This year, 24 A-share companies have been locked in and delisted, and many of them have sounded the alarm due to financial imperfections

Chengdu Business Daily Red Star News

2024-05-01 18:57Published on the official account of Red Star News of Chengdu Business Daily, Sichuan

Red Star Capital Bureau reported on May 1 that the annual report season ended, and a number of listed companies sounded the delisting alarm. As of April 30, 24 A-share companies have been locked in and delisted, of which 9 companies have completed delisting.

The picture is from China Securities Journal

"1 yuan delisting" has become the main channel for the normalized exit of A-share listed companies. As of April 30, more than 10 companies have locked in "1 yuan delisting" this year. Among them, *ST Huayi, *ST Bolong, *ST Oceanwide, *ST Aidi, ST Hongda, ST Xingyuan, and ST Guiren 7 companies have been terminated from listing and delisted;

With the end of the 2023 annual report, a number of listed companies that have touched the financial delisting indicators have appeared. Among them, due to the audit report of the 2023 financial and accounting report that cannot express an opinion, *ST Yuancheng and *ST Tongda received a prior notice of the proposed termination of the company's stock listing.

Due to the negative audited net profit in 2023 and the operating income after deducting business income unrelated to the main business and income without commercial substance is less than 100 million yuan, *ST Carbon Yuan received a prior notice of its intention to terminate the company's stock listing on April 30.

*ST Mall will achieve a net profit of -341 million yuan in 2023, and the operating income after deducting the business income unrelated to the main business and the income without commercial substance will be 82 million yuan, and at the same time, the company's 2023 financial and accounting report was issued an audit report that could not express an opinion, and received a prior notice of the company's stock listing to be terminated.

In addition, there has been an increasing number of cases that have touched the mandatory delisting target of major violations. After *ST Xinhai became the first case of mandatory delisting due to major violations in 2024, *ST Poten was also terminated from listing and delisted on April 25 due to forced delisting due to material violations. *ST Huayi and *ST Xinfang were also previously warned for major illegal delisting due to financial fraud, and the company was delisted from the trading category in advance because the risk was fully released.

It is worth mentioning that on April 30, under the guidance of the new "National Nine Articles" to strengthen the supervision of delisting, the Shanghai and Shenzhen Stock Exchanges revised and improved and officially issued the relevant delisting rules.

The picture comes from Shanghai Securities News

The revision of the delisting criteria is to further highlight the deterrence of financial fraud, internal control failure and other chaos on the basis of the delisting reform in 2020, and improve the all-round and three-dimensional crackdown system against violations of laws and regulations. Among them, on the basis of the mandatory delisting of a certain proportion of continuous fraud in the previous two years, new delisting criteria such as serious fraud for one year and continuous fraud for three years or more, new delisting criteria such as capital occupation and internal control being issued with no opinion or negative opinion.

In addition, the revision of the delisting criteria has further tightened the financial delisting indicators, increased the delisting of companies with poor performance, appropriately raised the delisting criteria of market capitalization, and promoted the full play of the market-oriented delisting function.

From the perspective of the overall impact assessment, the delisting rules are precisely targeted, targeting "shell zombies" and "black sheep", highlighting the quality and investment value of listed companies, and not targeting "small-cap" companies. At the same time, the implementation of the rules has set up a severing arrangement to ensure a smooth transition between the old and new regulations and standards, strictly crack down on companies that have committed fraud for many years and have occupied the funds of controlling shareholders and do not rectify, clarify investors' expectations, and strengthen risk disclosure.

Editor Yu Dongmei synthesized from China Securities Journal and Shanghai Securities News

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