In recent years, some listed companies have suffered performance losses, financial fraud, information disclosure violations, regulatory penalties, etc., and have been "voted with their feet" by investors, and their stock prices have plummeted, or even locked in and delisted.
On April 25, *ST Meishang fell 6.90%, closing at 0.27 yuan, and the closing price has been below 1 yuan for 14 consecutive trading days, even if the follow-up company's shares continue to rise by 20%, it cannot return to 1 yuan, reaching the delisting condition of "less than 1 yuan for 20 consecutive trading days", and locking the delisting in advance.
Lock in "$1 delisting"
Under the exposure of multiple risks, *ST Meishang still ushered in the fate of "1 yuan delisting".
Recently, *ST Meishang has repeatedly issued announcements to remind investors that there is a risk that the company's shares may be terminated due to the stock price being lower than the par value. As of the close of trading on April 25, the closing price of the company's shares was below 1 yuan for 14 consecutive trading days. According to the relevant provisions of the GEM stock listing rules, if the daily stock closing price of a listed company is lower than 1 yuan for 20 consecutive trading days, the Shenzhen Stock Exchange will terminate the listing and trading of its shares.
According to the calculation of the Securities Times reporter, in the next 6 trading days, even if the daily closing price of the company's shares is 20%, it will not be able to return to 1 yuan, so it will be locked in advance and delisted.
*ST Meishang was issued an audit report by Zhongxinghua Certified Public Accountants (Special General Partnership) due to the 2020 financial report, and the company's stock trading has been subject to delisting risk warning since May 7, 2021.
As of December 31, 2020, due to the fact that the company's controlling shareholders and related parties occupied 991 million yuan of the company's funds, as of April 30, 2021, 96.1761 million yuan of occupied funds have been repaid, and the remaining 895 million yuan is outstanding, and there is no feasible solution as of April 30, 2021. The company's shares have been superimposed with other risk warnings since May 7, 2021.
In addition, due to the fact that the company's net profit before and after deducting non-recurring gains and losses in the last three fiscal years is negative, and the audit report of the latest year shows that there is uncertainty about the company's ability to continue operations, the company's shares will be superimposed with other risk warnings from April 27, 2023.
Previously, *ST Meishang has announced that it expects the company to lose 440 million yuan to 620 million yuan in 2023. This means that the company will lose money for 4 consecutive years. Previously, the company suffered a total of 1.827 billion yuan in consecutive huge losses from 2020 to 2022.
Multiple negativity
*ST Meishang entered the delisting situation, mainly because the company has multiple risks.
On the evening of April 21, *ST Meishang announced that due to irregular financial accounting and failure to fulfill information disclosure obligations in accordance with regulations, the company was recently ordered to correct regulatory measures by the Shenzhen Securities Regulatory Bureau.
At the same time, the company was filed by the China Securities Regulatory Commission on April 19 due to suspected violations of information disclosure laws and regulations.
Combing through past announcements, it can be seen that this is not the first time that *ST Meishang has been filed. In December 2021, the company and its controlling shareholder Wang Yingyan were filed by the China Securities Regulatory Commission for illegal information disclosure, and the relevant parties of the company have received an administrative penalty decision.
In addition to the above problems, *ST Meishang also has problems such as inaccurate disclosure of information in the 2022 annual results forecast, failure to truthfully disclose material deficiencies in the 2021 and 2022 internal control self-evaluation reports, the use of personal accounts to manage the company's funds, the irregular operation of the three committees, incomplete registration of related parties, inadequate registration and management of insiders of inside information, and untimely update of the internal management system.
In fact, as early as July 2023, *ST Meishang was punished by regulators for financial fraud and fraudulent issuance for many years.
According to the administrative penalty decision, from 2012 to the first half of 2020, the company inflated its net profit by recognizing accounts receivable in advance, falsely recording bank interest income, adjusting project income without adjusting the approved amount, and inflating the income of subsidiaries, with a cumulative inflated profit of more than 400 million yuan.
Due to the undisclosed occupation of non-operating funds and long-term financial fraud, *ST Meishang constituted fraudulent means to obtain issuance approval during the 2018 non-public offering, which touched the fraudulent issuance.
In view of the above situation, the China Securities Regulatory Commission decided to order *ST Meishang to make corrections, give a warning, and impose a fine of 13.3 million yuan, impose fines of 15.1 million yuan and 530,000 yuan respectively on the actual controllers Wang Yingyan and Xu Jing, and impose a lifetime ban on Wang Yingyan from entering the securities market, and impose a fine of 50,000 yuan to 700,000 yuan on other responsible persons.
It is worth mentioning that as the main person responsible for organizing and manipulating the above-mentioned illegal acts, Wang Yingyan, the actual controller of *ST Meishang, was also punished in February this year for manipulating his own stocks.
Specifically, from June 12, 2018 to July 3, 2020, Wang Yingyan and Ji Yun (35 years old), the legal representative of Shanghai Yongshu Asset Management Co., Ltd., a private equity institution, actually controlled 113 securities accounts including "Wu", concentrated their capital advantages and shareholding advantages, continuously traded "Meishang Ecology", and manipulated "Meishang Ecology". During the period of stock price manipulation, the account group bought a total of 3.14 billion shares and bought 39.984 billion yuan, and sold 3.138 billion shares and sold 39.798 billion yuan, with a cumulative transaction volume of nearly 80 billion yuan. However, after deducting commissions and related taxes, the account group still lost 238 million yuan.
For the above behavior, the China Securities Regulatory Commission decided to impose fines of 5 million yuan and 3 million yuan on Wang Yingyan and Ji Yun respectively.
According to public information, in 2016, Wang Yingyan appeared on the "Hurun Report" for the first time with a net worth of 5 billion yuan and became a well-known female billionaire.
The market "metabolism" accelerates
As a key basic system in the mainland capital market, the delisting system has always attracted much attention.
On April 12, in accordance with the principles and directions determined by the Implementation Plan for Improving the Delisting Mechanism of Listed Companies issued by the Central Deep Reform Commission, the State Council's "Several Opinions on Strengthening Supervision and Preventing Risks and Promoting the High-quality Development of the Capital Market" clearly proposed to further tighten the mandatory delisting standards, smooth multiple exit channels, reduce the value of "shell" resources, and strengthen delisting supervision. The China Securities Regulatory Commission thoroughly implemented the above requirements, adhered to the tone of "two strong and two strict", combined with the actual situation of the current capital market, formulated and issued the "Opinions on Strictly Implementing the Delisting System", and the stock exchange revised and improved the relevant delisting rules.
The new delisting regulations focus on improving the overall quality of existing listed companies, and through strict delisting standards, increase efforts to clear out "zombie shells" and "black sheep" and reduce the value of "shell" resources, which can be described as "good money drives out bad money";
Since the beginning of this year, the companies that have been delisted and delisted include *ST Huayi, *ST Bolong, *ST Oceanwide, *ST Aidi, ST Hongda, ST Guiren, Xinhai Delisted, and Delisted Potian. ST Xingyuan has received the delisting decision from the exchange, and because the company's shares have touched the forced delisting of the trading class, the exchange has made a decision to terminate the listing and will not enter the delisting period.
Previously, there have been many companies such as *ST Civil Control, *ST Meisheng, *ST New Textile, *ST Tai'an, *ST Meishang and other companies have been locked in and delisted recently. As the deadline for disclosure of 2023 annual reports approaches, it is expected that more companies that have implemented delisting risk alerts will be added to the delisting list due to the failure to improve their financial indicators.
"The improvement of the delisting system has played a very positive role in promoting the improvement of the quality of listed companies. If some companies with poor performance and poor financial status cannot meet the standards of the capital market, their continued existence will pose a greater risk to the development of the entire market. Companies that have been forcibly delisted can also pay more attention to their own operations and management, and strive to re-list by improving the overall quality of the company. Liu Yan, chairman of Anjue Assets, told the Securities Times reporter.
In Liu Yan's view, the delisting system has actually played a good role in alerting and spurring all listed companies. In particular, it is necessary to resolutely crack down on those black sheep who have fraudulent issuance, information disclosure and falsification, and never be soft, not only to forcibly terminate the listing qualifications of such companies, but also to let the relevant responsible personnel bear the economic and legal consequences, which is very important for maintaining the fairness and justice of the market and laying the cornerstone role of the capital market.
Galaxy Securities believes that the latest regulations on delisting will help improve the overall quality of listed companies and better protect the rights and interests of investors by increasing the delisting situation, improving the delisting index of the operating income of loss-making companies, and improving the delisting index of trading products.
Editor-in-charge: Ye Shuyun
Proofreading: Ran Yanqing
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