A shares evaporated 1.64 trillion yuan in early trading, and the market value of five major industries shrank by more than 100 billion yuan.
In the morning trading on April 11, the stock indexes of many countries in the Asia Pacific market were in the doldrums, with Vietnam, South Korea and Japan leading the decline. As of 11:30, the Shanghai Composite Index fell 1.75%, the gem index fell 3.3% and the Shenzhen composite index fell 2.75%.
Compared with the previous closing day, the total market value of A shares evaporated by 1.64 trillion yuan this morning, which is equivalent to the total market value of Contemporary Amperex Technology Co.Limited(300750) + Wuliangye Yibin Co.Ltd(000858) and more than 3700 shares in the two markets
In terms of industry, the market value of five major industries such as power equipment, electronics, food and beverage has evaporated by more than 100 billion yuan, and the market value of power equipment industry has evaporated by more than 300 billion yuan.
Kweichow Moutai Co.Ltd(600519) , Contemporary Amperex Technology Co.Limited(300750) market value
double evaporation exceeding 80 billion yuan
The companies with the highest market value shrinkage are almost all large blue chips. “Ningwang” Contemporary Amperex Technology Co.Limited(300750) fell by more than 90 billion yuan at one time, with the largest intraday decline of more than 8%, and the share price of “maowang” Kweichow Moutai Co.Ltd(600519) fell by more than 4%; By midday, the market value evaporation of the two companies had exceeded 80 billion yuan China Merchants Bank Co.Ltd(600036) , Byd Company Limited(002594) , China Tourism Group Duty Free Corporation Limited(601888) market value decline exceeded 10 billion.
As the largest heavyweight of the gem index and Shenzhen composite index, Contemporary Amperex Technology Co.Limited(300750) sharp decline is an important reason for the sharp decline of the two indexes. Since the peak on December 3, 2021, Contemporary Amperex Technology Co.Limited(300750) has fallen by more than 34% in total, and the market value evaporated nearly 550 billion yuan during this period. For the sharp decline of the company, there was a market rumor that “Ningde Bureau of industry and information technology informed that service enterprises would arrange production according to existing materials and no longer enter raw materials”.
However, Contemporary Amperex Technology Co.Limited(300750) relevant people said that the government has temporarily upgraded the epidemic prevention and control measures due to the recent individual epidemic in Ningde. The company attaches great importance to it and has strengthened communication and coordination with relevant government departments for epidemic prevention at the first time. At present, in order to maximize the market supply, the company strictly adopts grid management measures to ensure the orderly production of Ningde base.
With regard to the decline of Kweichow Moutai Co.Ltd(600519) recently, the Citic Securities Company Limited(600030) research department issued the latest in-depth tracking report and quietly revised the latest target price of Kweichow Moutai Co.Ltd(600519) to 2246 yuan. Compared with the target price of 3000 yuan in August last year, it was reduced by 754 yuan / share. At present, Kweichow Moutai Co.Ltd(600519) share price has been corrected to about 1700 yuan / share.
Yi Huiman: resolutely promote the clearance of “empty shell” and “zombie” enterprises
On April 9, at the third member congress of the China Association of listed companies, Yi Huiman, chairman of the CSRC, said that the capital market has both large and excellent industry “giants” and small and beautiful market segment champions. No matter what type, we should focus on the main business.
Yi Huiman also said that we should adhere to the regulatory guidance of supporting the superior and limiting the inferior, and further support the leading enterprises with prominent main business and strong competitiveness to become better and stronger and play an exemplary and leading role; For those who unilaterally pursue diversified development, strictly supervise their M & A and financing behavior for the “empty shell” and “zombie” enterprises whose main businesses are shrinking and do not have the ability of sustainable operation, strictly implement the compulsory delisting system and resolutely promote clearing
backdoor listing dropped to the freezing point, with only two cases in 2021
Although “shell” and “zombie” enterprises are not as bright as well-known companies in the A-share market, they have been scarce resources for a long time. Before the introduction of the registration system, backdoor listing was regarded as a shortcut to join the A-share market, and “shell companies” were therefore regarded as the pastry of the A-share market.
According to the statistics of securities times · databao, before 2020, the number of successful backdoor companies generally exceeded that of failed companies over the years 5 backdoor listing reached its peak in 2015, with 33 successful backdoor companies, 24 in 2016 and 13 and 12 failed companies respectively
In 2021, the temperature of backdoor listing dropped to the freezing point in 2021, and only two cases have completed backshell listing, namely 456 \ Shanghai Foreign Service Holding Group Co.Ltd(600662) , and the completed quantity is the lowest level in the past 15 years. At the same time, the number of failed backdoor listing cases has increased year by year.
For this situation, relevant people introduced that the roll out of the registration system and the implementation of the new delisting system were attributed to the main factors of backdoor cooling.
Dong Dengxin, director of the Institute of Finance and securities of Wuhan University of science and technology, pointed out that since the pilot of the registration system began in 2019, the inclusiveness of the A-share market has been greatly improved, and the threshold and cost of IPO have been greatly reduced; For many enterprises, especially innovative enterprises, it is better to choose IPO rather than risk buying a shell.
since the most stringent new regulations
2021 delisting companies hit a record high
This year is the second year of the implementation of the new delisting regulations, and “empty shell” and “zombie” enterprises may become the main camp of delisting. According to the new delisting regulations, compulsory delisting is mainly divided into four categories: transaction compulsory delisting, financial compulsory delisting, normative compulsory delisting and major illegal compulsory delisting.
The main indicators of compulsory delisting of trading are: the closing price is less than 1 yuan for 20 consecutive trading days; The total closing market value of stocks for 20 consecutive trading days was less than 300 million yuan.
The main indicators of financial compulsory delisting are: the net profit of the latest annual report is negative, and the operating income is less than 100 million yuan.
The main indicators of normative compulsory delisting are: there are major errors and false statements in the financial report, which are required to be corrected by the CSRC but have not been corrected within 2 months; Failing to disclose the semi annual report and annual report according to the specified time requirements, and failing to make up for the overdue period of 2 months; More than half of the directors cannot guarantee the authenticity, accuracy and completeness of the semi annual report and annual report, and have not corrected it for two months.
The main indicators of major illegal compulsory delisting are: fraudulent issuance and illegal disclosure of major information, which seriously affect the listing status; An illegal act involving national security, public security, ecological security, production safety and public health and safety, and the circumstances are flagrant.
While the backdoor listing cooled down, delisting showed normalization. With the tightening of the delisting system, the number of A-share delisting companies has increased year by year.
According to the statistics of databao, from 2001 to 2021, more than 110 A-share companies were delisted (excluding absorption and merger type and B-share Companies), and 9, 16 and 17 companies were delisted respectively from 2019 to 2021. The number of delisted A-shares reached a record high in 202 7
10 companies involved in the strongest delisting provisions of Finance
Compared with the previous delisting regulations, the market believes that the new delisting regulations are the strictest in history. Many “shell” and “zombie” enterprises have touched one or more delisting red lines according to the statistics of data treasure, at present, there are more than 100 enterprises that touch the two red lines of normative delisting risk and major illegal delisting risk
From 2019 to 2021, there are more than 100 companies with performance losses for three consecutive years, including Xinjiang La Chapelle Fashion Co.Ltd(603157) , Tiansheng Pharmaceutical Group Co.Ltd(002872) , Tanyuan technology , etc. At least 12 companies have touched the new financial regulations, most of which are ST shares. The leader of solid waste treatment Niutech Environment Technology Corporation(688309) or became the first “quasi delisting stock”. Its net profit loss to the parent company in 2021 exceeded 9 million and its revenue was less than 90 million. Since the listing of the company, the share price has fallen all the way. Since the listing, the share price has plunged by more than 80%.
In addition, Egls Co.Ltd(002619) , Chunghsin Technology Group Co.Ltd(603996) . It is worth mentioning that the two companies are currently suspended, and the latest closing price is less than 1 yuan. If they continue to fall after the resumption of trading, they are likely to touch the trading delisting regulations.
