Since the reform of the delisting system, the normalized delisting mechanism of "entry and exit, survival of the fittest" has gradually taken shape, and the number of delistings has reached new highs. According to incomplete statistics from the Financial Associated Press, since the beginning of the year, seven stocks, including *ST Xinhai, *ST Potian, *ST Huayi, ST Hongda, *ST Aidi, *ST Oceanwide and *ST Bolong, have been locked in and delisted or have been delisted.
Among them, *ST Poten and *ST Xinhai touched on major violations of the law and forced delisting. *ST Poten is the first case of forced delisting in 2024 with major violations. *ST Poten announced on the evening of February 2 that the company's finances have been fraudulent for 5 consecutive years and were forcibly delisted, and the stock will be suspended from the market open on February 5, 2024 (Monday). From December 11 last year to January 11 this year, *ST Potian has walked out of 23 one-word consecutive board down limits, during which the cumulative decline of nearly 70%, and then from January 12 to February 2, the stock briefly reversed a wave of reversal and then continued to fall again, and then the stock price hit a record low.
*ST Potian, which has been closed for 6 consecutive trading days (January 25-February 1) and fell below the 1 yuan face value mark, opened on February 2, and the stock price rose from the ground 10 minutes later, staging a "heaven and earth board". However, in the evening of the same day, the receiver received a blow to the head, *ST Poten received a prior notice from the Shanghai Stock Exchange that it intends to terminate the listing of the company's shares, and the company will be forced to delist due to major violations. Judging from the "Administrative Penalty Decision" announced by *ST Poten on the same day, *ST Poten has committed huge financial fraud for many years. The Beijing Securities Regulatory Bureau warned the company and the relevant responsible persons and fined a total of 13 million yuan.
Coincidentally, following *ST Potian, *ST Xinhai announced on the evening of February 5 that the company received the "Administrative Penalty Decision", and the relevant annual report disclosed by the company contained false records, and the relevant behavior had touched the situation of major illegal forced delisting stipulated in the "Stock Listing Rules". On the same day, the Shenzhen Stock Exchange issued a prior notice to the company that it intends to terminate the listing, and the company's shares will be suspended from the opening of the market on February 6, 2024, and the Shenzhen Stock Exchange will make a decision on whether to terminate the listing within the specified period.
According to the "Administrative Penalty Decision", *ST Xinhai has inflated its operating income by 3.741 billion yuan and its total profit by 567 million yuan from 2014 to 2019 due to its participation in private network communication business and improper accounting treatment, and the company's annual report from 2014 to 2019 and the semi-annual report of 2019 have false records, and the company's actual net profit attributable to the parent company from 2016 to 2018 is negative, and the total inflated profit in 2019 is 65 million yuan. According to the company's 2019 annual report, the company's net profit attributable to the parent company in 2019 after deducting non-recurring gains and losses was negative.
In addition, the veteran wind power company *ST Huayi also touched major violations, but because the closing price for 20 consecutive trading days was lower than 1 yuan, it was the first to be delisted in 2024 and was delisted on January 16. *On November 21, 2023, ST Huayi received the "Advance Notice of Administrative Punishment" issued by the Zhejiang Supervision Bureau of the China Securities Regulatory Commission, according to which the company's annual reports from 2017 to 2022 contained false records. In terms of stock price, *ST Huayi shares have been suspended continuously since December 26, 2023, and before the suspension, the stock has had 23 consecutive down limits since November 20, of which 21 are one-word board down limits.
ST Oceanwide, a former 100 billion real estate stock, also bid farewell to A-shares. *ST Oceanwide disclosed on February 6 that the company's shares have been terminated by the Shenzhen Stock Exchange and will be delisted on February 7. *ST Oceanwide has previously been suspended from December 28, 2023, and from December 4, 2023 to December 27, 2023, before the delisting, *ST Oceanwide has walked out of 18 consecutive down limits, with a cumulative decline of nearly 60%.
It is worth noting that Oceanwide Holdings announced on January 4 that its controlling shareholder, China Oceanwide Holdings Group Co., Ltd., originally planned to increase its holdings of the company's shares through centralized bidding in the secondary market within four months from September 5, 2023, with a planned increase of 100 million yuan to 200 million yuan. As of the expiration of the shareholding increase plan on January 4, 2024, China Oceanwide has only increased its holdings of 1,100 shares of the company, with a total increase of only 2,889 yuan, which is far lower than the lower limit of the shareholding increase plan.
According to data, since the reform of the delisting system in 2020, a total of 129 companies have been delisted in Shanghai and Shenzhen, of which 106 have been compulsorily delisted, and the number of companies that have been compulsorily delisted is nearly three times the number in the 10 years before the reform. From the establishment of the mandatory delisting system for major violations in 2014 to the reform of the delisting system in 2020, there were only 3 companies with major violations of the mandatory delisting system in the past seven years. After the reform of the delisting system in 2020, the number of companies that have been forced to delist due to major violations has increased significantly, and in 2023 alone, 8 companies will enter the delisting procedure due to hitting the criteria for mandatory delisting due to major violations.
见习编辑:李文玉 | 审核:李震 | 监审:万军伟
(Source: Finance Associated Press)