Reporter |
The new "Nine Articles" issued by the State Council on April 12 have become a clue to "follow the map".
In the new "National Nine Articles", there is a sentence "improve the market value standard and other trading delisting indicators". According to the implementation of the Shanghai Stock Exchange, the Shanghai Stock Exchange will appropriately increase the market value delisting target of A-share (including A+B shares) listed companies on the main board to 500 million yuan. At the same time, considering that there are great differences between companies on the STAR Market and the Main Board in terms of listing conditions, development stage and revenue scale, as well as the suitability of investors, the market capitalization standard of companies on the STAR Market remains unchanged at 300 million yuan. The Shanghai Stock Exchange said that this adjustment will help give full play to the market-oriented delisting function and effectively promote the quality and investment value of listed companies. The revised delisting indicators for the market value of Main Board stocks and depositary receipts will be applicable from 6 months after the date of implementation of the new Listing Rules.
In terms of the Shenzhen Stock Exchange, it will also improve the threshold for delisting on the main board trading, appropriately raise the market value delisting standard for A-share companies (including A+B shares) on the main board to 500 million yuan, increase market-oriented clearance, and promote listed companies to improve their quality and investment value. The revised market value of A-shares (including A+B shares) on the Main Board and the delisting of depositary receipts will be counted from six months after the date of promulgation of the new rules.
It should be pointed out that on April 16, Guo Ruiming, director of the Department of Supervision of Listed Companies of the China Securities Regulatory Commission, said, "In terms of market capitalization indicators, only four main board companies in Shanghai and Shenzhen currently have a market value of less than 500 million yuan, and there is no company on the Science and Technology Innovation Board and the Growth Enterprise Market that is close to 300 million yuan in market value delisting." ”
According to Flush Software, as of the close of April 19, there are only 4 main board companies with a total market value of less than 500 million yuan, namely *ST Civil Control (000416.SZ), ST Meixun (600898.SH), ST Shentian (000023.SZ) and *ST Meisheng (002699.SZ), and *ST New Textile (002087.SZ) has a total market value of 515 million yuan,* ST Tai'an (002433.SZ) has a total market capitalization of 529 million yuan, which is also relatively close to the red line.
*The closing price of ST has been below 1 yuan for 17 consecutive days
From the disc point of view, * ST civil control from January 31 to start the journey down, from above 2 yuan now all the way down to 0.47 yuan, a series of "word down limit", so that the chips in the field is difficult to get out, April 19 closing, there are 490,000 hands on the limit board is still in line. On April 19, the total market value of ST Civil Control was 250 million yuan.
According to the data, *ST Civil Holdings was listed on July 19, 1996, and its main business is pawn business and insurance brokerage business. In the first three quarters of 2023, the operating income was 31.7155 million yuan, the net profit was 5.7224 million yuan, and the non-net profit was 2.3052 million yuan. In 2022, the company's operating income will be 19.6479 million yuan, and the net profit will be -28.5755 million yuan.
It is reported that due to the negative net profit in 2022 and the operating income of less than 100 million yuan, the company's shares will be subject to a "delisting risk warning" from April 27, 2023, and the stock abbreviation will be changed to "*ST Civil Control". If the company's audited 2023 annual report shows that the company's operating income is less than 100 million yuan and the net profit is negative, the company will be subject to a financial forced delisting. According to the 2023 performance forecast of *ST Civil Control, the company expects a loss of 68.5 million yuan to 135 million yuan, and is expected to have an operating income of 45 million yuan to 112 million yuan, and the net profit will decline significantly from the same period last year, mainly due to the company's fair value change loss of 100 million yuan calculated on the "Zhongrong-Huijin No. 1 Money Market Fund Collective Fund Trust Plan" held by the company, which is a non-recurring profit or loss.
*ST Civil Control's performance forecast will be disclosed on January 31, which corresponds to the market.
At the same time, as of April 19, the closing price of the company's shares was below 1 yuan for 17 consecutive trading days. According to Article 9.2.1 of the Rules for the Listing of Stocks on the Shenzhen Stock Exchange, if the closing price of the company's shares is lower than 1 yuan for 20 consecutive trading days, the company's shares will be terminated from listing and trading by the Shenzhen Stock Exchange. According to Article 9.1.15 of the Rules for the Listing of Stocks on the Shenzhen Stock Exchange, if the listing of the company's shares is terminated due to the forced delisting of trading classes, the company's shares will not enter the delisting period.
It seems that the market is running out of time for *ST Civil Control. According to public information, *ST Civil Control has 27,700 shareholders.
ST Meixun received the "Prior Notice of Administrative Punishment and Market Prohibition" on April 16
ST Meixun's recent stock price also started a downward limit journey from April 15, and the chips in the market wanted to get out of the door, but due to the loss of liquidity, they finally formed a stampede. At the close of trading on April 19, there were 100,000 lots lined up on the down limit. On April 19, the total market value of ST Meixun was 337 million yuan.
ST Meixun has also been listed for a long time, with a listing date of April 18, 1996, mainly engaged in the research and development, production and sales of mobile intelligent devices, and the actual controller is Huang Guangyu. The company is in a state of loss all year round, with losses of 382 million yuan, 851 million yuan, 258 million yuan, 59.6156 million yuan, and 77.815 million yuan from 2018 to 2022, respectively, and ST Meixun is still in a state of loss in the first three quarters of 2023, with a loss of 48.7385 million yuan, and the company's operating income in the first three quarters of 2023 is 31.3726 million yuan.
According to the preliminary calculation of the financial department, ST Meixun expects the net profit attributable to shareholders of listed companies in 2023 to be -105.45 million yuan, the net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses to be -104.15 million yuan, the annual operating income of 39.05 million yuan in 2023, and the operating income after deducting business income unrelated to the main business and income without commercial substance is 35.55 million yuan, which is less than 100 million yuan, and the company's net assets at the end of 2023 are expected to be -73.2 million yuan.
It is worth noting that ST Meixun was investigated on December 6, 2023 for suspected violations of information disclosure laws and regulations, and the "Prior Notice of Administrative Punishment and Market Prohibition" on April 16, 2024 has been received.
It is reported that there are false records in the 2020 annual report of ST Meixun (the company participated in the trade business of Apple mobile phones, Konka color TVs and Huawei mobile phones carried out by related parties under the control of the same actual controller in 2020, and the trade business has a closed loop of contracts and funds, which is a false purchase and sale business), the non-public issuance of shares in 2020 constitutes a fraudulent issuance (the introduction of the above-mentioned false trade business income data), and the 2021 annual report has false records (recognition of deferred income tax assets, The China Securities Regulatory Commission decided to fine the company 21.56 million yuan and ordered corrections to be given a warning, and gave a warning to Song Linlin, then chairman of the board of directors, Song Huohong, then general manager, and Guo Chen, then chief financial officer, and a fine of 3 million yuan each, Dong Xiaohong, then director, and Fang Wei, then supervisor, and Fang Wei, then supervisor, were given a warning and fined 2 million yuan respectively, and Shao Jie, then secretary of the board of directors, was given a warning and fined 1.8 million yuan. At the same time, due to the seriousness of the circumstances, the China Securities Regulatory Commission also decided to impose a 10-year market ban on Song Linlin, Song Huohong, and Guo Chen.
ST Messun believes that it has not touched the mandatory delisting of material violations stipulated in the Shanghai Stock Exchange Listing Rules, but according to the forecast of the 2023 results, it may be subject to a delisting risk alert (*ST) after the disclosure of ST Beauty's 2023 annual report.
In March, Wang Weijing, secretary of the board of directors of ST Meixun, resigned, and in April, independent director Wang Zhongzhong resigned.
The controlling shareholder has constituted a non-operating capital occupation of ST Shentian
As of April 19, ST Shentian has been "one-word down limit" for 5 consecutive years, with a total market value of 409 million yuan. The company was listed on April 29, 1993 and is mainly engaged in real estate and concrete production. According to the performance forecast, ST Shentian expects a loss of 150 million yuan to 190 million yuan in 2023, a loss of 160 million yuan to 200 million yuan after deducting non-net profit, and the net assets attributable to shareholders of listed companies at the end of 2023 are expected to be -9.956 million yuan to -49.956 million yuan.
ST Shentian also has an interpretation of the performance changes, on the one hand, because the domestic economic recovery has not met expectations, the real estate market is weak, the contradiction of overcapacity has soared, and the industry market situation is still grim. Affected by the real estate policy, the company's concrete industry will shut down four concrete stations in 2022, and concrete production and sales have not yet resumed, resulting in a year-on-year decline in the company's sales revenue and continuous cost inversion. On the other hand, the company, its holding subsidiaries and grandchildren have many litigation and arbitration matters due to economic disputes, and too many litigation matters have led to the judicial freezing of some bank accounts, that is, some assets have been frozen and sealed, which has had a certain impact on the company's production and operation. Thirdly, out of the principle of prudence, the company separately made a provision for major credit impairment losses for projects that are expected to increase significantly in the credit risk of the concrete industry, and the company made a provision for litigation and arbitration matters, resulting in a decrease in operating profit.
According to the risk warning of ST Shentian on March 27, after the disclosure of the 2023 annual report, the company may be subject to a delisting risk alert (preceded by the word "*ST" in the company's stock abbreviation). It is reported that the scheduled disclosure date of ST Shentian's 2023 annual report is April 30, 2024. At present, the audit of the company's 2023 annual report is in progress.
It needs to be mentioned here that Guangdong Junhao Equity Investment Holding Co., Ltd. (hereinafter referred to as "Guangdong Junhao"), the controlling shareholder of ST Shentian, has occupied the company's non-operating funds and the situation is serious.
On April 30, 2023, Shenzhen Tiandi Shunming Enterprise Management Co., Ltd. (hereinafter referred to as "Tiandi Shunming"), a wholly-owned subsidiary of ST Shentian, signed a "purchase and sale contract" with Shenzhen Qianhong Trading Co., Ltd. for cement ore silt, and on May 4, 2023, Tiandi Shunming transferred 137 million yuan from the account of Beijing Wanshou Road Branch of Bohai Bank to Shenzhen Qianhong Trading Co., Ltd. in the form of advance payment. In the name of prepaid materials, 137 million yuan of non-operating funds were occupied, and as of August 28, 2023, the cumulative balance of non-operating funds was 137 million yuan. Lin Hongrun, the actual controller of the company, and Guangdong Junhao, the controlling shareholder, confirmed that there was no substantive transaction in the above-mentioned contracts and capital exchanges, and the controlling shareholder Guangdong Junhao used this to form a current payment of 137 million yuan to repay its debts, which constituted the controlling shareholder's non-operating capital occupation of Shenzhen Tiandi.
Then, as of now, the balance of Guangdong Junhao's non-operating funds occupied by the company is still 137 million yuan.
*ST美盛及实控人3月被立案
Look at the trend of *ST Meisheng, now it has become a "cage", the continuous "one-word drop limit" makes the chips difficult to escape, not to mention, the stock price is still below the red line of 1 yuan for 16 days, and the chips that want to get out of the cage can be imagined.
*ST Meisheng was listed on September 11, 2012 and is one of the major animation apparel manufacturers in China. According to the latest forecast, the company will lose 75 million yuan to 95 million yuan in 2023, deduct non-net profit of 80 million yuan to 99 million yuan, operating income of 950 million yuan to 1.05 billion yuan, and net assets at the end of the period of 1.05 billion yuan to 1.15 billion yuan. *ST Legg Mason believes that the loss is due to the provision for bad debts of receivables and the impairment of foreign investments.
*ST Legg Mason was issued an audit report by the annual audit accountant in 2022 that could not express an opinion, resulting in the implementation of a delisting risk alert from May 5, 2023. *ST Meisheng said that the company's 2022 annual report cannot indicate that the impact of the controlling shareholder's and its affiliates' illegal occupation of funds, the transfer of large amounts of funds by Zhonghe Guoxin and the investigation of the CSRC has not been completely eliminated, and the above matters will affect the issuance of the company's 2023 audit report, and there is a risk of termination of listing after the disclosure of the company's 2023 annual report.
*ST Meisheng also has the non-operating capital occupation of the controlling shareholder, and the balance of non-operating funds occupied by Meisheng Holdings and related parties through indirect transfer of funds is 769.9145 million yuan. The management of the company has repeatedly discussed with the controlling shareholder all feasible ways and methods to raise funds through asset realization, transfer of equity and investment projects, borrowing, debt recovery and transfer of control. In the 2022 annual report, the company has fully accrued bad debts on the balance of funds occupied by the controlling shareholder.
On March 22, 2024, the company and the actual controller Zhao Xiaoqiang also received the "Notice of Case Filing" issued by the China Securities Regulatory Commission (CSRC) on suspicion of illegal information disclosure, and the investigation has not yet reached a final conclusion.
*ST Meisheng has about 50,000 shareholders, so it is natural that it is difficult to be "beautiful".
The Beijing Stock Exchange has added a new volume delisting indicator
It should be pointed out that due to the particularity of the Beijing Stock Exchange, the Beijing Stock Exchange has also added a new trading volume delisting indicator, that is, the cumulative trading volume of less than 1 million shares for 120 consecutive trading days will be forced to be delisted. According to the arrangement, the volume indicator is calculated from the date of implementation of the rule. From this point of view, it means that almost half a year later, the first list will appear.
Interface news combing found that at present, there are more than 200 targets on the Beijing Stock Exchange, and Jinbo Biotech (832982. BJ), also has a trading volume of more than 17 million shares, and Qingju Technology (836208.BJ) has a trading volume of more than 18 million shares in 2024, and there is no one close to the indicator for the time being.