*ST Zeda and *ST Zijing became the first batch of delisting companies on the Science and Technology Innovation Board

*ST Zeda and *ST Zijing became the first batch of delisting companies on the Science and Technology Innovation Board


On the evening of May 31, *ST Amethyst and *ST Zeda successively issued announcements stating that due to fraudulent issuance and other information disclosure violations, they will be forced to delist due to major violations of the law. The above two companies will enter the delisting period on June 8, and the last trading day is expected to be June 30.

It is worth mentioning that *ST Amethyst and *ST Zeda will become the first batch of delisted companies on the Science and Technology Innovation Board.

According to data from Oriental Fortune Choice, as of May 31 this year, seven companies have been forced to delist. Since the implementation of the most stringent new delisting regulations in 2021, 66 companies have been forced to delist, and a group of “nail households” with poor performance have been collectively cleared.

*ST Zijing announced on the evening of May 31 that the company received the self-regulatory decision issued by the Shanghai Stock Exchange No. It is decided that the company’s stock will be terminated from listing.

Looking back, on April 21, 2023, *ST Zijing received the “Decision on Administrative Punishment” from the China Securities Regulatory Commission, and the company had fraudulent issuance and other violations of laws and regulations in information disclosure. Among them, the company’s “Prospectus” falsely increased operating income and profits, and failed to disclose external guarantees in accordance with regulations, which constituted the illegal acts mentioned in the first paragraph of Article 189 of the 2005 “Securities Law”.

According to the determination of the “Administrative Penalty Decision”, the company has violated the provisions of Article 12.2. Major violations will result in forced delisting due to major violations.

According to the data, *ST Amethyst landed on the Science and Technology Innovation Board in February 2020. The company falsely increased its business in the “Prospectus” through fictitious sales contracts, forged logistics documents and acceptance documents, arranging fund repayment, and confirming revenue in advance. revenue, profit. From 2017 to 2020, *ST Amethyst’s accumulative inflated profits amounted to 375 million yuan, accounting for 84% of its total recorded profits over the past four years.

*ST Zeda was also compulsorily delisted due to major violations.

Specifically, before the company received the “Administrative Punishment Decision” made by the China Securities Regulatory Commission, the company had fraudulent issuance and other information disclosure violations. Among them, the company’s “Prospectus” falsely increased operating income and profits, failed to truthfully disclose related transactions as required, and failed to truthfully disclose the situation of equity holdings as required, which constituted the situation described in Article 181, paragraph 1 of the “Securities Law” .

Xu Mingsui, a partner of Chengluo Capital, said in an interview with reporters that the delisting of the above two companies due to fraudulent issuance also showed a zero-tolerance attitude towards supervision. In addition, the Ministry of Public Security also recently stated that it “will not tolerate the crime of fraudulent issuance of securities, and investigate to the end.” In addition to fraudulent issuance, since the science and technology innovation board itself has the characteristics of high technology, growth, and small scale, the risk is higher than that of the main board. Investors should be more cautious and choose suitable targets.

Zhu Xinyu, dean of Zhongqiao Digital Technology Research Institute, told the reporter of Securities Daily that with the implementation of the comprehensive registration system, while a large number of companies are listed, there will inevitably be some unqualified companies delisting. This is a healthy capital market. ecology.

Sun Jinju, an analyst at Kaiyuan Securities, believes that the A-share delisting system continues to improve, and normalized delisting has achieved initial results. In addition, the new delisting regulations have significantly increased the difficulty of shell preservation, and the number of delisted companies has grown rapidly.

Zhang Xinyuan, secretary-general of the Co-Found think tank, said in an interview with a reporter from the Securities Daily that under the comprehensive registration system, high-quality companies are encouraged to go public, and perfect arrangements have been made for the delisting system of companies. Delisting is actually a kind of rest, which allows companies to re-examine themselves, review all aspects of the company’s development process, and take effective measures to solve them. For the capital market, delisting can improve the transparency, specialization and fairness of the capital market, and improve the quality and health of the overall market. The delisting system is also highly responsible to investors and avoids related investment risks as much as possible.



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