“One Yuan Delisting” Reappears Diversified Delisting Channels and Further Smoothes the Delisting Channel
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Another company is facing “1 yuan delisting”. A few days ago, *ST Huayi, *ST Bailong and other companies issued risk warning announcements stating that there is a risk that the company’s stocks may be terminated from listing because the stock price is lower than the face value. Since the beginning of this year, the number of transaction delistings has increased significantly. According to statistics from Oriental Fortune, as of now, a total of 20 companies have hit transaction delisting indicators this year.
On December 13, *ST Huayi fell to the limit again, closing at 0.55 yuan/share. The company’s stock has closed below 1 yuan for 12 consecutive trading days, locking in face value and delisting in advance. *ST Huayi previously announced that the closing price of the company’s stock on December 12 was 0.58 yuan per share, and the closing price has been lower than RMB 1 yuan for 11 consecutive trading days. Even if it continues to rise at the limit for the next 9 trading days, it will still be affected by the continuous rise in stock prices. It has been below 1 yuan for 20 trading days and hit the trading delisting indicator.
It is worth noting that *ST Huayi may also be involved in forced delisting due to major violations and financial delisting indicators. According to relevant announcements, the company’s annual reports from 2017 to 2022 contained false records. After calculation, the company’s net profit attributable to the parent company from 2016 to 2019 was negative, which may lead to forced delisting due to major violations, and the company may be forced to delist due to major violations. At the same time, because the company’s audited net assets at the end of 2022 are negative, *ST Huayi’s stock will be subject to a delisting risk warning from May 4, 2023. As of September 30, 2023, the company’s net assets attributable to its parent company were -213 million yuan. If the relevant situation fails to improve, the company’s 2023 annual report will hit the financial delisting indicator, and the company’s shares will face being terminated from listing.
*ST Oceanwide and *ST Bailong also have a high risk of delisting because their stock prices have been below 1 yuan for many consecutive days. Tonghuashun data shows that as of December 13, the closing price of *ST Bailong’s stock has been lower than 1 yuan/share for 11 consecutive trading days, and *ST Oceanwide’s closing price has been lower than 1 yuan/share for 10 consecutive trading days.
According to statistics from Oriental Fortune, so far, a total of 20 companies have hit the trading delisting indicator this year, and the reason for delisting is that the daily stock closing price is less than RMB 1 yuan for 20 consecutive trading days. Last year, only one company, *ST Egger, encountered the “1 yuan delisting” situation and terminated its listing.
Kaiyuan Securities Research Report stated that from the distribution of delisting situations in 2023, it can be found that the number of transaction delistings and major illegal delistings has increased significantly in 2023, which means that the continued advancement of new delisting regulations has led to the diversified delisting of A-shares. Market channels are gradually opening up.
“Since 2023, with the continuous advancement of the comprehensive registration system and the strict implementation of the new delisting regulations, the value of shell resources has declined sharply, and the trend of shell speculation in the market has been significantly curbed. The quality of fundamentals has gradually become a factor in determining whether a company should delist. Kaiyuan Securities believes that the design of the “1 yuan delisting” rule can keep listed companies whose fundamentals continue to deteriorate through investors’ “voting with their feet” to keep their stock prices below 1 yuan, or even Some companies with extremely low stock prices can also be locked in delisting 20 trading days in advance, thus helping investors make early investment decisions. Therefore, since 2023, “1 yuan delisting” has become an important means for A-shares to implement the market-oriented delisting mechanism. It is expected that the number of listed companies with “1 yuan delisting” will gradually increase in the future.
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