#4月财经新势力#
April 12, 2024
The Shanghai and Shenzhen stock exchanges issued a document to clarify the indicators for stock listing and delisting.
On April 16, the China Securities Regulatory Commission made a blockbuster response to the contents
Or let's pick and choose the key points
The revision of the stock listing rules,
Introduced an arrangement that ST will be implemented if the dividend does not meet the standard.
ST是Special Treatment的缩写，
That is, the meaning of special treatment.
It is when the listed company has abnormal circumstances such as financial status or other conditions, the risk warning issued by the stock exchange reminds investors to pay attention to the company's risks
There are two types of risk warning systems:
Where the stock trading of a listed company is subject to a delisting risk warning,
The stock abbreviation is preceded by the word "*ST".
*ST said that the stock was put under a "delisting warning",
It is already on the verge of delisting.
Once the company listed on *ST meets the relevant delisting criteria,
It will be delisted directly.
When the company's main bank account is frozen, resulting in the implementation of other risk warnings,
The stock abbreviation is preceded by the word "ST".
Label the stock in question with *ST or ST in front of it,
Thus distinguishing it from other stocks.
If the company
If there is a delisting risk alert and other risk alerts at the same time,
Of course not, only the company's stock abbreviation is preceded by the word "*ST".
The revision of the stock listing rules,
Implement other risk warnings for dividends that do not meet the standard.
I see clearly, it's set on ST,
It is not a delisting risk alert*ST
This is mainly for those who have the ability to pay dividends but do not pay dividends for a long time
or companies with low dividend ratios
Only when the dividend ratio and dividend amount accumulated in 3 years do not meet the requirements,
will be implemented ST.
If the company is ST only because it does not pay dividends, it will not lead to delisting.
If certain conditions are met, you can also apply for revocation of ST
There are exceptions,
For example, for some enterprises with large R&D intensity and investment
Even if the dividends of such enterprises are insufficient,
Nor will it be implemented ST.
In short, for the implementation of ST if the dividend is not up to standard,
It is to improve the stability and predictability of dividends of listed companies.
The adjustment of the delisting index,
It aims to increase efforts to clear out the "zombie shells" and "black sheep", not for "small-cap stocks".
All right
That's all for today.