With the end of the disclosure of the 2021 annual report, delisting companies emerged in a concentrated manner this year.
On the 17th, Lawton Development Co.Ltd(600209) , Cred Holding Co.Ltd(600890) , Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) , Baotou Tomorrow Technology Co.Ltd(600091) , Shanghai U9 Game Co.Ltd(600652) , Hubei Wuchangyu Co.Ltd(600275) , the Shanghai Stock Exchange decided to terminate the listing of the company’s shares, and the final trading date is expected to be June 15. There are more than 180000 shareholders behind these companies.
According to the data, as of May 18, more than 40 companies have touched the mandatory delisting index this year, which is the sum of the past three yearsP align = “center” overnight, six companies announced delisting
On the 17th day of the 17th day, ‘ thestarting date of the city consolidation period is May 25, and the final trading date is expected to be June 15.
It is worth noting that the delisting reasons of these six listed companies are all due to the touch of relevant financial delisting indicators. The audited net profit of the latest fiscal year is negative and the operating income is less than RMB 100 million, or the net profit of the latest fiscal year is negative and the operating income is less than RMB 100 million after retroactive restatement; Some companies even issue audit reports that cannot express opinions or negative opinions in the financial and accounting reports of the latest fiscal year.
Lawton Development Co.Ltd(600209) because the net profit attributable to shareholders of Listed Companies in 2020 is negative and the operating income is less than 100 million yuan, the company’s shares have been warned of delisting risk since March 22, 2021. On April 29, 2022, the company disclosed the annual report of 2021. The audited operating income in 2021 was 727887 million yuan, the operating income after deducting the income irrelevant to the main business and the income without commercial substance was 647873 million yuan, and the audited net profit after deducting non recurring profits and losses was -540382 million yuan. Tianjian Certified Public Accountants (special general partnership) issued a qualified audit report on the company’s financial and accounting report in 2021. The above circumstances involve the termination of listing.
Cred Holding Co.Ltd(600890) because the audited net profit in 2020 is negative and the operating income is less than RMB 100 million, the company’s shares have been subject to delisting risk warning since April 6, 2021. On April 29, 2022, the company disclosed the annual report of 2021. The audited operating income in 2021 was 2.6929 million yuan, the operating income after deducting the income irrelevant to the main business and the income without commercial substance was 308300 yuan, and the audited net profit after deducting non recurring profits and losses was -30.457 million yuan. The above circumstances involve the termination of listing.
Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) the corrected annual report for 2020 was disclosed in November 2021. After retroactive restatement, the company’s net assets at the end of 2020 were -482 million yuan, and the company’s shares were subject to delisting risk warning. On April 30, 2022, the company disclosed the annual report of 2021. The audited ending net assets of 2021 were -7.355 billion yuan. The special audit report issued by Zhongxi accounting firm for the year 2021 cannot be expressed. The above circumstances involve the termination of listing.
Hubei Wuchangyu Co.Ltd(600275) because the audited net profit in 2020 is negative and the operating income is less than RMB 100 million, the company’s shares have been subject to delisting risk warning since May 6, 2021. The company disclosed the annual report of 2021 on April 29, 2022. The audited operating income in 2021 was 1101655 million yuan, the operating income after deducting the business income irrelevant to the main business and the income without commercial substance was 145256 million yuan, and the audited net profit after deducting non recurring losses was -356886 million yuan. The above circumstances involve the termination of listing.
Baotou Tomorrow Technology Co.Ltd(600091) because the audited net profit in 2020 is negative and the operating income is less than RMB 100 million, the financial and accounting report is issued with an audit report that cannot express an opinion, the company’s shares have been warned of delisting risk since April 30, 2021. On April 28, 2022, the company disclosed the annual report of 2021. The audited operating income in 2021 was 177159 million yuan, the operating income after deducting the business income irrelevant to the main business and the income without commercial substance was 41700 yuan, and the audited net profit was -519415 million yuan. YONGTUO Certified Public Accountants (special general partnership) issued an audit report with no opinion on the company’s financial and accounting report in 2021. The above circumstances involve the termination of listing.
Shanghai U9 Game Co.Ltd(600652) because the audited net profit in 2020 is negative and the operating income is less than RMB 100 million, the company’s shares have been subject to delisting risk warning since April 30, 2021. On April 30, 2022, the company disclosed the annual report of 2021. The audited operating income in 2021 was 158273 million yuan, the operating income after deducting the business income irrelevant to the main business and the income without commercial substance was 105666 million yuan, and the audited net profit was -758199 million yuan, which touched the situation of delistingP align = “center” one of the “old eight stocks” was also delisted p align = “center” 180000 shareholders suffered
Overnight, six companies were forcibly delisted, which is rare. these six companies currently have a total of about 180000 shareholders
Shanghai U9 Game Co.Ltd(600652) formerly known as Aishi Electronics (Aishi shares), it is one of the “old eight shares” together with Shanghai Feilo Acoustics Co.Ltd(600651) , Shenhua electrician and other companies listed at the same time.
2015, Shanghai Aishi Co., Ltd. eliminated the original coal business and completely transformed it into a game company, becoming today’s youjiu game.
As a game concept stock, youjiu game has been brilliant. On June 11, 2015, the company’s share price climbed to a historical high of RMB 36.80, which has doubled six times in just six months, with a total market value of more than 30 billion yuan. However, due to the marriage of the two shareholders of the company, they became persons acting in concert and did not make an announcement in advance. They were suspected of violating laws and regulations in information disclosure and were punished by the CSRC. Subsequently, Shanghai U9 Game Co.Ltd(600652) fell into the vortex of huge performance losses. In 2017 and 2018, Shanghai U9 Game Co.Ltd(600652) lost 422 million yuan and 891 million yuan respectively. During this process, the actual controller’s shareholding has also experienced pledge, position explosion, freezing and auction, and the market value of shareholding has shrunk significantlyP align = “center” listed companies have more difficulty in “shell preservation”
According to the securities times, among the above six companies that announced delisting, some companies actually had a revenue of more than 100 million yuan, but were still forcibly delisted. Behind this is that after the exchange issued the operating income deducting the business handling guidelines, the difficulty of “shell protection” for companies with poor performance increased significantly
For example, Hubei Wuchangyu Co.Ltd(600275) disclosed that the revenue in 2021 was 1101655 million yuan, and the audited net profit was -356886 million yuan. The company still hopes to maintain its listing status before the irrelevant business is deducted. However, after the deduction of irrelevant business and non commercial income, the revenue of Hubei Wuchangyu Co.Ltd(600275) is only 145256 million yuan, plus the net profit loss of -356886 million yuan, which touches the situation of financial delisting.
According to the practice in previous years, ST company will generally try to save itself before delisting. “Good students” donation, assault trade, assault “consolidation”, assault new business… Are all common tricks. However, since the end of 2021, after the exchange issued the guidelines for deducting business from operating income, the business income irrelevant to the main business and the income without commercial substance are required to be deducted from the revenue, which can be described as a “fatal blow” to shell companies.
The exchange said that in terms of financial delisting indicators, the new delisting regulations added a combined financial indicator with a negative net profit before and after deduction and an operating revenue of less than 100 million yuan. The purpose is to more accurately describe the sustainable operation ability of listed companies and strive to clear shell companies. When applying this indicator, the new delisting regulations specify that the deduction of operating income is “business income irrelevant to the main business and income without commercial substance”, and require the company to disclose the deduction of operating income and the amount of operating income after deduction in the annual report when the audited net profit before and after deducting non recurring profits and losses is negative, whichever is lower, The annual audit accountant shall issue special verification opinions on whether the deduction of operating income is accurate.
2021 is a key year for the implementation of the new delisting regulations. After sorting out the shell companies that do not have the ability of sustainable operation, the exchange refined the common means for such companies to make use of their business income to protect the shell, and formulated relevant deduction standards with a clear aim in order to accurately crack down on shell companies and strive to achieve “retreat as much as possible”.
according to the operating income deduction business handling guidelines issued by the exchange, the operating income deduction items include business income irrelevant to the main business and income without commercial substance
Specifically include:
1. Business income unrelated to the main business refers to all kinds of income not directly related to the normal operation of the listed company, or related to the normal operation of the listed company, but due to its special nature, contingency and temporary nature, it affects the users of the statement to make a normal judgment on the sustainable operation ability of the company.
2. Income without commercial substance refers to the income generated by various transactions and events without commercial rationality, such as no significant change in future cash flow.
3. Other income that has nothing to do with the main business or does not have commercial substance.
Analysts pointed out that unrelated revenue deductions have a great impact on listed companies, especially those on the edge of delisting. At the same time, they also sound the alarm for those who make large revenue and avoid delisting by means of surprise trade, surprise “consolidation”, surprise new business and donationP align = “center” these stocks also have delisting risk
In addition to the six stocks above, this year, many A-share companies also face delidelirisks this year, and many A-share companies are also facing this year in addition to the six stocks above. This year, there are many A-share companies also facing the risk of delidelidelidelidelicity risks this year, including ‘6006 Yunnan Tin Co.Ltd(000960) 00093 618 , Boomsense Technology Co.Ltd(300312) and Furen Group Pharmaceutical Co.Ltd(600781) etc.
For example, Furen Group Pharmaceutical Co.Ltd(600781) announced that the trading of the company’s shares would be suspended from May 5, 2022 due to the inability to disclose the audited annual report of 2021 and the report of the first quarter of 2022 within the statutory time limit. If the 2021 annual report cannot be disclosed within 2 months of suspension, it will be subject to delisting risk warning.
In addition, Inner Mongolia Tianshou Technology&Development Co.Ltd(000611) because the audited net profit in 2020 is negative and the operating income is less than 100 million yuan, the company’s stock trading has been warned of delisting risk since May 6, 2021.
Inner Mongolia Tianshou Technology&Development Co.Ltd(000611) 2021 annual report disclosed on April 30, 2022 shows that the audited net profit of the company in 2021 is negative and the operating income is less than 100 million yuan. At the same time, the annual financial and accounting report of the company in 2021 is issued with an audit report that cannot express an opinion.
According to the risk warning announcement on the suspension of the company’s shares and possible termination of listing issued on Henan Kedi Dairy Co.Ltd(002770) april 29, the type of opinion issued by Zhejiang Tianping certified public accountants for the 2021 financial report is unable to express opinions. If the company touches the conditions for termination of listing in Shenzhen Stock Exchange, the listing of the shares may be terminated, and the trading of the shares will be suspended from the opening of the market on May 5, 2022.
In addition, while the former “blockchain leading stock” Easy Visible Supply Chain Management Co.Ltd(600093) involves financial delisting, due to false records and major omissions in the company’s 20152020 periodic report, it may also touch the major illegal compulsory delisting specified in the stock listing rules of Shanghai Stock Exchange.
It is worth mentioning that after receiving the advance notice issued by the exchange that the company’s shares may be delisted, some companies began to apply for a hearing and actively save themselves data show that from May 1 to 11, Neoglory Prosperity Inc(002147) , Lvjing Holding Co.Ltd(000502) , Bode Energy Equipment Co.Ltd(300023) , Ningbo Sunlight Electrical Appliance Co.Ltd(002473) , Whole Easy Internet Technology Co.Ltd(002464) , Inner Mongolia Tianshou Technology&Development Co.Ltd(000611) , Dea General Aviation Holding Co.Ltd(002260) 7 companies have issued announcements that they have applied to the exchange for a hearing.
Referring to historical experience, there are few applications for hearing submitted by “sentenced” terminated listed enterprises. Only four companies such as Tianxiang environment have submitted applications for hearing, and they have failed to avoid the fate of delistingP align = “center” Economic Daily: delisting normalization is imperative
Recently, the economic daily published an article saying that the normalization of delisting is imperative. When the “water inflow” and “water outflow” are unobstructed, the “big pool” of A-Shares can realize the expulsion of good money from bad money, the survival of the fittest, truly give full play to the resource optimal allocation function of the capital market and better serve the real economy.
In fact, in recent years, regulators have been continuously deepening the capital market reform with the full implementation of the stock issuance and registration system as the main line, further strengthening the construction of the basic system of the capital market, strengthening the main responsibility of listed companies, compacting the “gatekeeper” responsibility of intermediaries, and optimizing the issuance and delisting mechanisms.
2020 December 31, known as the “most stringent in history” delisting new regulations issued, and officially implemented from the date of promulgation. In 2021, the new delisting regulations began to emerge. According to the data, 22 listed companies withdrew from the A-share market in 2021, and the annual number of delisting reached a record high
On April 29 this year, the CSRC also issued the guiding opinions on improving the supervision of listed companies after delisting, which clearly pointed out that “in order to meet the requirements of registration system reform and normalized delisting, further strengthen the supervision of delisting companies, form a good ecosystem of entry and exit, and improve the delisting system to the next city.
