Cover News Reporter Zhu Ning
Towards the end of the year, the "1 yuan delisting" stocks began to appear intensively again, following the December 13 *ST Bolong locked the "1 yuan delisting", and on December 15, *ST Oceanwide also followed the lock.
At the close of trading on the 15th, *ST Pan Poster closed at 0.56 yuan, and the stock price has been less than 1 yuan for 12 consecutive trading days. According to this calculation, even if the remaining 8 trading days are limited every day, *ST Oceanwide will not be able to return to 1 yuan. As a result, it has become an established fact that the stock price of *ST Oceanwide has been less than 1 yuan for 20 consecutive trading days.
After many battles for face value defense
*ST Oceanwide finally ushered in its delisting
*ST Oceanwide stock price action
Since November 30, *ST Oceanwide has closed below the stock at 1 yuan for 10 consecutive trading days, and closed at 0.62 yuan per share on December 13. According to this calculation, in the remaining 10 trading days, the company's stock price can barely rise to 1 yuan on the last day only by the daily limit. This means that if the closing price on December 14 fails to rise to the limit, *ST Oceanwide will also "lock" 1 yuan in advance to delist.
On the evening of December 13, *ST Oceanwide also announced that as of December 13, the closing price of the company's shares was lower than 1 yuan per share for ten consecutive trading days. According to the relevant regulations of the Shenzhen Stock Exchange, if the closing price of the company's shares is lower than 1 yuan per share for 20 consecutive trading days, the company's shares will be terminated by the Shenzhen Stock Exchange.
Although the current *ST Oceanwide is no longer brilliant and facing delisting, *ST Oceanwide landed on the A-share market as early as 1994, is the earliest batch of listed companies in the real estate industry, after the real estate industry started, it turned to the financial field, in the brokerage, trust and other aspects have a layout, at the peak of 2016, the company's revenue reached 24.671 billion yuan, net profit reached 3.109 billion yuan. Since 2020, the company's performance has taken a sharp turn for the worse, and the company has made impairment provisions for some of its real estate projects and related goodwill, with a net profit loss of 4.622 billion yuan that year.
Since then, the company's operating performance has continued to decline, with a net profit loss of more than 11 billion yuan in 2021 and 2022. The company's third quarterly report shows that in the first three quarters of this year, the company achieved a net profit attributable to shareholders of the parent company of -6.887 billion yuan, and the net assets attributable to shareholders of the parent company were -12.054 billion yuan.
It is worth mentioning that *ST Oceanwide has experienced many thrilling face value defense battles since the beginning of this year. On April 14, *ST Oceanwide's share price fell below the face value of 1 yuan for the first time, and in just 9 trading days, the stock price once hit the lowest point of 0.77 yuan.
On May 4, *ST Oceanwide announced that some of the company's directors, supervisors and senior managers plan to increase their holdings of the company's shares through centralized bidding in the secondary market within 3 months from May 5 (inclusive), with a total amount of not less than 30 million yuan. On May 11, *ST Oceanwide's share price regained its footing at $1.
In the months that followed, the company's management and major shareholders successively increased their holdings with real money, which once dispelled doubts from the outside world. On September 11, *ST Oceanwide once rose to 3.39 yuan, a new high since the end of 2020. However, as a series of risk factors continue to ferment, *ST Oceanwide's share price continued to fall, and has continued to fall below par value recently, thus locking in the par value delisting.
During the year, 13 stocks were delisted at par value
*ST Huayi share price action
In fact, the delisting of *ST Oceanwide is only a microcosm of the current delisting of A-shares.
On December 12, *ST Huayi fell again to 0.58 yuan / share, since November 28, the closing price has fallen below the face value of the stock for 11 consecutive days, and the remaining 9 trading days can not return to "1 yuan" even if the daily limit is limited, which locks the "1 yuan delisting" situation in advance.
On December 13, the share price of *ST Bolong (hereinafter referred to as "Bobaolong"), known as "the first share of A-share clothing design", closed at 0.63 yuan / share, which has been lower than 1 yuan / share for 11 consecutive trading days, and even if the remaining 9 trading days can not return to "1 yuan" even if the daily limit is realized, the stock has locked in advance "1 yuan delisting".
It is worth noting that Baibaolong previously announced that he received the "Arrest Notice" issued by the Jieyang Municipal Public Security Bureau provided by the families of the actual controllers Chen Weixiong and Chen Nana, and learned that with the approval of the Jieyang Municipal People's Procuratorate, Chen Weixiong and Chen Nana have been arrested on June 19, 2023 on suspicion of fraudulent issuance of shares, illegal disclosure, and non-disclosure of important information.
According to the data, excluding AVIC Electromechanical which was merged by share exchange and absorption this year, 44 companies have been delisted since the beginning of this year, a record high, of which 13 companies were delisted because their stock prices were lower than the par value during the year, significantly higher than 1 in 2022 and 6 in 2021, a record high.
Promote the survival of the fittest in the market
The diversified delisting channels of A-shares are gradually unblocked
"With the full implementation of the registration system, the number of listed companies continues to increase, resulting in an increase in market supply, and some listed companies with poor quality are quickly marginalized and easily eliminated by the market. Bai Wenxi, chief economist of IPG, told reporters that strengthening the delisting mechanism is conducive to promoting the survival of the fittest in the market. Through the delisting mechanism, market investors can have a clearer understanding of investment risks and make investment decisions more prudently, thereby promoting the survival of the fittest in the market.
In addition, this move is conducive to improving the transparency and fairness of the market, thereby optimizing and enhancing the efficiency and ability of the capital market in resource allocation. By strengthening the supervision of information disclosure and the review of financial reports of listed companies, the transparency and fairness of the market can be improved, and improper behaviors such as insider trading and market manipulation can be reduced.
"From the perspective of investors, the investment philosophy of investors in the current A-share market is also gradually maturing, and they are more cautious about low-valuation and high-risk stocks, which has also led to an increase in the number of delistings at face value. Bai Wenxi suggested that investing in the stock market should first pay attention to the fundamentals of listed companies, including financial status, operating conditions, industry prospects, etc., to avoid blindly following the trend of investment, and secondly, to pay attention to the company's information disclosure and financial reporting, to understand the company's real situation and risk situation, but also to maintain a rational investment attitude, do not blindly pursue high returns and ignore risks. When making an investment decision, a comprehensive analysis and evaluation should be carried out by taking into account various factors.
Kaiyuan Securities said that in 2023, the number of trading delistings and major illegal delistings will increase significantly, which means that the continuous promotion of the new delisting regulations has gradually smoothed the diversified delisting channels for A-shares. The rule design of "1 yuan delisting" can make those listed companies whose fundamentals continue to deteriorate to keep their stock prices below 1 yuan through investors' "voting with their feet", and even for some companies with very low stock prices, they can lock in and delist in advance before 20 trading days, so as to help investors make investment judgments in advance. It is expected that the number of listed companies that will be "delisted for 1 yuan" will gradually increase in the future.
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