Recently, the ST sector (note: the ST sector stocks referred to in this article include ST shares and *ST shares, the same below) have continued to fall as a whole, significantly underperforming the market in the same period, and a considerable number of ST stocks have continued to fall during the period, and even face the risk of delisting, and are on the verge of delisting.
In an interview with a reporter from the Securities Times, some experts said that the recent decline in the ST sector was affected by factors such as the recent weak overall operation of the A-share market, the concern about "delisting" near the end of the year, and the exposure of some individual stocks to the overall operation of the ST sector.
The year-end "big test": a new round of decline in the ST sector reappeared
Recently, the ST sector as a whole has continued to fall, underperforming the major indexes of the A-share market in the same period. Among them, many ST stocks fell sharply.
Statistics show that 84 of the 116 stocks in the ST sector have fallen since December this year, accounting for about three-quarters of the number of stocks that have fallen, and 7 of them have fallen by more than 20% during the period.
For example, *ST Zuojiang has fallen by 71.82% since December this year. ST stocks such as *ST Oceanwide, *ST Huayi, and *ST Bolong have fallen by more than 40% since December. Among them, *ST Zuojiang has fallen particularly hard, with the stock falling by as much as 67.23% in the last 5 trading days alone.
If the time is extended, we can find that many ST stocks have fallen more obviously. The reporter further found that among the 116 ST sector stocks, 88 stocks have fallen this year, and 22 of them have fallen by more than 50% since the beginning of this year. Among them, *ST Bolong has fallen by 83.28% since the beginning of this year, *ST Huayi has fallen by 79.07% since the beginning of this year, and ST Hongda, *ST Aidi, *ST Hongxiang, and *ST Oceanwide have all fallen by more than 60% since the beginning of this year.
The risk of delisting in the ST sector is concentrated and exposed
Recently, the ST sector as a whole has continued to decline, which has been affected by many factors and the corresponding spatio-temporal background.
Approaching the end of the year, the 2023 annual results of A-share listed companies are basically finalized, and it is difficult for many ST companies facing the risk of delisting to eliminate the risk situation in a short period of time, or it is difficult to reverse the loss in a short period of time, so that the risk of delisting is concentrated and exposed, which puts pressure on the stock price, resulting in a continuous decline, and even falling into the dilemma of "1 yuan delisting".
For example, *ST Huayi, *ST Bolong, *ST Oceanwide and other company stocks, after the early decline, the stock price has fallen below 1 yuan, even if the follow-up continuous limit, will also touch the relevant provisions of "1 yuan delisting", so as to lock in the "1 yuan delisting" in advance, which makes investors further "vote with their feet", and related stocks have further continued to fall to the limit.
In addition, the exposure of some ST companies' operational or management risks also hit the sentiment of the ST sector.
For example, *ST Zuojiang, the ST share with the highest stock price in the A-share market, recently disclosed that the China Securities Regulatory Commission decided to file a case against the company due to suspected violations of information disclosure laws and regulations, in accordance with the Securities Law of the People's Republic of China, the Administrative Punishment Law of the People's Republic of China and other laws and regulations.
*ST Zuojiang also said in a recent announcement that the company achieved an operating income of 33.7221 million yuan and a loss of 97.3273 million yuan in the first three quarters. After verification, the 12.61 million yuan DPU chip sales contract confirmed in January 2023, the accountant said that whether the relevant sales can be finally confirmed in 2023 needs to be further judged. In addition, the 51 million yuan contract signed by the company with CIFI Technology and Zhongyuan Space-time disclosed in June 2023, after communicating with Zhongyuan Space-time, except for some test products, the delivery and acceptance of server network cards on the Qingyang project cannot be completed in 2023, and the corresponding revenue cannot be recognized in 2023.
*ST Yuebo recently issued a reminder announcement on the bankruptcy application of creditors. According to the announcement, the company learned on December 11, 2023 on the National Enterprise Bankruptcy and Reorganization Case Information Network that the company was filed for bankruptcy by the creditor Nanjing Yuma Packaging Engineering Co., Ltd. to the Intermediate People's Court of Nanjing City, Jiangsu Province [(2023) Su 01 Po Shen No. 88]. Since then, *ST Yuebo has issued an announcement saying that the company recently received the "Decision of Jiangsu Securities Regulatory Bureau on Ordering Corrective Measures against Nanjing Yuebo Power System Co., Ltd. and Issuing a Warning Letter to He Jing" issued by the Jiangsu Securities Regulatory Bureau, pointing out that the company has failed to perform the review procedures and disclosure obligations of related party transactions, failed to perform continuous information disclosure obligations, failed to disclose the occupation of non-operating funds of related parties, and inaccurate information disclosure of related parties.
Chen Jianhua, a strategic analyst at Yintai Securities, pointed out in an interview with the Securities Times that the recent continuous adjustment of the ST sector of the A-share market has significantly increased the structural risk, which is mainly affected by the following three factors: First, the overall weakness of the A-share market has intensified the adjustment pressure faced by the ST sector. Affected by various factors, the A-share market has been operating weakly in recent times, the capital risk appetite has continued to remain at a relatively low level, and the disk risks have been released one after another, so the ST sector is under pressure as a high-risk sector. In recent years, the basic system of the domestic capital market has been further improved, the survival of the fittest mechanism in the market has been accelerated, and the new delisting standards have more precise requirements for financial indicators, which accurately portrays shell companies that have lost the ability to continue operations. At the end of the year, ST stocks with continued pressure on fundamentals faced a significant increase in the pressure of "financial" delisting, which also contributed to the release of plate structure risks; The recent continuous weakening of the ST sector is not unrelated to the exposure of the risk of high-priced ST shares in the sector.
Editor-in-charge: Zhu Yumeng Proofreader: Liao Shengchao
Copyright Notice
All original content on the platforms of the Securities Times shall not be reproduced by any unit or individual without written authorization. Our company reserves the right to pursue the legal responsibility of relevant actors. For reprinting and cooperation, please contact the Securities Times assistant, WeChat ID: SecuritiesTimes
END
Click on a keyword to view it
Periscope Series In-depth Report丨Stock Council Column丨Investment in Xiaohongshu丨E Company Investigation丨Times Meeting Room丨Top Ten Celebrity Private Equity Interview丨Gansu 6.2 magnitude earthquake has killed 111 people, and the national earthquake emergency response level has been upgraded to Level 2丨Just now, Yu Minhong announced: Dong Yuhui has gained a new identity! The two will join hands in the live broadcast tonight, and the stock price of Dongfang Selection has risen by more than 20%!丨Hot search!Tong Liya has taken a stake in Chen Sicheng's company丨Shiji Dong Yuhui's biography丨Mourning!The earthquake has killed 118 people, the Ministry of Finance, The State Administration of Financial Supervision took action, the Western Theater was dispatched, and Dongfang Selection quickly made a donation丨The battery leader solemnly declared!