Termination and delisting next Monday! ST Pingneng became the first delisted stock in 2022

Another listed company is about to be delisted. According to the share swap absorption and merger plan and the arrangement of the Shenzhen Stock Exchange, ST Pingneng (000780) shares will be terminated and delisted from January 24 this year, and the company will become the first delisted stock in 2022. It should be mentioned that the pledge and judicial freezing of the original pledge set on ST Pingneng shares will continue to be valid in exchange for longyuan power's A-share shares.

Official delisting next Monday

Longyuan Power's issuance of A-share shares for share exchange absorption and merger ST Pingneng was approved by the CSRC on December 8, 2021. According to the plan of the share exchange and merger, ST Pingneng submitted an application to the Shenzhen Stock Exchange for the termination of the listing of the company's shares, and the Shenzhen Stock Exchange agreed to terminate the listing and delisting of the company's shares from January 24, 2022.

According to the arrangement, the record date of longyuan power share exchange absorption and merger ST Pingneng is January 21, 2022, after the close of the market on the equity record date, the ST Pingneng shares held by the company's shareholders will be converted into Longyuan Power's shares in the ratio of 1:0.3407, that is, for every 1 ST Pingneng A share held by st Pingneng exchange shareholders, 0.3407 shares of Longyuan Power's A shares issued by the merger can be exchanged for 0.3407 shares of Longyuan Power's share exchange absorption and merger.

"For ST Pingneng shares that have been set up as pledges, other third-party rights or are restricted by laws and regulations such as judicial freezing, such shares will be converted into shares of Longyuan Power after the merger when the shares are exchanged, and the pledge and judicial freezing of the original pledge and judicial freezing on ST Pingneng shares will continue to be valid on the corresponding A-share shares of Longyuan Power in exchange." ST Ping can be expressed in the letter.

In this regard, Yang Yiqiong, a researcher at Guoyuan International, believes that soon after the completion of the application for delisting of ST Pingneng, Longyuan Power will land on the A-share listing, and the landing of Longyuan Power in A-shares will promote its new energy industry chain to achieve endogenous circulation, provide new capital guarantee for the company's medium- and long-term development, and will help the company to improve the overall valuation.

The voluntary delisting system will be more perfect

According to Wind statistics, since 2021, A-shares have completed the delisting of 20 companies, including Shoushang Shares, Gezhouba, Tianxiang Retreat, Beixun Retreat, Sitai Retreat, Delisting Fukong, Delisted Pengqi, Oupu Retreat, *ST Xinwei, Kangde Retreat, Delisted Qiulin, Great Wall Retreat, Delisted Gongxin, Tianxia Retreat, *ST Yisheng, *ST Chengcheng, *ST Hangtong, Delisted Jinyu, Delisted Gangtai, and Yingkou Port. At the time of delisting, the stock price of the above-mentioned companies ranged from 0.16 yuan per share to 9.93 yuan per share, and the net asset range per share ranged from -7.48 yuan to 7.46 yuan.

In addition to ST Pingneng, the reasons for the termination of the listing of Shoushang Shares, Gezhouba and Yingkou Port are all absorption and merger, and the above three companies are referred to as Wangfujing, China Energy Construction and Liaogang Shares after restructuring. The reasons for the delisting of other companies are different, among which Tianxia retreated, *ST Chengcheng, delisted Gangtai, Great Wall retreated, *ST Yisheng, delisted Jinyu 6 companies were delisted because their stock prices were lower than par value; Kangde withdrew, delisted Pengqi, *ST Hangtong, delisted Qiulin, *ST Xinwei, delisted Gongxin, delisted Fukong due to three consecutive years of losses and delisted; Some companies have been delisted due to non-disclosure of periodic reports or other circumstances that do not conform to listing after the suspension of listing.

Now, the official implementation of the new delisting rules has entered the second annual reporting season. In this regard, Xu Chi, the investment strategy of Zhongtai Securities, believes that the changes in the regulatory system for securities issuance in the mainland have shown a development trend from the approval system of "strict entry and strict exit" to the registration system of "wide entry and wide exit". With the implementation of the comprehensive registration system, the delisting criteria will be further refined and diversified, and the number of A-share delisted companies may be greatly improved, which is conducive to improving the overall quality of A-share listed companies and promoting the benign development of the market.

What needs to be mentioned is that the construction of the legal system in the mainland capital market has been continuously improved, and the crackdown on securities violations and crimes has been continuously intensified. In this regard, Shenwan Hongyuan investment strategy Gong Fang believes: "The judicial system of securities law enforcement with Chinese characteristics is being constructed, and the responsibility of intermediary institutions and the construction of the culture of the securities and fund industry are constantly increasing. The mainland capital market trading system allows the market to play a value discovery function more, and the active and passive delisting systems have also been improved. Reporter Zhang Cao