stocks ranked among the top 10 declines in the week. Among them, ST, the former lithium leader, fell 65 per cent this week and 87 per cent this year.
Data show that * ST Poly, formerly known as Jianrui Fire, was listed on the gem of the Shenzhen Stock Exchange in 2010. In 2016, Jianrui Fire spent 5.2 billion yuan to acquire a stake in Watma to enter the field of power batteries and new energy vehicles at a premium of six times the valuation. Although after the acquisition of Watma for a period of time, riding on the east wind of the new energy vehicle industry, * ST Poly achieved a surge in performance. But since then, Watma has gradually fallen off the altar and was spun off from the listed company system in 2020. * ST Premium lost money for four consecutive years from 2020 to 2023, and its share price has retreated 97 per cent from its all-time high.
On May 10th, * ST Baan closed 20cm down by the daily limit, down 59% this week. On May 9th, * ST Ba'an, who had been implemented the "delisting risk warning" because the 2023 financial report was issued by the annual audit accountant, received an inquiry letter from the Shenzhen Stock Exchange. "whether the existing disposable monetary funds can meet the daily operating needs" and "whether there is a major uncertainty about the sustainable operating capacity of the main business" has become the focus of inquiry on the Shenzhen Stock Exchange.
According to the annual report, * ST Baan's total restricted assets reached 1.471 billion yuan, while a number of major litigation cases involved a total of 2.294 billion yuan. In addition, the company also experienced a sharp decline in some business gross profit margins, a number of large impairment provisions, and so on. * ST Baan's shares have fallen 74 per cent so far this year.
Poor performance stocks such as * ST Insurance and * ST Ba'an have become the focus of the current delisting supervision. Since the beginning of this year, the new delisting rules have continued to fall to the ground, and under the upgrading of the delisting system, the value of "shell" resources has been further reduced, triggering this round of St shares to fall to the limit.
From the perspective of policy promotion, on April 12 this year, the Securities Regulatory Commission issued the "opinions on the strict implementation of the delisting system", and the exchange matched the revision and improvement of the relevant delisting rules. Three kinds of normative delisting cases are added to the new rules, which include the occupation of funds, internal control audit opinions, long-term disorderly struggle for control and so on.
On April 30, the end of the annual report season, the three major exchanges in Shanghai, Shenzhen and North formally issued a number of supporting business rules, once again defining strict delisting standards, and speeding up the formation of a regular delisting pattern that should be withdrawn and cleared in time.
The exchange said that the revision of the delisting rules aimed at "shell zombies" and "black sheep", reflecting that they should withdraw as much as possible, highlighting the quality and value of listed companies. At the same time, the new delisting rules will focus on cracking down on vicious violations such as financial fraud and the occupation of funds, and companies with invalid internal controls and funds occupied by controlling shareholders will also strictly implement delisting.
According to the new rules, the financial delisting rules raise the revenue requirements of listed companies on the main board from 100 million yuan to 300 million yuan. Combined with the annual report data of A-share listed companies in 2023, the number of stocks that do not meet the revenue rules has increased from 11 under the old rules to 100. After the 2023 annual reporting season, there have been more than 30 companies wearing hats.
Prior to this, due to the existence of backdoor, mergers and acquisitions and other speculation factors, St shares plate frequent bull stocks. However, under the current trend of accelerated delisting, this phenomenon, which has been criticized by the market, has gradually changed.
Statistics from the China Association of listed companies show that last year, the number of A-share delisting companies reached 47, of which the vast majority were forced delisting, reaching 44.
From the perspective of stock price performance, St stock speculation is also more obvious. The St-share sector index has fallen 41% this year. Industry insiders believe that after the introduction of the new "National Nine articles" policyHighestpowerballjackpoteverChina's capital market is entering a new stage of development, with the accelerated formation of a new ecology that can enter and exit the market, and listed companies are facing more stringent regulatory requirements and market tests.
A few days ago, the relevant responsible persons of the Shanghai and Shenzhen stock exchanges said that in the next step, they will carry out fine supervision over the major asset restructuring of "shell" companies, and strictly supervise those companies whose income and profit indicators have been hit by the "delisting risk warning" (* ST) due to lack of sustainable management ability, and companies that are on the verge of trading delisting indicators to plan major asset restructuring, so as to strictly prevent illegal "shell preservation" and "shell speculation". Improve the coverage of on-site inspection for the major asset restructuring of other companies such as ST and ST, and ensure the quality of the underlying assets.
Industry insiders told reporters that with stricter standards and broader dimensions of compulsory delisting, the deterrence of the new delisting rules is increasing day by day. The proportion of A-shares forced delisting due to financial fraud and financial indicators is expected to increase significantly, and the market clearing will be accelerated. At the same time, with the reduction of the value of "shell" resources, the behavior of "fake restructuring and real shell speculation" will be further cracked down, and the polarization of the market will continue to intensify in the future. In the long run, cleaning up poor performance stocks and garbage stocks from the "house" is conducive to the high-quality development of market ecology.