Five A-share companies were terminated from listing, and 24 were locked up and delisted, of which 9 have been delisted

National Business Daily

2024-05-08 08:12Published on the official account of Sichuan Daily Economic News

Reporter: Huang Xinlei Editor: Dong Xingsheng

On the evening of May 6, *ST Zuojiang (SZ300799, stock price 6.94 yuan, market value 708 million), *ST Yuebo (SZ300742, stock price 0.80 yuan, market value 113 million yuan), *ST Tai'an (SZ002433, stock price 0.51 yuan, market value 391 million yuan), *ST Sansheng (SZ300282, stock price 0.50 yuan, market value 187 million yuan), *ST medium-term (SZ000996, The stock price is 1.49 yuan, and the market value is 514 million yuan) announced that it received a prior notice of termination of listing from the Shenzhen Stock Exchange.

It is worth noting that a few days before the "May Day" holiday, *ST Garden City (SH600766, share price 9.84 yuan, market value 2.206 billion yuan), *ST Tongda (SH600647, stock price 7.13 yuan, market value 992 million yuan), *ST carbon yuan (SH603133, stock price 1.98 yuan, market value 414 million yuan), *ST Mall (SH600306, The share price is 1.99 yuan, and the market value is 853 million yuan) announced that it received a prior notice of termination of listing from the Shanghai Stock Exchange.

As of April 30, 24 A-share listed companies have been locked in and delisted, of which 9 companies, including *ST Oceanwide (delisted 000046), ST Xingyuan (delisted 000005), and *ST Xinhai (delisted 002089).

Image source: Visual China-VCG211284200120

The reasons for the delisting of the five companies can be divided into three categories

According to the announcement on May 6, *ST Zuojiang, *ST Yuebo, *ST Tai'an, *ST Sansheng and *ST received notices from the Shenzhen Stock Exchange respectively that the company's shares may be terminated due to financial reasons. However, in terms of breakdown, the reasons for the delisting of the five companies can be divided into three categories.

The first is the termination of the listing of stocks that touch the provisions of Items 1 and 3 of Paragraph 1 of Article 10.3.10 of the Rules Governing the Listing of Stocks on the Growth Enterprise Market of the Shenzhen Stock Exchange (revised in August 2023), that is, after the stock trading is subject to a delisting risk warning, the audited net profit in the first fiscal year is negative and the operating income is less than 100 million yuan, or the net profit in the most recent fiscal year after retrospective restatement is negative and the operating income is less than 100 million yuan; The financial and accounting report is issued with a qualified opinion, an audit report that cannot express an opinion or an adverse opinion.

According to the 2023 annual report, *ST Zuojiang achieved revenue of 53.2516 million yuan last year, a year-on-year decrease of 9.68%; the net profit loss attributable to the parent company was 220 million yuan, a year-on-year decrease of 49.67%; The company's 2023 financial statements were also issued with an audit report that could not express an opinion.

It is worth noting that in 2023, affected by the concept of computing power, *ST Zuojiang's share price will rise sharply, reaching a maximum of 299.80 yuan per share, which is known as the "most expensive ST stock". As of the suspension of trading, *ST Zuojiang closed at 6.94 yuan per share, down 97.69% from the high.

The second category is the termination of the listing of stocks that are subject to the provisions of Item 3 of Paragraph 1 of Article 9.3.11 of the Rules Governing the Listing of Stocks on the Shenzhen Stock Exchange (revised in August 2023). That is, after the stock trading is subject to a delisting risk warning, the financial and accounting report of the first fiscal year is issued with a qualified opinion, an audit report that cannot express an opinion or a negative opinion.

According to the 2023 annual report, *ST Tai'an achieved revenue of 410 million yuan last year, a year-on-year decrease of 36.43%; the net profit loss attributable to the parent company was 2.210 billion yuan, a year-on-year decrease of 128.28%; The company's 2023 financial statements were issued with an audit report that could not express an opinion.

Similarly, *ST's mid-term 2023 annual report disclosed that it achieved revenue of 11.0692 million yuan last year, a year-on-year decrease of 64.99%; the net profit attributable to the parent company was 8.0069 million yuan, a year-on-year increase of 423.58%; The company's 2023 financial statements were issued with an audit report with emphasis paragraphs and no opinion.

The third category is the termination of listing of stocks that are subject to the provisions of Item 4 of Paragraph 1 of Article 10.3.10 of the Rules Governing the Listing of Stocks on the Growth Enterprise Market of the Shenzhen Stock Exchange (revised in August 2023). That is, after the stock trading is subject to a delisting risk warning, the first fiscal year fails to disclose the true, accurate and complete annual report of more than half of the directors within the statutory time limit.

*ST Yuebo and *ST Sansheng are unable to disclose the 2023 annual report and the first quarter of 2024 within the statutory deadline, and so far, they have not disclosed.

Since 2023, "National Business Daily" has repeatedly reported that the new and old actual controllers of *ST Yuebo have fallen into infighting, the introduction of war investment has been fruitless, and the actual controllers have "taken sick to work". On April 22, *ST Yuebo insiders told reporters that at present, the old and new controllers have been jointly protecting the shell. At present, it seems that even if the two sides abandon their previous suspicions, *ST Yuebo will not be able to reverse the decline, and the 2023 annual report and the first quarter of 2024 will both have difficult births.

Some ST shares fell sharply

On May 7, ST concept stocks fell again. According to Choice financial terminal data, as of the close of the afternoon of the same day, the ST share sector (BK0511) was reported at 4970.50, down 2.26%.

Among them, *ST Baan (SZ300262, stock price 1.31 yuan, market value 877 million yuan), *ST Yinjiang (SZ300020, stock price 4.28 yuan, market value 3.480 billion yuan), *ST Baoli (SZ300116, stock price 0.34 yuan, market value 1.500 billion yuan) and other stocks fell to the limit.

Taking *ST Baan as an example, the company's net profit attributable to the parent company and non-net profit deducted for the three fiscal years from 2021 to 2023 are all negative, and its stock trading has been subject to a delisting risk warning according to Article 9.4, Paragraph 1, Item 6 of the Shenzhen Stock Exchange's GEM Stock Listing Rules (revised in August 2023). In addition, the company's 2023 financial report was issued with an audit report that could not express an opinion.

According to a 2022 report by "National Business Daily", due to the battle for control and the violation of the guarantee by the former actual controller Zhang Chunlin, *ST Baan "put a stop" on the "white knight" Shandong Gaochuang Construction Investment Group Co., Ltd. The fixed increase was "put to rest", and after more than a year, it was difficult for the company to turn over.

As for *ST Baoli, firstly, according to the provisions of Article 10.3.1, Paragraph 1, Item 1 of the Rules Governing the Listing of Stocks on the Growth Enterprise Market of the Shenzhen Stock Exchange, if the company has "a negative audited net profit and operating income of less than 100 million yuan in the most recent fiscal year, or a negative net profit and operating income of less than 100 million yuan in the most recent fiscal year after retrospective restatement", the stock trading will be subject to a delisting risk warning.

Second, *ST Baoli's net profit attributable to the parent company and non-net profit deducted from operating activities for the three fiscal years from 2021 to 2023 continued to be negative, and the audit report of the 2023 financial statements was issued with a qualified opinion, according to the circumstances specified in Article 9.4, Paragraph 1, Item 6 of the Rules for the Listing of Stocks on the Growth Enterprise Market of the Shenzhen Stock Exchange (revised in August 2023), the company's stock trading is subject to other risk warnings.

Third, as of May 7, the closing price of *ST Baoli shares has been below 1 yuan for 13 consecutive trading days, and there is a risk that the listing may be terminated because the stock price is lower than the par value. According to the relevant provisions of Article 10.2.1 of the Rules Governing the Listing of Stocks on the Growth Enterprise Market of the Shenzhen Stock Exchange (Revised in August 2023), if the daily closing price of the listed company's shares is lower than RMB 1 for 20 consecutive trading days, the Shenzhen Stock Exchange will terminate the listing and trading of its shares.

Considering that the stock price of *ST Baoli is only 0.34 yuan / share, and it has fallen for 3 consecutive trading days, if the stock price continues to fall on May 8, even if the next 6 trading days continue to "20CM" limit, the closing price cannot be greater than or equal to 1 yuan, and the "face value delisting" may be locked at that time.

National Business Daily

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