On May 18, Cred Holding Co.Ltd(600890) , Baotou Tomorrow Technology Co.Ltd(600091) , Hubei Wuchangyu Co.Ltd(600275) , Shanghai U9 Game Co.Ltd(600652) , Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) , Lawton Development Co.Ltd(600209) and other six listed companies issued announcements on receiving the decision of stock delisting. The transaction start date of the delisting consolidation period of the six companies is May 25, 2022, and the final transaction date is expected to be June 15, 2022.
In addition, delisting Lhasa and delisting Zhongxin also issued an announcement on the delisting and delisting of shares on the same day, saying that the delisting consolidation period of the company has ended and will be delisted by the Shanghai Stock Exchange on May 24, 2022.
According to incomplete statistics by the reporter of Securities Daily, with the disclosure of the annual report in 2021, more than 40 A-share companies have touched the mandatory delisting index this year. Insiders pointed out that with the introduction of new delisting regulations and the comprehensive deepening of the reform of the registration system, the delisting efficiency of listed companies is higher and the elimination mechanism is more perfect, which will help to purify the A-share market environment.
6 companies received the decision to terminate listing
The six companies that received the decision to terminate the listing of their shares on May 18 all touched the financial compulsory delisting rules. Among them, five companies have negative net profits attributable to shareholders of listed companies for two consecutive years, and their operating income is less than 100 million yuan The 2021 annual reports of Baotou Tomorrow Technology Co.Ltd(600091) , Lawton Development Co.Ltd(600209) , Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) and other three companies were issued with non-standard opinions by accounting firms.
Baotou Tomorrow Technology Co.Ltd(600091) announced that because the audited net profit in 2020 was negative, the operating income was less than 100 million yuan, and the financial and accounting report was issued with an audit report that could not express an opinion, the company’s shares were warned of delisting risk from April 30, 2021. The audited operating income of the company 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.
Lawton Development Co.Ltd(600209) announced that due to the negative net profit attributable to the shareholders of the listed company in 2020 and the operating income of less than 100 million yuan, the company’s shares have been subject to delisting risk warning since March 22, 2021. The audited operating income of the company in 2021 was 727887 million yuan, the operating income after deducting the business 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.
Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) announced that in November 2021, Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) disclosed the corrected 2020 annual report. 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. The audited ending net assets of the company in 2021 were 7.355 billion yuan. Zhongxi Certified Public Accountants (special general partnership) issued an audit report with no opinion on the company’s financial and accounting report in 2021.
The announcement shows that the shares of the above six companies will enter the delisting and consolidation period from May 25, 2022. The delisting consolidation period is 15 trading days. There is no limit on the rise and fall of the first trading day, and the rise and fall of other trading days is limited to 10%. The Shanghai Stock Exchange shall delist the company’s shares within 5 trading days after the expiration of the delisting consolidation period. After the listing of the company’s shares is terminated, it will be transferred to the national small and medium-sized enterprise share transfer system for share transfer.
According to the statistics of the reporter of Securities Daily, as of the end of the first quarter of this year, the total number of shareholders of the above six companies exceeded 180000. Among them, 20500 investors hold Lawton Development Co.Ltd(600209) shares, Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) 55800, Shanghai U9 Game Co.Ltd(600652) 48200, Hubei Wuchangyu Co.Ltd(600275) 27700, 60091 13500 and Cred Holding Co.Ltd(600890) 19200.
more than 40 companies hit delisting target
2021 is the first year for the formal implementation of the new delisting regulations. According to the provisions of the new delisting regulations, a number of listed companies have terminated listing since this year. Among them, delisting Lvting, delisting Xishui, Changdong, Dongdian and de’ao are currently in the delisting consolidation period, and Egls Co.Ltd(002619) , delisting Xinyi have been delisted and delisted. According to incomplete statistics by the reporter of Securities Daily, more than 40 A-share companies have touched the mandatory delisting index this year.
\u3000\u3000 “The new delisting regulations mainly modify or improve the mandatory delisting indicators such as financial indicators, trading indicators, normative indicators and major illegal indicators. The financial indicators have cancelled the original single net profit indicators or operating income indicators and replaced them with combined delisting indicators; the trading indicators have added the market value delisting standard; the normative indicators have added the illegal delisting indicators of the letter phi, and clarified the duties and obligations of the directors, supervisors and senior executives of the letter phi; the major illegal indicators have added quantitative indicators Executable financial fraud delisting indicators. ” Lawyer Su Shaohua, partner of Beijing Ankun law firm, told the reporter of Securities Daily that the delisting conditions and standards added by the new delisting regulations actually put forward stricter requirements on the internal control system, financial audit system, information disclosure and the duty performance obligations of directors and supervisors of listed companies.
“After the implementation of the registration system, the IPO cost is getting lower and lower, and it is easier for enterprises to go public. The value of some junk stocks, shell companies and zombie enterprises’ shell protection ‘through various means is getting lower and lower, and the delisting efficiency is higher.” Dong Dengxin, director of the Institute of Finance and securities of Wuhan University of science and technology, told the Securities Daily.
Su Shaohua believes that the implementation of the new delisting regulations reflects the high standards and strict requirements of the regulatory authorities for listed companies. Listed companies should consciously improve the internal control system, improve the quality of financial personnel, and establish a complete financial approval process. At the same time, follow the relevant provisions of the law, improve the legal awareness of the company and relevant personnel, and establish or improve the information disclosure system and the responsibility system of relevant personnel of the company. Listed companies can avoid being forced to withdraw from the market only by their own standardized operation.
“At present, the number of A-share listed companies has exceeded 4000. Under such a large volume, there should be in and out and the waves wash away the sand.” Dong Dengxin believes that “from the perspective of long-term development, 300 to 500 enterprises newly listed in the A-share market every year should withdraw from at least 30 to 50 enterprises every year, eliminate the fittest through delisting, achieve the purpose of purifying the market, leave more resources to high-tech enterprises that need more capital support, and help the high-quality development of the capital market.”
