After deducting non-losses for 17 consecutive years, the A-share "immortal bird" was finally delisted!

Kanjian Finance

2024-05-27 09:34Posted in Guangdong financial field creator

With the intensification of supervision, some former "immortal birds" can no longer replicate their former glory.

On the evening of May 21, *ST Mall announced that it had received the self-regulatory decision "Decision on Terminating the Stock Listing of Shenyang Commercial City Co., Ltd." issued by the Shanghai Stock Exchange, and decided to terminate the listing of the company's shares.

According to the announcement, due to the company's negative audited net profit in 2022 and operating income less than 100 million yuan, and the audited net assets at the end of the period in 2022 are negative, *ST Mall shares will be subject to delisting risk warning from March 31, 2023. Previously, *ST Mall disclosed its 2023 financial report, and the company failed to turn around its performance. According to the financial report, the company's net profit in 2023 will continue to lose 341 million yuan, and the revenue will only be 101 million yuan, and its financial report will be issued with an audit report that cannot express an opinion, triggering the termination of listing in the listing rules.

Therefore, *ST Mall inevitably went to the end of delisting.

In fact, it's no surprise that this company has come to this point.

According to the data, Shenyang Commercial City was established in 1991, and Shenyang Commercial City Group was established in September 1997, and was designated as "a large-scale enterprise in the national commercial retail industry" by the Ministry of Domestic Trade in the same year. In 1999, the group united five enterprises and established Shenyang Commercial City Co., Ltd. after shareholding system transformation.

At the end of 2000, the Commercial City landed on the main board of the Shanghai Stock Exchange. But it is worth noting that since the company went public, its performance has been relatively sluggish.

According to the financial report statistics, since 2006, the company has been hovering in the balance line of loss and profit. Among them, the deduction of non-net profit has been negative for 17 consecutive years, and it has been wearing a hat many times, in order to prevent being delisted, during which it has repeatedly relied on selling assets to protect the shell, and has been surviving in A-shares.

Of course, for the commercial city, as a listed company in the field of supermarkets, it is not seizing the opportunity for development. As early as around 2015, with the support of Internet companies, traditional retail enterprises began to shift to "instant retail", and online business also gave new empowerment to traditional supermarkets.

However, for the commercial city, it is not to seize the opportunity to turn over, resulting in the opportunity to lose again and again, because its transformation is not decisive, missed the best opportunity, the company inevitably slipped to the edge of the "cliff", and caused today's delisting situation, in fact, it has long been doomed.

Through combing, we found that in fact, the commercial city has been taking frequent actions in recent years in order to protect the shell.

As early as January 2021, the actual controller of *ST Mall was changed to Wang Qiang, and the company's main assets at that time were two stores, Tiexi Department Store and Commercial City Store, and the operating income was mainly the store's commodity sales revenue and merchant rental income.

After Wang Qiang became the actual controller of the commercial city, he promised to divest loss-making assets and use his own resources in the semiconductor industry to inject high-quality assets into listed companies, but in the end this promise was not fulfilled.

In March 2023, the company was once again put on delisting risk alert, and the company fell into a situation of insolvency, not only that, but the company was also mired in a number of litigation disputes.

The multiple restructurings could have brought a ray of life to the company. But the company didn't take advantage of the opportunity. According to the information, on April 7, 2023, the creditor applied for bankruptcy reorganization of *ST Mall, and on December 12, the reorganization plan was approved by the court.

After entering the pre-reorganization process, the share price of *ST Mall has been rising, and the company's share price reached a high of 14.5 yuan per share in January this year.

But the problem lies in the 2023 financial report, on the evening of January 30, the company disclosed the 2023 performance forecast, in which the company mentioned that there is a large amount of abnormal income from self-operated gold and home appliance sales, which has attracted the attention of regulators. Since then, the auditor has questioned the company's performance and intends to issue an audit report with a non-unqualified opinion on the company.

In mid-March, *ST Mall urgently changed its auditors, but it was inquired by the Shanghai Stock Exchange, and finally the new auditors also gave an audit report with a non-unqualified opinion.

In less than half a year, the company's share price fell from a high price of 14.5 yuan/share to 1.99 yuan/share, a decline of more than 85%, and the company's market value was only 853 million.

Kanjian Finance believes that the reason why *ST Mall has come to the step of delisting is caused by its own poor profitability, and the core problem is still in itself. Therefore, investors should also be carefully screened and do not invest blindly.

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