Reporter: Zhao Yun Editor: Xiao Ruidong
On April 16, the market opened lower and moved lower throughout the day, and the three major indexes all fell by more than 1%.
The trend of large and small indices continued to diverge, with the micro-cap index falling by more than 10%, and more than 1,000 stocks in the whole market falling or falling by more than 10%.
In terms of sectors, a few sectors such as kitchen and bathroom appliances rose, and Sora, new industrialization, tourism, education and other sectors were among the top decliners.
Overall, stocks fell more and rose less, and more than 5,000 stocks in the whole market fell.
Let's take a look at the performance of public funds today.
(Note: List 1 and 2 only select three types of products as representatives of active funds, including flexible allocation, partial equity hybrid and common equity funds, and include them in the statistics; bond-based related lists include various active and passive bond funds)
1. Single-day gainers
2. Single-day decliners
3. Single-day bond base rise and fall list
4. News worth paying attention to in the evening
[Guo Ruiming, Director of the Department of Supervision of Listed Companies of the China Securities Regulatory Commission, answers questions from reporters on issues related to dividends and delisting]
Q: The revision of the stock listing rules has introduced the arrangement for the implementation of ST if the dividend does not meet the standard. Will a large number of companies be implemented due to non-standard dividends? Will they be delisted?
Answer: The implementation of other risk warnings (ST) if the dividends do not meet the standard, mainly focuses on improving the stability and predictability of dividends of listed companies, focusing on companies that have the ability to pay dividends but do not pay dividends for a long time or have a low dividend ratio. It should be pointed out that ST is not a delisting risk alert (*ST), but is mainly intended to remind investors to pay attention to the company's risks. If a company is ST for this reason alone, it will not lead to delisting, and it can apply for revocation of ST after certain conditions are met.
ST is implemented for profitable companies, i.e. companies with positive net profit for the most recent fiscal year and positive undistributed profit at the end of the parent company's reporting year. In terms of judging the implementation conditions, ST will only be implemented if the cumulative dividend ratio of the last three years (the total cumulative cash dividend of the last three fiscal years is less than 30% of the average annual net profit of the last three fiscal years) and the dividend amount (the cumulative dividend amount of the last three fiscal years for the main board is less than 50 million yuan, and the cumulative dividend amount of the Science and Technology Innovation Board and the Growth Enterprise Market is 30 million yuan) do not meet the requirements.
The conditions set by the rules fully take into account the characteristics of the large R&D investment of enterprises on the Science and Technology Innovation Board and the Growth Enterprise Market, and some enterprises are still in the early stage of industry development. For enterprises with high R&D intensity (cumulative R&D investment in the last three fiscal years accounting for more than 15% of cumulative operating income) or large R&D investment (more than 300 million yuan in three years), even if the dividends do not meet the above conditions, ST will not be implemented.
Based on the 2020-2022 data, the number of companies in Shanghai and Shenzhen that may touch this standard is only more than 80.
Q: Last Friday, the China Securities Regulatory Commission (CSRC) issued the Opinions on Strict Implementation of the Delisting System, and the stock exchange simultaneously issued revised stock listing rules to solicit public comments from the market. There is a view that this will have a big impact on the trend of small-cap stocks. What do you think?
Answer: The adjustment of the delisting indicator is aimed at increasing efforts to clear out the "zombie shell" and "black sheep", not for "small-cap stocks". Steady arrangements have been made in terms of standard setting and transition period arrangements, which will not have an impact on the market in the short term. There is a view in the market that "this delisting rule change is mainly for small-cap stocks", which is a pure misreading.
According to estimates, the number of companies that will be delisted by the Shanghai and Shenzhen stock exchanges next year is expected to be about 30 companies that will be delisted by the combined financial indicators, and about 100 companies that may touch this indicator and implement delisting risk warnings next year, and these companies will have more than a year and a half to improve their operations and improve their quality, and they will not be delisted until the end of 2025. In terms of market capitalization indicators, only 4 main board companies in Shanghai and Shenzhen currently have a market value of less than 500 million yuan, and there are no companies on the Science and Technology Innovation Board and ChiNext that are close to 300 million yuan in market value delisting.
(Source: CSRC)
National Business Daily