With the conclusion of the annual report performance forecast, the st sector, which attracted much market attention last year, was stretched in this year’s life and death test.
In the “family” of ST company, more than 60% of the company’s net profit is negative, and nearly 80% of the company’s deduction of non net profit is negative. The revenue of 17 companies is less than 100 million yuan, and the revenue of 33 companies just crosses the red line of 100 million yuan. Facing the situation of avoiding delisting such as business doubt and performance assault, the Shanghai and Shenzhen Stock Exchange successively issued attention letters after most ST companies issued performance forecasts.
Under the implementation of the new delisting regulations, hundreds of companies have issued suggestive announcements on the risk of delisting their shares since the beginning of 2022. In 2022, which is known as the most difficult year to protect the shell, the number of companies that will withdraw from the market this year may set a new record.
ST company received intensive attention letters
According to the data, there are 182 ST Companies in Shanghai and Shenzhen, of which 172 companies have disclosed the performance forecast of 2021. According to the financial portfolio indicators under the new regulations, the reporter found that the revenue of 17 companies such as Chunghsin Technology Group Co.Ltd(603996) , Great Wall International Acg Co.Ltd(000835) , Baotou Tomorrow Technology Co.Ltd(600091) , Shanghai U9 Game Co.Ltd(600652) , Cred Holding Co.Ltd(600890) did not exceed 100 million yuan. In this regard, the companies have issued a risk warning that the listing of shares may be terminated, saying that if the financial portfolio index of “negative net profit before and after deduction and operating income less than 100 million yuan” is triggered, the listing of shares will be terminated.
Among these 17 companies, only Hna Investment Group Co.Ltd(000616) , Hainan Dadonghai Tourism Centre (Holdings) Co.Ltd(000613) , Guangdong Qunxing Toys Joint-Stock Co.Ltd(002575) , Bode Energy Equipment Co.Ltd(300023) , Shandong Jintai Group Co.Ltd(600385) 5 companies have positive net profits before and after deduction, and other companies may be forced to withdraw from the market if they fail to meet the standards of financial indicators.
In addition, the five companies seem to have crossed the threshold of performance standards, but Hna Investment Group Co.Ltd(000616) , Bode Energy Equipment Co.Ltd(300023) and other companies received a letter of concern from the exchange for reasons such as whether the excessive increase in performance in the fourth quarter is reasonable and whether the provision for asset impairment is sufficient, asking whether they are suspected of false performance, realizing positive net profit and avoiding termination of listing.
In addition to the above 19 companies with a revenue of less than 100 million yuan, 33 companies are still struggling with a revenue of more than 100 million yuan, with a revenue of less than 200 million yuan. Among such companies, many companies have attracted regulatory attention due to excessive income increase in the fourth quarter.
For example, Kelin Environmental Protection Equipment Inc(002499) the revenue in the first three quarters of 2021 was 22 million yuan, but the annual performance forecast showed that the revenue after deduction was 180 million yuan to 190 million yuan. In this regard, the Shenzhen Stock Exchange asked it to explain the reasons and rationality of the significant change in revenue in the fourth quarter. In addition, as for the major business contracts signed by the company in the fourth quarter, whether its main business profit model and business essence comply with the provisions of the accounting standards for business enterprises and whether they should be included in non recurring profits and losses has also attracted regulatory attention.
Similar companies such as Shenzhen Danbond Technology Co.Ltd(002618) , Guizhou Changzheng Tiancheng Holding Co.Ltd(600112) , Boomsense Technology Co.Ltd(300312) , Kairuide Holding Co.Ltd(002072) also received a letter of concern due to the excessive increase in revenue in the fourth quarter. Now they still fail to reply in time.
Yang Delong, managing director of Qianhai open source fund, said in an interview with Securities Daily, “Under the new delisting regulations, for malicious shell protection, if the company fails to give a reasonable explanation, it still faces the risk of being terminated from listing. Now the performance forecast issued by the company is still uncertain, and the final performance should be subject to the opinion of the annual report audited by the accountant.”
ST company is still worth looking forward to
As the object favored by many investors last year, ST company may have some unsatisfactory results after the release of the performance forecast. The data show that among the 172 ST companies that issued the performance forecast, 110 companies had negative net profits, accounting for 63.95%, and 134 companies had negative net profits after deduction, accounting for 77.91%; The net profit of 42 companies fell by at least 100% year-on-year. Among them, Jiangxi Firstar Panel Technology Co.Ltd(300256) , Zotye Automobile Co.Ltd(000980) , Shenyang Machine Tool Co.Ltd(000410) , Jinzhou Cihang Group Co.Ltd(000587) and other 22 companies have a net profit loss of more than 1 billion yuan; The net profit of 10 companies including Zhongzhu Healthcare Holding Co.Ltd(600568) , Zhongchang Big Data Corporation Limited(600242) , Jinzhou Cihang Group Co.Ltd(000587) , Huayi Electric Company Limited(600290) fell by at least 1000%
In the view of many people in the industry, 2022 is the key year to practice the normalized delisting mechanism, and it is also the most difficult year for ST company to protect its shell over the years. Under the assessment of financial compulsory delisting indicators, ST company is facing a severe test of the combination indicators of revenue and net profit before and after deduction under the new delisting regulations. At the same time, after the Shanghai and Shenzhen Stock Exchange released the guidelines on operating income deduction on November 19 last year, it undoubtedly drew a red line to crack down on “zombie enterprises” that exploit loopholes and increase revenue.
According to the reporter’s statistics, since the beginning of 2022, hundreds of companies have issued suggestive announcements about the risk of stock delisting. The real investment value of ST company will be redefined by the market with the release of the annual report and the implementation of supervision.
Due to the continuous loss of performance in recent years, even after the introduction of investors in the Dea General Aviation Holding Co.Ltd(002260) reorganization, the fundamentals of the company have not changed. The company will continue to lose money in 2021, and there is great uncertainty about the ability of sustainable operation. Dea General Aviation Holding Co.Ltd(002260) announced on February 8 that the sponsor of the company’s resumption of listing, the Federal Reserve securities, believed that the company did not meet the conditions for resumption of listing and no longer provided recommendation services for its resumption of listing.
\u3000\u3000 “With the implementation of the current registration system, the shift from focusing on the company’s sustainable profitability to sustainable operation is more in line with the reform direction of the delisting system, and is also conducive to accelerating the clearance of shell companies through the survival of the fittest mechanism. Although ST company has the possibility of improving its fundamentals or undervaluing its market value, its fundamentals still have great risks, and its investment value will be lower than most of its performance Investors are advised to treat growth stocks or blue chip stocks with caution. ” Qin Ruohan, general manager of Jinhua fund, told reporters.
