The "Opinions on Reforming, Perfecting and Strictly Implementing the Delisting System of Listed Companies", which is known as "the most stringent new policy in history", was officially implemented on the 16th, and the relevant rules and regulations revised by the Shanghai and Shenzhen Stock Exchanges were also implemented simultaneously.
The days when the poor stocks were shocked and trembled were still coming. According to the new delisting rules, for the market transaction and financial mandatory delisting indicators, the main consideration is “three consecutive years of lossesâ€, but on the basis of the previous emphasis on enforcement.
According to statistics, there are currently 50 risk-warning stocks in the Shanghai and Shenzhen stock markets. There are 24 ST companies that are still losing money in the first three quarters of this year. Among them, *ST Super Day, *ST Yihua, *ST double loss in the top three, respectively, 2.78 billion yuan, 2.012 billion yuan and 1.417 billion yuan. The *ST Super Day and *ST Double are currently in a state of suspension. The losses of the two companies in the first three quarters of this year are not small. If they cannot turn a profit in the fourth quarter of this year, they are likely to become a new delisting. The first batch of companies that were forced to withdraw from the market after the formal implementation of the system. In addition, *ST Phoenix, *ST Guoheng, *ST Wuguo B have also been suspended.
The three GEM companies, Tianlong Optoelectronics, Baode Shares and Wanfushengke, have issued a risk warning announcement for suspension of listing. The three companies are making every effort to save themselves. Tianlong Optoelectronics lost 62.471 million yuan in the first three quarters of this year. The company recently introduced not only new shareholders but also shares in the participating subsidiaries. The self-rescue of Baode shares has achieved initial results. The company's net profit in the third quarter was 8,448,800 yuan, which turned losses into profits. In the first three quarters of this year, Wanfushengke suffered a loss of 27,186,300 yuan. The company announced in September that it would transfer 100% of the equity of Wanfushengke (Beijing) Organic Agricultural Technology Promotion Service Co., Ltd., a wholly-owned subsidiary, at a price of 4,982,400 yuan.
The poor performance stocks are the worry. However, the violating company should also tremble after the implementation of the new delisting regulations. The new rules for delisting clearly stipulate that two major illegal acts, such as fraudulent issuance and major information disclosure, will be forcibly delisted. In accordance with the principle that the law does not go back to the past, Green Earth and Nanfang shares have had major violations of the law, but have received the fines. These companies are expected to “escape†and be forced to withdraw from the market due to illegal activities. Companies such as *ST Sanmao, which have been inspected but have not yet received a ticket, may face significant risks due to “forced delisting from illegal activitiesâ€.
In a mature market, entry and exit should be natural. Enter the threshold of entry, and retreat with the rules of retreat. Only entering or not going out will destroy the balance of the market.
The reason why the new version of the delisting system attracted great attention was nothing more than the fact that the previous delisting system made investors too disappointed, so that the dramas such as "Crows become Phoenix" continued to perform. But no matter how strict and perfect the rules are, the execution will ultimately be the key to the system's effect. From today on, let us wait and see.
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