A pattern of normalized delisting of A shares is basically formed
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Under the background of “zero tolerance” in supervision, the effectiveness of new delisting regulations continues to emerge. In just over a month since the start of 2023, many stocks in the A-share market have been locked in advance for delisting. Industry experts said that in 2023, with the implementation of a new round of “quality improvement” plans for listed companies and the full implementation of the reform of the stock issuance registration system, the delisting of A shares is expected to increase, and the function of survival of the fittest in the capital market will be further strengthened. The pattern of normalized delisting is basically formed.
Many companies hit the delisting index
The first batch of delisted stocks with par value in 2023 has appeared.
On the evening of February 3, *ST Jinzhou announced that the company had received the “Prior Notification” issued by the Shenzhen Stock Exchange, and the company’s stock touched the termination of listing of stocks stipulated in the “Stock Listing Rules” of the Shenzhen Stock Exchange. On the previous evening of February 2, *ST Kaile and *ST Jinzhou both announced that as of February 2, 2023, the closing prices of the stocks of the two companies were 0.47 yuan/share and 0.72 yuan/share respectively, which has been 20 consecutive days. The trading day (December 29, 2022 to February 2, 2023) is less than 1 yuan, which has touched the trading delisting index stipulated in the stock listing rules of the exchange, and there is a risk of being terminated from listing. According to the relevant rules, the stocks of the two companies will be suspended from the opening of the market on February 3, 2023. The reporter noticed that the two companies not only touched the trading delisting indicators, but also faced multiple financial and major illegal delistings. Risk, delisting is almost a foregone conclusion.
In addition, many companies have locked in financial or regulatory delisting in advance. According to the 2022 performance forecast and related announcements, in the Shanghai stock market, three companies including *ST Furen, *ST Xiyuan, and *ST Ronghua were hit by “negative net assets” and “negative net profit + revenue below 1 100 million yuan” and other delisting indicators, financial compulsory delisting has been locked, and *ST Amethyst and *ST Zeda may be involved in major illegal compulsory delisting. On the Shenzhen Stock Exchange, *ST Xinhai and *ST Jitong may be forced to delist due to major violations, and *ST Jiai and other companies may be forced to delist financially.
There are also many companies that are expected to touch the delisting risk warning situation, and the delisting risk cannot be ignored. Taking the Shanghai stock market as an example, 11 Shanghai-listed companies including ST Mall, ST Rongtai, ST Hongtu, Xining Special Steel, and Mogao Co., Ltd. The performance forecast shows that it will touch the delisting risk warning standard.
Under the exchange’s strict delisting supervision, although some ST companies’ performance forecasts show that the operating income, net profit, net assets and other indicators have not touched the warning standards for delisting or delisting risks, it remains to be seen whether they really “escaped” . For example, many delisting risk companies such as *ST Zhongchang, *ST Yunsheng, and *ST Future have received inquiries from exchanges, and there are still relatively high delisting risks.
The pattern of “letting out the old and absorbing the new” in the market has gradually formed
In the two years since the implementation of the new delisting regulations, the trend of normalized delisting in the A-share market has been established, the delisting channels have gradually become unimpeded, and the pattern of “letting out the old and absorbing the new” in the capital market has gradually formed.
According to Wind data, a total of 42 companies will be forcibly delisted in 2022, setting a record high in the annual delisting volume of A shares; in 2021, 17 companies will be forcibly delisted. On February 2, the 2023 system work conference held by the China Securities Regulatory Commission believed that a normalized delisting pattern had basically taken shape.
On January 13, the Shanghai and Shenzhen Stock Exchanges issued the “Notice on Strengthening the Information Disclosure Work of the 2022 Annual Report of Companies with Delisting Risks”, and at the same time revised the relevant announcement format guidelines, requiring listed companies that have been issued financial delisting risk warnings to submit Increase the frequency and pertinence of risk warnings before the annual report is disclosed, including key reminders for different situations, and disclosure of annual report preparation and audit progress as required, with the aim of strictly implementing the delisting system, further strengthening the supervision of companies with delisting risks, and continuously improving the normal state Streamline the delisting mechanism to protect the interests of investors.
Industry experts said that in 2023, with the implementation of a new round of “quality improvement” plans for listed companies and the full implementation of the reform of the stock issuance registration system, the delisting of A shares is expected to continue to increase, and the function of survival of the fittest in the capital market will be further strengthened .
“After the launch of the comprehensive registration system, the market has also put forward new requirements for the delisting system. It is expected that the number of delisted companies in my country’s capital market may further increase in the future. In the virtuous cycle of high-quality companies going public and low-quality companies delisting, it is expected that A The international competitiveness of the stock market will also be further enhanced,” said Ming Ming, chief economist of CITIC Securities.
Fu Lichun, founding partner and chief economist of Yuntai Capital, also said that under the comprehensive registration system, my country’s capital market will gradually benchmark against mature markets, and the market’s survival of the fittest and differentiation will continue to increase.
Wu Kaida, chief strategist at Tebon Securities, pointed out that under the comprehensive registration system, the delisting of A shares is expected to increase. The comprehensive registration system will bring the A-share system closer to a mature market, but it will still need to cooperate with a strict and reasonable delisting system in the follow-up. Only when there is entry and exit, and weed out the old and absorb the new, can we achieve metabolism and form a good ecological cycle.
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