100 A-shares have been put on risk alert, how should investors avoid lightning?

Guo Shiliang

2024-05-31 08:55Published in Guangdong financial commentator, financial columnist

  In less than six months, 100 listed companies in the A-share market have been put on risk alert this year. With the continuous development of the delisting system, the number of listed companies that have been put on risk alert this year has increased significantly. As of April 30 this year, 24 companies in the A-share market have locked in delisting, and 9 companies have completed delisting.

  Delistings occur almost every year, but this year's pace has accelerated significantly. With 100 listed companies being put on risk alert, it means that more listed companies may fall into the fate of delisting in the future.

  Why are 100 listed companies under risk alert in less than half a year?

  From the analysis of the direct causes, the continuous improvement of the delisting system, under the influence of the enhanced delisting rules, including financial delisting and normative delisting, will increase. In addition, the number of par value delistings still accounts for a large proportion, and in a relatively sluggish market environment, there are more listed companies that trigger the risk of par value delisting.

  From the analysis of 100 listed companies that have been subject to risk alerts, they have been dealt with by risk alerts due to the main triggering of financial indicator problems. Specifically, it includes negative net assets at the end of the period, negative audited net profit for the most recent fiscal year, and revenue less than 100 million yuan. The financial indicators are not up to standard, reflecting the deterioration of the financial situation of listed companies, which is also the main reason why some listed companies are subject to risk warnings.

  From the analysis of the content of the recent new delisting regulations, the new delisting situation is worth everyone's attention.

  For example, if the new capital occupies a large amount, it will also trigger the situation of normative delisting. Specifically, if the controlling shareholder of a listed company and its affiliates occupy funds for non-operational purposes, and the balance reaches more than 200 million yuan or exceeds 30% of the net assets, and it is not returned within 6 months, the situation of standardized delisting will be triggered.

  In addition, listed companies with non-standard internal control audit opinions that do not meet the standards and long-term disorderly competition for control will also trigger the delisting of the normative category.

  Therefore, for listed companies, the delisting of the A-share market will be further improved in the future, and the probability of possible delisting in the future will also increase. In the future, investors not only need to observe whether the listed company will trigger the delisting at face value, but also need to observe whether the financial indicators of the listed company meet the conditions for delisting, and also need to observe the capital occupation of the controlling shareholder of the listed company, the non-standard audit of the internal control of the listed company, etc., and if you are not careful, it is easy to step on the investment minefield.

  It can be expected that the delisting rate of the A-share market will further increase in the future, but the corresponding supporting measures also need to be followed up, especially for investor claims, and there may be relatively large market demand in the future.

  From an investor's point of view, they may not remember the various delisting scenarios very clearly. However, for them, in the future, they may need to reduce the number of stocks they invest in as much as possible, and check out the investment risks of listed companies one by one, so as to reduce the probability of their investment as much as possible. In addition, the easiest way is to invest directly in index funds, which can avoid most investment pitfalls.

  In fact, from the analysis of companies that have been delisted in the past, the main reasons for delisting are concentrated in par value delisting and financial delisting. In the former, when the closing price of a listed company is lower than the par value per share for 20 consecutive trading days, the par value delisting will be triggered. In the latter case, if the listed company has negative net assets at the end of the period, negative audited net profit in the most recent fiscal year and revenue less than 100 million yuan, it will trigger the delisting rules if the financial indicators do not meet the standard. Therefore, for investors, they can focus on the above two types of delisting situations, as long as these two types of delisting risks are excluded, then more than 90% of the delisting minefield is basically avoided.

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Personal opinion, for reference only